GXS Biz Account Review: A Great Business Account for Singapore SMEs?

GXS Bank is a digital bank for customers and small businesses in Singapore – and the new Biz Account is aimed at sole proprietors looking to earn interest.

We’ll take a look at everything you need to know about the GXS Biz Account, including fees, key features, benefits and limits for businesses in Singapore.

We’ll also look at Wise Business – an alternative to business banking in Singapore. Send and spend your money overseas, with no exchange rate markups or hidden transaction fees.

GXS Biz Account overview

The GXS Biz Account is a simple current account for business owners in Singapore. You can earn interest on your money and send quick transfers to suppliers or customers.¹

Key features of the GXS business account:

• Manage your money via the GXS Bank app
• Get daily interest on your balance – base interest 1.88% p.a.
• No fall below, domestic transfer or annual fees¹

What Singapore businesses should be aware of:

• GXS Biz is a fully digital service, so you can’t withdraw cash from your account. Instead, you’ll need to send direct money transfers.²
• At the time of writing, it seems the GXS Biz Account doesn’t offer a corporate credit or debit card. You may also face difficulties when spending abroad, as it’s unclear exactly how the GXS Biz Account supports Singapore businesses that process more international transactions.
• The GXS Biz Account is currently only available to sole proprietors.¹ Sole proprietorships are unincorporated businesses with just one owner, such as freelancers or contractors.

🤔 Unsure about whether you’re a sole proprietor?

➡️ Check out our explainer on SG business structures

GXS Biz Account fees and charges

You’ll need to think about how much it costs to use your GXS Biz Account.

• You won’t pay annual fees or transfer fees for domestic payments. However, if you send or receive a payment in a currency other than Singapore dollars, GXS will use their own foreign exchange rate to convert your transfer.³
• You may not know exactly how much this will cost – and it’s likely to include a markup on the standard mid-market exchange rate.
• If GXS incurs any additional costs for your conversion, you’ll also be responsible for paying those fees to the provider.³

🔍 If your business is seeking a new digital-native account provider, check out our other Fintech business account reviews:

➡️ Airwallex Singapore Business Account Review

➡️ Revolut Business Account Review

➡️ YouBiz Business Account Review

Wise Business vs GXS Biz Account

Wise Business is a handy business banking alternative. Beyond its business account and business debit card solutions with 40+ supported holding currencies,

• it also lets companies send batch payments to multiple employees, vendors, and suppliers in one shot, and
• integrates with your accounting software like Xero and QuickBooks

But how does it stack up against GXS Business?

Let’s take a look at Wise Business vs the GXS Bank business account, including fees, exchange rates and benefits.

*Details accurate as of 28 January 2025

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

🔍 Looking for the right banking account for your business?

➡️ The Best Business Bank Accounts in Singapore for 2025
➡️ The Best SME Bank Accounts in Singapore in 2025

How to open a GXS Biz Account

According to GXS, it takes just 4 minutes to sign up for your GXS Biz Account, with no paperwork or branches.¹

Let’s take a look at how to apply for your GXS business account.

Step 1.: Download the GXS Bank app

Step 2.: Select “Business banking”

Step 3.: Click “Sign up” and follow the on-screen prompts to open your account⁵

To open your GXS Biz Account, you must:

• be at least 18 years old
• be a Singapore citizen or permanent resident
• have a residential address in Singapore
• have a sole proprietorship with an active ACRA registration account
• have a Singpass Myinfo® account

What types of businesses might benefit most from GXS Biz?

The GXS Biz Account is currently restricted to sole proprietors. Unlike other business accounts, GXS Biz is set up like a consumer account.

It’s limited to one-person businesses only – and you can’t add multiple team members to your account.

Smaller businesses with less complex financial operations may find the account appealing. For example, a contractor who receives regular income from clients can use the GXS business account to manage their money and earn up to 2.68% p.a. daily interest.¹

However, do note that if those clients pay you in a foreign currency, the money will be converted into Singapore dollars. This conversion takes place at the provider’s discretion – and you may not know exactly how much you’ll receive in SGD.

The GXS Bix Account may not suit SMEs or larger businesses. If you need to pay overseas vendors or send regular batch payments globally, you’ll need an account with more advanced capabilities.

Wise Business brings the whole team together – and it’s for businesses of all shapes and sizes.

You can easily customise your team's set up and set spending limits with the Wise Business Card for you and your staff. If you’re wasting time on manual data entry, use Wise Business to sync your accounting software. Even better - with Wise’s FX fee structure you can say goodbye to all those hidden forex markups eating away at your profits every month.

Conclusion: Is GXS Biz a great business account for Singapore SMEs?

If you're a sole proprietor, startup, or SME, why not choose a business account like Wise Business to access advanced features that grow with your business? You can send up to 1000 invoices at once, automate payments and access low-fee multi-currency capabilities.

Get started with Wise Business

Sources checked on 11th February 2025