Aspire Business Account
- Line of credit facility
- No minimum deposit required
- 1% cashback on marketing and SaaS
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Managing finances is an important part of any business, and to do that you need to find the right business bank account. There is a range of features that are available with these accounts including the ability to add multiple users, make batch payments, connect third-party apps and make local and international transfers.
This guide will show you how to compare business bank accounts in Singapore as well as explain how they work and how much they cost so you can find the right one for your business.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Simply put, a business bank account is a current/transaction account that is used to access and manage business finances. Whether you’re running a large company, a small business or as a sole proprietor, having a business bank account can help support and grow your business.
For example, business bank accounts usually have the option to let you add multiple users to the account with their own card to be able to spend funds in the account. The person or people in charge of the account will usually be able to set permissions for each person that has access to the account. Business bank accounts also offer other features, such as the ability to make batch payments, to give accountants access to the account or to easily track and manage receipts for tax purposes.
Businesses all have different needs and financial operations, so make sure to compare between corporate bank accounts and find one that best suits your needs.
According to ACRA, it is not compulsory for businesses to open a corporate bank account – but it’s certainly an essential tool to manage your company’s finances.
With a corporate bank account, you’ll be able to separate your personal expenses from your business finances (e.g. company assets, cash flows and expenses), which helps you stay legally compliant and protected.
Here are some advantages of having a business bank account:
There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:
Fees are often charged for account maintenance and a variety of banking services. Some business banks don’t charge a monthly fee, but they may come with fewer features. Consider what you’re willing to pay for and if the features make the fee worth it.
Here are some common business banking fees to look out for:
Find out if there’s a minimum initial deposit to open the account, and if there’s any minimum balance you’ll need to maintain in your account to avoid incurring a fall-below fee (if any). Similarly, you should also check if there’s any minimum and maximum limit for transfers.
If you’re operating a limited company, you may want to consider a corporate bank account with multi-user access to better manage team expenses.
With multi-user access, each authorised user will have full access to the account and get their own business debit card. However, do check if the feature also allows you to customise the levels of permission (e.g. read-only access and payment approvals).
Certain banking services come with a monthly fee-free limit and will be chargeable for subsequent transactions. For instance, there may be limits on the number of free over-the-counter or FAST transfers you can make. Consider the anticipated volume of banking transactions you’ll make when comparing between accounts.
If you transact in multiple currencies, you should consider the currency conversion fees you might be charged as well as any limits which are imposed on the business account for non-SGD transfers. Some corporate bank accounts also allow you to hold multiple currencies and lock in exchange rates.
Do you have to maintain the account for a certain amount of time after opening? Many business banking accounts in Singapore charge an early account closure fee if you decide to close it within 6 months of opening the account. Be sure to read the fine print before signing up.
Aside from basic banking features (e.g. interbank transfers, ability to view your account transactions and history online, bill payments and paperless statements), you may also want to consider if the financial institution offers other convenient extras, such as:
If you encounter an issue with your account, how convenient would it be to contact the institution’s support team? Does it offer 24/7 support hotline and live chat? Or would you need to submit a support ticket – if so, how long does a response typically take?
Make sure to find out what are the various modes of contact and operating hours available.
On 4 December 2020, the Monetary Authority of Singapore (MAS) unveiled the winners of Singapore’s first digital bank licenses.
Two digital full bank (DFB) licences were awarded to Grab-Singtel consortium and SEA Group. In addition, two digital wholesale bank (DWB) licences were granted to Ant Group and a consortium comprising of Greenland Financial Holdings, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.
These new digital banks are expected to reach under-served segments and commence operations from early 2022, so we can expect exciting new offerings in the coming years.
Here’s a quick overview of some of the most popular corporate bank accounts in Singapore:
|Aspire Business Account||DBS Business Digital Account||OCBC Business Growth Account||UOB Business SGD Current Account||Maybank FlexiBiz Account|
|Monthly account fees||S$0||S$18||S$10||S$2.91||S$0|
|Fall below fees||S$0||S$0||S$0||S$35||S$0|
|Local transfer fee||S$0||S$0.50||S$0||S$0.50||S$0.20|
|Overseas transfer fee||Low, transparent fee||From S$30||From S$35||From S$40||From S$40|
|FX rates||Interbank rate||0.47% markup||0.46% markup||0.48% markup||0.91% markup|
|Card type||Virtual Visa Debit||Visa debit||Visa debit||Visa debit||Visa Debit|
|Card FX rates||0.7% on Visa rates||3.72%||3.71%||3.73%||3.66%|
|Payment acceptance||FAST, GIRO, PayNow (coming soon)||FAST, GIRO, Cheque, PayNow||FAST, GIRO, Cheque, PayNow||FAST, GIRO, Cheque, PayNow||FAST, GIRO, Cheque, PayNow|
|Customer support||Phone, Email, Online chat||Phone, Email||Phone, Email||Phone, Email||Phone, Email|
*Information provided is accurate as of 18 October 2021.
The process of opening a business bank account will depend on the bank. You will usually need to meet the following criteria:
The documents required to open a business account in Singapore may vary based on the type of business entity. Some banks may also request for additional documents on a case-by-case basis.
In general, most banks will require the following:
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