What is Advance Limit?
The Advance Limit is a revolving funding line provided by Aspire in the following currencies:
SGD | USD | IDR |
VND | THB | PHP |
MYR | NZD | GBP |
EUR | NOK | HKD |
CAD | AUD | INR |
CNY | AED | JPY |
This means Aspire offers you a pre-approved limit in the currencies above. You can use your Advance Limit in two ways:
As your Aspire Card’s Source of Funds
Advance Limit transfers, if you are an eligible Aspire client*
*Only selected Aspire clients are eligible to make a transfer using the Advance Limit feature.
Learn more about Aspire Advance Limit on our website.
Advance Limit Fees
The applicable fees depend on how you use your Advance Limit:
When used as the Card’s Source of Funds
If Advance Limit is used as the card's source of funds, the fees will depend on the currency transaction:
Domestic Transactions: No fees when the transaction currency matches your card's Source of Funds (e.g., using an SGD card for SGD transactions).
Foreign Currency Transactions (Card's exchange rates): A competitive exchange rate applies when the transaction currency differs from your card's Source of Funds (e.g., using an SGD card for USD transactions). Aspire applies a competitive exchange rate with a markup of up to 3%.
The Advance card statement will be based on a 30-day billing cycle.
The cycle starts on the date of your first transaction and ends 29 days later.
Repayment is due 21 days after the billing cycle ends.
For detailed information regarding your Advance Limit Billing and Repayment, please refer to the following articles:
When used via Advance Limit Transfers
Eligible Aspire clients can make outbound transfers using their Advance Limit as the source of funds. When you choose to make a transfer using your Advance Limit, you’ll be required to select a repayment tenure before completing the transaction.
Fees based on tenure:
15 days: 1%
30 days: 2%
45 days: 3%
60 days: 4%
The Advance Transfer statement will be sent separately from the Advance Card statement. Once the Advance transfer is approved by Aspire, the statement will be generated and emailed to both the Admin and Finance users.
How to utilize Aspire Advance Limit as the Source of Funds for my Aspire cards?
To utilize Aspire Advance Limit as your Aspire card Source of Funds, please refer to the articles below:
How to make bank transfers with my Aspire Advance limit?
To make a transfer using your Aspire Advance Limit, you must be an Admin or Finance with transfer rights user.
Bank transfers via Aspire Advance Limit can only be made from an SGD Advance Limit. Furthermore, it is local transfers only (e.g., SGD to SGD). At this stage, we cannot support international transfers using your Advance Limit.
You may follow the steps below:
On your Aspire dashboard, click "Advance limit" in the left navigation bar (web app) or click "Menu" and choose "Advance limit" (mobile app).
You will be brought to your Advance Limit Dashboard. Click on the blue "Make a Transfer" button on the top right-hand side
Select your recipient or add a new recipient
Type in the amount, and add the following items:
Link the transaction to a Budget (Optional)
Add a Category (Required)
Add Payment Reference based on your transaction and business requirements (Optional)
Add Internal Note (Optional)
Schedule your transfer (Optional)
Next, choose the tenure that fits your business needs
Next, tell us more about the transaction:
Recipient relationship with you
Purpose of Transaction
and attach supporting documents.
Review your transfer, then click "Confirm"
Your transfer is now being processed. You can notify the recipient
Notes:
Transfers using Advance Limit cannot be sent to your Aspire Debit Accounts or to your company’s own corporate bank accounts.
Sometimes Aspire will require further documentation, this might delay the transaction, please look out for our emails when this happens.
How to view my Advance Limit details?
Admin users can view the Aspire Advance Limit details in-app. To see your Advance Limit details:
On your Aspire dashboard, click "Advance limit" in the left navigation bar (web app) or click "Menu" and choose "Advance limit" (mobile app).
On this page, you can view the following details:
Available limit: The amount that you can spend on your Advance cards, you can also see your approved Advance Limit below (in this example, the approved limit is SGD 49.50)
Last statement: The amount that is due for repayment*. You can also see your due date on the box and download your invoice/statement
Unbilled transaction tab - list of transactions made under your Advance Limit that is not due for repayment
Last statement tab - list of transactions made under your Advance Limit that is due for repayment
Past statements tab - see and download your past Advance Limit invoices/statements
*Partial repayments made on the last statement will not change the last statement number, as it is a static number based on the outstanding amount as of the bill issue date.
Questions? Chat with us by clicking on the messenger icon at the bottom right of the screen once you are logged in.