Corporate cards

5 best prepaid cards in Singapore for businesses in 2024

Jun 16, 2023

Prepaid credit cards have become the new normal among all business payment methods. The prepaid card market in Singapore is expected to reach US$11.89 billion by 2026. This is a CAGR of 11.5% from 2022 when the market value was estimated to be US$7.68 billion.


Naturally, the stark rise in the market value is not only because prepaid credit cards are easier to use but also because they enable more control and authority over business expenses. While using normal credit cards, you are basically borrowing money, whereas prepaid credit cards are already loaded with money. 

What is a prepaid credit card?


Prepaid credit cards in Singapore come with funds already loaded in them. This means that you can spend up to the given credit card limit. In function and process, these cards are very similar to traditional credit cards.


However, the only difference is that while using a credit card, you are constantly borrowing from the bank or the financial institution.


But with a prepaid credit card, you already have the funds available in it. Think of it like a gift card; every transaction is subtracted from the existing balance.

5 best prepaid cards in Singapore for businesses


best prepaid cards in Singapore

1. Volopay prepaid cards


Overview


Volopay stands out as a comprehensive financial solution for businesses, offering prepaid cards in Singapore that integrate seamlessly with expense management. These cards are designed to simplify corporate spending, providing real-time visibility and control over expenses.



Key features


Real-time expense tracking and reporting

Customizable spending limits and permissions

Integration with popular accounting software

Multi-currency support for international transactions

● Physical and virtual card options



Use cases


Volopay cards are ideal for businesses of all sizes looking to streamline expense management. They are particularly beneficial for companies with a significant volume of transactions, as the real-time tracking feature ensures transparency and accountability.



Target audience


Volopay caters to a broad spectrum of businesses, from startups to established enterprises, looking for a robust solution to manage and control corporate spending effectively.



Pros and cons


Pros


Real-time expense tracking

Customizable controls for spending

Seamless integration with accounting software



Cons


Limited physical presence in terms of card issuance



Reviews


Users appreciate Volopay's user-friendly interface and the ability to customize spending controls. Some users highlight the need for expanded physical card availability.


2. Aspire cards


Overview


Aspire offers a range of business-centric financial tools, including some of the best prepaid cards in Singapore, designed to empower entrepreneurs and business owners. These cards come with features tailored to meet the unique financial needs of startups and SMEs.



Key features


● Instant card issuance and activation.


● No monthly fees for basic plans.


● Cashback rewards on specific spending categories.


● Integration with popular accounting software.


● Virtual and physical card options.



Use cases


Aspire prepaid cards in Singapore are well-suited for startups and SMEs seeking a cost-effective solution for managing day-to-day expenses. The instant card issuance feature is particularly beneficial for businesses needing quick access to financial tools.



Target audience


Aspire primarily targets startups and small to medium-sized enterprises, offering them a user-friendly and cost-effective financial solution.



Pros


● Quick and easy card issuance.


● Competitive pricing with no monthly fees.


● Cashback rewards for specific spending.



Cons


Limited features compared to more comprehensive solutions.



Reviews


Users appreciate Aspire's simplicity and quick activation process. Some users note that the card's features might be limited for larger enterprises with complex financial needs.


3. DBS prepaid cards


Overview


DBS, a leading bank in Singapore, offers prepaid cards as part of its suite of financial products. These cards leverage the bank's extensive network and established reputation, providing businesses with a reliable financial tool.



Key features


● Wide acceptance due to the bank's established network.


● Multi-currency support for international transactions.


● Integration with DBS business accounts.


• Physical card issuance with customizable spending limits.



Use cases


DBS prepaid credit cards in Singapore are suitable for businesses that value the credibility and widespread acceptance of a bank-backed card. They are particularly beneficial for companies with international transactions.



Target audience


DBS fits a broad spectrum of businesses, ranging from startups to large corporations, seeking a reliable prepaid card integrated with their existing DBS business accounts.



Pros


● Wide acceptance and credibility.


● Seamless integration with DBS accounts.


