What are SWIFT transfers and how do they work?

SWIFT is an abbreviation for the Society for Worldwide Interbank Financial Telecommunication and stands for a worldwide network of banks that work collaboratively to provide their customers with international bank transfers. All SWIFT transfers are carried out via the payer's bank, which gets debited and routed through multiple intermediary banks before the recipient's bank is credited. This whole process can take up to 1-4 business days.

What are local transfers and how do they work?

Local transfer uses a web of financial institutions through which the recipient can be paid using their local bank. Intermediaries are used for facilitating transactions and to clear the bank transfer payment, also known as remittance. In local transfers, the funds are processed by the recipient's local bank in their local currency and settled through their local payment system. All you need are the recipient's bank details, including their local bank account number. While local transfers are cheaper than SWIFT transfers, they take longer to process.

What is the difference between International wire transfers vs local bank transfers?

The key difference between international wire transfers and local bank transfers is that local bank transfers can be completed at a relatively low cost, whereas international wire transfers are generally more expensive. International wire transfers, however, are more reliable and faster than local bank transfers.

How do global payments or international money transfers work?

Global payment is the process of transferring money to a bank account that is set up in a foreign country. This payment could be made to your supplier, your vendor, an employee, a business affiliate or any other entity. Making global payments involved strenuous processes and numerous fees in the past, however, the process is easier and more cost-effective today. Generally, a global payment provider is involved, who functions as an intermediary between the payer & the receiver from different nations. When a business uses its card to make a purchase, the provider receives the transaction details and relays them to the issuing bank which is located in a different country, thus requiring a process of conversion.

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Hold money in multiple currencies

Hold multiple currencies and convert only when rates work for you

World-class FX rates, with full transparency

Enjoy rates from just 0.22% above mid-market rates. The converted amount and fees are shown upfront — no surprises

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Make same-day transfers to 40+ currencies* on the go

Save when you pay and get paid worldwide

Multi-currency accounts* at zero cost

Get your own USD¹, EUR, GBP, CNY, HKD, AUD, CAD, CHF, JPY, NOK, NZD, SEK, and SGD account details at no cost

Safely send to 98+ major currencies including INR, PHP, SGD, EUR, GBP, and more directly from the Aspire App

Bigger savings with world-class FX rates

Save more with FX rates from 0.22% above mid-market rates. See exactly what you'll pay before every transfer

Send and receive international payments in 98+ currencies across 130+ countries at market-leading rates

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FAQs about AspireX

What kinds of businesses can AspireX support?

We work with fintechs, financial institutions, platforms, marketplaces, Web3 companies, enterprises and SMEs.

Can AspireX support Web3 and stablecoin-native businesses?

Yes. We're built to handle both fiat and stablecoin flows and have the ability to serve web3 businesses and financial institutions — OTCs, exchanges, on/off-ramps, and stablecoin issuers are core to who we serve. Stablecoin wallets, off-ramp, and card spend are launching soon.

How long does onboarding and integration take?

Typical onboarding is two to four weeks. Some clients have gone live in a week — see our OpenFX case study. Integration is a single API across all products.

Which markets are you live in?

We hold payment licenses in tier-1 markets - SG, HK, AU, EU (NL), US and CA, with UK coming soon.

Card issuance is live in Singapore, Hong Kong, US, and Australia — EU, UK, and Canada are coming soon. Our collections and payout capabilities cover 100+ countries, with exceptionally strong coverage in APAC.

How do you handle compliance and risk?

We're a licensed entity in every market we operate in, with institutional-grade compliance, AML, and KYB processes. We handle the regulated complexity so you can focus on building. We are happy to discuss which model would work for your use case.

What's your pricing model?

Modular and usage-based — pay only for the products you use, with volume-based discounts as you scale. Custom pricing available for enterprise volumes and integrated card programs. Every X account includes a sandbox, technical support, and a dedicated account manager. Speak to our team to find out more.