Cross-border payments are essential for businesses of all sizes because Singapore is a major financial center and the main trade route for Southeast Asia. Digital payments in Singapore are worth more than US$92 billion and cross-border settlements are valued at about US$47 billion per day. The ability to move money quickly across borders has a direct effect on how competitive and profitable businesses are.
Cross-border payments are challenging for businesses in Singapore. Because of the potential for higher profits and higher risk, traditional banks are often hesitant to work with small and medium-sized businesses. The situation leaves businesses with few options other than expensive correspondent banking or informal channels. Businesses have trouble managing their cash flow and working capital because of delays, hidden fees, forced currency conversions and limited tracking.
This list shows five of the best cross-border payment solutions available in Singapore. Each one has its strengths that can help businesses make international payments more easily. Providers were chosen based on how well-known they were in the market, how well they followed the rules set by the Monetary Authority of Singapore (MAS), how many currencies they covered and how relevant they were to the business world in Singapore.
List of top 5 cross-border payment solutions in Singapore
- WorldFirst
- Wise Business
- Airwallex
- XTransfer
- Statrys
Closer look at each cross-border payment solution
1. WorldFirst
WorldFirst is a regulated business account provider in Singapore by MAS that offers accounts in multiple currencies. It is made for businesses that need to make payments to other countries. The platform’s main feature is a multi-currency World Account that lets businesses collect, hold, convert and pay across markets without having to go through a bank first. WorldFirst is especially beneficial for trading companies, online sellers and importers who need to move money between Singapore and China, Singapore and the US and Singapore and Australia.
Key services offered
- Multi-currency World Account lets you keep and manage money in more than 20 currencies in one place.
- Local receiving accounts are available in major currencies, enabling customers and markets from various countries to make payments just like they would in their home country.
- International transfers that help businesses pay for things with clear prices instead of bundled costs
- Marketplace collections from more than 130 online stores, such as Amazon, Shopify, Shopee and Lazada
- World Card (business Mastercard) lets you spend money online and get cash back and there are no foreign exchange fees on eligible balances.
- The platform offers risk management tools such as forward contracts, which provide you with an estimate of your suppliers’ costs.
Ideal client type
SMEs, e-commerce sellers and trading companies in Singapore, who handle revenue from international marketplaces and need to consolidate payments in local currencies without opening separate bank accounts, are the ideal client type.
Notable strengths or differentiators
- Strength of marketplace collections: WorldFirst puts a lot of emphasis on collecting from over 130 marketplaces, which makes it easier for sellers to combine their sales from different platforms.
- Clear pricing: no setup, subscription, or monthly account fees; transfer fees and FX costs are shown up front.
- Competitive FX: Major currencies have a markup of up to 0.6% and settlements on major routes can happen on the same day or the next day.
- Strong regional focus: Works best for trade routes and cross-border e-commerce flows in the Asia-Pacific region.
Contact information
Official website: www.worldfirst.com/sg
2. Wise Business
Wise Business (formerly TransferWise) is all about making international transfers easy to understand and seeing how much they will cost. Instead of trying to be a full payments ecosystem, Wise lowers conversion costs and makes fees clear at every step. Singaporean businesses often use Wise as a cheap way to send money and hold currency internationally, especially when margins are tight and FX leakage needs to be closely monitored.
Key services offered
- Multi-currency accounts let you hold balances in over 40 currencies and send or receive payments in over 50 currencies around the world.
- Local receiving information for important areas like Singapore, the US, the UK, the EU and Australia
- Mid-market FX conversion with a clear fee for each transaction
- Make payments in batches for up to 1,000 transfers at a time.
- Business debit cards that work with more than 40 currencies
- Integrations for accounting with QuickBooks and Xero
Ideal client type
The ideal client type includes freelancers, startups and SMEs who need to invoice or pay overseas without opening separate foreign currency accounts and who prioritize FX cost control over advanced payout workflows.
Notable strengths or differentiators
- Pricing transparency: Converts currencies at the real mid-market exchange rate with fees displayed separately, making costs easy to audit internally
- Wide range of currencies: Keep and change 40 or more currencies, with account information for 10 or more currencies. Hold and convert over 40 currencies, with local account details available in more than 10 currencies.
- Low-cost model: This is especially cost-effective for service businesses, consultants and importers who pay suppliers in other countries.
