Aspire business account: An overview

Elle Kasser
25.05.21
4 minute read

Aspire is the leading neobank serving business customers in Southeast Asia.

Aspire’s mission is to serve modern business owners by providing the tools required to grow - without the paperwork, long waits or excessive fees imposed by regular banks.

You’ll find a range of products and services which can help - no matter whether your business is starting up, scaling up, or already flourishing. Financial management tools, working capital and cash flow solutions - all with responsive and intuitive service every time. Here’s what you need to know.

📝 Table of contents:

Check out Aspire here


Aspire at a glance

As an Aspire¹ customer you’ll have access to smart online financial tools which allow you to manage your money, cut out wasted admin time for you and your team - and grow your business. Here are some of the key solutions and features available.

Get started in minutes with Aspire digital business banking

The smart business accounts² available with Aspire can be opened in just a few minutes, with account details and a virtual card available as soon as your account is approved. You’ll then be able to manage your money online or using the Aspire app, and get your team onboard and up to speed fast.

Aspire business accounts come with a range of features which we’ll cover in a moment - but one of the key benefits is the simplicity of having all your business finance tools in one place. Save on admin time and use the wealth of data at your fingertips to gain insights and ideas to grow your company faster.

Local and international payments for less

Aspire accounts were created with internet and online entrepreneurs in mind. When you’re building a digital business you need simple, fast and low cost payment solutions to make it easier to cover supplier invoices, payroll and more.

Aspire customers can send and receive FAST and GIRO payments fee free, with PayNow coming soon. International payments are powered by Wise and can be made in 50+ currencies, using the real mid-market exchange rate with no markups. You’ll only ever pay a low, transparent fee - which means no surprises, just fast, secure and cheap ways to pay your international business invoices.


Easy expense management with Aspire

Use your Aspire business account to create and issue virtual cards to your team to allow for easier expense management³. You’ll be able to set and adjust individual limits, and keep track of spending in real time using the Aspire app. It’s even easier to manage your expenses with digital receipt uploads - allowing you to reconcile accounts quickly and move on to more important things.

There’s more on the business cards available from Aspire - and their features and benefits - coming up a little later.


Third party integrations - bookkeeping, marketplaces and more

Integrate your Aspire business account with your preferred accounting software to make it easier to close the books - with integrations available including Xero, Quickbooks, SAP, NetSuite, MYOB and more. ⁴

And if you’re running an ecommerce business you can get paid directly into your Aspire account from a range of popular marketplaces and platforms including Stripe, Shopify, PayPal, Lazada and Shoppee. Not only does this make it easier to get all your income in one place, it gives you access to analytics and insights across all platforms so you can make better decisions about how to grow your business profits.


Start up and scale up with Aspire credit solutions

Get working capital and credit from Aspire, fast, with easy online application, a 7 day approval and transparent terms and conditions. Options can be tailored to suit your business and include:

  • Revenue based financing
  • Lines of credit and term loans
  • Reverse factoring
  • Trade financing

How to open an Aspire business account

If you have a business already legally registered in Singapore you’ll be able to open an Aspire business account. If you’ve not yet registered your business you can incorporate with Aspire's partner to get started in no time.⁶

Registering your account can be done entirely online, with the following information:⁷

  • Your full name and NRIC number
  • Your preferred email and mobile number for verification purposes
  • Business details including the company name, UEN, entity type, turnover, employee headcount, and website address
  • A photo of your government issued identification document
  • A live selfie taken during the registration process

Registration takes no more than 10 minutes, and you’ll hear back in 1 to 3 business days. In some cases, you may be required to provide further information depending on the type of business entity you operate.


Aspire pricing

Aspire accounts are designed to keep costs low to support business growth. Here are the details:⁸

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: mid-market exchange rate + low, transparent fee Inbound: Reuters buy rate +0.5% fee
Overseas card transactions Visa exchange rate + 0.7% fee
Credit line monthly interest From 1%

Aspire business cards

Aspire business cards are virtual - although physical cards are also coming soon⁹. Virtual cards are ideal for businesses as you can issue, freeze and unlock cards online, and manage spend limits in real time. That makes it easier to empower your team and still keep track of what’s going on with your business funds.

Here are a few key features of Aspire’s virtual business cards to consider:¹⁰

  • No sign up or annual fee
  • Track spending and set budgets for all issued cards
  • Earn cashback on digital spend
  • Save up to 5x on international spending
  • Advanced fraud protection
  • Add cards to your mobile wallet for ease - Google Pay is available now, Apple Pay is coming soon

Cashback and rewards

Aspire accounts come with rewards and cashback you won’t find at your regular bank.

Get cashback on digital marketing and SaaS spend - meaning you earn from money you’d be spending anyway. Partners include:¹¹

  • Facebook ads
  • Google ads
  • LinkedIn ads
  • AWS
  • Shopify
  • Google Suites
  • Mailchimp
  • Xero and Quickbooks

You’ll also get exclusive access to rewards worth $50,000 in value which you can redeem whenever you like¹². These include partner discounts on payment platforms, accounting tools, marketing and ecommerce services, HR support and more.

Aspire business accounts offer many of the perks you’d get from a traditional bank. However, as a digital neobank, Aspire can provide a streamlined service which cuts out excessive paperwork and keeps the costs low. You’ll also find perks and rewards which are tailor made for online entrepreneurs - as well as access to working capital and credit when you need it to grow. See if your business can benefit from an Aspire business account today.

Check out Aspire here


Sources:
  1. Aspire
  2. Aspire - Digital Business Account
  3. Aspire - Unlimited Aspire Debit Cards
  4. Aspire - Direct integrations
  5. Aspire - Credit Line for SME Loans Singapore
  6. Aspire Help Centre - Who can apply for an account?
  7. Aspire Help Centre - How can I apply for an account?
  8. Aspiree - Pricing
  9. Aspire Help Centre - Can I get a physical card?
  10. Aspire - Corporate card
  11. Aspire - 1% Cashback for Digital Spend
  12. Aspire - Rewards

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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