● Multi-currency support for international businesses.



Cons


● Potential for higher fees compared to standalone solutions.



Reviews


Users appreciate the reliability of DBS prepaid cards, especially for international transactions. This is a major reason why DBS provides one of the best prepaid cards in Singapore. Some users, however, mention that fees could be a consideration for smaller businesses.


4. Revolut business cards


Overview


Revolut, known for its innovative approach to financial services, offers business prepaid cards that come with a range of features aimed at simplifying international transactions and expense management.



Key features


● Real-time expense tracking and reporting.


● Multi-currency support with competitive exchange rates.


● Virtual and physical card options.


● Integration with popular accounting software.


● Automated expense categorization.



Use cases


Revolut business cards are ideal for businesses with a focus on international transactions, thanks to the competitive exchange rates and multi-currency support. The real-time tracking feature is beneficial for businesses with a high volume of transactions.



Target audience


Revolut is best suited for businesses with international operations, startups, and freelancers looking for a flexible and cost-effective financial solution.



Pros


● Competitive exchange rates for international transactions.


● Real-time expense tracking.


● Multi-currency support.



Cons


Some users report occasional issues with customer support.



Reviews


Users appreciate Revolut's transparency in exchange rates and the ability to manage international transactions seamlessly. However, there are occasional reports of customer support challenges.


5. Wise prepaid card


Overview


Formerly known as TransferWise, Wise offers one of the best prepaid cards in Singapore designed for businesses engaged in international transactions. The card comes with features that focus on reducing currency exchange fees and providing transparency in cross-border transactions.



Key features


● Low-cost international transactions with real exchange rates.


● Multi-currency support.


● Real-time expense tracking and reporting.


● Physical and virtual card options.



Use cases


Wise prepaid cards are best suited for businesses with a significant focus on international transactions, offering a cost-effective solution for managing cross-border expenses.



Target audience


Wise targets businesses of all sizes engaged in international trade, startups, and freelancers seeking a transparent and low-cost solution for cross-border transactions.



Pros


● Transparent and low-cost international transactions.


● Real-time expense tracking.


● Multi-currency support.



Cons


Limited physical card availability in some regions.



Reviews


Users praise Wise for its cost-effective international transactions and transparent fee structures. However, some users mention limited physical card availability in certain regions.

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Benefits of using a prepaid credit card



1. Help build a company credit score


Unlike regular credit cards, prepaid credit cards allow you to spend money that you loaded into the card. So it is not exactly borrowing credit from the provider.


Hence, prepaid credit cards do not affect your company credit score. Any spending or transactions made through the prepaid credit card is not reported or logged to the credit bureaus.


2. Helps manage and control spending


As you only get to spend the amount that is loaded in the prepaid credit card, only transactions up to that limit will be allowed. Once the funds are exhausted, non-reloadable prepaid credit cards do not allow any more spending.


However, some other prepaid credit cards can be reloaded. But for once, with the spend amount, there will be no overspending.


3. Improves cash flow


Prepaid credit cards help to improve the business cash flow as all expenses are tracked. Business payments and purchases can move quickly and efficiently using these cards.


As all expenses will be made through the card, streamlined transactions become a natural outcome. Ultimately, the business cash flow will remain stable, and the business will be able to make better spend decisions. 


4. Convenient and widely accepted payment method


With the rising popularity of prepaid credit cards, it has become a common and widely accepted payment method. As these are also easy to use, every business uses a prepaid credit card and accepts payments through it.


Along with this, these cards are convenient and help businesses make quick and faster payments. Plus, all the payments can be managed through the mobile app.


5. Faster reconciliation


As all the prepaid credit card expenses are tracked and recorded, the accounting and finance team of the company can ease off a bit as reconciliation will no more be as taxing and cumbersome as it used to be.


All the expense data from the prepaid credit card app or system can be transferred or integrated with your existing expense management software. Hence, all the data will automatically be checked and reconciled according to the other payment aspects.


