A detailed breakdown of seven virtual cards available to Singapore businesses for managing cross-border spending
Key takeaways
- World Card, Wise Business Card, Aspire Card, Airwallex Card and Revolut Business Card are virtual cards supporting multi-currency spending
- World Card and Aspire Card offer uncapped cashback on eligible business spending, T&C apply
- Wise Business Card allows up to three active digital cards per team member at a time
- World Card by WorldFirst supports online and in-person payments in 150+ currencies, wherever Mastercard is accepted
Managing and tracking business expenses becomes difficult when one card is being used to pay for everything: SaaS subscriptions, advertising campaigns, employee purchases, and overseas suppliers. Foreign transaction fees and currency conversion markups become a pressing issue for businesses making frequent international payments.
Virtual cards offer a way to separate business expenses and manage card access without relying on shared card details. This guide compares seven virtual cards in Singapore based on their currency support, conversion fees, card costs, and spending controls.
What is a virtual card?
A virtual card is a digital payment card issued by an online payments provider or Singapore bank for online payments. It links to an underlying account, comes with unique card details, and has built-in controls for regulating card spend.
Top virtual cards in Singapore: Fees and feature comparison
| Feature | World Card | Wise Business Card1,2 | Airwallex Card4,6 | Aspire Card7 | Revolut Business Card12 | DBS Virtual cards13,15 | HSBC Virtual Card16 |
| Card type | Multi-currency business card | Multi-currency business card | Multi-currency corporate card | Multi-currency Corporate card | Multi-currency corporate card | Corporate virtual card | Virtual credit card |
| Physical + virtual variants | Yes | Yes | Corporate cards are only virtual; employee cards can be both physical and virtual17 | Yes | Yes | Virtual only | Mirrors a physical card |
| Card network | Mastercard | Visa/ Mastercard | Visa | Visa | Visa/ Mastercard | American Express,
MasterCard and VISA |
Visa/ Mastercard |
| Card issuance fee | Zero for 15 virtual and 10 physical cards | S$4 per employee card | Included in plans | S$15 for additional physical cards | S$9 for a physical card | Not applicable, centralised account | Not applicable |
| Annual fees | Zero | Zero | Zero | Zero | Zero | Zero | S$0 – S$4,888 |
| Currency conversion | Up to 0.6% | From 0.19% | 0.4 – 0.6% | Basic plan: From 0.46%
Premium plan: 0% on first S$13,000 |
0.6% for exchange over monthly card allowance, 1% outside market hours | 2.25% administrative fees + 1% conversion fee +foreign exchange rate determined
by Visa/MasterCard15 |
1% of converted transaction amount |
| Cashback | 1.2% on eligible business spend, T&C apply | Not available | Not available | 1- 1.2% on qualified merchants | Not available | Not available | Not available |
| Spending controls | Yes | Yes | Yes | Yes | Yes | Yes | Not specified |
| Multi-user issuance | Yes | Yes | Yes | Yes | Yes | No | No |
Details checked in October 2026
World Card by WorldFirst
The World Card is a Mastercard-powered multi-currency business card from WorldFirst, built for Singapore businesses with regular foreign currency spending.
The card is linked to the World Account, WorldFirst’s multi-currency account, and spends directly from the balances you hold there.
When you pay in any of the 15+ supported currencies, there are zero FX fees as long as sufficient balance is held in the transaction currency. For transactions that involve currency conversion, competitive FX rates apply.
Here are the main features of the World Card
- Issue up to 25 World Cards per account (15 virtual, 10 physical) at zero issuance cost
- Supports transactions in 150+ currencies globally
- 1.2% cashback on eligible business spending (Terms and Conditions apply)
- Per-card spending limits and merchant category controls set from the dashboard
- Instant virtual card issuance for immediate use with online vendors
- Freeze and unfreeze any card from the app in seconds
- 3D Secure protection on online transactions
- Mobile wallet support for Apple Pay and Google Pay
What the World Account brings to the setup
The World Account supports 20+ local currency receiving accounts, including USD, GBP, EUR, SGD, AUD and CNH. Each currency comes with its own local account details, letting international clients, platforms and marketplaces pay you as if you were domestic to that market.
Payouts from 130+ marketplaces and payment gateways land directly in the matching currency balance, with no forced conversion to SGD on arrival. On the outgoing side, you can send international payments to 200+ countries and regions in 100+ currencies. For businesses sourcing from China, World Pay is the authorised international payment provider for 1688.com, letting Singapore buyers pay 1688 suppliers in CNH from the same account.
