Aspire Business Account
- Line of credit facility
- No minimum deposit required
- 1% cashback on marketing and SaaS
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.
Business bank accounts are simply current accounts that are used to access and manage business finances. You can open a business bank account as a large company, a small business or a freelancer. The idea is to keep your business finances separate to your personal finances.
Business current accounts have features that are designed for businesses. For example, they 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 for bank accounts so make sure you compare business bank accounts before you open one to make sure it’s right for you.
At the time of writing (2 February 2020), the Monetary Authority of Singapore (MAS) had received 21 applicants for the 5 digital banking licenses that are expected to be released by June this year. The new digital banks are expected to commence by the middle of 2021.
Whether or not these digital banking offers are good for your business is up to you. Make sure you weigh up the features of these digital business bank accounts against the features of more traditional business bank offerings to decide which is the better fit for your business.
There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:
The process of opening a business bank account will depend on the bank. You will usually need to meet the following criteria:
Aspire Business accounts offer easy spending, competitive conversion rates and access to Aspire Credit.
The N26 Business account offers convenience and efficiency for companies across the world, which potential Singaporean users can look forward to.
Revolut Business comes with a range of advanced business banking tools that may be worth integrating into your company.
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