ANEXT Bank Review: A Great Business Account for Singapore SMEs?

Looking for a digital business account in Singapore? Here we’re reviewing one of the recently licensed digital banks in Singapore: ANEXT.

We’ll cover all the features, fees, and benefits of an ANEXT Bank business account, and provide suggestions on when it might be useful for Singapore SMEs. Then, we’ll introduce you to a non-bank business account alternative: Wise Business.

Table of contents
What is ANEXT Bank? ANEXT Bank vs. Wise Business: How do they compare? ANEXT Bank features that stand out How to open an ANEXT Bank Business Account ANEXT Business Account and Wise Business: Which should you choose? When to choose ANEXT Bank When to choose Wise Business Complement your existing banking setup with Wise Business

What is ANEXT Bank?

ANEXT Bank is a digital wholesale bank licensed by the Monetary Authority of Singapore (MAS). Launched in June 2022 by the Ant Group, it focuses specifically on serving Singapore’s small and medium-sized enterprises (SMEs) and startups.

As a digital-only bank, ANEXT delivers all its services seamlessly online, from initial account setup to daily transactions. This flexible digital-first approach, combined with features and functions designed specifically for local businesses, aims to provide Singapore SMEs with banking solutions that match their unique needs.

➡️ Check out The Best SME Bank Accounts in Singapore in 2025 ⬅️

Cut banking costs with ANEXT Business Account

Most businesses know the frustration of watching their profits disappear into banking fees. Whether it's hidden charges in exchange rates or a long list of account fees, traditional business banking can get expensive fast.

ANEXT Bank takes a different approach. They've stripped away many common fees and offer competitive rates on international transfers and foreign exchange. They understand that SMEs need financial flexibility, so they've made it easy and cost-effective to get started:

• No initial deposit: Businesses can open an account without any upfront payment
• No minimum balance: Businesses can use their account as they need it, without being tied to minimum usage
• No setup or annual fees: Having an ANEXT account won’t increase business overheads
• A fully digital application process with 3-factor authentication (3FA) for security¹

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ANEXT Bank vs. Wise Business: How do they compare?

Both ANEXT Bank and Wise Business serve similar business types and aim to provide similar overall benefits, but there are some key differences that businesses should be aware of.

Feature	ANEXT Bank	Wise Business
Monthly Fees	No monthly account fee	No monthly account fee
Business Debit Card	Not available	Yes (virtual & physical)
Currencies Supported	Money held: SGD, USD, CNH, and EUR \ Transactions: CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD²	40+ currencies
International Transfers	Available as SWIFT but fees depend on currency ⁵	Conversion fees from 0.26% apply for forex transfers
Foreign Exchange (FX) Rates	Competitive but may include a slight markup	Real mid-market exchange rate
Local Transfers (SGD FAST & PayNow)	Free	Free
Key Benefits	No setup fees or minimum balance requirements Daily interest earnings on SGD and USD Fully online account application	Transparent pricing Local account details in 22 currencies Integration with accounting software

*Details accurate as of 11th February 2025

**Wise Business pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

🔍 We have reviewed some other Fintech business accounts to help you understand the pros, cons, and USPs of what’s out there. Check them out here if your business is interested purely in digital-native business accounts.

➡️ Airwallex Review

➡️ Revolut Business Review

➡️ Youbiz Review

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ANEXT Bank features that stand out

Handle multiple currencies: Hold and manage funds in SGD and USD, and transact in nine global currencies. This makes it easier to handle international transactions without juggling multiple accounts.

Move money locally for free: Send unlimited SGD transfers within Singapore at no cost. This means paying suppliers, employees, and other local business expenses without extra charges.

