How to choose the best business bank account in Singapore (2026) - For SMEs and Freelancers

If you’re paying suppliers through FAST and GIRO, receiving customer payments in SGD, and sending money overseas, your business account needs to support all three without creating unnecessary costs or admin.

Start with how money moves through your business. You might need a current account for everyday payments, a multi-currency account for overseas transactions, or a savings account to hold funds you don't need immediately. Once you know which type fits your needs, you can compare the best business bank accounts in Singapore based on their fees, features, and requirements.

Types of business accounts in Singapore

Singapore businesses can use different accounts for different parts of their financial operations. You may use one account for day-to-day SGD banking and another for foreign currencies or surplus cash, rather than keeping everything in a single account.

Business current account

A business current account is commonly used for daily SGD operations, including receiving payments, paying suppliers, and managing regular business expenses. It can also support cheque books, digital transfers, and accounting integrations. 

Multi-currency business account

A multi-currency account allows you to hold and transact in multiple currencies. This type of account can be useful for businesses engaged in international trade or e-commerce, as it may help manage FX exposure and facilitate cross-border payments.

Savings and fixed deposit accounts

Business savings accounts and fixed deposits are generally used to hold surplus cash rather than manage everyday transactions. Savings accounts can provide access to funds while earning interest, while fixed deposits let you lock away funds for a set period, usually at a fixed interest rate.

Money market account

A money market account is an interest-bearing account that can offer returns on excess funds. It allows businesses to place cash in a low-risk instrument while maintaining liquidity. These accounts are less commonly offered to SMEs in Singapore than traditional savings and fixed deposit accounts, but some banks offer them as short-term cash management tools.

Certificate of deposit (CD) account

A CD account allows businesses to lock in funds for a fixed period in exchange for a fixed interest rate, much like a fixed deposits account. This can be used for long-term financial planning, but early withdrawals may incur penalties.

Payment or merchant account

A payment or merchant account supports businesses that accept card or other electronic payments from customers. Depending on the setup, this may involve a merchant account, payment gateway, or both.

Key considerations when choosing a business account

When evaluating business accounts, consider the following factors based on your operational requirements:

Fees and monthly charges

Many banks charge a one-time account-opening fee that can differ widely by provider and company profile. Some charge SGD $0, while others charge up to SGD $500. You should also review the ongoing costs. For the accounts covered in this comparison, initial deposits range from SGD $0 at Aspire to SGD $1,000 at UOB and Maybank. Minimum balance requirements often fall between SGD 1,000 and SGD 5,000, with fees that apply if you do not maintain this amount. Monthly maintenance fees usually range from SGD $0 to SGD $35, based on how you use the account.

Minimum deposit and balance requirements

Minimum balance requirements vary substantially by account. Some accounts have no minimum balance, while others require businesses to maintain several thousand Singapore dollars. Falling below this can trigger monthly fall-below fees.

Local transfers (FAST / GIRO)

Most accounts support FAST and GIRO, but some providers may charge after you exceed monthly transaction limits, which matters for regular payments and payroll. If you make frequent supplier, payroll, or statutory payments, check both the number of transfers included and the fee charged for each additional transfer. A low monthly account fee can quickly become less attractive if you regularly exceed those limits. 

FX and international transfers (SWIFT)

Compare FX markups/spreads, SWIFT transfer fees, and possible correspondent bank charges, as costs can vary by provider and destination country. 

The transfer fee you see upfront is only part of the cost. An account may charge a low international transfer fee but apply a wider FX spread when converting your money, while another may charge a higher transfer fee but offer a more competitive FX rate. 

When comparing a business account, look at the total cost of sending the payment, including the FX markup, FX spread, SWIFT or other international transfer fees, and any correspondent bank charges. 

Digital features and scalability

Look for tools like accounting integrations, virtual cards, expense management, dashboards, or API access to support growing workflows.

Multi-currency support

If you pay or receive money internationally, multi-currency accounts can help you send/receive in different currencies without managing multiple bank accounts.

Transaction limits and APIs

Confirm any daily transfer limits, bulk payment restrictions, or API limitations if you handle high volumes or need custom integrations.

Customer support options

Support may be via chat, phone, email, relationship managers, or branches, with some providers offering 24/7 coverage and others operating only during set hours.

Business account options for SMEs and freelancers in Singapore (updated August 2026)

Important note: The fees and features shown above are a general reference. Providers may have different account options, eligibility criteria, and charges depending on the business. Check the provider's latest pricing and account terms before applying. 

Best business bank accounts in Singapore 

Compare 7 of the best business accounts for startups in Singapore across features, pricing, account requirements, and use cases, so you can narrow down the options based on how your business actually operates.

1. Aspire Business Account

Aspire is a financial technology company that offers Singapore businesses a digital business account built for day-to-day banking and cross-border operations.

You can manage local and international payments, send and receive funds in 30+ currencies, issue corporate cards, and manage expenses from one platform. The account also connects with accounting tools, giving founders a single place to manage more of their financial workflows as the business grows.

