5 Reasons Why Business Owners Should Use Airwallex Over Local Banks
- Vance Lim
- 3 days ago
- 2 min read
In today’s globalized economy, Singaporean businesses are increasingly seeking financial solutions that offer flexibility, cost-efficiency, and seamless international operations. While traditional local banks have long been the go-to for business banking, fintech platforms like Airwallex present compelling alternatives tailored for modern enterprises.
Founded in 2015, Airwallex has rapidly expanded across Asia, Europe, and North America, enabling businesses to send, spend, and receive money globally without the hidden fees and inefficiencies common with traditional banks. Whether you're managing cross-border payments, setting up multi-currency accounts, or integrating your financial stack, Airwallex empowers you to do so with just a few clicks — no paperwork, no queues, no fuss.
Here are five powerful reasons why business owners should use Airwallex:
1. Cost-Effective International Transactions
Traditional banks often impose substantial fees for international transfers and currency conversions. Airwallex offers competitive foreign exchange rates, with margins as low as 0.4% above interbank rates for major currencies like USD, EUR, and SGD. Additionally, local transfers are free, and international transfers via local payment methods are either free or come at a low cost, bypassing the expensive SWIFT network.
2. Multi-Currency Accounts with Local Bank Details
Setting up foreign currency accounts with local banks can be cumbersome and time-consuming. Airwallex allows businesses to open multi-currency accounts online in minutes, providing local bank details in over 20 currencies, including SGD, USD, EUR, and GBP. This facilitates easy receipt of payments from international clients and platforms like Amazon and Shopify without the need for multiple bank accounts.
3. Integrated Financial Tools for Streamlined Operations
Airwallex integrates seamlessly with popular accounting and eCommerce platforms such as Xero, QuickBooks, Shopify, and Amazon. This integration enables automated reconciliation, real-time expense tracking, and efficient financial management, reducing manual workloads and potential errors.
4. Faster Global Payments
95% of payments sent through Airwallex are completed within the same day, reaching over 150 countries. That’s a game-changer compared to the usual 3–5 day processing time with local banks — giving your business faster access to funds and stronger cash flow.
5. Transparent Pricing with No Hidden Fees
Airwallex operates with a clear, no-monthly-fee pricing model. You’ll enjoy:
No account maintenance fees
No minimum balances
Free issuance of multi-currency virtual and physical Visa cards
Real-time visibility on FX and transaction costs
This is in stark contrast to many local banks that often charge for every service.
Conclusion
Whether you're a startup, SME, or scaling globally, Airwallex is built to support your growth. Its modern, flexible, and cost-saving solutions are designed for the realities of today’s fast-paced business environment — and it's clear why business owners should use Airwallex over traditional banks.
👉 Ready to upgrade your business banking?
Open your Airwallex business account today via this link:
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