8 best XTransfer alternatives for cross-border payments [2025]
Last update: 30 Oct 2025
For Singapore SMEs managing cross-border trade with China, XTransfer has become a trusted name. It allows fast CNY settlements and low-cost supplier payments on platforms like 1688 and Taobao, making it a staple for import-focused businesses.
Yet, as more SMEs diversify markets and scale operations, cracks begin to show. Restricted currencies, hidden FX fees, slower settlement times and limited local integration can reduce efficiency and profitability.
The market has evolved and new fintech providers now offer multi-currency business accounts, mid-market FX rates and faster transfers under MAS regulation.
This article compares the eight best XTransfer alternatives for Singapore SMEs in 2025, analysing their pricing, supported currencies, integrations and compliance.
Why cross-border payment solutions matter for Singapore SMEs
Singapore’s position as a global trade hub and its tech-savvy business community have created a strong network of SMEs and online sellers sourcing from China, the United States and Europe. Smooth cross-border payments are essential for managing suppliers, receiving international revenue and controlling FX exposure.
Traditional banks remain costly and slow, often charging SG$20 to SG$40 per transfer and adding FX markups of around 3%. Modern fintech platforms address these pain points by offering faster transfers, real-time exchange rates, multi-currency accounts and built-in integrations for e-commerce and accounting tools.
Under Singapore’s Payment Services Act, MAS-regulated providers also ensure strong fund protection and full compliance standards.
What to consider when choosing an XTransfer alternative
Before exploring the providers, it’s worth outlining the key factors that impact your costs, speed and day-to-day operations. These points will help you evaluate which platform truly fits your business:
- Currency and corridor coverage: Check if the provider supports your main trade markets, such as China, ASEAN, the United States and the European Union
- Receive, hold and pay features: Make sure you can receive funds in local currencies, hold balances, convert between currencies and pay suppliers from a single account
- Speed and settlement times: Consider how quickly transfers are processed. Do most payments arrive the same day, the next day or slower?
- FX margins and transparency: Review how the provider calculates exchange rates. The best platforms clearly show markups and fees instead of hiding them in the rate
- APIs and integrations: Evaluate whether the system connects easily to your ERP, accounting software, online store or marketplace
- Regulation and trust: Verify that the provider holds the proper licences in Singapore and other regions where you operate and ensure it keeps client funds in segregated accounts for protection
- Scalability and support: Confirm that the service can handle increasing payment volumes while maintaining responsive customer support
- User experience and onboarding: Consider how easy it is to open an account, verify your business and manage transactions daily
With this checklist in mind, you’ll see more clearly what XTransfer offers and where competing platforms might deliver better value.
Top 8 XTransfer alternatives for cross-border payments
The table below provides a clear side-by-side view of the top cross-border payment providers in 2025, making it easier to see which platform best fits your business goals:
| Provider | FX pricing | Local accounts / currencies | Transfers and fees | Integrations and tools |
|---|---|---|---|---|
| WorldFirst | Markup capped at 0.6% above the mid-market rate | Local accounts in 20+ currencies to receive and hold at no cost; same-day payments in 20+ currencies | Local transfers in SGD free; USD, MYR, THB, CNH, EUR, GBP, HKD, AUD, NZD US$1; international SWIFT from US$5; transfers between World Accounts free; 1688.com payments 0.8% | Marketplaces 100+ and payment gateways 30+; Xero, NetSuite; open API |
| Airwallex | 0.5% on major currencies, 1% on others | Collect and hold in 20+ currencies; direct debit payouts in USD, AUD, GBP, CAD | Local transfers to 120+ countries free; SWIFT US$15 to US$25 | Amazon, Shopify; accounting integrations; automation-ready APIs |