Key features:

• 100% online application
• No monthly fees or minimum balance required
• Send and receive funds in 30+ currencies with low FX fees
• Corporate cards with up to 1.2%* unlimited cashback 
• Use local and international account numbers for transfers
• Expense management with digital workflows 
• Accounting integrations with QuickBooks and Xero

Pricing and account requirements: Aspire Business Account has SGD $0 monthly fees, SGD $0 initial deposit, and SGD $0 minimum balance. The application is 100% online, so you can complete the onboarding process without a branch visit. Product and currency availability depend on account setup and approval.

Best for: SMEs and startups looking for a digital business account that brings business banking, multi-currency capabilities, corporate cards, and expense management together in one platform.

2. Wise Business Account

Wise Business is a digital business account designed for companies that regularly send, receive, hold, and convert money across currencies. You can hold and manage 40+ currencies, get account details to receive money in 22 currencies, and make international payments using the mid-market exchange rate with a transparent fee.

Key features:

• Hold and manage 40+ currencies in your Wise Business account
• Get account details to receive money in 22 currencies for a one-time SGD $99 fee
• Convert currencies using the mid-market exchange rate with a separate conversion fee
• Get a Wise Business debit card with no subscription fee, with additional team cards available for SGD $4 each
• Send up to 1,000 payments in multiple currencies through a single batch
• Create payment links and invoices to collect payments from customers
• Connect Wise Business with accounting and other business tools

Pricing and account requirements: Free registration with no monthly subscription fee. Wise currently charges a SGD $99 one-time fee to get account details for receiving money in 22 currencies. Receiving domestic payments in selected currencies is free, while sending money and converting currencies incur fees that vary by currency and transaction.

Best for: Companies handling frequent cross-border payments and multiple currencies, especially those looking for clear FX costs.

3. Airwallex Business Account

Airwallex is a financial technology platform that offers Singapore businesses a digital business account for managing global payments, multi-currency funds, and company spending. You can collect and hold funds in 20+ currencies, make international transfers, issue multi-currency corporate cards, and connect your account with accounting and business software from one platform.

Key features:

• Collect and hold funds in 20+ currencies through Global Accounts
• Make local transfers to 120+ countries through local payment rails
• Send international payments to 200+ countries, with SWIFT transfers also available
• Convert currencies at interbank rates, with FX fees of 0.4% for major currencies and 0.6% for other currencies
• Issue multi-currency corporate cards with no international transaction fees
• Manage expenses, reimbursements, and bill payments from the same platform
• Sync transactions and accounting data with QuickBooks, Xero, NetSuite, and other integrations

Pricing and account requirements: Airwallex's Explore plan is free, with no setup fee or minimum deposit. It includes core business account features such as multi-currency accounts, transfers, corporate cards, expense management, and accounting integrations. Transaction fees still apply to services such as FX, SWIFT transfers, and payment processing. Paid plans are also available for businesses that need higher limits and additional finance workflows.

Best for: Businesses with significant cross-border payment, collection, and multi-currency requirements that want to manage global funds, company spending, and finance workflows from one platform.

4. DBS Business Multi-Currency Account

DBS Business Multi-Currency Account lets businesses hold and transact in 13 major currencies through one account. Alongside multi-currency banking, it provides local and overseas payment options, digital banking through DBS IDEAL, and accounting integrations.

Key features:

• Hold and transact in 13 major currencies
• Make FAST and GIRO payments through DBS IDEAL
• Send overseas payments through telegraphic transfers for a flat SGD $30 fee, excluding agent bank charges
• Apply online if your Singapore-incorporated company is fully owned by Singapore citizens or permanent residents
• Manage business banking through DBS IDEAL, including online and mobile banking services
• Connect your account with accounting software including Xero and QuickBooks
• Use the DBS Business Advance+ Debit Card with no annual fee and SGD $0 FX fees when linked to an eligible DBS business multi-currency account

Pricing and account requirements: The standard DBS Business Multi-Currency Account has a SGD $50 annual account fee and a SGD $40 monthly service charge, which is waived when your average daily balance is at least SGD $10,000 or equivalent. The Starter Bundle has a SGD $10 monthly account fee and no monthly service charge. It's available to businesses that have been incorporated for less than 3 years.

Best for: Established SMEs that want traditional business banking with multi-currency support, DBS digital banking tools, local payment capabilities, and access to a wider range of banking services.

5. OCBC Multi-Currency Account

OCBC Multi-Currency Business Account is a traditional business banking option for Singapore-registered companies that need to hold and transact in multiple currencies. You can manage 13 major currencies through one account, make local and international payments, and manage your account through OCBC's digital business banking platforms.

