Maybank corporate account: Everything you need to know

Wise

No matter what type of business you run - from a sole proprietorship through to a large limited company - you need a great business bank account to make it easier to manage your cash flow and finances.

This helpful guide will cover all you need to know about Maybank Singapore business banking products, including:

As a comparison, we will also look at an alternative to a traditional business bank account - the Wise borderless account for business. Hold multiple currencies in the same account, convert money using the mid market rate, make and receive quick, safe and low cost international payments, and save time with smart ways to speed up your day to day business banking.

Maybank business account offerings

Maybank business bank accounts cover a few different options, suited to different types of companies. Whether you’re running a newer business and need a basic bank service, or have more complex needs to manage your money across different currencies, there’s a product for you. You’ll also be able to get a Maybank business card or cheque book for your company, depending on the account you choose. Here’s a rundown.

PremierBiz Account

This interest bearing account comes with checking facilities, and an opening deposit amount of SGD1,000. After opening, you’ll need to hold a minimum of SGD30,000 in the account to avoid paying a fall below fee. It’s a good all rounder account for smaller businesses of all types. ¹

Maybank FlexiBiz Account

Although this account also gives interest on savings, the rates aren’t as favourable as the PremierBiz Account. In exchange, you benefit from no minimum balance and no monthly fee. ²

The initial deposit required for opening a FlexiBiz Account is SGD1,000. ²

Foreign Currency Current Account

This account type is good for businesses working with suppliers or customers in other countries, and can be opened in US dollars or other major world currencies including Australian, New Zealand, Hong Kong and Canadian dollars, euros, British pounds and Japanese yen.

You’ll be able to get a cheque book for the US dollar account, and will need to hold a minimum balance of the equivalent of USD1,000 to operate your account. ³

Other specialist account types

Aside from these more generalist account types, Maybank can also provide specialist accounts for businesses. These include Time Deposit Accounts which might be of use for companies who are happy to lock away a portion of their money for a fixed period, in exchange for a guaranteed interest rate. You can also find Islamic Banking options for personal or business use, and Conveyancing Accounts for law firms registered in Singapore.

The process of opening a Maybank corporate account

The documents you need to gather to open your account, and the exact process you’ll need to follow depends on the type of organisation you’re running. There’s a handy checklist available on the Maybank website which lets you check through the documents needed according to your organisation type.

In every case, you’ll need to provide a certified true copy of the passport or identity card of the business owner, partners, and other relevant parties. ⁴ You’ll also need to provide a completed application form and minimum opening deposit. Aside from this the documents you may be asked for include:

  • Memorandum and Articles of Association
  • Certified Extract of Resolution
  • By-laws or Constitution details
  • Minutes of meeting confirming list of office holders ⁴

Most documents must be certified true copies, which you’ll need to take along to a branch meeting to get your account up and running.

For accounts opened in SGD, you’ll need to complete the application form online and make an appointment to visit your local Maybranch bank to get started. The bank will call you within 2 working days after receiving your application, to confirm your appointment. ⁴

For foreign currency accounts, you must take your documents along to a branch to get your account opened - you can’t complete the paperwork online. ³

What are the Maybank business account fees?

Before you commit to a business bank account it’s a good idea to have a thorough look at the fees and charges which are applied. Here’s a rundown of some of the Maybank business accounts fees and limits (full details are available online, on the Maybank website), as well as the Transferwise borderless account as a comparison:

Maybank PremierBiz ¹ Maybank FlexiBiz ² Maybank Foreign Currency Account ³ Wise Account
Minimum opening deposit S$1,000 S$1,000 USD1,000 (or currency equivalent) S$0
Minimum balance S$30,000 S$0 USD1,000 (or currency equivalent) S$0
Fall below fee S$35 S$0 US$5 S$0
Closure fee (if you close the account within the early closure period) S$50 S$50 US$20 S$0

Save money on international business payments with Wise

Before you decide which account will work well for your business, it pays to check out all of the options available to you. As well as regular bank accounts from traditional banks, you can also look at modern alternatives like the Wise borderless account for business which is made for growing companies working with customers, suppliers, and team members who may be based outside of Singapore.

The borderless account comes with some smart features for busy entrepreneurs, such as batch payments, Xero integration and an API which allows you to automate workload. It’s opened and operated online, so you can manage your money on the go - and as a true multi-currency account, you can hold your balance in +40 different currencies all in the same place.

You’ll get your own local bank account details for major currencies like US, Australian and New Zealand dollars, British pounds and euros, so you can receive payments like a local in these currencies. All currency exchange is done using the mid-market rate with no markup, and just a small transparent fee per transaction. This can make international payments significantly cheaper - and simpler - than using your regular bank. See if you can save time and money with a Wise business account today.

How can you contact Maybank business support team?

Maybank Customer Support staff are available to answer your questions - and there is also a handy FAQ section available online to make life easier. Here’s how to get in touch if you need advice: ⁵

  • Call the Maybank business banking hotline on 1800-777 0022 Monday to Friday, 09:00 - 18:00
  • Use the online form to write to the business service team - available on the Maybank website
  • Call into your local branch to get the help you need

Getting the right business bank account will involve some research - but it’s worth it, to find the account which gives your business what it needs now and in the future.

Check out a full range of options before you pick an account - including familiar business banking products from traditional banks, and some of the modern alternatives like Wise Business, to make sure you find the one for you.

Sources used in the article:

  1. Information about Maybank PremierBiz Account
  2. Details about Maybank FlexiBiz Account
  3. Information about Maybank Foreign Currency Account
  4. Required documents for opening a corporate account and the online application form for SGD business accounts.
  5. Maybank customer support contact details.

Sources checked on the 17th of June


Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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