Best business bank accounts in Singapore for 2025: Which one is right for you?

Opening a corporate bank account that meets your needs is an important step in establishing and growing your company. The good news is there’s a broad range of accounts for Singapore businesses, including SME accounts from major local, regional and international banks, and non-bank providers which have varied features, fees and service options.

Use this guide to get an overview of the best business bank accounts in Singapore, and to help you pick the perfect match for your company's specific needs.

Table of contents
What to consider when choosing a corporate account Wise Business account Aspire Business Account Revolut Business Airwallex Business Account Youbiz DBS Business Multi-Currency Account - Starter Bundle OCBC Business Growth Account Maybank FlexiBiz Account UOB Business Account CIMB SME Account How to open a corporate account in Singapore?

Here’s an overview of the accounts we’ll review - there’s more detail coming up later on each.

Non-bank providers	Minimum balance	Monthly account fees	Currencies supported	Payment options	Notable features
Wise Business	No minimum balance	No monthly account fee One time 99 SGD fee for full account services	40+ currencies supported	Send international payments from 0.31%	International debit cards available Ways to receive payments in foreign currencies
Aspire Business Account	No minimum balance	No monthly account fee	Local receiving accounts in SGD, USD and IDR	Free local transfers International payments from 8 USD	Virtual and physical cards available Cashback on some business spending
Revolut Business	No minimum balance	0 SGD - 417 SGD/month depending on plan	25+ currencies supported	0.2 SGD for local transfers, 8 SGD for international payments - some plans include no-fee payment options	Several different accounts to choose from Some no-fee currency conversion based on account plan
Airwallex Business Account	No minimum balance	No monthly fee	20+ currencies supported	Free local transfers International payments 20 - 35 SGD	Accept customer card payments conveniently Issue company spending cards
Youbiz	No minimum balance	No monthly fee	9 currencies supported	Variable fees for transfers	Cashback on eligible card spending Xero integration

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

Bank business accounts	Minimum balance	Monthly account fees	Currencies supported	Payment options	Notable features
DBS Business Multi-currency Account Starter bundle	No minimum balance - hold 10,000 SGD to avoid extra fees	10 SGD/month	13 currencies supported	Some free local payments depending on type 30 SGD international transfer fee	Extra charges apply if you want to transact in a branch For businesses incorporated less than 3 years
OCBC Business Growth Account	1,000 SGD	10 SGD monthly fee 15 SGD fall below fee	SGD	Some local payments may be free or included in your account package International transfers 30 SGD	Monthly fee waived for first 2 months Extra charges may apply if you want to transact in a branch, depending on your account details
Maybank Flexibiz	1,000 SGD	10 SGD fall below fee	SGD	0.125% commission (minimum S$20, maximum S$100) + agent fee + cable fee	Aimed at startups and new businesses
UOB eBusiness Account	5,000 SGD	35 SGD annual fee 15 SGD fall below fee	SGD	International transfers may not have an upfront fee, although exchange rate markups will still apply	For startups - fall below fee waived for 12 months Some fee waivers are available for new customers
CIMB SME Account	No minimum	28 SGD/month, waived for 12 months	SGD	15 SGD for international transfers	No fall below fees, monthly fee waived for first year

What to consider when choosing a corporate account

Before we consider the features and fees available from different business account providers, it’s worth getting an overview of things to think about when choosing the best corporate bank account in Singapore for you.

Eligibility- Banks and specialist account services set their own eligibility rules, which may include specific countries of residence or having an entity legally registered in Singapore, for example.

Registration fees- If you’ve not registered your business yet, you may be able to do so for a favourable price by going through your chosen account provider.

Minimum initial deposit - When choosing your account provider, check the minimum initial deposit requirements suit your situation. Some accounts have no minimum deposit - making them more suited to businesses in their infancy - while others are more restrictive.

Minimum monthly balance and fall below fee- Another important feature to check is the minimum daily or monthly balance. It’s common to find that fall below fees will apply if you don’t maintain a fixed balance - which can eat into your profits.

