Aspire: The Easiest Digital Bank in Singapore
Running a small or medium-sized enterprise (SME) can be challenging. With limited resources and a million things to manage, efficient banking can make or break a business. With digital banking solutions like Aspire, SMEs in Singapore can manage their finances with ease. Think of it as your financial partner, helping you simplify everything from transactions to expense tracking, while saving you money in the process.
What is Aspire and how it is integrated within banking system
Aspire is a pioneering digital banking platform in Singapore, starting their business back in 2019. The main banking partner of Aspire is DBS Bank – the largest bank of Singapore. This means that in fact, DBS bank provides the corresponding accounts for Aspire in Singapore dollars, allowing them to integrate with the Singapore financial network, while maintaining independence of Aspire business.
Besides Singapore Dollar accounts, Aspire also provides accounts in United States Dollars, Euro and British Pounds, which are maintained with the UK’s digital bank The Currency Cloud Limited.
Because Aspire positions itself as an international payment platform and conducts its own due diligence onboarding process, opening business accounts for your company with Aspire is normally much easier than with a traditional bank. The review and approval process usually takes from just a few hours to a couple of days.
Why Aspire is The Perfect Fit For Your Business
Aspire simplifies financial management by combining essential banking services with powerful tools. From tracking expenses to handling payroll and invoicing, this bank centralizes your financial operations, saving you time and effort.
So let’s check out the factors why Aspire is the perfect fit for growing businesses and startups:
General features of Aspire business accounts for Singapore companies
- No Hidden Fees – Perfect for Budget Businesses
When you’re running a business, every dollar counts. Aspire’s transparent fee structure is very convenient for anyone who needs to closely monitor their budget. Say goodbye to unnecessary charges because Aspire has no monthly maintenance fees, free local transfers and low-cost international payments. For those trying to maximize cash flow, this means fewer headaches and more room for growth.
The fact that Aspire doesn’t force you to maintain high minimum balances or surprise you with hidden fees makes it especially appealing for smaller businesses just starting.
The only fees you have to worry about are international fees. Receiving transfers in over 30 currencies via SWIFT incurs a fee of $8, while sending payments via SWIFT costs $15. Additional charges apply for extra users and cards, such as S$9 per month for additional admin users and S$15 per additional physical card. It is also best to note that intermediary bank fees for SWIFT transfers may range from $7 to $60, depending on the correspondent banks used.
- Get Your Business Bank Account Up and Running in Minutes
Save time and start managing your finances instantly. Aspire offers simple and fast online account registration, without the need to visit a bank branch or fill out a huge amount of paperwork.
Whether you are a startup looking for a fast banking solution or an established business looking for a new partner, Aspire guarantees a fast and convenient registration, allowing you to move at your own pace.
- All-in-One Financial Tools
Aspire goes beyond the basics of a digital bank account. Its all-in-one financial tools are designed with simplicity and convenience in mind. The platform offers a host of features that make managing your finances a lot easier. From tracking expenses to integrating with popular accounting software like Xero, Aspire helps you manage your finances without the hassle.
For businesses that juggle multiple financial responsibilities, Aspire’s all-in-one platform offers a convenient way to centralize tasks and increase efficiency. It’s like having a personal financial assistant available 24/7 to help you stay on top of everything.
- Invoicing Made Easy
Aspire lets you create and send professional-looking invoices directly through the banking platform, eliminating the need for separate invoicing software. Keep track of payment statuses and automate reminders to ensure timely collections, improving your business’ cash flow.
- Payroll Integration
Seamlessly connect Aspire to your payroll system to automate salary disbursements, reducing errors and saving valuable time for your HR team. Empower your employees to access payslips and tax information directly, fostering transparency and reducing administrative overhead.
- Global Payments and Multi-Currency Accounts
Today’s businesses are increasingly operating globally, and they need solutions that will make their work easier. Aspire’s multi-currency account allows you to make international transactions without unnecessary hassle. Their competitive exchange rates and low conversion fees mean you won’t be losing any profit to high banking charges when working with overseas clients or suppliers. Aspire helps make cross-border business as seamless as possible.
- Manage Expenses Effortlessly with Corporate Cards
Aspire’s corporate debit cards are a lifesaver for companies that want to control their finances without extra effort. Issue cards to team members, set individual limits, track transactions in real-time and ensure everyone stays within the budget. Aspire gives you the tools to manage expenses without having to deal with endless approval processes and paperwork.
Aspire’s corporate card system provides the perfect balance of flexibility and control for growing teams, where delegation is key but oversight is crucial.
- Responsive Customer Support
Aspire knows that businesses need quick answers and reliable support. That’s why their customer service is always available when you need them. Whether it’s through chat, email or a phone call, you can count on Aspire’s team to provide helpful and timely responses. They are aware of the challenges growing businesses face and are ready to help when needed.
- Built for Modern Businesses
Aspire is built for the needs of today’s businesses. With this platform, you can automate recurring payments, assign individual access rights to each team member and plan future transactions. Aspire continuously evolves its platform based on customer feedback, ensuring that it remains relevant and responsive.