- Fast digital onboarding: Fully online setup without lengthy approval steps
Contact information
Official website: wise.com/sg
3. Airwallex
Airwallex focuses on businesses that need global account infrastructure and system-level integration. When companies see payments as an ongoing process rather than a one-time task, they often choose Airwallex, especially if they work with more than one entity or platform. The platform has everything you need in one place: multi-currency accounts, competitive FX, integrated corporate cards and tools for accepting payments.
Key services offered
- Global Accounts lets you open foreign and multi-currency accounts to collect money in important markets.
- Corporate cards with multi-currency balances let you manage your money and spend it in more than one currency.
- High-speed international transfers are now a key feature of business accounts.
- Tools for bill payment, expense management and payment gateways
- API and platform features for built-in payment flows
- Information about local accounts in more than 20 currencies
Ideal client type
SMEs moving into new markets, e-commerce sellers sending money around the world and companies keeping track of team spending across borders. Best for businesses that need to collect money locally, have tighter control over their operations and connect to their finance systems.
Notable strengths or differentiators
- Integrated ecosystem: A single platform for managing multiple currencies, accounts, cards, payments and expenses.
- S$0 local-rail transfers: Free transfers between domestic and local rail systems to more than 120 countries, with savings of up to 80% on FX fees.
- Interbank FX rates: Get competitive FX with clear markups starting at ~0.4%
- Strong integration capabilities: Connects with Xero, NetSuite, QuickBooks, Shopify and Amazon for streamlined operations
Contact information
Official website: www.airwallex.com/sg
4. XTransfer
XTransfer is a global B2B cross-border payments platform that helps small and medium-sized businesses with digital collections, foreign exchange and compliance. The company has grown from China to Singapore, where it now acts as a regulated payments institution for trade flows in emerging markets. XTransfer uses AI-driven compliance, local currency settlement and virtual account infrastructure to make it easier for small and medium-sized businesses to do business in the complicated and varied ASEAN markets.
Key services offered
- B2B payments and collections across borders
- Systems for risk management and compliance that use AI
- Settlement in local currency across ASEAN markets
- Infrastructure for virtual accounts that can be credited right away
- Integration with instant payment systems like LaPass, FAST, BI-FAST and PromptPay
- Wallet features for trade routes within ASEAN
Ideal client type
SMEs engaged in cross-border trade, particularly those with supply chains connecting China and ASEAN markets, or businesses serving emerging markets across Latin America, Africa and the Middle East.
Notable strengths or differentiators
- AI-powered compliance: Our in-house AI-driven risk management system has a fraud rate of only 0.03%, which is much lower than the market average. Plus, it only costs 5% of what traditional banks do to stay compliant.
- Focus on emerging markets: This company specializes in handling trade flows to and from emerging markets where traditional banks don’t have a lot of coverage.
- Local currency settlement: People in Indonesia, Singapore, Vietnam and Thailand can pay in their own currencies through instant payment systems and the money is instantly credited to their virtual accounts.
- Regulatory engagement: Works closely with central banks in ASEAN to set B2B risk management standards and get the licenses needed.
Contact information
Official website: www.xtransfer.com
5. Statrys
Statrys is a payment platform that works for small and medium-sized businesses and entrepreneurs who do business in Asia and beyond. The multi-currency account, which started in 2019, supports 11 major currencies and has clear FX fees starting at 0.1%. Their main service is personal support. Each client has their own account manager and the company also helps businesses with both setting up and running their day-to-day operations by offering incorporation and accounting services.
Key services offered
- Business account that supports 11 major currencies, such as HKD, USD, EUR, GBP, RMB and SGD.
- Payments in 12 different currencies
- FX in real time at mid-market rates, with the option to place forward orders
- Xero integration for bookkeeping
- Support from a dedicated account manager
- Services for starting a business and keeping track of its finances
Ideal client type
The ideal client type includes businesses that frequently make cross-border payments and require predictable costs, service businesses that issue invoices overseas and entrepreneurs in Singapore who prioritize direct human support.
Notable strengths or differentiators
- Personal relationship model: Every client receives a dedicated account manager, reducing ticket queues and providing continuity
- Transparent FX: Competitive Fees, starting at 0.1% above the mid-market rate
- Integrated services: Combines payments with assistance for incorporation and accounting, simplifying the process of starting a business.
- Asia focus: Great for businesses that do business in many Asian markets
Contact information
Official website: statrys.com
How to choose the right cross-border payment solution in Singapore
Selecting the appropriate cross-border payment partner requires careful consideration of your organization’s specific needs and circumstances.
