Top 5 Best Online Payment Gateways in Singapore for Business
Singapore 
Updated on January 05 
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- 1. PayPal Singapore
- 2. Stripe Singapore
- 3. Airwallex Singapore: Cross-Border Payments Expert
- 4. Revolut: The All-In-One Financial Solution
- 5. Payoneer: Solution For Freelancers and Global Businesses
- 6. Notes When Choosing Online Payment Gateway In Singapore
- 7. Frequently Asked Questions When Opening an Online Payment Gateway in Singapore
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Online payment gateways are one of the payment methods preferred by customers all over the world because of their quick and easy transaction/payment capabilities. Therefore, businesses Singapore company registration To meet the payment experience of customers who need to search and choose to open an online payment gateway to easily receive transactions from international customers.
GLA, with experience in opening online payment gateways for thousands of companies over the past 10 years, will recommend the Top 5 best online payment gateways in Singapore for businesses. Businesses will understand:
- The most suitable online payment gateway in Singapore.
- Notes when choosing an online payment gateway in Singapore.
1. PayPal Singapore
PayPal is an online payment gateway licensed in Singapore. PayPal is an online payment gateway present in more than 200 countries, an online payment gateway with more than 434 million users as of December 12.
PayPal online payment gateways include: PayPal Personal and PayPal Business
- PayPal Personal is suitable for individual customers, payments, small transactions, online purchases
- PayPal Business is suitable for businesses, especially businesses with large transaction volumes and transaction values.
Businesses opening PayPal Business online payment gateway have 4% currency conversion fee + 1,5% international transaction fee + fixed currency fee.
Businesses contact GLA for detailed advice on the opening process. PayPal online payment gateway for Singapore company to receive international payments.
2. Stripe Singapore
Similar to PayPal, Stripe Singapore is also licensed in Singapore. Stripe is a popular online payment gateway with high customization capabilities and powerful API integration, suitable for businesses with complex needs.
Compared to PayPal, Stripe has more optimized costs and fees, the ability to customize the payment gateway is completely free. Stripe supports more than 135 international currencies instead of 25 currencies compared to PayPal.
Stripe online payment gateway is suitable for technology, software or e-commerce businesses.
Businesses contact GLA for detailed advice on the opening process. Stripe online payment gateway.
3. Airwallex Singapore: Cross-Border Payments Expert
Airwallex is the ideal choice for businesses with operations cross border payments
Business owners using an Airwallex account will enjoy benefits including:
- Multiple Currencies Support: Airwallex offers a variety of more than 20 currencies, including major currencies such as: USD, SGD, HKD, EUR, etc.
- International Transfer Support: Make online payments to over 150 countries through Airwallex's various payment systems, such as SWIFT and domestic payments
- Minimize international transaction costs: Airwallex allows account holders to pay in multiple currencies, thereby minimizing interbank exchange rate costs.
- Software Integration: Connect with accounting software like Xero and Quickbooks Online and e-commerce platforms like Amazon and Shopify for seamless financial management.
Airwallex accounts are suitable for:
- Import-export businesses, businesses that need to transact with multiple currencies.
- E-commerce businesses, doing business on e-commerce platforms like Amazon, Shopify, etc.
4. Revolut: The All-In-One Financial Solution
- Revolut offers a comprehensive financial ecosystem, including digital wallet and payment solutions.
- Advantage:
- Multiple financial features in one app.
- Fast and convenient transactions.
- Support Singapore mobile payment , and contactless payment
5. Payoneer: Solution For Freelancers and Global Businesses
- Payoneer is a popular choice for freelancers and businesses operating on international online platforms.
- Advantage:
- Get paid from platforms like Upwork, Amazon, Airbnb, Fiverr, 99Designs, iStockPhoto, Taboola, etc.
- Ability to integrate with business platforms: Payoneer can successfully integrate with e-commerce platforms or any platform that allows Payoneer
- Easy international money transfers: Payoneer offers receiving accounts that allow receiving local bank transfers in USD, EUR, GBP and many other currencies.
- Suitable for:
- Freelancers and online service providers pay through platforms that accept Payoneer integration.
- Businesses with international customers, E-commerce businesses.