| Wise | Real mid-market rate with a small variable fee, averaging 0.4% | Local receiving details in 22 currencies (incl. SGD, USD (ACH), EUR (IBAN), GBP); hold and convert 40+ currencies; send to 70+ countries | One-time fee SG$99; no monthly fees; domestic payments free after activation; USD via SWIFT has a flat fee | Batch payments, Xero integration, request-to-pay links, expense tools |
| TransferMate | FX margin not publicly disclosed | Virtual accounts in 30+ currencies; unique IBANs/BICs in 27+; network 60+ countries, 35+ currencies | > US$5,000: free; US$ 1,000–5,000: US$5; < US$ 1,000: US$15; additional €10–15 for non-SEPA or same-currency | Integrations with QuickBooks, MYOB and other ERPs |
| Payoneer | Currency conversion between balances: 0.5% fee | Local receiving: USD (ACH), EUR (SEPA), GBP (BACS/FPS), JPY, AUD, CAD, SGD, HKD, AED | Receiving USD transfers 0–1%; other currencies free; annual US$29.95 if < US$2,000 received in 12 months; card payments up to 3.99% + US$0.49; ACH debits 1%; Payoneer-to-bank up to 3% | Works with Amazon, Shopee, Lazada, Upwork; API for payouts; internal transfers free |
| HSBC | Pre-quoted FX via Get Rate; summary notes higher fees and FX markups vs fintech | Global Wallet offers local account details in select currencies; access to 130+ currencies | Online/mobile TT: HSBC Singapore charges waived; Global Wallet “pay like a local” with no corresponding fees for local payments. Other bank/agent charges and FX apply | Corporate API integration |
| DBS | FX pricing not publicly disclosed | Multi-Currency Account holds 12 currencies; 50 free FAST and GIRO per month | Remit supports same-day delivery to many markets; overseas via IDEAL: SG$20 cable fee plus handling commission; incoming SG$10; MCA SG$50 annual + SG$40 monthly (waived above SG$10,000) | IDEAL online and mobile banking; batch transfers; real-time tracking |
| Nium | FX markup not listed; claims 150–250 bps savings vs banks | Payout to 190 countries in 125+ currencies | Pricing by quote | Integrated APIs for payouts and FX conversion |
1. WorldFirst
WorldFirst is the most useful XTransfer alternative for Singapore SMEs, offering a transparent and cost-effective multi-currency solution tailored to cross-border trade. The World Account, a multi-currency account, allows businesses to send, receive and hold multiple currencies with no setup or monthly fees and no minimum balance requirement.
Key features:
- Transparent FX pricing: WorldFirst applies a small markup capped at 0.6%, which is significantly cheaper than most banks and traditional remittance platforms
- Low transfer fees: Local transfers in SGD are free of charge. Transfers in USD, MYR, THB, CNH, EUR, GBP, HKD, AUD and NZD incur a fee of US$1 per transaction. International SWIFT transfers start at US$5
- Free internal payments: Payments between WorldFirst accounts are free across 12 currencies. Transfers to sourcing platforms like 1688.com carry a small 0.8% fee
- Local accounts in 22 currencies: Obtain local receiving details for SGD, USD, EUR, GBP, CNY, THB, MYR, AED, HKD, AUD and more. Businesses can hold funds at no cost
- Same-day transfers: Send and receive in over 20 currencies with same-day payments, ideal for fast-moving supply chains (cut-off times apply)
- Marketplace integrations: The World Account connects to 100+ e-commerce platforms and 30+ payment gateways, including Amazon, Shopee, Lazada, AliExpress and PayPal
- Accounting integrations: Compatible with Xero and NetSuite, enabling automatic reconciliation and improved financial tracking
- Virtual card: Pay zero FX fees in 15 major currencies from your existing balance, while earning up to 1.2% cashback
Pricing:
- Account setup: Free, no monthly fees
- FX markup: Capped at 0.6% above mid-market for major currencies
- Local transfers: Free in SGD; US$1 per transaction in other major currencies
- 1688.com payments: 0.8% fee
Summary: With transparent pricing, wide currency coverage and strong marketplace integrations, WorldFirst is an excellent choice for Singapore SMEs looking to move beyond XTransfer. Its MAS licence and free account opening (100% online) make it particularly attractive for businesses seeking regulatory assurance along with affordability.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
2. Airwallex
Airwallex offers an advanced multi-currency business account built for online sellers, startups and fast-scaling SMEs. It enables businesses to send, receive and hold money globally with competitive FX rates, free local transfers and automation-ready APIs.