For businesses managing larger upcoming payments, forward contracts let you lock in an exchange rate today for a future conversion, protecting margin from FX movement (subject to eligibility). Xero and NetSuite integrations handle multi-currency reconciliation across all held balances.
| Fees | World Card Fees |
| Annual fees | Zero |
| Fee for the account linked to the card | Zero |
| Currency conversion | Up to 0.6% |
| Cashback | 1.2% on eligible business spend, T&C apply |
| Number of cards | Virtual cards: 15
Physical cards: 10 |
Fees checked in October 2026
Wise Business Card
Wise Business Card is a virtual debit card linked to the Wise Business Account that supports holding and receiving in 22+ currencies.1
Setting up a Wise Business Account and getting a card involves a one-time fee of S$99.2
The card itself supports spending in 40+ currencies and works for online and in-store purchases in 160+ countries.
Issuing Wise cards for team members carries a one-time cost of S$4, and you can issue up to three virtual cards at a time.2,3
→ Take a look at our in-depth Wise Singapore review and World Card vs Wise Business Card comparison
| Fees | Wise Business Card fees |
| Annual fees | S$4 per employee card2 |
| Fee for the account linked to the card | S$992 |
| Currency conversion | From 0.19%2 |
| Cashback | Not available1 |
| Number of cards | 3 Virtual and 1 physical card at a time for each team member3 |
Fees checked in October 2026
Airwallex Card
Airwallex offers virtual employee and company cards linked to the Airwallex multi-currency business account. When you pay in a currency you already hold in the account (across the 20+ supported currencies), there are no FX fees, provided sufficient balance is held in the transaction currency. For transactions in other currencies, Airwallex’s standard conversion rate applies.⁴,⁵
Airwallex includes up to five active employee cardholders at no extra cost. Beyond that, additional users cost S$5 per user per month.⁶
From the Airwallex app, you can set per-card spending limits, apply merchant category controls, configure approval workflows for cardholder spending, and freeze or cancel cards at any time.⁵
→ Take a look at the Airwallex Card Singapore review and the World Card vs Airwallex Card comparison
| Fees | Airwallex Card fees6 |
| Annual fees | S$0 |
| Fee for the account linked to the card | Zero – S$399/ month |
| Currency conversion | 0.4% above interbank rates for USD, HKD, CNY, AUD, EUR, GBP, CAD, SGD, CHF, NZD, JPY, and 0.6% for all other currencies |
| Cashback | Not available |
| Number of cards | Employee Cards (Physical and Virtual): Zero cost for 5 active employee cardholders, S$5 after that
Company cards: 10 – unlimited |
Fees checked in October 2026
Aspire Card
The Aspire corporate debit card spends directly from the balances held in your Aspire multi-currency business account. The account holds eight local currencies, and the card can be used in 30+ currencies across 130+ countries.⁷,⁸
On Aspire’s Basic subscription plan, you can issue up to 200 virtual cards and assign them to specific spend categories or employees.⁸ Businesses on higher tiers can issue more.
Cashback runs at up to 1.2% on marketing and SaaS spending at eligible merchants, with no monthly cap (Terms and Conditions apply).⁸
→ Take a look at our Aspire Singapore review
| Fees | Aspire Card fees8 |
| Annual fees | Zero |
| Fee for the account linked to the card | 0 – S$15/ month |
| Currency conversion | Basic plan: From 0.46%
Premium plan: 0% on first S$13,000 |
| Cashback | 1- 1.2% on qualified merchants |
| Number of cards | Virtual cards: 200 (Basic plan), 300 (Premium plan)
Physical cards: 1 per user (across both plans) |
Fees checked in October 2026
Revolut Business Card
Revolut offers physical and virtual business cards linked to your Revolut multi-currency business account, which holds 30+ currency balances.⁹,¹⁰ On each subscription plan, you can issue up to 50 virtual cards and 3 physical cards per team member, with a metal card available on higher tiers.¹¹
No FX applies when spending in the held currencies.
From the Revolut app, you can link each card to a specific currency balance, restrict card use by country, set per-transaction limits, and apply merchant category restrictions.¹⁰ On Scale and Enterprise plans, you can also customise the card design for S$9.99 per card.¹²
→ Take a look at the Revolut Singapore review and top Revolut alternatives in Singapore
| Fees | Revolut Business Card fees12 |
| Annual fees | Zero |
| Fee for the account linked to the card | 0 – S$417/ month |
| Currency conversion | 0.6% fee for exchange over allowed monthly allowance (S$1500-S$250,000)
1% outside market hours |
| Cashback | Not available |
| Number of cards | Virtual cards: Up to 50 per team member
Physical cards: Up to 3 per team member Metal card: 0-4 depending on plan |
Fees checked in October 2026
DBS Virtual Cards for corporate spending
The DBS Virtual Card is a corporate charge card that lets you pay for corporate travel expenses, such as airfares, hotels, and car rentals, from one centralised account.13 DBS opens a dedicated Card Account for the company and bills the card transactions to it.14 To manage spending, companies can set credit limits, transaction limits, and merchant-category restrictions on the card.13
→ Take a look at DBS multi-currency card works
| Fees | DBS Virtual Cards fees |
| Annual fees | Zero13 |
| Fee for the account linked to the card | Not applicable |
| Currency conversion | 2.25% administrative fees + 1% conversion fee + foreign exchange rate determined
by Visa/MasterCard15 |
| Cashback | Not offered13 |
| Number of cards | Not applicable, centralised account |
Fees checked in October 2026
HSBC Virtual Card
HSBC’s Virtual Credit Card is the digital version of an approved HSBC credit card. It allows spending online or through a mobile wallet (Apple Pay, Google Pay, Samsung Pay) and requires 3D Secure authentication for online purchases. HSBC Virtual cards can only be accessed by primary cardholders.16
| Fees | HSBC Virtual Card fees17 |
| Annual fees | Depends on the underlying HSBC credit card.
