Aspire Singapore: A Review of Fees and Features (2025)
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Aspire Singapore: Fees and Features
Aspire Singapore: A Review of Fees and Features (2025)
Aspire is a prominent fintech company based in Singapore that provides a comprehensive financial platform for startups and SMEs. Aspire aims to simplify business banking by offering a range of services from multi-currency accounts to expense management, all within a single, digital-first platform.
This review provides a breakdown of Aspire Singapore's key features and fees for 2025.
Key Features of Aspire
Business Account: Aspire offers a free business account with no monthly fees, no minimum balance, and no initial deposit requirements. This makes it an attractive option for new businesses. Account opening is quick and can be done entirely online, with approval sometimes taking as little as one business day.
Multi-Currency Accounts: Aspire's platform supports transactions in a wide range of currencies. It provides local currency accounts in SGD, USD, EUR, and GBP, and allows businesses to send and receive payments in over 30 currencies. This is particularly beneficial for businesses with international operations, as it can help them save on foreign exchange costs.
International Payments & FX: Aspire has recently lowered its foreign exchange (FX) fees, positioning itself as one of the most cost-effective options for cross-border payments. The platform offers transparent, upfront FX rates, and supports international transfers to over 130 countries.
Corporate Cards: Businesses can issue unlimited virtual cards and one physical card per user. These cards are a key component of Aspire's expense management features, allowing for real-time spending tracking, setting of individual spending limits, and merchant restrictions.
Expense Management: Aspire’s platform includes robust tools for managing business expenses. This includes the ability to attach documents like invoices and receipts to transactions, create budgets, and automate expense reports, which can save a significant amount of time for SMEs.
Cashback: Aspire provides 1% cashback on eligible card spending, specifically on digital marketing and SaaS subscriptions.
Payroll: Aspire has removed local payroll transfer fees for Singapore businesses. The platform also allows for direct CPF contributions.
Accounting Integrations: The platform integrates with popular accounting software such as Xero, QuickBooks, and Oracle NetSuite, helping to streamline bookkeeping and financial reporting.
Aspire Yield: For eligible customers, Aspire offers a new investment feature called "Aspire Yield." This solution allows SMEs to earn returns on their idle cash, with funds managed in partnership with Fullerton Fund Management.
Fees and Charges (2025)
Aspire's pricing model is designed to be transparent, with a focus on a "pay-for-what-you-use" approach.
Account Fees:
Monthly Account Fee: S$0
Minimum Deposit/Balance: S$0
Account Opening Fee: S$0
Transfers:
Local SGD transfers (PayNow/FAST): Free
Local Payroll Transfers: Free
International transfers (via SWIFT): Varies. Receiving a SWIFT transfer to an SGD account costs S35,whileforothercurrenciesitcostsUS8. Sending a SWIFT transfer costs US15(forSHA)orUS30 (for OURS).
Bulk Transfers: S$0.50 per transfer.
GIRO: S$0.20 per transfer.
Foreign Exchange (FX):
FX rates: From 0.22% for instant conversion.
Card FX Fee: 1.5%
Cards:
Virtual Cards: Unlimited and free
Physical Cards: First card per user is free. Additional cards cost S$15.
Overseas ATM Withdrawal: S$5 per withdrawal (plus any fees from the local bank).
User Management:
Admin/Finance users: Two free, with additional users costing S$9 per month.
Employee users: Ten free, with additional users costing S$5 per month.
Is Aspire Right for You?
Aspire is a compelling option for a wide range of Singapore-registered businesses, particularly:
Digital-first businesses and startups: The platform is built for the needs of modern, digitally savvy businesses.
SMEs with international transactions: The low FX fees and multi-currency accounts make it a cost-effective solution for businesses that work with overseas suppliers or clients.
Businesses focused on efficiency: Features like expense management, accounting integrations, and AI-powered insights help automate financial processes and save time.
While Aspire is a strong competitor to traditional banks and other fintechs, it's worth noting that it does not offer services like cheque deposits or local ATM withdrawals, which might be a consideration for businesses with physical retail operations.
How Bestar can Help
While Aspire is known for its user-friendly, digital-first application process, Bestar can still provide significant value, especially for foreign-owned businesses or those with complex corporate structures.
Here's how Bestar can help with opening an Aspire business account:
1. Expertise in Documentation and Compliance
Although Aspire's application is online, it still requires a range of documents to satisfy its "Know Your Customer" (KYC) and anti-money laundering (AML) obligations. Bestar can help ensure all your documents are correct and compliant:
Document Preparation: We will know exactly which documents are required for your specific situation (e.g., for a Singapore-incorporated company, or a foreign-owned one). This includes preparing certified true copies of documents like your ACRA business profile, board resolutions, and IDs of directors and shareholders.
Ultimate Beneficial Owner (UBO) Verification: A key part of the process is identifying the UBOs. Bestar can help you accurately map out your company's shareholding structure, especially if it involves corporate shareholders, to ensure you provide all the necessary information to Aspire's compliance team.
2. Streamlining the Process for Foreign Founders
For non-residents looking to open an account for a Singapore-registered company, Bestar can be a game-changer.
Remote Account Opening: While Aspire's process is online, a professional service can provide the local expertise and support needed to facilitate the application from overseas. Bestar has a direct partnership with Aspire, which can further simplify the process.
Local Resident Director Requirement: Singapore law requires every company to have a local resident director. If you are a foreign founder, Bestar can provide a nominee director service, which is a crucial first step before you can even register your company and, subsequently, open a bank account.
3. Comprehensive Business Setup
Bestar's role often extends beyond just the bank account. We can offer a holistic package that covers everything a new business needs to get started.
Company Incorporation: Bestar offers a "one-stop shop" solution where we handle your company's registration with ACRA (the Accounting and Corporate Regulatory Authority) and assist with the Aspire account opening as part of the same package. This makes the entire process seamless.
Ongoing Compliance: Beyond the initial setup, Bestar can provide ongoing corporate secretarial, accounting, and tax services. This ensures that your business remains compliant with all of Singapore's regulations, which is a key consideration for banks and fintechs like Aspire.
4. Direct Liaison and Problem Solving
Even with a smooth online process, issues can arise. Bestar acts as a direct point of contact and an advocate for your business.
Handling Queries: We can field questions from Aspire's compliance team and provide the required information quickly and accurately, preventing delays in your application.
Pre-submission Review: Before you even hit "submit," we can review your application to spot potential issues that could lead to rejection, such as inconsistencies in your business activity description or missing information. This significantly increases your chances of a quick and successful application.
In summary, while Aspire has made business banking highly accessible, Bestar can offer invaluable support by ensuring you meet all legal and compliance requirements, particularly for foreign businesses, thereby guaranteeing a smooth, efficient, and successful account opening.
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