If you’re a business owner, or planning on setting up a new enterprise soon, you need to have a convenient and low cost way to manage your money. There are many business accounts available, both from traditional banks, and newer online options - it’s worth taking a look at a range of different alternatives to find the right one for you.
This article will help you kick start your research, covering:
- Citibank corporate account options and how to get started
- Fees you need to understand for opening, closing and carrying out transactions
- Accessing services, and contacting Citibank online Singapore
We’ll also touch upon an alternative to help you compare your options - the Wise borderless account for business. This is a modern online account which can provide flexible, multi-currency business services, at a lower fee compared to regular banks. More on that later.
You’ll find a range of Citibank business accounts available, which are aimed at different business types. You can choose accounts which are denominated in either Singapore or US dollars, depending on your needs.
Here are the Citibank Singapore account options which are highlighted online - you can also apply for a range of other accounts including time deposits, foreign currency accounts and current accounts:
This account comes with a variable interest rate based on the amount you hold in your account. Interest is subject to change, but at the time of research you’ll receive from 0.03% on balances of $30,000 or under, up to 0.1% for balances in excess of $500,000. As with other Citibank business and corporate accounts, you’ll be able to get free chequing services, and online banking for ease. ¹
This account is an interest bearing Singapore dollar product, which is no longer available to new customers.¹
The US dollar denominated CitiBusiness High Yield Account is similar to the Singapore dollar denominated product described above. There’s interest paid on a sliding scale based on your balance, and online banking to let you manage your money, make and receive payments, and set up email and SMS alerts on your account activities.²
This account, which is also set up to function using US dollars, comes with unlimited free cheques and online banking. There’s a simple sliding scale for interest payments, with higher interest paid on balances above USD20,000.²
Before you decide which account will work best for your business, you’ll want to check out the full range of Citibank corporate account charges. The table below highlights the most important fees, and you can find the complete listings online in the CitiBusiness Pricing Guide³.
|Minimum initial deposit||Checking account: SGD100,000, or USD100,000 depending on the account chosen Deposit account:SGD50,000 or USD50,000 depending on the account chosen|
|Account service fee||SGD100/month This fee may be waived if you hit the Citibank corporate account minimum balance, of $50,000 across all eligible accounts|
|Account closure fee||SGD100 if you close within 6 months of opening|
|Dormant account fee||SGD200 to reactivate a dormant account|
|International payments in SGD||Payment arranged in branch: 1/8% commission (minimum SGD20) + 1/4% commission in lieu of exchange (minimum SGD20) + SGD20 cable charge Payment arranged online: 1/8% commission (minimum SGD20) + 1/8% commission in lieu of exchange (minimum SGD20) + SGD20 cable charge|
|International payments including foreign currency conversion||1/8% commission (minimum SGD20) + SGD20 cable charge|
|Local transactions||Local electronic funds transfer - SGD0.20 FAST via online banking - SGD0.40 GIRO - free|
|Additional fees for offshore incorporated companies and branch offices, and foreign owned businesses||There are extra fees you need to know about, including a USD5,000 account opening fee, and an annual maintenance charge of USD5,000|
You can find the application form for a Citibank corporate account online. The form is quite extensive, but you won’t necessarily need to complete every section, depending on your business type. Make sure you read the guidance contained within the document as you go, to save time.
You can expect to be asked for:
- Full details of your business including registration number and address, entity type, registered location, activity type and GST. information if relevant
- Full details of the applicant, including contact details and role, NRIC or passport number, nationality and country of residence
- Full details for any other relevant partners, shareholders, directors or executive officers, or any other signatory you want to have on the account
- Additional details for anyone with a 50% or higher stake in the business, including their net worth and source of wealth
- Signatures of all authorised signers on the account
- Depending on the account you choose, and the company type, you’ll need to provide supporting documentation including identity documents and business paperwork
Once you’re familiar with the paperwork and information needed to get your account up and running, you’ll need to contact the CitiBusiness support team to arrange an appointment and discuss your account options.
If you’re a Singapore citizen of permanent resident, over 21 and a business owner, you can apply for a Citi Business Visa Credit Card. This card is aimed at small to medium sized businesses and comes with a range of perks such as complimentary insurance.⁵
When you’re choosing a business account, you’ll want to compare a range of options to make sure you’re getting the best deal for your needs. It’s smart to look at the accounts on offer from large traditional organisations like Citibank, alongside modern alternatives, which can often come with convenient business friendly perks, and low fees.
Check out the Wise borderless account for business as a great alternative to a traditional business bank account.
The borderless account is free to open, with no minimum opening deposit or monthly service fee. It’s a true multi currency account which lets you hold, send and receive international payments at a fraction of the cost of many regular banks. You can also get your own local bank details for major currencies like US, Australian and New Zealand dollars, euros and British pounds, which means you can receive payments in these major currencies easily.
Because borderless is designed for busy entrepreneurs, you’ll also find tools to cut down admin time and make it easier to keep track of your finances, such as batch payments, Xero integration, and an open API.
See if going borderless can help your business grow.
There are a few different ways to contact Citibank’s business service team:⁶
- Call on (65) 6238-8833
- Visit your local branch and talk to the team in person
- Use the online forms to request a call back, change your contact information or report a problem
When you’re setting up your business, a cheap and flexible way of managing your company finances is an important building block. Get the right provider onside and you don’t need to worry about day to day money management, or being hit by surprise costs which can damage your profits. Invest time in research, to be rewarded later. Check out the Wise borderless account for business as a great option to keep your costs low, and access simple and convenient services which cut your admin time and let you focus on the work of growing your business.
Sources used in the article:
- Details about the CitiBusiness High Yield Account and MaxiSave Account.
- Details about the CitiBusiness High Yield Account and CitiAccess Account (USD Accounts tab).
- CitiBusiness Pricing Guide.
- Citibank corporate account opening online application form.
- Citibank corporate card information.
- Citibank corporate support contact information.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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