- 01Receive money
- 02Control spending
- 03Connect records
- 04Reconcile
Start with your working week. Are you paying overseas suppliers, giving a team spending cards, depositing cash, or applying for a loan? Those needs are more useful than a list of welcome perks.
JM Atelier partners with Aspire. This comparison is not an independent product ranking, and opening an account remains subject to the provider's checks and terms.
01List the jobs your account must do
Write down your usual payments, currencies and monthly transaction volume. Then shortlist providers that support them. A digital bank and a payment platform are not the same thing, even if both have a convenient app.
| Your need | What to check |
|---|---|
| Overseas payments | Supported currencies, total exchange cost and recipient fees |
| Team spending | Card limits, approval roles and receipt collection |
| Cash, cheques or borrowing | Availability, conditions and support channels |
| Your books | Feed coverage, receipts and reconciliation workflow |
02Understand where the money sits
Aspire says it is not a bank and holds client funds separately from its own operating money. Its Singapore guidance also explains that a safeguarding institution's failure can affect recovery. This is not a promise that you cannot lose money. Read the funds explanation.
For bank deposits, check whether the institution is an SDIC scheme member and your particular deposit is eligible. Eligible Singapore-dollar deposits are generally aggregated up to S$100,000 per depositor per scheme member. Foreign-currency deposits are not insured under this scheme. Do not assume that money on a payment platform has the same cover. SDIC: coverage and limit.
03Look beyond the subscription price
Aspire's Singapore pricing currently lists a Basic plan at S$0 per month, alongside paid options. That does not mean every transaction or feature is free. Compare your actual foreign exchange, transfer, card and extra-user costs against the current pricing and terms.
An account can be convenient without being the cheapest for every business. You may find that a bank handles one job and a payment platform handles another.
04Test the Xero connection
Aspire supports sending expense details and attachments to Xero. Its expense-sync workflow is initiated manually, and the resulting transactions still need reconciliation. Review the account category and tax treatment before syncing. Aspire: expense sync.
Try one payment first. Check that the amount, fee, receipt and currency arrive correctly. Connecting a feed is not proof that your books are correct.
05Choose, then keep checking
Confirm which legal entity provides each service, what fund protection applies and how you can export your records. Keep payment approval separate from book review where practical. Revisit the choice when your team or payment pattern changes, rather than changing accounts for a temporary offer.