Paying local employees
If your employee has a local bank account, salary payments can be made via FAST or GIRO transfers directly from your business account.
Here are the key differences:
FAST Transfers: Same-day, quick salary payments
GIRO Transfers: Scheduled payments tagged with SAL or SALA transaction code
Aspire supports both payment options from your SGD account:
| FAST Transfers | GIRO Transfers |
Fees | Individual transfers: Free Batch transfers: $0.50 SGD per transfer | $0.20 SGD per transfer |
Timeframe | Within 2 hours | Within 4-5 days |
Paying overseas employees
Employers can pay overseas employees in their local currency (available for selected countries) or via cross-border transfers from a business bank account.
Payment methods:
International bank transfers (SWIFT)
Multi-currency business accounts
Fintech & payment platforms (eg. Aspire)
Payroll service providers (eg. Deel, Multiplier, Remote)
Aspire supports international transfers to 30+ countries at mid-market FX rates and competitive fees.
Here’s a summary of the fees for top destination countries:
Aspire Currency Account | Destination Country | Destination Currency | Transfer Fees | Timeframe (business days) |
USD | Indonesia | IDR |
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USD | Malaysia | MYR |
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USD | Philippines | PHP |
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USD | Thailand | THB | From $15 USD | 3-5 days |
USD | All countries | USD | From $15 USD | 3-5 days |
SGD | Indonesia | IDR | Standard Wise fees, from $0.30 SGD | 1-2 days |
SGD | Malaysia | MYR | Standard Wise fees, from $0.30 SGD | 1-2 days |
SGD | Philippines | PHP | Standard Wise fees, from $0.30 SGD | 1-2 days |
SGD | Thailand | THB | Standard Wise fees, from $0.30 SGD | 1-2 days |
SGD | All countries | USD | Standard Wise fees, from $0.30 SGD | 4-5 days |
*You can make free local transfers from 19 countries from your Aspire USD account. Refer to this guide: Guide to Sending Local Transfers from Aspire USD Account
Paying salaries and CPF contributions on Aspire
Admin users, as well as Finance with transfer rights and Finance with submit-only rights users that have been granted “Payroll” permission can make payroll batch transfers with the Aspire payroll feature.
Refer to this article on: How to grant a user “Payroll” permission.
How to make a local payroll transfer from your Aspire SGD account
To make a local payroll transfer from your Aspire SGD account, you may refer to the articles below:
How to make a USD payroll transfer from your Aspire USD account
To make a USD payroll transfer from your Aspire USD account, you may refer to the article below:
How to make an international payroll transfer from your Aspire SGD account
To make an international payroll transfer from your Aspire SGD account, you may refer to the article below:
How to make a FX payroll transfer from your Aspire USD account
To make an FX payroll transfer from your Aspire USD account, you may refer to the article below:
Paying CPF
To pay CPF contributions via PayNow, you may refer to the article below:
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