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Challenger bank Aspire¹ was created to serve online entrepreneurs and digital businesses in Southeast Asia. Customers can access financing and working capital, as well as full service business accounts offering money management tools, rewards, and low cost international transfers powered by Wise.
As an Aspire account holder you’ll be able to create, use and manage virtual corporate cards for you and your team. This guide covers all you need to know to get started, including eligibility, benefits and smart features to help streamline your business processes.
|Table of contents:
Aspire accounts allow customers to create virtual corporate cards which can be used by the whole team. Here are some of the key features of Aspire corporate cards:²
When you’re running an online business there’s a good chance you’ll need to pay for supplies and services in foreign currencies. Use your Aspire virtual corporate card to cover international payments and you’ll benefit from cashback on eligible spend, and get the Visa exchange rate with a low, transparent fee. Aspire’s FX fee of just 0.7% compared to the 3%+ fee used by traditional banks means you can save up to 5x, every time.
We’ll cover more details on fees - and how the Aspire costs measure up to alternatives from big name local banks - a little later.
Virtual cards can be created and managed within the Aspire app, and you’ll be able to set and review spend limits on the go to make sure your team have all they need to do business. Freeze, cancel or replace a card in just a few clicks, and get real time notifications of spend. That means no surprises, just simple money management and smart ways to empower your team.
Your Aspire corporate cards are covered by advanced security and fraud protection, and you also have the power to freeze or cancel cards if anything looks suspicious.
It’s also good to know that virtual cards are inherently very safe. As they exist only on your phone they can not be lost, cloned or stolen. And the card numbers for each card generated are disposable but linked to your Aspire account, which means your main account details are never shared with merchants. One less thing for you to worry about.
Your Aspire account and card can be integrated with your favourite accounting software including Xero, Quickbooks, SAP, NetSuite, MYOB and more - to categorise card spend automatically and save time. That leaves you and your team with more bandwidth to do the things that really matter.
Marketing and Saas spend with Aspire partners is rewarded with 1% cashback³. That means you can earn cash back for money you plan to spend anyway - and as Aspire has partnered with some of the biggest names out there, the opportunity could be huge. Here are a few of Aspire’s partner services - for the full list and to calculate how much cash back you could earn, check out the Aspire website.
- Facebook ads
- Google ads
- LinkedIn ads
- Google Suites
- Xero and Quickbooks
To get your Aspire corporate card you’ll first need to sign up for an Aspire business account. Anyone who has a business which falls under the Aspire acceptable use policy, and which is registered in Singapore is eligible. If you’ve not registered your business yet there’s good news. Incorporate with Aspire’s partner to get 16% off rack rates and support throughout the process - then you’re free to open your Aspire business account. ⁴
You’ll be able to apply online for your Aspire account and corporate cards - the process should take less than 10 minutes, and you’ll hear back from Aspire in around 1 - 3 business days.
When you’re ready to apply you’ll need to provide the following:⁵
- Your full name and NRIC number
- Your email address and mobile number
- Your company name, UEN, entity type, turnover, employee headcount, and website address
- An image of your national ID or passport
- A live selfie- take this during the registration process
Depending on the type of business you run, you may need to provide a few additional documents. If this is the case, a representative from the Aspire team will get in touch to guide you through the process.
Getting started with Aspire is free. However there are a few charges you’ll want to consider to make sure you make optimal use of your account. Here’s what you need to know:⁶
|Aspire business account fee
|Monthly service fee
|FAST transfers and standing instruction: Free FAST transfer promotional rate to December 2021
|Outbound transfers powered by Wise: mid-market exchange rate + low, transparent fee
|Overseas card transactions
|Visa exchange rate + 0.7% fee
|Credit line monthly interest
To wrap up, let’s take a look at some of the biggest benefits of having an Aspire corporate card:
- Generate as many Aspire virtual cards as you need for you and your team - great when you’re growing
- Manage spend limits and get real time spending notifications using your Aspire app
- Foreign currency spending uses the Visa exchange rate and a flat 0.7% fee - compared to FX rates of up to 3.7% with major local competitors⁷
- Earn cash back on eligible spend on all your Aspire virtual cards
- Virtual cards can not be lost or stolen - and Aspire’s security and fraud protection gives you extra peace of mind
When you’re a digital business owner and entrepreneur, things move fast. Having an easy intuitive business account and corporate cards which let you and your team send, spend and manage money on the go can give you a competitive edge. Use this guide as a starting point and see if Aspire’s business account and corporate cards can help you grow your business.
- Aspire Singapore
- Aspire Singapore - Virtual card
- Aspire Singapore - 1% Cashback for Digital Spend
- Aspire Singapore - Who can apply for an account?
- Aspire Singapore - How can I apply for an account?
- Aspire Singapore - Pricing
- Aspire Singapore - Compare Different Business Accounts in Singapore
Sources checked on 25 May 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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