6. Improved expense tracking


Prepaid credit cards work on an already-loaded sum of money. All expenses incurred are deducted from the existing balance.


Every expense is tracked in real-time. This means the where, when, and how much of all the transactions are recorded in the app or software connected to the cards. 


This means you can access that database anytime and look up any expense. No expenses will get mixed up, and no need to keep the physical receipts. 


7. Enhanced security


One of the most amazing features of prepaid credit cards is that they are not directly connected to the business’s main spending account. This means there is no way any hacker will reach your business bank account.


Plus, these cards can be operated through your phone so that you can block or freeze these cards anytime.


8. Promotes financial discipline and helps in budgeting


As prepaid credit cards are loaded with a certain amount of funds so the employees and managers automatically will be more mindful of the expenses.


All expenses will have o be under the given spending limit. Hence financial discipline in spending behavior comes naturally. Along with this, adhering to the business budget will also no more be a difficult task.

Things to consider before choosing a prepaid credit card

1

Fees and charges

Understanding the fee structure is paramount. Prepaid credit cards in Singapore may have activation fees, monthly maintenance fees, ATM withdrawal fees, and transaction fees. Examine these charges closely to ensure they align with your usage patterns and budget.

2

Reload options

Consider the convenience of reloading funds onto the card. Some cards offer multiple reload options, including bank transfers, direct deposits, or cash reloads at specified locations. Choose a card with reload methods that suit your preferences and accessibility.

3

Rewards and benefits

While not all prepaid cards offer rewards, some come with cashback programs, discounts, or loyalty points. Evaluate whether the rewards align with your spending habits and if they provide tangible benefits that enhance the overall value of the card.

4

Security features

Security is non-negotiable. Assess the security features offered by the prepaid card, such as two-factor authentication, fraud protection, and the ability to set transaction alerts. These features contribute to a secure and worry-free usage experience.

5

Customer support

Reliable customer support is essential in case of issues or queries. Prioritize cards with responsive customer support channels, including phone, email, and live chat. Check user reviews to gauge the quality of customer service provided by the card issuer.

6

Currency conversion fees

If you anticipate using the card for international transactions, scrutinize the currency conversion fees. Some cards offer competitive rates, while others may impose higher fees. Opt for a card that minimizes additional costs for cross-border transactions.

7

Overseas usage

For frequent travelers, assessing the card's suitability for overseas usage is crucial. Check if the card is widely accepted internationally and inquire about foreign transaction fees. Cards designed for global use with favorable terms can be advantageous for those who frequently travel abroad.

8

Reviews and ratings

User reviews and ratings provide valuable insights into the practicality and reliability of a prepaid card. Assess feedback from existing users to understand their experiences, both positive and negative. Look for patterns in reviews that align with your priorities and concerns.

9

Mobile app and online account management

A user-friendly mobile app and robust online account management system can greatly enhance your prepaid card experience. Look for features such as real-time transaction tracking, budgeting tools, and the ability to freeze or unfreeze the card through the app for added security.

10

Load limits and maximum balance

Understand the card's load limits and maximum balance restrictions. Some prepaid credit cards in Singapore have limits on the amount you can load onto the card, and exceeding these limits may result in additional fees. Ensure these limits align with your financial requirements.

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How to get a prepaid credit card in Singapore


Businesses can get prepaid credit cards from either banks or other financial services-providing institutions. Every provider has a process in place to work on your request to get a prepaid credit card, and every provider might have different features on the card.


However, some basic requirements remain the same. Here is how you can get a prepaid credit card in Singapore.




How to get a prepaid credit card

1. Research and find the right provider


Before getting a prepaid card, elementary research is essential. When you decide to get a prepaid credit card, you know the loophole or pain points your business is looking to fulfill.


Hence, research the different options available in the market and shortlist those providers who align with your company's needs and demands. Choose the ones that offer the features you specifically want and are also price compatible.


2. Check the eligibility criteria


As stated above, each provider has its own way of processing your card request and has its own eligibility criteria set in place.


Once you have shortlisted the providers that align with your business demands, next look at the criteria and see: whose does your business match the best?