Monthly maintenance fees - Banking isn’t free, so some costs are to be expected with any business account. Check what fixed fees are applied to accounts you’re interested in - and whether these fees buy you any useful perks like free transfers or lower payment costs.

Online banking features - As a business owner you’re busy. Make sure you’re choosing a corporate account which has easy access to online and mobile banking to cut your admin time. It’s also worth checking the support on offer if you have questions or if anything goes wrong.

Features - Many account providers offer a range of products to suit businesses of different sizes, which come with different features. Check you can access all the services you need, like credit or working capital, international payments or accounting integrations. It’s also worth looking for batch payment solutions as these allow you to pay multiple people at once, saving time on admin.

Multi-currency options- Having easy ways to hold and exchange foreign currencies, as well as options to receive payments in foreign currencies, and to send money transfers abroad, is useful for most businesses. Whether you have customers, contractors, suppliers or employees overseas, most businesses today are globally connected - so your money should be too.

Transaction fees- Transaction fees are likely to apply on some transaction types, like sending and receiving payments, depositing cash, and using an ATM. These costs can add up - particularly if the transactions you need to make frequently have high fees.

Scalability- Some of the accounts we have picked are ideal for startups and new businesses - but you’ll also need a provider which you can grow with. Check what happens when you need to trade up to a more functional account in future.

Transaction limits - Some business transactions are likely to involve high value payments - to suppliers for example. Make sure you have an account which has transaction limits you can work with, for sending and receiving money, ATM use and other common transaction types.

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Wise Business account

We’ll kick off our overview with some non-bank providers. Wise is a fintech company, not a bank - but Wise Business is basically multi-currency banking without a bank. And because Wise is a specialist in borderless transactions and currency conversion, you don’t even need to have a Singapore business to get SGD bank details - Wise is available globally.

Illustration of Wise Business products

Open your Wise Business account online or in the Wise app, to hold and exchange 40+ currencies, and get local bank details for 8+ currencies. You can send payments to 50+ currencies, and get international debit cards for your team for easy business spending. Wise also has business friendly perks like cloud accounting integrations, and batch payments so you can pay up to 1000 people internationally with one of the fairest exchange rates around.

Hold 40+ currencies and exchange with the mid-market exchange rate Send to 50+ currencies, and get paid with 8+ currency account details like a local Linked international debit cards for spending and withdrawals No minimum balance or ongoing charges to worry about - just low, transparent fees for the services you use Wise is licensed by Singapore regulatory authorities

Wise Business pros	Wise Business cons
✅No ongoing fees or minimum deposit ✅Free to register ✅40+ currencies supported ✅Mid-market exchange rates ✅Issue debit and expense cards for employees	❌99 SGD One time account fee to enjoy all features ❌No branch network ❌Some transaction fees apply

Learn more about Wise Business

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

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Aspire Business Account

Aspire¹ business accounts allow customers to integrate with their accounting software, to manage their money, pay bills, issue corporate expense cards, and earn cashback on digital spend.

Illustration from Aspire's homepage

There’s no monthly service fee², no minimum balance, and it’s free to send and receive payments locally. You’ll just pay a small fee when sending or receiving international transfers to your account.

Local account details in SGD, USD, IDR, to receive payments easily FX rates can be 3x cheaper than banks Create or order physical and virtual corporate cards for easier spending, with cash back options available Invoice management tools

Aspire Business Account pros	Aspire Business Account cons
✅No ongoing fees or minimum deposit ✅Free local transfers ✅Some cashback on digital marketing and SaaS spend ✅Accounting integrations available	❌International transfers cost at least 8 USD ❌Multi-user access fees apply ❌Exchange rates may include a markup

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Revolut Business

Revolut Business³ offers Singapore customers the choice between 4 different account plans, from the Basic plan which has no monthly fee, through to products which are aimed at enterprise level customers⁴. This gives flexibility and scalability - plus, all accounts come with cards and multi-currency features to hold and exchange 25+ currencies. Different account plans have their own no-fee transaction limits, with fair usage fees after that.