Earn while you save: Earn competitive daily interest on both SGD and USD balances. Your idle business funds can work harder for you.²

Send money internationally at low rates:

BEN/SHA

• SGD: Flat $15 per transaction
• USD: Flat US$10 per transaction
• CNH: Flat CNH125 per transaction
• EUR: Flat €10 per transaction

OUR

• SGD: Flat $50 per transaction
• USD: Flat US$35 per transaction
• CNH: Flat CNH300 per transaction
• EUR: Flat €35 per transaction
• Receive international payments for free (just keep in mind other banks might charge their own fees)¹

ANEXT Bank's financing solutions

Beyond transactional services, ANEXT Bank provides financing options to support business growth:

• ANEXT Business Loan: Offers unsecured loans up to S$500,000 with competitive interest rates, available in pay-per-use or pay-monthly formats, giving businesses flexibility on how they use and manage borrowed money.
• Zero-Document Loan Applications: For loan amounts up to S$30,000, ANEXT Bank offers a zero-documentation application process.³

Connect your business tools

Running a business already means using lots of different tools and platforms. ANEXT Bank gets this and wants to help you keep things simple, rather than complicate your processes, which is why they've made it easy to connect their services with the platforms you already use.

Through their Industry Specialists programme, ANEXT has partnered with popular e-commerce marketplaces and digital platforms, so you can handle your banking right where you do business. No need to constantly switch between different systems.

That means, if you’ve got more specialist networks of apps, teams, and systems in play, you can use ANEXT's APIs to:

• Connect with accounting software
• Automate payment processes
• Streamline financial reporting
• Build custom integrations for specific business needs⁴

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How to open an ANEXT Bank Business Account

As a digital-native bank, opening and setting up your account can be done anywhere, anytime. Here’s a 5-step guide:

1. Access Application: Visit the ANEXT Bank website or app and start the online application
2. Prepare Documents: Gather your ACRA business profile, proof of address, ownership structure chart, and IDs of directors or shareholders
3. CorpPass and Singpass Login: Use your CorpPass and Singpass to pre-fill application details and streamline the process for Singapore applicants
4. Submit Application: Upload documents, complete the form, review, and submit
5. Account Setup: Await approval (typically 7-10 working days), then set up your online banking credentials and start using your account

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ANEXT Business Account and Wise Business: Which should you choose?

Both ANEXT Bank and Wise Business can help companies to cut the costs of doing business.

But they do this in slightly different ways: ANEXT maximises return on idle money, while Wise is focused on reducing costs of international payments.

➡️ Read our guide on how to pay employees based overseas ⬅️

When to choose ANEXT Bank

ANEXT Bank is particularly well-suited for Start-Ups and SMEs that primarily operate within Singapore. It offers basic banking features that can easily handle day-to-day tasks, and the opportunity to borrow or send money at reasonable rates.

Its purpose is to cater to a broadly underserved market - microbusinesses that may struggle to fit the terms offered by larger corporate bank accounts. It's also a great choice for businesses looking to earn competitive interest rates on their SGD and USD balances while maintaining easy access to their funds.

When to choose Wise Business

If your business frequently sends or receives payments from overseas, Wise's transparent pricing and mid-market exchange rates can lead to significant savings. It’s especially valuable for companies that need to hold multiple currencies or require international business debit cards to help with expense management.

TLDR: Wise Business shines when your company frequently deals with international transactions and multiple currencies.

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Complement your existing banking setup with Wise Business

Most Singapore SMEs already have a traditional corporate bank account that handles their day-to-day local operations, payroll, and domestic banking needs smoothly.

💡 An ANEXT Bank Business Account is an attractive digital-only alternative for microbusinesses that offers extra flexibility. However, if your goal is reducing the costs of international transactions and getting better exchange rates when dealing with overseas clients and suppliers, adding Wise Business as an additional service is often a good move.

Wise Business works alongside your existing banking setup, allowing you to:

• Hold and manage 40+ currencies for all your international transactions
• Pay suppliers and receive payments internationally without the hefty foreign transaction fees
• Always get the mid-market rate with zero markup
• Seamless integrations with popular accounting software
• Say goodbye to monthly fees

This way, you can keep your main banking setup while accessing more cost-effective international banking features when you need them.

Get Started with Wise Business

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Sources:

1. ANEXT Fee Schedule
2. ANEXT Business Account
3. ANEXT Business Loan
4. ANEXT APIs
5. ANEXT FAQs

Sources checked on 11.02.2025.