DBS vs Airwallex: fees, features and which to choose in 2026

DBS combines multi-currency payments with traditional banking services such as lending and trade finance, while Airwallex focuses on cross-border payments, cards and finance operations.

If you’re choosing between them, consider which services you need and which ones your current setup already covers. That can change the value you get from their different fees, payment routes, and business tools.

In this DBS vs Airwallex comparison, you’ll see how each provider performs in those areas, and where WorldFirst fits for businesses managing international collections and supplier payments.

Key takeaways:

• DBS is better for broader banking: It combines multi-currency payments with lending, working-capital finance and trade-finance facilities
• Airwallex is better for finance operations: It brings international payments, cards, expenses, approvals and accounting integrations into one platform
• The pricing models differ: DBS combines account and transfer charges with transaction-specific FX rates, while Airwallex uses plan pricing plus published FX margins and transfer fees
• International payments use different routes: DBS mainly relies on telegraphic transfers and PriorityPay, while Airwallex uses local clearing networks where available and SWIFT when required
• WorldFirst connects collections with supplier payments: A World Account can bring overseas revenue, currency holding and international supplier payments into the same cross-border workflow

Open a World Account to turn incoming overseas revenue into funds you can use for your next supplier payment.

What is DBS?

DBS is a Singapore bank offering business accounts alongside payments, financing and trade finance.

Founded in 1968 as the Development Bank of Singapore, DBS is headquartered in Singapore.

Its Business Multi-Currency Account can hold SGD and 12 foreign currencies, including USD, CNH, EUR, GBP and AUD.

DBS Bank Ltd. is listed by MAS as a Local Bank in Singapore.

What is Airwallex?

Airwallex is a financial platform that combines a multi-currency business account with payments and spend-management tools.

Founded in Melbourne in 2015, the company is now co-headquartered in Singapore and San Francisco.

In Singapore, its Business Account can collect and hold 20+ currencies. It also combines foreign exchange and international transfers with cards, spend management and online payment acceptance.

Airwallex (Singapore) Pte. Ltd. is licensed by MAS as a Major Payment Institution for specified payment services.

Read more:

• Best Airwallex alternatives
• Airwallex vs Aspire
• Airwallex vs OFX
• Airwallex vs Wallex

DBS vs Airwallex vs WorldFirst at a glance

The comparison below looks at DBS and Airwallex alongside WorldFirst as an alternative for Singapore SMEs managing cross-border payments, multi-currency funds and overseas supplier payments:

Information checked on 11 August 2026. Pricing and availability can vary by account, plan, currency and payment route.

DBS vs Airwallex: fees

DBS and Airwallex use different pricing models, so your total cost depends on the account type, transaction volume and international payment routes your business uses.

DBS fees

DBS prices its Business Multi-Currency Account differently depending on the account type and business age.

For businesses less than three years old, the Starter Bundle costs SG$10 per month with no monthly service charge. The standard account costs SG$50 per year, plus a SG$40 monthly service charge unless the average daily balance reaches SG$10,000 or equivalent.

Key pricing points include:

• FX pricing: No fixed percentage markup is published for the Business Multi-Currency Account; DBS provides transaction-specific FX rates
• Local payments: Starter includes unlimited free FAST and GIRO payments through DBS IDEAL; the standard account includes 50 free FAST and 50 free GIRO transactions per month
• Telegraphic transfers: SG$30 per outward transfer, excluding agent bank charges
• GST: Listed DBS account fees are inclusive of GST where applicable

DBS currently has a temporary SG$15 overseas transfer promotion for eligible new accounts opened between 1 July and 30 September 2026. The regular SG$30 telegraphic transfer fee remains the better figure for an ongoing comparison.

Airwallex fees

Airwallex uses a mix of subscription and transaction pricing. Its current Singapore plans are:

• Explore: Free
• Grow: SG$79 per month
• Accelerate: From SG$399 per month

Monthly plan prices exclude GST, and transaction charges can still apply.

Other pricing points include:

• Major-currency FX: 0.4% above Airwallex’s interbank rate
• Other-currency FX: 0.6% above its interbank rate
• Local-rail international transfers: No transfer fee to 120+ countries
• SWIFT transfers: SG$20–SG$35 per transfer, depending on the fee arrangement

DBS vs Airwallex: international payments

International payments don’t move the same way with DBS and Airwallex. The difference comes down to the networks each provider uses and how those routes affect payment timing and tracking.

DBS international payments

DBS uses standard telegraphic transfers for international payments, while eligible payments to DBS accounts within its regional network can move through PriorityPay.

The service connects DBS accounts across eight markets: Singapore, Hong Kong, China, India, Taiwan, Indonesia, Vietnam and Australia. Eligible transfers created through DBS IDEAL are automatically routed through PriorityPay when the beneficiary account sits within that network.