Look at the ones that fit the best and shorten the list.


3. Application process


Step 3 is to check out the application process. Now that you have the providers shortlisted look into their application process. Understand all the steps and make a note of all the documents required.


Gather those necessary documents; some of the common ones are business owner identity proof, annual revenue generation documents, business registration documents, etc.


4. Complete the application process


Now that you are armed with the necessary documents go ahead and fill out the application. Some providers conduct the whole process offline, whereas some facilitate an online procedure.


Complete the application process and make a note of the date by which the institution promises to send you the card.


5. Credit assessment and approval


If you decide to get a corporate credit card, there is a whole credit assessment and approval process.


To get a corporate credit card, there are various requirements for a business to fulfil, like a good credit score, ACRA registration, a valid UEN number, a minimum of 15 employees, an annual turnover should be more than $4 million, and $250,000 or more should be the annual company expense.


There might be other criteria that are subjective to the provider.


6. Setting credit limits and card usage policies


After your business profile check, you are given corporate credit cards with a certain limit of credit. Based on your credit score and repayment history, the credit amount is decided.


Along with this, you have to list down the card usage policies of your business and clearly share them with all the employees.


7. Card activation and distribution to employees


Once you get a corporate credit card, you can activate it using the mobile app or card software and give them to your employees.


Don’t worry; you are not giving up your entire control. You can set spending limits and align the card with the company spending policies to make sure that no employee overspends or charges the company for any of their personal expenses.


8. Monitoring the expenses and usage of company credit cards


After corporate credit cards smoothly fit into your system. You can easily track and manage your card expenses. You can monitor the transactions made through the card; you can check the details of any expenses at any time.


Along with this, if you get a corporate credit card through an expense management system, they provide you the feature of automatic creation of expense report creation and analytics.

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Best tips for using prepaid cards wisely


1. Set clear spending limits


Define spending limits based on your budget and financial goals. Establishing clear limits helps prevent overspending and ensures that the prepaid card aligns with your financial plan.


2. Categorize expenses


Categorize expenses to gain a detailed understanding of where your money is going. This not only aids in budgeting but also enables you to analyze spending patterns and make informed financial decisions.


3. Track transactions in real time


Take advantage of the real-time tracking features offered by many prepaid cards in Singapore. Regularly monitoring transactions allows you to stay updated on your current balance and identify any unauthorized or suspicious activities promptly.


4. Implement spending policies


For businesses using prepaid cards, implement clear spending policies to guide employees in their usage. Define permissible expenses, spending limits, and any specific guidelines to ensure responsible use of the prepaid cards.


5. Regularly reconcile accounts


Regularly reconcile your prepaid card accounts with your budget or financial plan. This practice helps identify discrepancies, track your financial progress, and ensures that your spending aligns with your goals.


6. Utilize automation and software integration


Leverage automation and software integration to streamline financial management. Many prepaid card providers offer integration with accounting software, making it easier to track expenses, generate reports, and maintain accurate financial records.


7. Leverage security features


Familiarize yourself with the security features of your prepaid card and use them to enhance protection. Activate transaction alerts, enable two-factor authentication, and set up any additional security features provided by the card issuer.


8. Educate employees


For businesses using prepaid cards for employee expenses, invest in employee education. Ensure that your staff understands the proper use of the cards, security protocols, and any company-specific guidelines.


9. Consider multi-currency cards


If you engage in international transactions, consider using multi-currency prepaid cards. These cards minimize currency conversion fees and provide a convenient solution for businesses or individuals dealing with various currencies.


10. Regularly review usage and needs


Periodically assess your usage patterns and financial needs. As circumstances change, your spending requirements may evolve. Regular reviews help ensure that your prepaid card continues to meet your financial objectives.


11. Avoid ATM withdrawals


Prepaid cards often come with ATM withdrawal fees. Minimize these costs by avoiding unnecessary cash withdrawals. Instead, opt for electronic transactions whenever possible to save on fees.


