Cross-Border Payments for Singapore SMBs: Best Solutions in 2025
Quick Summary
Singapore SMBs increasingly rely on cross-border payment solutions, with 6 in 10 using digital apps for international transfers. However, 36% face transaction issues, including failed payments and delays. This 2025 comparison evaluates four top solutions: Wise offers transparent mid-market rates with 50% instant transfers, Revolut provides free monthly FX limits up to S$250,000, Airwallex delivers same-day transfers with 0.4-0.6% FX markup, and DBS FX enables fee-free same-day transfers to 50+ countries. Choosing the right platform based on fees, speed, compliance, and integration capabilities is crucial for managing cash flow and supporting international expansion.
Essential Points
Cost Structure Varies Significantly: Wise uses real mid-market rates with transparent fees, Revolut offers monthly fee-free FX limits (S$1,500-S$250,000), Airwallex charges 0.4-0.6% FX markup with no setup fees, while DBS FX provides zero transfer fees for same-day remittances
Speed and Reliability Critical: Wise delivers 50% of transfers instantly and 90% within 24 hours, Revolut processes external payments in 1-2 business days, Airwallex leverages local rails for same-day transfers, and DBS FX completes most transfers same-day with real-time tracking
Integration Capabilities Essential: All platforms connect with accounting software like Xero for reconciliation, offer API access for automation, and provide multi-currency account management—crucial for SMBs managing Singapore GST compliance and corporate tax obligations across international transactions
Expanding internationally is no longer just for large enterprises. Today, small and medium-sized businesses (SMBs) in Singapore regularly engage in cross-border payments, whether it's making overseas payments, managing remote teams, or collecting payments from international clients.
In fact, according to Asian Banking & Finance, 6 in 10 small businesses in Singapore now use an app to make international payments, reflecting a growing shift toward digital-first financial tools. However, when it comes to cross-border payments Singapore SMBs rely on to run their global operations, not all payment providers are equal. The right tool ensures reliable payment collection from international customers.
Key factors such as transfer fees, transaction speed, regulatory compliance, and integration with accounting or eCommerce systems all play a critical role in choosing the right solution. This article explores and compares four popular options in 2025: Wise, Revolut, Airwallex, and DBS FX Online.
What Matters in a Cross-Border Payment Platform
According to Fintech News Singapore, 36% of SMEs in Singapore have experienced issues with cross-border transactions, including late or failed payments. These disruptions can lead to strained supplier relationships, poor cash flow, and financial uncertainty.
To avoid such risks, business owners evaluating international payment platforms Singapore offers should focus on the following key factors:
Fees: Includes transfer charges and foreign exchange (FX) margins, which can vary significantly between providers.
Speed: Refers to how quickly funds are transferred and whether real-time tracking is available.
Regulatory Compliance: Ensures the provider is licensed by the Monetary Authority of Singapore (MAS) and follows strict data security protocols.
Ease of Use: Covers the user experience, from account setup to everyday functionality.
Integration: Looks at compatibility with accounting software, eCommerce platforms, and internal systems.
Efficient cross-border payments not only reduce costs but also help businesses manage Singapore corporate tax obligations more effectively through clearer financial records.
For medium sized enterprises, factors like transaction volume, frequency, and integration with internal systems become even more critical.
Fintech Payment Solutions 2025: Platform Breakdown and Evaluation
The following section evaluates four popular solutions used by Singapore SMEs in 2025: Wise, Revolut, Airwallex, and DBS FX. Each is assessed based on fees, transfer speed, compliance, ease of use, and integration features.
Wise
Wise (formerly TransferWise) is a financial technology company known for offering low-cost cross-border transfers Singapore businesses can rely on, alongside fast international payments and multi-currency accounts. Used by over 13 million customers globally, Wise Business provides tools tailored to SMEs, offering an alternative to banks and other payment providers with higher fees or slower transfers.
Fees and Exchange Rates: Wise is known for transparency and lower fees compared to banks. The platform uses the real mid-market exchange rate with no markup. Fees are clearly displayed and based on the currency pair and payment method. Receiving payments in supported currencies is free. A one-time fee of S$99 unlocks full access to business features.
Speed of Transfers: By using its own global payment network, Wise can deliver 50% of transfers instantly and 90% within 24 hours. Its network bypasses traditional wire transfers, making it significantly faster than SWIFT-based methods.
Compliance and Regulation: Wise is regulated by the Monetary Authority of Singapore and adheres to global AML and KYC standards. Businesses can access detailed transaction records for easy compliance and reporting.
Ease of Use: The platform is intuitive and mobile-friendly. Businesses can send payments, manage over 40 currencies, and assign team access. Features like batch payments and expense cards simplify daily operations.
Integration and Automation: Wise connects with accounting tools like Xero and QuickBooks for real-time reconciliation. It also offers API access for businesses needing automated or custom payment workflows.
Best For: Startups and SMEs making frequent cross-border payments. It suits businesses that value speed, cost transparency, and simple integration with existing systems.