DBS states that standard telegraphic transfers generally reach the beneficiary within one to four days, depending on the destination and receiving bank. Transfers can also be tracked through SWIFT gpi, giving businesses visibility over the payment after it leaves Singapore.

PriorityPay supports 10 major currencies, with some availability varying by market. Customers can also receive an SMS or email notification when the beneficiary is credited.

Airwallex international payments

Airwallex routes international payments through local clearing networks where available. A transfer can use SWIFT when the beneficiary account, currency or destination requires that route.

Local-rail payments reach the beneficiary through the destination’s domestic banking network, while SWIFT payments may pass through correspondent banks before reaching the beneficiary bank.

Airwallex states that transfer flight time is typically zero to three business days, depending on the payment method, recipient location and transfer date. An estimated arrival time is provided when the transfer is created.

DBS vs Airwallex: cards and spend management

DBS manages team card spending through its wider business banking platform, while Airwallex connects cards with expense claims, reimbursements and approval workflows.

DBS cards

The DBS Business Advance+ Debit Card links to a DBS Business Multi-Currency Account or Corporate Multi-Currency Account. It has no annual fee, while card activity and payment controls can be managed through DBS IDEAL.

Relevant features include:

• Monitor spending: View team card transactions in real time through DBS IDEAL
• Control card use: Customise payment controls for employee cards
• Spend internationally: Pay without an additional FX conversion fee when the card is linked to an eligible DBS multi-currency account; a 3.25% FX fee applies when linked to an SGD Current Account

DBS also offers 1% cashback on selected B2B spending when monthly qualifying spend reaches SG$2,000.

Read more: DBS VISA multi-currency card review

Airwallex cards

Airwallex combines multi-currency company and employee cards with expense management. Its free Explore plan includes five free spend users and 10 company cards, while Grow includes up to 50 company cards and adds more advanced approval controls.

Spend-management features include:

• Control spending: Set card limits, restrict merchant categories and freeze or cancel cards
• Manage expenses: Connect card transactions with receipt capture, expense submissions and employee reimbursements
• Set approval workflows: Grow adds custom approval rules and automation for expenses and spend requests

Airwallex also supports employee reimbursements in 200+ countries.

Read more: World Card vs Airwallex Card

DBS vs Airwallex: financing and trade finance

Financing changes the comparison if your business needs funding alongside its payments and accounts.

DBS offers business credit and trade-finance facilities, while Airwallex’s Singapore offering focuses on managing funds and payment operations.

DBS financing and trade finance

Its current options include:

• Working capital: DBS offers SME working-capital financing for day-to-day operating needs
• Trade financing: DBS supports inventory financing, pre-delivery working capital and receivables financing for trade-related needs
• Letters of credit and guarantees: Import Letters of Credit can support supplier payment obligations, while Banker’s Guarantees and Standby Letters of Credit can support contractual obligations
• Invoice financing: Purchase and sales invoice financing can provide funding before supplier or customer invoices are settled

For an importer or trading business, these facilities can connect day-to-day banking with the funding behind a trade cycle.

Airwallex product scope

Airwallex’s current Singapore pricing and Business Account pages don’t list traditional products such as working capital loans, overdrafts, letters of credit or bank guarantees.

Its platform manages money movement and financial workflows, while businesses that need traditional credit or trade-finance facilities may still use a bank or another financing provider for those parts of their operations.

DBS vs Airwallex: finance controls and accounting integrations

When several people manage the same account, user permissions, transaction approvals and accounting connections become part of the provider comparison.

DBS finance controls and integrations

DBS IDEAL gives businesses control over account access, transaction approvals and accounting connections through:

• User permissions: Assign users access to selected accounts and banking functions through DBS IDEAL
• Transaction approvals: Set authorisation policies and approval requirements for different transactions
• Accounting integrations: Connect with Xero, QuickBooks, Financio and Info-Tech to feed banking transaction data into supported accounting software

Airwallex finance controls and integrations

Airwallex manages user access, transfer approvals and accounting connections through:

• User permissions: Set custom roles and control which parts of the platform different users can access
• Transaction approvals: Route transfers through multi-layer approval flows
• Accounting integrations: Sync bank feeds, expenses and bills with Xero and QuickBooks; Accelerate also supports NetSuite and Microsoft Dynamics 365 Business Central

DBS vs Airwallex: customer feedback

DBS and Airwallex have different review scores, but the feedback behind those numbers gives more useful context.

DBS customer feedback

DBS is rated 1.4 out of 5 from 192 Trustpilot reviews. Trustpilot notes that DBS hasn’t invited customers to review and the reviews cover the bank broadly rather than its Business Multi-Currency Account specifically.

Recent reviewers report problems with slow customer service, account access and transaction handling. Singapore-based reviews include complaints about app performance, delays during account applications and difficulty resolving blocked accounts or cards.

