
What is an Aspire corporate card: Benefits and Requirements
Challenger bank AspireÂč 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 youâll 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.
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Aspire corporate card - what can I do with it?
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:ÂČ
Save 5x on foreign currency spend
When youâre running an online business thereâs a good chance youâll need to pay for supplies and services in foreign currencies. Use your Aspire virtual corporate card to cover international payments and youâll benefit from cashback on eligible spend, and get the Visa exchange rate with a low, transparent fee. Aspireâs FX fee of just 0.7% compared to the 3%+ fee used by traditional banks means you can save up to 5x, every time.
Weâll cover more details on fees - and how the Aspire costs measure up to alternatives from big name local banks - a little later.
View and control corporate spend in real time
Virtual cards can be created and managed within the Aspire app, and youâll 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.
Benefit from advanced security and fraud protection
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.
Itâs 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.
Save time with accounting integrations
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.
Earn cash back on card spending
Marketing and Saas spend with Aspire partners is rewarded with 1% cashbackÂł. 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 Aspireâs 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
- AWS
- Shopify
- Google Suites
- Salesforce
- Hubspot
- Mailchimp
- Xero and Quickbooks
What are the requirements for getting an Aspire corporate card?
To get your Aspire corporate card youâll 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 youâve not registered your business yet thereâs good news. Incorporate with Aspireâs partner to get 16% off rack rates and support throughout the process - then youâre free to open your Aspire business account. âŽ
Youâll be able to apply online for your Aspire account and corporate cards - the process should take less than 10 minutes, and youâll hear back from Aspire in around 1 - 3 business days.
When youâre ready to apply youâll need to provide the following:â”
- 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.
What kind of fees are there?
Getting started with Aspire is free. However there are a few charges youâll want to consider to make sure you make optimal use of your account. Hereâs what you need to know:â¶
Service | Aspire business account fee |
---|---|
Account opening | Free |
Monthly service fee | Free |
Local transfers | FAST transfers and standing instruction: Free FAST transfer promotional rate to December 2021 |
International transfers | Outbound transfers powered by Wise: mid-market exchange rate + low, transparent fee Inbound transfers: Reuters buy rate +0.5% fee |
Overseas card transactions | Visa exchange rate + 0.7% fee |
Credit line monthly interest | From 1% |
What are the benefits of having an Aspire card?
To wrap up, letâs 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 youâre 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 competitorsâ·
- Earn cash back on eligible spend on all your Aspire virtual cards
- Virtual cards can not be lost or stolen - and Aspireâs security and fraud protection gives you extra peace of mind
When youâre 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 Aspireâs business account and corporate cards can help you grow your business.
Sources:
- 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 only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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