• Send, receive & exchange 25+ currencies
• Issue physical & virtual cards
• Some weekday currency conversion included with no additional fee
• Multi-user access
• Local and international payments supported

Revolut Business pros	Revolut Business cons
✅Choose different plans based on transaction needs ✅25+ currencies available ✅All accounts come with debit and expense cards ✅Some no fee transactions monthly before fees begin	❌Monthly fees apply for top tier accounts ❌Fair usage and out of hours fees can apply ❌No option to pay in cash

Airwallex Business Account

The Airwallex⁵ business account lets you get paid in 20+ currencies, with easy ways to take card payments, send money locally and internationally and more. Accounts have no ongoing charges and are convenient to operate from your phone. You can also issue virtual and physical debit cards for simple spending.

• Multi-currency features to pay and get paid
• Debit cards available for owner and team members
• Accounting integrations offered
• Take local and international card payments
• Good option for digital businesses

Airwallex Business Account pros	Airwallex Business Account cons
✅No ongoing fees to pay ✅20+ currencies supported ✅Take customer card payments conveniently ✅Issue cards to team members	❌Debit cards can’t be used in an ATM ❌Payment processing comes with extra charges6 ❌Foreign exchange fees apply

Youbiz

Youbiz⁷ is provided by Youtrip, which you may know from its personal card services. Youbiz] accounts support 9 currencies and come with the option of debit cards which can accumulate cashback on some eligible spending. There are no monthly fees to pay making this an affordable option, with some extras like Xero accounting integration if you need it.

• Popular local provider
• Cards available for easy spending at home and abroad
• Competitive exchange rates
• Free local payments, variable fees for international transfers

Youbiz pros	Youbiz cons
✅Offered by a well liked local provider ✅9 currencies supported ✅Expense management tools ✅Some cashback on eligible spending available	❌Variable fees apply on international payments ❌Some transaction fees apply ❌No cash deposit options

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DBS Business Multi-Currency Account - Starter Bundle

DBS has a range of SME banking options, as well as corporate accounts for larger enterprises. One good option for smaller businesses is the DBS Business multi-currency account which comes with a starter bundle⁸ if your business was incorporated under 3 years ago.

You’ll have easy access to online and mobile banking solutions, but it’s worth knowing that you’ll have extra fees to pay if you want in branch services.

If your account is fully locally owned and registered you may be able to complete registration online - more complex businesses will need to register and then talk their needs through with a DBS representative.

• Hold SGD and 12 other currencies in your account
• Get some free transactions including local payments, depending on how your account is set up and bundled
• Full online and digital support, with a broad range of services from one of the largest banks in the region
• Some accounts can be opened online with no need to visit a bank branch to get started

DBS Business Multi-Currency Account - Starter Bundle pros	DBS Business Multi-Currency Account - Starter Bundle cons
✅Multi-currency functions ✅Starter bundle waives some fees for newer businesses ✅Local and international payments available, including bulk payments ✅Large bank network for face to face service	❌Branch service incurs a fee ❌30 SGD + agent fees for international transfers ❌10 SGD monthly fee applies

OCBC Business Growth Account

Business bank accounts from OCBC⁹ include products aimed at new businesses and entrepreneurs, and accounts for larger businesses with specialist needs.

We’ve picked out the OCBC Growth account as one to consider. There’s a minimum deposit of 1,000 SGD and account monthly fees are waived for the first 2 months. Sending local transfers is usually free¹⁰, and as the account is aimed at startups there are also lots of useful tools for new and growing companies.

• Get a full range of business and financial analytic tools to track and manage your money
• Low monthly fees - but fall below charges may also apply
• Specific support for new businesses, including advice and guidance
• In person payment options like QR payment services

OCBC Business Growth Account pros	OCBC Business Growth Account cons
✅Monthly fee waived for 2 months ✅Free local payments ✅Instant online opening ✅Some cashback on card spending	❌Fairly complicated fee structure including monthly fee and possible fall below fees ❌Branch transactions incur fees ❌10 SGD incoming telegraphic transfer fee, 30 SGD outgoing fee

Maybank FlexiBiz Account

Flexibiz accounts from Maybank¹¹ have no fall below fee and can be opened by a range of business types, including charities. You’ll need a 1,000 SGD deposit to get started, and can access mobile and online banking solutions easily¹².