First, look at how your payments work and what currency you need. Do you mostly get paid by marketplaces, pay suppliers in other countries, or both? WorldFirst is great at collecting payments from over 130 marketplaces and Wise has many currencies available for direct transfers. XTransfer focuses on trade flows in emerging markets where traditional banking coverage may not be as adequate.
Second, look at how clear the costs are and how the FX prices work. To figure out the total cost per transaction, don’t just look at the headline rates. Wise gives clear mid-market prices with a list of fees. Airwallex gives interbank rates with clear markups. Statrys offers FX starting at 0.1% with dedicated support. For businesses that do a lot of business, even small differences in spreads add up quickly.
Third, think about the need for integration. If you use accounting software like QuickBooks or Xero, find out which ones work well with other software. Both Airwallex and Wise work with big accounting programs. Marketplace connectivity may be important for e-commerce sellers. WorldFirst connects to more than 130 platforms, such as Amazon, Shopify and Lazada.
Fourth, check to see if you are in compliance with the rules. All the listed providers are licensed, but they follow the rules differently. XTransfer’s AI-powered system shows how technology can cut costs while still keeping high standards. Businesses that work with sensitive data or are in a regulated industry need to know how each provider’s compliance framework works.
Fifth, assess support quality and responsiveness. When payment issues arise, responsive support makes the difference between minor delays and major disruptions. Statrys offers dedicated account managers. WorldFirst and Airwallex provide business-grade support with local teams in Singapore. Consider your tolerance for automated versus human support channels.
Strong options tailored to different types of businesses and their needs characterize Singapore’s cross-border payment system. WorldFirst offers collections that focus on the marketplace and have competitive FX and local receiving accounts in more than 20 currencies. Wise Business offers clear pricing, low-cost transfers and a wide range of currencies. Airwallex has a strong API that lets you connect accounts, cards and payments into one system. XTransfer focuses on trade flows in emerging markets and compliance powered by AI. Statrys offers competitive FX and integrated business services along with personal relationship support.
The right partner for your business will depend on its unique payment flows, currency needs, integration needs and growth path. Before making a decision, we suggest that you talk to the shortlisted providers, see how they charge and check how good their customer service is.
Frequently asked questions
1. What services do cross-border payment solutions in Singapore typically offer?
Most cross-border payment solutions let you hold and manage funds in multiple currencies, send money to suppliers or partners in other countries, receive payments in foreign currencies through local accounts, convert currencies with clear pricing and connect to accounting software. Many also offer corporate cards, collections for the marketplace and API access for custom payment flows.
2. How much do cross-border payment services cost in Singapore?
The costs depend on the type of transaction and the provider. Most of the time, FX markups are between 0.1% and 0.6% more than interbank rates. Some providers also charge fixed transfer fees. WorldFirst gives you FX up to 0.6% and doesn’t charge you for opening an account. Wise adds a fee of about 0.26% to mid-market rates. Airwallex charges about 0.4% on major FX pairs. Statrys has FX rates as low as 0.1%. Always look over the whole fee schedule, which includes charges for receiving, converting and withdrawing money.
3. How do I know if a cross-border payment provider is reliable?
Reliability indicators include MAS licensing under the Payment Services Act, transparent fee structures with no hidden charges, positive user reviews across multiple platforms, responsive customer support and a proven track record with businesses similar to yours. All providers listed maintain regulatory standing in Singapore and have established market presence.
4. Are cross-border payment solutions suitable for small businesses in Singapore?
Indeed, these platforms cater specifically to small and medium-sized businesses, frequently providing superior service compared to traditional banks. The local CEO of XTransfer said, “Most banks don’t really like to serve SME clients,” which means that businesses don’t have many options. Fintech companies bridge this gap by providing digital onboarding, transparent pricing and tools tailored to the requirements of small businesses. A lot of them have scaled solutions with no monthly fees and pay-as-you-go pricing.
5. What should I prepare before engaging a cross-border payment provider?
Get a clear picture of how much money you usually send and receive, the currencies you use, your main trading partners or marketplaces and how you need to connect with accounting or e-commerce platforms. Providers can suggest the best solutions and give accurate cost estimates if they have this information ready. Most platforms offer free account opening, allowing you to test capabilities before committing significant volume.
6. How long do cross-border transfers typically take?
The speed of the transfer depends on the payment method and corridor. Local-rail transfers within supported networks can be done the same day or right away, like when money is sent through FAST, BI-FAST, or PromptPay. Transfers between countries usually take one to three business days, depending on the currencies involved, the banking system and compliance checks. Companies like WorldFirst and Airwallex offer same-day or next-day settlement on major routes.
