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Aspire's Singapore page lists S$0 for the monthly fee, set-up, initial deposit and minimum balance. International transfers start from S$15. It says foreign directors and owners can apply, so long as the company is registered in Singapore. Its timing is stated twice, as 1 to 3 business days and as 5 to 7.
We are an independent guide and not Aspire. Nothing here is an application. Forms on this site pass your details to providers we think fit, and some of those pay us for referrals.
Is Aspire a bank?
No, by its own description. On a comparison page, Aspire calls itself a fully digital payment service provider. Its Singapore page says funds are safeguarded with DBS and other tier-1 banks. That is a safeguarding statement, not a deposit insurance one.
Why it matters: a bank account at a licensed bank and a payment account at a non-bank follow different rules. Ask Aspire, in writing if you can, how your balance is held and what happens if the company fails. This guide does not give a view on safety.
What does Aspire publish on fees?
From Aspire's page, read on :
| Item | Published by Aspire |
|---|---|
| Monthly fee | S$0 |
| Set-up or annual fee | S$0 |
| Initial deposit | S$0 |
| Minimum balance | S$0 |
| International transfers | From S$15 |
The page also names a US dollar starting charge for transfers, which this guide does not repeat. Card cashback and accounting integrations appear on the same page. They are features, and none of them replaces the fee check for your usual payment routes.
Who is eligible?
Aspire says the account is open to Private Limited Companies and other business entities in Singapore. Foreign directors and owners can apply. That is a stronger statement than many pages in this group make, so note it, and also note what it does not say: it does not name any country that Aspire declines or any industry it will not serve.
If you are still setting up the company, the order is incorporation first. Our company incorporation page covers it, and the foreigner registration page covers the director rules.
How do you open an account?
Aspire describes three online steps:
- Business details.
- Director details.
- Identity verification.
Registration takes under 10 minutes by Aspire's count. You need an ID number and a passport or national ID, an email, a verified mobile number and a live selfie. For an existing company, Aspire also asks for the UEN, business name, entity type, a turnover estimate and the headcount.
Why are there two timelines?
The same page says the account can be ready in 1 to 3 business days, and that Aspire responds within 5 to 7 business days. One reading: opening can be quick when everything checks out, and the longer figure covers the response window when it needs more information. Aspire does not explain it that way. Plan around the longer number if you need to pay a supplier by a date.
What is not published?
- How Aspire handles a director whose identity check fails.
- Any list of declined countries or industries on the page read.
- A pass rate. We would not trust one if offered.
- The full fee schedule for local transfers and cards on this page.
When would Aspire be worth a look?
It could suit a young company that wants no minimum balance, expects to pay in other currencies and keeps accounts in Xero or QuickBooks, both of which Aspire lists. A company that wants a bank licence, branch access or cheque services will want to look at the bank pages instead: DBS, OCBC and UOB. Another non-bank option is Airwallex, and Wise charges per use.
Your bank statements will feed your bookkeeping, so connect the account to your accounting tool on day one.
If you want help lining up the identity documents for several directors, use the quote form on this page.
What should you check before you sign up?
Read the safeguarding statement on Aspire's pages and its licence notice. Check whether your usual payment type, such as paying a supplier in one currency, appears in the in-app fee quote. Set up your accounting link on day one, so every payment is categorised from the start.
Check the director details before you submit. Every director will go through the identity step, including the live selfie, so tell each one to expect it. If one director is unavailable, the application waits.
Sources
- Aspire: Singapore business account: fees, steps, documents, timelines, foreign directors.
- Aspire: Singapore account opening guide: eligibility and entity types.