Compared to traditional banks, fintechs like Wise offer faster, cheaper international payments. However, offshore banks in Singapore can also be an option for companies with more complex global needs.
Revolut Business
Revolut Business is a platform offering multi-currency accounts, fast cross-border transfers, and expense management tools. Live in over 40 markets and processing S$22 billion monthly, it helps Singapore businesses manage global operations from a single account.
Fees and Exchange Rates: Revolut offers a free Basic plan and paid plans starting at S$15 per month. Businesses get monthly fee-free FX limits from S$1,500 to S$250,000, depending on the plan. After exceeding the allowance, a 0.6% markup applies. Transfers between Revolut accounts are free.
Speed of Transfers: Transfers between Revolut accounts are instant. External payments via FAST or TT typically settle in one to two business days. Businesses can send and receive over 25 currencies, including SGD, USD, and EUR.
Compliance and Regulation: Revolut is regulated by MAS and complies with AML/KYC requirements. Account setup is fully digital. Businesses must provide registration details, proof of identity, and operating address.
Ease of Use: Accounts can be opened online in minutes. Businesses can issue cards, assign team access, and manage multiple companies from one dashboard. The interface is mobile-friendly and built for real-time control.
Integration and Automation: Revolut integrates with Xero, Slack, and Zapier for accounting and workflow automation. While API access is limited, built-in features support most standard SMB needs. With tools like Xero integration, SMBs can reconcile payments and remain compliant with Singapore GST requirements when dealing with foreign customers.
Best For: Startups and medium enterprises managing international vendors or teams. Revolut suits businesses that want fast transfers and modern payment solutions without relying on a traditional bank.
Airwallex
Airwallex is a MAS-licensed fintech platform built for global businesses. It offers multi-currency accounts, cross-border payments, and team expense tools, all managed from a single dashboard. SMBs can open SGD accounts with local bank details, plus hold and convert funds in over 11 currencies.
Fees and Exchange Rates: There are no setup or monthly fees. FX markups range from 0.4%–0.6%, with access to interbank rates. Local payouts are free or low-cost, and SGD accounts avoid hidden conversion fees when sending or receiving funds locally, helping businesses better manage foreign exchange risk. SGD accounts avoid hidden fees when sending or receiving Singapore dollars locally.
Speed of Transfers: Airwallex leverages local rails for same-day transfers to key markets. Transfers between Airwallex accounts are instant. All activity is visible in real-time within the account.
Compliance and Regulation: Regulated by the Monetary Authority of Singapore, Airwallex meets AML/KYC requirements. Account setup is fully digital and typically completed within 1–3 business days.
Ease of Use: Open multi-currency accounts online without paperwork. Issue virtual or physical cards, assign team access, and track expenses. Funds can be received via SWIFT or local transfers, and accounts can be linked to platforms like Amazon or Shopify.
Integration and Automation: Native integrations with Xero and Shopify simplify reconciliation. SMBs can automate payouts, FX, and approvals using Airwallex’s API and in-platform tools. Spend limits, receipt uploads, and category tags keep expenses organized.
Best Fit for SMBs: Ideal for eCommerce, SaaS, or SMEs working with international suppliers and clients. Airwallex helps cut FX costs, streamline operations, and support overseas expansion.
DBS FX
DBS FX is the bank’s foreign exchange platform, offering Singapore SMBs a secure way to manage multi-currency transactions through DBS IDEAL or the digibank app. Businesses new to DBS or Singapore may first need to open a corporate bank account before accessing FX features. Businesses can exchange, store, and send 11 currencies. It's ideal for companies managing cross-border payments or overseas expenses.
Fees and Exchange Rates: DBS Remit allows same-day transfers to 50+ countries with zero fees, using competitive real-time FX rates. Holding and spending foreign currencies via DBS wallets also avoids hidden conversion fees, helping SMBs save on routine international transactions.
Transfer Speed: Transfers are typically completed within the same day, especially for supported currencies. Payment tracking features add transparency, which is essential for businesses managing overseas payroll or vendor relationships.
Compliance and Security: As a MAS-regulated financial institution, DBS offers high-level security, including transaction alerts and card controls. SMBs can customise spending limits and freeze accounts instantly—useful for teams with shared access or external finance staff.
Ease of Use: Through digibank and DBS IDEAL, SMBs can exchange currencies, schedule recurring transfers, and manage funds with just a few taps. Funds can also be moved back to SGD easily after use, with no extra conversion penalties.
Integrations and Automation: Larger SMBs can connect DBS FX to their ERP or accounting systems via IDEAL Connect, enabling automated payments, reconciliation, and real-time reporting.
Best For: DBS FX suits SMBs already banking with DBS that want a fee-free, regulated, and integrated solution for regular cross-border transactions while maintaining strong ties to global markets.
Conclusion
For Singapore SME owners, efficient cross-border payments are a necessity, especially for overseas expansion. The right solution can simplify operations, reduce costs, and support global growth. As regulations and technology evolve, staying informed and choosing tools that align with your business needs is key.