Aspire Business Account: Features and Benefits
The Aspire Business Account is designed to be a comprehensive financial hub for your business, combining traditional banking features with innovative tools to streamline your operations. It helps businesses to manage their finances efficiently, whether they operate locally or globally. Here’s what you can expect:
- Multi-Currency Capabilities: Hold and transact in a wide range of currencies, including major ones like SGD, USD, EUR, GBP and others like AUD, CAD, CHF, CNY, HKD, JPY, and more. This eliminates the need for separate accounts and simplifies international transactions.
- No Monthly Fees or Minimum Balance: There are no monthly maintenance fees or minimum balance requirements so businesses can enjoy the freedom of banking.
- Free Local Transfers: Send and receive local transfers in SGD without incurring any fees.
- Competitive International Transfers: Make international payments in over 30 currencies with competitive fees and real-time exchange rate updates.
- Transaction Limits:
- Incoming transfers: No limit
- Outgoing transfers: Up to S$1 million per day
- Access to Credit: Secure a flexible line of credit to manage cash flow fluctuations or finance growth opportunities, all with competitive interest rates and a straightforward application process.
Video: SGD and Multi-Currency business accounts tool from Aspire
Eligibility and Account Opening Process
Aspire is primarily designated to businesses registered in Singapore. Your business is eligible if it meets the following criteria:
- Registered in Singapore: Your company must be legally registered and operating in Singapore.
- Business Entity Types: Aspire accepts various business structures, including the most common one – Private Limited Company (Pte Ltd).
Simple Steps to Open Your Account
Aspire can boast of its quick and straightforward account opening process, typically completed entirely online within a few business days. Here’s what you’ll need:
- Basic Company and Director Info: Company name, director/shareholder details (name, nationality, etc.).
- Authorization Letter: If you’re not a director, you must get one from a director allowing you to open the account.
- Identification Documents: Proof of address and valid identification documents for directors/shareholders (e.g., passports or Singapore NRICs).
- Business Proof: Documents verifying your business’s existence and operations (e.g., business profile, ACRA BizFile, recent invoices).
Estimated Timeframe
- Application Submission: 5-10 minutes to complete the online form.
- Document Verification: Aspire reviews your documents typically within 1-2 business days.
- Account Approval: Once verified, your account is usually approved within a few hours.
Remember: Specific document requirements may vary based on your business type and other factors. Aspire’s platform provides clear instructions and support throughout the process.
Aspire vs Traditional Banks: A Side-by-Side Comparison
When choosing a banking partner for your business, it’s crucial to weigh your options carefully. Below is a comparison of the key differences between Aspire and traditional banks, helping you make an informed decision that best suits your needs.
| Feature | Aspire | Traditional Banks | Advantages of Aspire |
|---|---|---|---|
| Account Opening | Fully online, typically within a few days | In-person visits and paperwork which can take weeks | Faster and more convenient |
| Monthly Fees | No monthly fees | Often have monthly maintenance fees | Cost savings |
| Minimum Balance | No minimum balance requirement | Often require a minimum balance to avoid fees | Greater flexibility |
| Local Transfers | Free | May incur fees | Cost savings |
| International Transfers | Competitive fees, multiple currencies supported | Higher fees, limited currency options | Cost savings, wider reach |
| Corporate Cards | Available with expense management tools | May be available, but often with limited features | Better control and oversight |
| Customer Support | Online chat, email, phone | Primarily in-person or phone | Multiple convenient options |
| Additional Features | Invoicing, payroll integration, access to credit | Limited or may require additional products/services | Streamlined financial management |
| Accessibility | Designed for startups and SMEs | May have stricter requirements for smaller businesses | Easier access for growing businesses |
What Are The Potential Drawbacks and Limitations?
While Aspire stands out as a convenient and cost-effective solution for businesses, it also has some limitations to it. One area of potential concern is the cost of international transfers. While Aspire is upfront about its fees and FX rates, the total cost of SWIFT payments can vary due to intermediary bank charges. These unforeseen costs could accumulate if your business frequently engages in cross-border transactions.
Less major concern includes customer reach. It can be less accessible for businesses located outside of Singapore. Their current chat support is primarily available during Singapore daytime hours, which could pose challenges for those in different time zones.
Although Aspire accounts are accessible globally, the availability of their virtual and physical cards is restricted. Virtual cards are currently offered only to businesses in Singapore and Indonesia, and physical cards are exclusively issued in Singapore. This could be a limiting factor for businesses operating in other regions.
If your business mainly operates within Singapore, doesn’t require customer support outside of Singapore business hours and has limited need for international transfers or physical cards in other countries, Aspire could still be an excellent fit. However, it is always best to keep in mind these drawbacks in case of future expansion or changes in your business needs.
Conclusion
So in short, Aspire is more than just a digital bank – it’s a powerful tool for businesses looking to take control of their finances, minimize costs and streamline operations. Whether you’re a startup finding your footing or an established business scaling up, Aspire provides a banking experience that’s built to grow with you. By offering a cost-effective, user-friendly platform, Aspire has become the go-to choice for businesses in Singapore.