12. Stay informed about fees


Be aware of all associated fees, including activation fees, monthly maintenance fees, and transaction fees. Understanding the fee structure allows you to make informed decisions and choose prepaid cards that align with your budget.


13. Report lost or stolen cards immediately


In case your card is lost or stolen, take immediate action. Report the incident promptly to the card issuer to minimize the risk of unauthorized transactions. Many prepaid cards in SIngapore provide liability protection if such incidents are reported without delay.


14. Regularly review card options


The prepaid card landscape evolves, with new features and offerings regularly introduced. Stay informed about the latest card options, features, and promotions. Periodically reviewing your card options ensures that you're using the most suitable financial tool for your needs.

How do Volopay prepaid cards help businesses?


There are numerous new tools to help businesses make quick and secure payments; one of them is a prepaid credit card. Prepaid credit cards in Singapore are the best to control overspending while avoiding a debt trap. 


Now that we have you here, let us introduce you to the best player in the corporate cards game — Volopay! Along with being an extensive expense management software, it offers high-tech corporate cards.


Volopay cards help businesses make payments easily, track and record all activity in real-time, get access to unlimited virtual cards, integrate directly with accounting software for accounting automation, make quick international payments at the lowest FX rates, and a lot more. Here are the few reasons why you should use Volopay cards for your business;


1. Streamlining expense management


Volopay prepaid cards play a pivotal role in streamlining expense management for businesses. The platform offers real-time expense tracking and reporting, providing businesses with unprecedented visibility into their spending patterns.


This feature ensures that companies can effectively monitor and control expenses, facilitating a more efficient and accountable financial management process. By centralizing expense-related data on a single platform, Volopay empowers businesses to make informed decisions and optimize their spending strategies.


2. Enhanced security


Security is a top priority for any business, and Volopay prepaid cards are designed with robust security features. The platform incorporates advanced security measures such as transaction alerts, approval workflows, two-factor authentication, and fraud protection.


This not only safeguards the financial assets of the business but also provides peace of mind to business owners and financial managers. The enhanced security measures ensure that only authorized transactions are processed, mitigating the risks associated with unauthorized access and fraudulent activities.


3. Convenience


Volopay prioritizes user-friendly features to boost overall convenience for businesses. The prepaid cards in Singapore, available both virtually and physically, cater to the diverse needs of businesses.


This flexibility enables businesses to select the card type that aligns with their preferences and operational requirements. Moreover, the easy integration of Volopay cards with popular accounting software adds to the platform's convenience, facilitating a seamless financial management experience.


4. Helps in fast and secure payments


Volopay excels in facilitating fast and secure payments for businesses. The platform ensures that transactions are processed in real-time, reducing delays in payment cycles. Additionally, the security features embedded in Volopay prepaid cards contribute to the overall speed and safety of transactions.


This is particularly valuable for businesses that prioritize efficiency and reliability in their payment processes.


5. Proven spend controls


One of the standout features of Volopay prepaid cards is the implementation of proven spend controls. Businesses can customize spending limits and permissions for each card, tailoring the controls to match the unique needs of their teams or departments.


This level of customization empowers businesses to enforce budgetary constraints and prevent unauthorized or excessive spending. The result is a more disciplined and controlled approach to corporate spending.


6. Better bookkeeping


Volopay significantly contributes to better bookkeeping practices for businesses. The integration of the prepaid cards with accounting software ensures that transaction data is seamlessly recorded and categorized.


This automation not only saves time but also minimizes the risk of manual errors in record-keeping. Businesses can generate detailed and accurate financial reports effortlessly, aiding in better decision-making and compliance with accounting standards.


7. Get unlimited virtual cards


Volopay provides businesses with the benefit of unlimited virtual cards at no added costs whatsoever. This attribute is especially advantageous for enterprises managing various departments or projects, enabling them to distribute virtual cards tailored to specific needs without the limitations of physical availability.


The unrestricted access to virtual cards affords businesses the flexibility to adjust their financial instruments to the ever-changing and progressive aspects of their operations.

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