Is Wise (formerly TransferWise) a good alternative to Revolut Business in Singapore?

Revolut¹ accounts let users hold and exchange dozens of currencies, spend and make withdrawals with a linked debit card, and send money to bank accounts all over the world. Unfortunately, Revolut’s Singapore customers can currently only hold personal accounts.

If you’re looking for a Revolut alternative for your business you’re in the right place - read on for more about the Wise Business account, a neat solution for Singapore customers looking for a multi-currency business account.

Can I open a Revolut Business account in Singapore?

It’s not possible to open a Revolut business account in Singapore. Revolut business accounts are only available to registered companies and sole traders with a physical presence in the US, EEA, UK and Switzerland².

Revolut is rolling out its business services to more regions and countries all the time, so keep an eye out for news on when it’ll launch in Singapore.

Does Revolut Business work in Singapore?

If you’re an existing Revolut customer with a Revolut business account linked to your registered business elsewhere in the world, your account will still work just fine if you travel to Singapore, Malaysia or elsewhere in the region.

That means there’s no need to worry if you have a Revolut UK business account, for example, but are taking a business trip to Malaysia. You’ll still be able to log into the Revolut app to manage your money, spend with the Revolut card, and send payments just as normal.

Revolut vs Wise (formerly TransferWise) - business account comparison

Revolut isn’t available to business customers in Singapore. However, there are some great options out there for Singapore registered businesses, such as the Wise Business account.

Wise Singapore accounts share many of the features of Revolut’s business account product, including:

• Multi-currency functionality
• Mid-market currency exchange rates
• Business debit cards
• Send and receive global payments
• Business friendly features like accounting integration, bulk payments and API

With Wise you’ll never pay a monthly fee, and there’s no minimum balance to worry about either. Instead you just pay low, transparent fees for the services you use.

Let’s take a quick look at how Wise for business measures up against Revolut business. Because Revolut doesn’t offer business accounts in Singapore yet, we’ve taken fee information from the Revolut UK business account to give a glimpse of what you may find when the product launches here.

Bear in mind that Revolut’s fees do vary by region - fee details are provided for information only, and to help you compare the services offered by both providers.

	Revolut Business (UK account holders³)	Wise Business
Available currencies	Hold and exchange 28 currencies Local bank details for GBP and EUR	Hold and exchange 54 currencies Local account details for AUD, CAD, EUR, GBP, HUF, NZD, SGD, TRY and USD
Account opening fee	No account opening fee	No account opening fee (NB: there is an optional one-time fee of 54 SGD to unlock local account details)
Monthly fees	Standard plans are free, or choose a paid plan from 25 GBP - 100 GBP/month to unlock more features (around 45 SGD - 175 SGD)	No monthly fees
Currency exchange rate	Exchange with the mid-market exchange rate up to predefined account limits Not offered on the free business plan	Exchange with the mid-market exchange rate
International transfer fee	£3/transfer (about 5 SGD) - paid account tiers have some free monthly transfers included	Low, transparent fee, varies by destination
Business debit card available	Yes	Yes
Add team members	Yes	Yes
Integrate with accounting software	Yes	Yes
Bulk payments	Not offered on the free business plan - available with paid account tiers	Yes
Business API	Not offered on the free business plan - available with paid account tiers	Yes

Learn more about Wise Business

Other available business accounts in Singapore

Of course, Revolut and Wise aren’t your only options when it comes to business accounts in Singapore. You’ll be able to pick from a few other neobanks which operate online and via apps - or go with a more traditional business bank account from one of the many local, regional and global banking brands based here.

It’s worth comparing a few options before you pick the right provider for your business, as the features and fees available do vary quite widely. Traditional banks can often offer a fuller suite of services compared with neobanks - including loans and financing - but their fees are usually higher. Specialist providers typically have been built with innovative features to offer a cheap and intuitive way to manage your business finances day to day. They also often provide extras like multi-currency options, cheap currency exchange and easy overseas payments, making them a good bet for any business with global aspirations.

Still not sure which bank or neobank business account to pick? Check out this guide to the best business bank accounts in Singapore.

Summary

While Revolut offers accounts in Singapore for personal customers, you won’t be able to get a Revolut Singapore account for your business just yet. However, there are other great options if you’re looking for a way to manage your business finances online and on the move, across currencies and without worrying about excessive fees.

As we saw in our Revolut vs Wise comparison, Wise is a neat choice for people looking for a Revolut Singapore alternative for their business. Get your Wise account up and running with full functionality for a low one time fee of 54 SGD, to hold and manage 50+ currencies, get paid like a local from 30+ countries, and send payments to 80+ countries. It couldn’t be easier.

Get a Wise Business account today!

Sources:

1. Revolut Singapore
2. Revolut FAQ - where is Revolut business available
3. Revolut UK - business

Sources checked on 16.05.2022