6. Notes When Choosing Online Payment Gateway In Singapore
- Transaction Fee: Compare each provider's fees carefully.
- Payment methods: Make sure the payment gateway supports popular payment methods in Singapore.
- Security: Prioritize payment gateways with strong security systems.
- Integration: Test integration with your ecommerce platform.
- Customer support: Choose a provider with good customer support.
- Payment processing capabilities: Make sure the payment gateway is capable payment processing fast and stable
- E-commerce payment solutions: Choose a provider that has solutions that fit your type of ecommerce business.
- Search Best Online Payment Gateway Singapore by comparing reviews from users.
- Find a consultant with experience in opening online payment gateways for businesses similar to your business model in Singapore.
GLA with experience in supporting the opening of various payment gateways: PayPal, Stripe, Airwallex, Payoneer, etc. will advise businesses on payment gateways suitable for their businesses and payment needs, helping businesses save costs and operate effectively, with convenient international payments.
7. Frequently Asked Questions When Opening an Online Payment Gateway in Singapore
7.1 Should I open a foreign bank account for convenient international online payments?
The answer is yes. Currently, many businesses around the world want to own offshore bank accounts in major financial markets such as Singapore, Hong Kong (China), USA, London, Japan, etc. because of the following benefits:
Minimize political and financial risks from market instability or local government policies.
Take advantage of a reputable, modern banking system with a team of professional support staff
Ensure your assets are protected by owning an offshore bank account in a country with stable laws, low debt levels, and a transparent government.
Diversify currencies and do international banking quickly with the ability to get better exchange rates.
7.2 Where should I open a foreign bank account for convenient international online payments?
Below are some common priorities that businesses often consider when deciding which country is best suited for opening an overseas bank account:
First is the reputation in the international financial market. This indirectly shows the authority and quality of the banking system. When mentioning this idea, we can mention countries such as: Singapore, Hong Kong (China).
Second is the convenience and savings in the process of opening a bank account. The fact that some banks allow remote bank account opening procedures and online interviews makes opening a bank account more convenient than ever.
Third, low initial deposit is also a factor to consider when choosing the best country to open a bank account, especially for startups and small and medium-sized enterprises. Some attractive options include: Hong Kong (China), Singapore, etc.
7.3 Which Singapore bank best supports my business with international online payments?
The answer is that Singapore's top banks are highly regarded for their reputation and service quality:
DBS (Development Bank of Singapore) - is the largest bank in Singapore and Southeast Asia in terms of size and total assets.
Overseas Bank - Chinese Banking Corporation (OCBC) - is a bank that is always highly rated in the list of the best and most trusted banks in the world. It is the second largest bank in Singapore and is present in 18 countries and regions.
United Overseas Bank (UOB) - is the third largest bank in Southeast Asia, specializing in services and products aimed at businesses and individuals.
Besides, reputable foreign banks in Singapore that can be considered are: ANZ, Citibank, HSBC and Standard Chartered.
7.4 Is the process of opening an international online payment account simple?
The procedures to Open a personal/corporate foreign bank account in Singapore Not too complicated. However, to maintain the title of a transparent and safe financial market, banks in Singapore have very strict regulations on customer assessment requirements and each customer's identity will be carefully identified before opening a personal account or opening a business account. GLA supports opening a personal account or opening a business account at a Singapore bank with the following simple steps:
Step 1: Consulting on choosing a bank in Singapore
Step 2: Support in preparing necessary documents to submit to the bank
Step 3: Arrange an appointment with a Singapore bank representative
Step 4: Support for opening a company in Singapore, tax and accounting consulting
7.5 How long does it take to open an online payment gateway in Singapore?
The time to open an online payment gateway in Singapore will depend on the payment gateway that the business chooses. GLA will advise the business on the payment gateway that suits the business's needs and clearly notify the process and time to open an online payment gateway in Singapore before implementation.
This article was published by GLA on 04/12/2020. Copyright and accompanying content are intellectual property of GLA. All rights reserved.
The guidance and content are for general information only and are not intended to provide specific guidance and advice on accounting, tax, legal or other professional advice. Readers should consult professional advisors on specific issues.
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