Airwallex customer feedback

Airwallex has a 3.0 out of 5 rating from 2,531 Trustpilot reviews, while G2 rates it 4.2 out of 5 from 53 reviews. Trustpilot notes that Airwallex invites customers to review, so its score isn’t directly comparable with DBS’s profile.

Positive Trustpilot feedback often mentions helpful account managers and support during onboarding, while negative reviews mention issues with payment rejections, account restrictions, and delayed access to funds. G2 users often praise ease of use, while some negative reviews cite poor customer support and communication.

DBS or Airwallex: which is better for your business?

DBS is a better choice if international payments need to sit alongside business banking, financing and trade-finance facilities.

Airwallex is more relevant when banking and credit are already covered elsewhere, and your priority is managing cross-border payments, spending and finance workflows through one platform.

Choose DBS if:

• You use financing as part of your trade cycle: DBS offers working-capital, invoice-financing and trade-finance facilities alongside its business accounts
• You want a broader banking relationship: Payments, account management and financing can remain with the same bank rather than being split across separate providers
• You regularly pay other DBS accounts in the region: Eligible payments can use PriorityPay when the beneficiary is within DBS’s supported regional network

Choose Airwallex if:

• You already have banking and financing elsewhere: Airwallex can take a more specialised role for international payments and finance operations
• You manage employee spending and expenses: Cards, reimbursements, spend requests and approval workflows can run through the same platform
• You use a more complex finance stack: Accelerate supports NetSuite and Microsoft Dynamics 365 Business Central alongside Xero and QuickBooks

Where WorldFirst fits as an alternative to DBS and Airwallex

When overseas revenue lands in one account, but supplier costs are paid from another, you may need an extra transfer or currency conversion before those funds can be reused.

For example, you might keep your existing bank for local banking and financing, receive a US$40,000 customer payment and have a CNH supplier invoice due two weeks later.

A World Account can support that workflow through:

• Receive overseas payments: Use local bank details in supported currencies to collect customer payments into your World Account
• Keep funds ready for supplier costs: Hold supported currencies and convert between balances when the CNH invoice falls due
• Pay 1688.com suppliers: If you source through 1688.com, use WorldFirst’s dedicated payment route; WorldFirst charges a 0.8% transaction fee, while 1688.com lists a separate 0.2% platform fee

If your main challenge is using international revenue to cover overseas supplier payments, WorldFirst gives you a more focused way to manage both sides of that cross-border flow from the same account.

WorldFirst isn’t a bank. WorldFirst (Singapore) Merchant Services Pte. Ltd. is registered in Singapore and licensed as a Major Payment Institution under the Payment Services Act 2019 by the Monetary Authority of Singapore.

Open a World Account to manage international collections and supplier payments from one account.

FAQs

1. Is money in Airwallex protected like money in a DBS bank account in Singapore?

No, the protection works differently. Eligible Singapore-dollar deposits with DBS are insured by SDIC up to SG$100,000 per depositor per scheme member, while Airwallex customer funds are safeguarded separately from its operating funds.

2. Can a foreign-owned Singapore company open a DBS or Airwallex business account?

Yes, subject to each provider’s eligibility and verification rules. DBS explicitly accepts foreign-owned companies, while Airwallex bases eligibility on the registered company and its compliance requirements.

3. Can I deposit cash or cheques into DBS or Airwallex?

DBS supports cash deposits and can still process eligible corporate cheques in 2026, while Airwallex is funded electronically.

Singapore banks stopped issuing new SGD corporate cheque books on 1 January 2026 and will stop processing SGD corporate cheques from 1 January 2027.

4. Can I use PayNow Corporate with DBS or Airwallex?

DBS supports PayNow Corporate directly, while Airwallex Singapore Global Accounts don’t support PayNow Alias registration. DBS lets eligible entities link their UEN to an account, while Airwallex supports PayNow separately as an online payment method.

5. What are the transfer limits on DBS vs Airwallex business accounts?

Neither provider has one transfer limit that applies to every payment. DBS caps PayNow FAST transactions at SG$200,000 per transaction, while Airwallex transfers are generally limited by the funds available in your balance, and some payment routes have separate limits.

Sources:

1. https://www.dbs.com/dbs-heritage/our-journey.html
2. https://eservices.mas.gov.sg/fid/institution/detail/166-DBS-BANK-LTD
3. https://www.reuters.com/world/asia-pacific/fintech-airwallex-secures-320-million-new-funding-round-11-billion-valuation-2026-06-26/
4. https://eservices.mas.gov.sg/fid/institution/detail/230232-AIRWALLEX-SINGAPORE-PTE-LTD
5. https://www.trustpilot.com/review/dbs.com
6. https://www.trustpilot.com/review/airwallex.com
7. https://www.g2.com/products/airwallex/reviews
8. https://www.dbs.com.sg/personal/deposits/default.page
9. https://www.airwallex.com/en-sg