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Business bank accounts

Discover the features that come with corporate bank accounts and find the right one for your business.

Aspire Business Account

Aspire Business Account logo

S$0

Monthly Fee

  • 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.

Compare business accounts in Singapore

Name Product Monthly fee Minimum Initial Deposit Minimum balance Mobile payments
Aspire Corporate Card
S$0
S$0
S$0
Apple Pay, Google Pay
A corporate debit card for SMEs and Startups with no annual fee and low FX fees. Enjoy 1% cashback on marketing and SaaS spend. T&Cs apply.
Aspire Business Account
S$0
S$0
S$0
Apple Pay, Google Pay
A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
OCBC Business Growth Account
OCBC Business Growth Account
S$10
S$0
S$0
Apple Pay, Google Pay
With no initial deposit or minimum balance required, this account is ideal to help get your business off the ground.
Maybank FlexiBiz Account
Maybank FlexiBiz Account
S$0
S$1,000
S$0
Samsung Pay
Grow your business with this interest-bearing corporate account - with no minimum account balance or fall-below fees to look out for.
Neat Corporate Visa card
S$0
S$0
S$0
Apple Pay, Google Pay
Earn 1% cashback, exclusive perks, plus coverage for corporate liability and travel accidents with this fee-free Visa debit card.
OCBC Multi-Currency Business Account
OCBC Multi-Currency Business Account
S$10
S$0
S$0
Apple Pay, Google Pay
Benefit from fast, easy and low-fee international payments in 13 major currencies with this business banking account.
UOB Business SGD Current Account
UOB Business SGD Current Account
S$2.91
S$1,000
S$10,000
Apple Pay, Google Pay
A chequing account to help streamline your day-to-day business transactions. Comes with free cheque books, corporate ATM card, and more.
Neat Account
S$0
S$0
S$0
Apple Pay, Google Pay
A fee-free account for your international banking needs. Benefit from global transfers, built-in analytics, access to multiple currencies and other advanced finance management tools.
OCBC Business Entrepreneur Account
OCBC Business Entrepreneur Account
S$0
S$30,000
S$30,000
Apple Pay, Google Pay
Take your business further with advanced tools built for managing a higher number of transactions, without any recurring account fees.
DBS Business Digital Account
DBS Business Digital Account
S$18
S$1,000
S$0
Apple Pay, Google Pay
This feature-rich corporate account has no minimum balance requirement, allowing you to manage your business cashflow while keeping costs low.
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How do business bank accounts work?

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.

Is it mandatory for companies to open a business bank account?

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:

  • Organised and efficient bookkeeping
  • Track business transactions with ease
  • Efficient tax filing and leaves a clear audit trail
  • Accurate and transparent cashflow management
  • Establishes business credibility and professionalism
  • Helps build up your business credit score

How to compare business current accounts

There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:

Fees

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:

  • Monthly fee
  • Fall-below fee
  • Overseas transfer
  • Transaction fees
  • Overdraft charge/excess fee
  • Cheque issuance book
  • Cheque clearing fee
  • Overseas withdrawal fee

    Minimum deposit and balance

    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.

    User access

    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).

    Fee-free limits

    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.

    Limits on transfers and currency conversion fees

    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.

    Locked contracts

    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.

    Extra features

    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:

    • Bulk payment and invoicing tools
    • Accounting software integration
    • Automated expense categorisation
    • Spend tracking and analytics
    • Risk management products
    • Multi-user access
    • Sub-accounts
    • Budgeting tools
    • Payroll automation
    • Credit line and financing options

    Customer support channels

    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.

    Are digital banks good for business accounts in Singapore?

    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.

    Digital banks in Singapore

    Compare business bank accounts in Singapore

    Here’s a quick overview of some of the most popular corporate bank accounts in Singapore:

    Aspire Business AccountDBS Business Digital AccountOCBC Business Growth AccountUOB Business SGD Current AccountMaybank FlexiBiz Account
    Monthly account feesS$0S$18S$10S$2.91S$0
    Minimum depositS$0S$1,000S$0S$1,000S$1,000
    Minimum balanceS$0S$0S$0S$10,000S$0
    Fall below feesS$0S$0S$0S$35S$0
    Local transfer feeS$0S$0.50S$0S$0.50S$0.20
    Standing instructionS$0S$10S$10S$5S$10
    Overseas transfer feeLow, transparent feeFrom S$30From S$35From S$40From S$40
    FX ratesInterbank rate0.47% markup0.46% markup0.48% markup0.91% markup
    Card typeVirtual Visa DebitVisa debitVisa debitVisa debitVisa Debit
    Card FX rates0.7% on Visa rates3.72%3.71%3.73%3.66%
    Cashback1%*0.3%0.2%0.3%N/A
    Payment acceptanceFAST, GIRO, PayNow (coming soon)FAST, GIRO, Cheque, PayNowFAST, GIRO, Cheque, PayNowFAST, GIRO, Cheque, PayNowFAST, GIRO, Cheque, PayNow
    Customer supportPhone, Email, Online chatPhone, EmailPhone, EmailPhone, EmailPhone, Email

    *Information provided is accurate as of 18 October 2021.

    How to open a business bank account in Singapore

    The process of opening a business bank account will depend on the bank. You will usually need to meet the following criteria:

    • Business type. Business bank accounts are usually available for freelancers, sole traders, small businesses, large businesses or enterprises. If your company is in the public sector or a charity there may be restrictions as to what bank accounts you can open, so check the criteria before applying.
    • Business name. Corporate bank accounts will require you to open the account using your company’s name.
    • Registration. Your business needs to be registered at the ACRA to open a business banking account as you’ll need to provide the UEN (Unique Entity Number) of your company.

    Required documents

    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:

    • Duly filled account application form(s) signed by the authorised signatories
    • Board resolution sanctioning the opening of the account and appointment of signatories
    • Certified copies of NRICs/passports and proof of residential addresses of all company directors, signatories and shareholders
    • A certificate of company incorporation
    • A certified true copy of the company’s business profile from ACRA
    • A certified true copy of the company’s constitution
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