Key features:
- Competitive FX rates: Airwallex applies a 0.5% markup on major currencies and 1% on others, offering strong value for international businesses
- Free local transfers: Local payments to 120+ countries are free, while SWIFT transfers cost between US$15–25, depending on the destination
- Corporate cards with cashbacks: Businesses can issue virtual or physical cards that earn up to 1.5% cashback and have no foreign transaction fees
- Hold and receive multiple currencies: Collect and hold payments in 20+ currencies using local banking details. Direct debit payouts are supported in USD, AUD, GBP and CAD, avoiding intermediary bank charges
- Marketplace and accounting integrations: Compatible with Amazon, Shopify and other major platforms through built-in plugins. Integrates with accounting tools for real-time reconciliation
Pricing:
- Account setup: Free
- FX markup: 0.5% on major currencies; 1% on others
- Local transfers: Free to 120+ countries
- SWIFT transfers: US$15–25
- Corporate card rewards: Up to 1.5% cash rebates
Summary: Airwallex offers competitive FX rates, free local transfers and corporate cards with cash rebates. It suits businesses needing broad currency support and API flexibility. However, its FX markup of up to 1% and monthly plan fees may deter smaller firms.
3. Wise
Wise Business offers a highly transparent, multi-currency account designed for international transfers, featuring real mid-market exchange rates. It’s ideal for Singapore SMEs that need to manage global payments, receive revenue in multiple currencies and avoid hidden bank markups.
Key features:
- Local receiving details in 22 currencies: Includes SGD, USD (ACH), EUR (IBAN), GBP (sort code/account number), AUD, NZD and more, allowing you to receive funds locally without incurring international wire fees
- Hold and convert over 40 currencies: Keep balances in multiple currencies and send payments to more than 70 countries using local payment networks, such as ACH, SEPA and Faster Payments, for lower costs and faster speeds
- Transparent FX pricing: Wise uses the real mid-market exchange rate with a small variable fee, averaging 0.4%, which is significantly lower than typical bank markups
- Business debit card: Spend directly from your Wise balance anywhere with no foreign transaction fees
- Built-in business tools: Automate processes with batch payments, Xero integration, request-to-pay links and expense management tools for simplified workflows
Pricing:
- Activation fee: Pay a one-time SG$99 fee to unlock local account details to receive in 22 currencies
- Monthly fees: None
- Domestic payments: Free after activation; USD via SWIFT carries a flat fee
- FX rate: Real mid-market rate + small transparent fee per currency pair
Summary: Wise Business offers near‑mid‑market FX rates, extensive currency coverage and robust security, making it a strong alternative for SMEs that need global reach and integration flexibility. Its small one-time fee may justify the significant savings it offers compared to traditional banks.
4. TransferMate
TransferMate is a global payments provider offering virtual accounts in over 30 currencies and one of the largest regulatory footprints in the cross-border payment space. It’s best suited for medium-sized enterprises and accounting firms handling large or frequent international transactions.
Key features:
- Virtual multi-currency accounts: Open unique IBANs and BICs in more than 27 currencies, including SGD, USD, EUR, GBP and AUD, to send and receive funds globally
- Global coverage: Operates in 60+ countries and supports 35+ currencies, enabling cross-border payments without relying on multiple local banking partners
- Bulk payment capability: Its upcoming digital wallet allows mass payments to up to 10,000 recipients, streamlining supplier or payroll disbursements
- Accounting integrations: Connects directly with QuickBooks, MYOB and other ERP systems for automated reconciliation
Pricing:
- Transfers above US$5,000: Free
- Transfers US$1,000–5,000: US$5 fee
- Transfers below US$1,000: US$15 fee
- Additional fees: Around €10–15 for non-SEPA or same-currency transactions
- FX margin: Not publicly disclosed; contact for quotes
Summary: TransferMate’s virtual accounts and bulk payments make it attractive for larger businesses managing numerous suppliers. Yet the fee structure is complex and FX margins are not transparent, making it less appealing for SMEs seeking straightforward pricing.
5. Payoneer
Payoneer is a well-known payment platform used by freelancers, e-commerce sellers, and small businesses to receive global earnings and pay suppliers. It provides easy access to local receiving accounts in major currencies.
