Volopay Business Account: A Good All-in-One Choice for Singapore SMEs?

Volopay is a Singapore-based fintech company founded in 2019. While it primarily serves the APAC region, it’s looking to expand into new markets. Volopay stands out as an all-in-one financial platform that offers business accounts, corporate cards, expense management, accounts payable automation, accounting integration, and more.

In this article, we’ll break down the fees, features, and benefits of Volopay. We’ll also give you the lowdown on which types of businesses might benefit most from this unique business account—and introduce another non-bank business account option: Wise Business.

Volopay business account overview

Volopay serves as a financial control centre, helping businesses streamline their financial operations with some nifty features, including:

• Corporate Debit & Credit Cards - Physical, virtual, and prepaid VISA cards can be issued to employees. These cards have built-in controls, allowing you to set spending limits, assign approvers, restrict purchase categories, and set expiration dates. All card transactions are synced in real time.

💳 Interested in corporate credit or debit cards? Check out our reviews of some of the more popular options available for Singapore businesses:

➡️ Best Corporate Credit Cards in Singapore

➡️ DBS Corporate Credit Card Guide

➡️ UOB Corporate Credit Card Guide

➡️ OCBC Business Credit Card Guide

• Business Accounts - Global multi-currency business accounts that support holding up to 11 currencies and funds transfers to 130+ countries,¹ reducing the need for multiple bank accounts. Funds are securely stored in a DBS Singapore trust account.
• Accounts Payable - Manage, track, and automate vendor payments, invoices, bulk payments, and payroll payments. Have suspicious activities automatically flagged, perform 3-way matching for accuracy, and maintain an archive of all accounts payable records.
• Expense Management - Streamline reimbursements, track spending in real time, and set budgets. Employees can upload expense receipts and request reimbursements. Out-of-policy or duplicate payments are automatically flagged. Gain a clearer view of monthly expenses to help you better allocate resources.
• Procurement - Track and control the entire procurement cycle, from purchase requests to approvals to payment processing. Employees can submit requests to the procurement team in just a few clicks. Store your vendor and supplier information on a centralised dashboard.

Volopay also seamlessly integrates with ERP systems such as Xero, QuickBooks, NetSuite, Zoho Books, and MYOB to automate accounting and streamline financial workflows.

The iOS and Android mobile app allows teams to track expenses, file reimbursement requests, and manage approvals while on the go.

Volopay account fees and charges

Volopay charges annual or monthly Software-as-a-Service (SaaS) subscription fees to access and use its platform and premium cards. There are no hidden charges, setup fees, or transaction fees. There are also no transaction limits, and you can have unlimited users.

For premium cards (physical and virtual), you must have a total monthly spend across all cards of 5,000 SGD or more, otherwise, a flat fee of 49 SGD is applied.

To access many of the other features Volopay offers, they charge a service fee that starts at 20 SGD monthly (or 170 SGD annually).

However, Volopay doesn’t make this pricing publicly available—you’ll need to contact their sales team for an exact quote. The pricing depends on the size of your business (total monthly spending) and the features you choose to use. There are also transaction fees, like currency conversion, bank markups, and admin fees, but these are charged by the banks Volopay partners with and vary depending on the country you're sending money to. Volopay does not charge these fees. Local money transfers in SGD are free.

For physical cards, a charge of 5 SGD is applied for each card ordered.² If you choose to use a credit line with Volopay, a small fee will apply.

🏦 If you're looking for digital-native business accounts, we've reviewed some other popular business focussed fintech options you might be interested in—you can check them out here:

➡️ Airwallex Review

➡️ Revolut Business Review

➡️ YouBiz Review

➡️ GXS Biz

Volopay vs Wise Business

How to open a Volopay account

Volopay accounts are currently available only to businesses registered in Singapore, Australia, India, Indonesia, and the Philippines. Individual accounts or businesses in other regions aren't supported yet.

Here are the steps involved with opening a Volopay account:

1. Visit Volopay’s homepage and click the "Sign up" button.
2. Enter your company details—including your company name, number of employees, average monthly spend, your full name, contact number, work email, department, and job title.
3. Book a 30-minute demo at a time and date that works for you. This session includes a walkthrough of the platform and pricing plans. You'll need to specify which country your business is incorporated in when booking. You can invite up to 10 guests to join the meeting.
4. Pick a pricing plan that best fits your business needs after the demo.
5. Submit your KYB (Know Your Business) documents for verification. This includes company registration documents (ACRA), proof of business address, and an ID.
6. Wait up to five days for your company documents to be reviewed and approved.
7. Once your application is approved, you will have an onboarding session with Volopay's success team. They'll help set up your account and ensure a smooth onboarding experience.

If you have not yet registered your business in Singapore, learn more about the country's regulatory body for business registration and financial reporting in our ACRA guides here:

➡️ What is ACRA: Business owners' guide

➡️ How to select the right ACRA SSIC code for your business in Singapore

What types of business might benefit most from Volopay

Volopay can benefit businesses of all sizes, from startups to enterprises, that want better control and visibility over their finances. It's a good option for companies that want to simplify financial operations by bringing everything onto one easy-to-use platform, making life easier for employees and admin teams.

Companies and teams handling the following business functions or challenges might benefit from Volopay:

• Managing multiple employees’ expenses
• Making recurring or bulk payments to vendors
• Finance teams overwhelmed by manual work: think tracking receipts, expense approvals, and bookkeeping
• Don't want to switch between different bank accounts and finance tools
• Need to track exactly where every penny of their budget is spent

As an example, a Singapore-based consulting firm with 25 employees might face challenges in managing expenses efficiently. They may rely on manual tracking using spreadsheets, and employees may often have to use personal funds for expenses like client lunches, travel, and software subscriptions.

They may have just one corporate card for purchases, making it difficult to track who is spending what and set limits. Importing expense data into their accounting software is likely a manual process, which can lead to mismatches and missing transactions.

By using Volopay, a company like this would be able to overcome many of these challenges by tracking and controlling everything in real time on a single platform. They can issue physical and virtual cards to employees who need them and set tailored controls and limits for each.

Employees could upload photos of expense receipts on the go using the mobile app and get their reimbursement claims or purchase requests approved quickly. Plus, all transactions would sync automatically to their accounting software, saving hours of manual work and providing better accuracy.

Learn more about Wise Business

Conclusion

Volopay offers, at the present moment, an all-in-one financial platform that simplifies expense management, payments, and accounting for SMEs, startups, and growing businesses. However, the convenience of centralising financial operations through Volopay does come at a cost in the form of a monthly or annual SaaS fee.

It does have attractive features, like seamless accounting integrations, real-time expense tracking, multi-currency business accounts, accounts payable automation, physical and virtual cards, and the ability to upload receipts and request approvals through the mobile app.

💡 Any business that wants better visibility and control over spending, smoother expense tracking, and less manual admin work will find Volopay appealing. However, for businesses that deal with a high volume of international transactions, it might be easier to just add Wise Business to their financial toolkit as a complementary solution.

Get Started with Wise Business today

Sources checked: 11 February 2025