Aspire Bank
no minimum
Pros
- 24h account opening
- 100% online account opening
- Only solution for foreigners
- No Minimum deposit
- No Monthly Fee
Cons
- no cheque yet
Who they are
Aspire is a technology organization that serves small businesses with convenient & inclusive financial services, currently operating across Thailand, Vietnam, Indonesia, Singapore. The company was founded in January 2018 by former Lazada founders and executives. With Aspire, business owners can have fast and simple access to financial services for their business operations anywhere and at any time through their mobile phones. Aspire is here to be the preferred banking partner for Southeast Asia’s MSMEs.
Main Corporate Services
Their main service is the Aspire Business Account, and the table below shows the summarised key points of considerations:
| Minimum Balance | None |
| Initial Deposit | None |
| Fall-off Below Fee | None |
| Online & Mobile Banking | Free |
| Currency | SGD (14 currencies coming soon) |
| Account Fees | $0 |
| Account Opening | 100% online, max. 3 working hours |
| Actual Account Number | Yes |
Besides the account, they offer Aspire Corporate Card and Aspire Credit Line that can be accessed within the account. Read more about the account here.
Customer Target
The Aspire Business Account targets new digital SMEs and startups. It takes 5 minutes to complete the online application and the account will be ready to use after 3 working hours. The requirements to open an account are:
- Business is incorporated in Singapore (Pte Ltd, LLP, or LLC)
- Applicant must be the director
There are no documents needed if you register via MyInfo. If you register manually, you will only need to upload a copy of your ID document (front and back).
Aspire can open corporate bank account for any Singapore Company without the need to come physically to the bank which makes it the only solution for any foreigner that wants to create a company in Singapore and have a bank account without having to travel to the country.
ASPIRE Bank Summary Review
Although they are relatively new to the market compared to DBS, UOB and OCBC, Aspire promotes easy user experience, fast account openings and approvals, and transparent fees.
Opening an Aspire Account is free and requires no minimum deposit. The account can be opened entirely online with no need to visit a bank branch. There are no monthly fees, fall below fees, or FAST transfer fees. In fact, Aspire also features significantly lower foreign transfer fees when compared to the banks, making their offering highly competitive in the market.
Digital businesses can also earn up to 1% on their debit card spend on marketing & SaaS.
The downside of the account is that it does not yet support local ATM withdrawals or cheque deposits, so it might not be the best choice for traditional businesses. However, if you are a digital business, Aspire is by far the account with the best value.
If you have had experience with Aspire Business Account, let us know of your positive (or negative) experience in the comment section below.