Key features:
- Local receiving accounts: Accept payments like a local through USD (ACH), EUR (SEPA), GBP (BACS/FPS), JPY, AUD, CAD, SGD, HKD and AED
- Multi-currency balance management: Hold multiple currencies in one account and withdraw to local bank accounts when needed
- Global marketplace integration: Works with Amazon, Shopee, Lazada, Upwork and most major freelancer and e-commerce platforms
- API for payouts: Businesses can automate batch payments or mass payouts directly from their Payoneer balance
- Free Payoneer-to-Payoneer transfers: Internal payments are instant and free, making it easy to pay global contractors
Pricing:
- Receiving payments:
- USD transfers: 0–1% fee
- Other currencies: Free
- Annual account fee: US$29.95 (waived if US$2,000+ received in 12 months)
- Credit card payments: Up to 3.99% + US$0.49
- ACH debits: 1% fee
- Payoneer-to-bank transfer: Up to 3% fee
Summary: Payoneer is well-suited for freelancers and marketplace sellers, offering easy payment collection in major currencies. Yet, its multi-layered fee structure and annual fee may not suit SMEs with sporadic cross-border activity.
6. HSBC
HSBC combines traditional banking stability with digital tools, such as its Global Wallet and Get Rate services, providing SMEs with access to multi-currency payments under a trusted global brand.
Key features:
- Access to 130+ currencies: Convert and send funds through HSBC’s global network with pre-quoted FX rates
- Global Wallet: Offers local account details in select currencies, allowing you to pay and receive funds like a local
- FX “Get Rate” tool: Lock in real-time FX rates to manage volatility before making transfers
- Corporate API integration: Large enterprises can connect directly to HSBC’s payment rails via host-to-host connectivity
Summary: While HSBC offers stability and a broad global network, its high fees and FX markups make it less competitive than fintech alternatives. It may suit corporations requiring complex financing and a well‑established banking relationship.
7. DBS
DBS is Singapore’s largest bank, offering digital and traditional payment solutions through DBS Remit and the Business Multi-Currency Account, supported by its IDEAL online banking platform.
Key features:
- DBS Remit: Supports same-day delivery to many markets. Standard overseas transfers via IDEAL still have an SG$20 cable fee plus handling commission
- Telegraphic transfers: Support international payments to over 50 destinations
- Multi-Currency Account: Hold and manage funds in 12 currencies with access to 50 free FAST and GIRO transactions per month
- IDEAL platform: Enables online and mobile banking with batch transfers and real-time transaction tracking
Pricing:
- DBS Remit: Free same-day transfer when paying in the destination’s local currency
- Telegraphic transfers: SG$20 cable fee + handling commission
- Incoming transfers: SG$10 fee (waived for Treasures customers)
- Multi-Currency Account: SG$50 annual fee + SG$40 monthly fee (waived for balances above S$10,000)
Summary: DBS can be cost-effective for smaller transfers in the beneficiary’s currency via DBS Remit, but becomes expensive for telegraphic transfers and maintaining a multi-currency account.
8. Nium
Nium is a Singapore-based global payment infrastructure platform powering fintechs, banks and enterprises with cross-border payments, card issuance and FX services.
Key features:
- Global payout coverage: Deliver funds to 190 countries and trade across 125+ currencies
- Integrated APIs: Embed global payouts, FX conversion and card issuance directly into platforms
- Enterprise-grade network: Designed for fintechs and marketplaces needing reliable, scalable payment infrastructure
- Transparent claims: Nium advertises savings of 150–250 basis points compared with traditional banks
Pricing:
- Account setup: By quote
- FX markup: Not publicly listed (average savings 150–250 bps vs banks)
- APIs and integrations: Included in enterprise pricing
Summary: Nium is ideal for enterprises building payment infrastructure and seeking global reach, but a lack of public fee transparency and a developer‑centric offering may deter SMEs seeking straightforward pricing.
Why Singapore SMEs choose WorldFirst for cross-border payments
Among all the XTransfer alternatives, WorldFirst stands out with its multi-currency account, competitive FX rates, ease of use and same-day transfers backed by MAS regulation.
With WorldFirst, SMEs can hold, receive and pay in more than 20 currencies from one secure dashboard, manage supplier payments and avoid hidden markups.
If you’re a Singapore SMEs managing cross-border payments, WorldFirst offers the right mix of reliability, compliance and simplicity, helping businesses trade globally with confidence.
Open a WorldFirst account for free today to streamline your international payments and protect your margins.
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