Because Maybank has branches and partners throughout the region you can access some instant and 24/7 payment services between Singapore and Malaysia, as well as other major payment destinations in Southeast Asia.

If you need a more comprehensive account package you could also take a look at the Maybank PremierBiz account as an alternative with extra features.

• Maybank has a range of business accounts for different entity types and sizes
• Use Maybank2U banking and Maybank business banking services for digital and in person services
• Fairly low minimum balance requirement
• Fees for outward remittances can be on the high side

Maybank FlexiBiz Account pros	Maybank FlexiBiz Account cons
✅Lots of branch services available ✅No monthly fees ✅24/7 online banking access ✅Good choice for newer businesses	❌10 SGD fall below fee ❌Outward remittances subject to several different fees13 ❌Exchange rates may include a markup

UOB Business Account

The business account UOB recommends for startups and new businesses is the UOB eBusiness account¹⁴. This account allows customers to manage their money online and using the UOB BizSmart digital banking tools.

There are also free local payments, and dedicated support from FX experts when you need to send money internationally.

• Fee waivers for new customers, including no fall below fee for first 12 months
• International payments may be free from transfer fees - exchange rates may include a markup
• Local payments have rebates on fees up to account limits, and depending on the promotions in effect at the time
• No fall below fee for 12 months after opening

UOB Business Account pros	UOB Business Account cons
✅Large branch and ATM network ✅Scalable account options - trade up as you grow ✅No fall below fee for 12 months ✅Large regional bank	❌5,000 SGD balance needed to avoid fall below fee ❌Branch services have a fee ❌Exchange rates may incur a markup

CIMB SME Account

The CIMB SME Account¹⁵ offers some handy perks for growing businesses including free local payments and flat rates for international transfers. There are no minimum balance requirements - and so no fall below fee - and you can also get both SGD and USD chequing services if you need them.

• Online and mobile account application and management
• Free local payments available
• No monthly fees for the first 12 months
• Available to most types of business entity in Singapore

CIMB SME Account pros	CIMB SME Account cons
✅No initial deposit and no minimum balance needed ✅Free local payments ✅Flexible account solutions ✅Competitive interest rates	❌15 SGD international transfer fee ❌Chequing fees apply ❌Exchange rates may include a markup

How to open a corporate account in Singapore?

Opening your business account shouldn’t be too much of a headache - as long as your business is registered and you’re able to provide all the required paperwork to get started.

The exact process to follow depends on the bank or account provider you choose.

Online services will usually allow you to upload images of all your documents for a faster verification, while traditional banks may require you to attend a branch.

To give a couple of examples, you can register for a Wise account by completing your business and personal details online. Aspire also offers users the opportunity to get verified online. The paperwork you need varies, but will usually include:

• User proof of address, identity and a selfie
• Business Certificate of Shareholding
• Business Constitution or Memorandum and Articles of Association
• Proof of ID for business director and majority shareholders
• Board resolution (not required for sole proprietors)

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Conclusion

The right business account can set up your company for financial success. You’ll be able to arrange and manage your money more easily, and cut the costs of day to day banking and financial services.

The right account for you may be from one of Singapore’s traditional banks - or from a non-bank provider like Wise or Aspire. Traditional banks can offer a broader range of services including in person transaction options - but may have higher fees compared to non-bank and digital alternatives.

Check out the options, features and fees for a range of account providers, including regular banks and modern online alternatives like the Wise Business account to make sure you get the right account for your business.

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Sources:

1. Aspire
2. Aspire - Pricing
3. Revolut
4. Revolut Singapore - pricing
5. Airwallex
6. Airwallex - pricing
7. Youbiz
8. DBS Business Multi-Currency Account Starter Bundle
9. OCBC Business Growth Account
10. OCBC Business Banking Singapore - pricing
11. Maybank Singapore - Flexibiz Account
12. Maybank Singapore - Current account fees
13. Maybank Singapore - Outward Remittance
14. UOB eBusiness Account
15. CIMB SME Account
16. Aspire - Which documents do I need?

Sources checked on 04.12.2024