Aspire Business Account
- Line of credit facility
- No minimum deposit required
- 1% cashback on marketing and SaaS
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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.
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.
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.
There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:
Before signing up for Aspire business account, make sure to compare it to other alternative business bank accounts available in Singapore. Here’s a quick overview:
|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 8 March 2021.
The process of opening a business bank account will depend on the bank. You will usually need to meet the following criteria:
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