S$0 – S$4,888 |
| Fee for the account linked to the card | Not applicable |
| Currency conversion | 1% of converted transaction amount |
| Cashback | Not available |
| Number of cards | One |
Fees checked in October 2026
How to get a virtual card in Singapore
Step 1: Choose the provider
Evaluate if you need a multi-currency card to support cross-border payments, a corporate card to manage team expenses, or a card linked to your business bank account. Also evaluate the number of cards available to your team, annual fees, foreign transaction fees, supported currencies, card network provider, and transaction limits that align with your business needs
Step 2: Create an account
Sign up with the selected provider through its website or mobile app. For business virtual cards in Singapore, you will typically need an eligible business bank account with the provider
Step 3: Complete the verification process: Submit the requested personal and company information for KYC and business verification. Depending on the provider, you may need your ACRA registration details, Unique Entity Number (UEN), information about company directors and beneficial owners, and residential proof
Step 4: Fund the linked account: Add funds to the account linked to your virtual card. For multi-currency accounts, you may need to hold balances in different currencies for card spending
Step 5: Generate and configure the virtual card: Create or order a virtual card directly from the provider’s platform. Assign cards to employees, set spending limits, restrict transaction categories, and enable controls such as card freezing or cancellation
Step 6: Set up integrations: Sync the card with available accounting integrations and add the card details to supported mobile wallets
Which virtual card fits your needs?
The right virtual card fits your transactional and operational needs. Single-use virtual cards with multi-currency support suit businesses running international ads or paying for SaaS tools. Spending controls and global currency coverage matter more for businesses managing overseas teams.
Assess your transaction volume, the currencies you frequently transact in, your need for physical cards, and the spending controls required before choosing a virtual card. Also check that your business meets the eligibility criteria for the underlying account and review the fees associated with the card.
FAQs
1. What is an instant virtual card?
An instant virtual card is a digitally generated payment card issued immediately upon account approval or online request. You can start spending from this card within minutes of completing verification.
2. What is the difference between a virtual debit card and a virtual credit card?
A virtual debit card draws directly from funds held in your multi-currency account or linked bank account. Virtual credit cards, however, borrow money from a credit line. Business virtual cards and virtual credit cards also differ in approval criteria, since the former typically require a registered business and the latter requires an individual credit application.
3. Can I get a business virtual card in Singapore?
Yes, Singapore-registered businesses can get business virtual cards from international payment providers like WorldFirst, Airwallex, Aspire, and Revolut and from commercial banks like DBS.
4. What are the best virtual cards for corporate spending in Singapore?
The best virtual cards for corporate spending in Singapore include multi-currency business cards like the World Card, Airwallex Card, Aspire Card, Revolut Business Card, and Wise Business Card. Depending on the card, you can set spending limits, limit certain merchant transactions, design approval workflows, or freeze the card from a centralised dashboard. Some cards, like World Card, also offer cashback on eligible spending, T&C apply.
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
Sources
- https://wise.com/sg/business/card
- https://wise.com/sg/pricing/business/card-fees
- https://docs.wise.com/guides/product/issue-cards/ordering-cards
- https://www.airwallex.com/en-sg/business-account/borderless-cash
- https://www.airwallex.com/en-sg/spend-management/cards/virtual-cards
- https://www.airwallex.com/en-sg/terms/fee-schedule
- https://aspireapp.com/en-sg/corporate-card
- https://aspireapp.com/en-sg/pricing
- https://www.revolut.com/en-SG/business/multi-currency-accounts/
- https://www.revolut.com/en-SG/business/cards/
- https://www.revolut.com/en-SG/business/business-account-plans/
- https://help.revolut.com/en-SG/help/cards/card-order/fees-for-ordering-a-card/
- https://www.dbs.com.sg/corporate/solutions/cash-management/dbs-virtual-card
- https://www.dbs.com.sg/documents/1038650/368319228/DBS-Commercial-Card-Agreement-Virtual-Card.pdf/
- https://www.dbs.com.sg/sme/pdf/comm-cards-rates-and-fees-schedule.pdf
- https://www.hsbc.com.sg/credit-cards/virtual-card/
- https://www.hsbc.com.sg/content/dam/hsbc/sg/documents/retail-banking-wealth-management-bank-tariffs.pdf
The information contained is general only. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, accuracy is not guaranteed and the information may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the article and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from reliance on such information.
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