Key features:

• Trade and transact in 13 currencies
• Receive foreign currency directly into your account
• Make local and international payments through OCBC's business banking platforms
• Manage account balances, payments, collections, and transactions through OCBC Velocity
• Approve payments and manage your account on the OCBC Business Mobile Banking app
• Apply online if your business is registered in Singapore, with instant account opening available for eligible businesses
• Connect the account with an OCBC SGD business account to have the monthly account fee waived

Pricing and account requirements: There is no initial deposit, set-up fee, or fall-below fee for the Multi-Currency Business Account. The monthly account fee is SGD $10, which is waived when you open an OCBC Business Growth Account alongside the Multi-Currency Business Account.

Instant account opening is available to eligible Singapore-registered businesses that are opening their first OCBC Business Account and are wholly owned by Singapore citizens or Permanent Residents. Other businesses can still apply online, subject to OCBC's review and approval.

Best for: Singapore-registered businesses that want traditional bank infrastructure, multi-currency capabilities, and digital business banking tools for managing local and international transactions.

6. UOB eBusiness Account

UOB eBusiness Account is a traditional business bank account for Singapore-registered businesses that want digital banking for day-to-day transactions. It combines local payment capabilities with UOB Infinity and the UOB SME App, while keeping the minimum average daily balance lower than some other traditional business accounts. Online account opening is available only to eligible businesses, with stricter requirements around ownership structure. 

Key features:

• Make outgoing FAST and PayNow FAST transactions through UOB Infinity or the UOB SME App
• Make GIRO payment and collection transactions
• Get a 100% rebate on bulk GIRO payroll transaction charges through UOB Infinity or the UOB SME App
• Send outward telegraphic transfers at a promotional SGD $15 flat fee
• Manage payments, approvals, and account activity through UOB Infinity and the UOB SME App
• Connect selected accounting and HR/payroll software through UOB BizSmart
• Use the UOB SME App to access preferred FX rates, create an FX watchlist, and receive live FX alerts on selected currency pairs

Pricing and account requirements: UOB eBusiness Account requires a SGD $1,000 minimum initial deposit and a SGD $5,000 minimum average daily balance. The annual account fee is SGD $35, while a SGD $15 monthly fall-below fee applies when the average daily balance falls below SGD $5,000.

The fall-below fee is waived for the account-opening month and the following 11 months. Foreign-incorporated companies are subject to a minimum SGD $500 account setup fee.

Best for: Established SMEs and growing businesses that want traditional business banking with digital payment tools, FAST and GIRO capabilities, and a relatively low minimum average daily balance.

7. Maybank FlexiBiz Account

Maybank FlexiBiz Account is a non-interest-bearing business current account designed for startups and young businesses in Singapore. It offers everyday business banking with no monthly account fee, 24/7 access to Business Internet Banking, and a complimentary business debit card.

Key features:

• Access your account 24/7 through Maybank's Business Internet Banking services
• Make instant fund transfers through FAST for SGD $0.50 per transaction
• Get a complimentary all-in-one business debit card for everyday business spending
• Access SME digital solutions, including accounting and payroll services, at preferential subscription rates
• Apply online if you're a sole proprietor, partnership, LLP, incorporated company, charity, society, or association

Pricing and account requirements: Maybank FlexiBiz Account has no monthly account fee and requires an initial deposit of SGD $1,000. A SGD $10 monthly minimum-balance fee applies if your average daily balance falls below SGD $1,000. An SGD $50 early account closure fee applies if you close the account within 6 months of opening. Account opening is subject to Maybank's approval.

Best for: Startups and young businesses looking for a traditional business current account with no monthly fee, a relatively low minimum balance requirement, and access to Maybank's digital banking services.

What you need before opening a business account

Eligibility criteria

• ACRA-registered business
• Directors and shareholders with valid identification
• No ongoing legal or insolvency issues

For foreign-owned companies, additional documentation may be required depending on the provider's policies.

Required documents

Most providers typically require:

• ACRA Business Profile
• Certificate of incorporation
• Constitution or M&AA
• Board resolution
• NRIC or Passport of directors, UBOs, and signatories
• Proof of residential address

For foreign-owned companies, additional documents such as a Certificate of Incumbency may be requested.

Physical presence requirements

Some banks require a physical visit for verification or interviews. Most fintech platforms allow complete online onboarding, which can often be completed in a shorter timeframe. Fintech providers may offer fully online onboarding, while traditional banks may require additional verification or an in-person visit depending on the business profile.

Fees and pricing associated with a business account

Beyond the stated fees, be aware of potential additional costs such as:

• Transfer fees for local or international payments, including FAST and GIRO charges once any free transaction limits are exceeded
• FX markups, which can vary significantly by provider
• SWIFT and correspondent bank charges for cross-border transfers
• Cash deposit and withdrawal fees, particularly for traditional bank accounts
• Branch or over-the-counter service fees for transactions or services handled in person at a bank branch
• Fees for cheque books, statements, or other account services
• Card fees and charges for additional business cards
• Fall-below fees when your average balance drops below the required threshold
• Optional premium plans or additional finance services

The lowest monthly fee doesn’t necessarily mean the lowest total cost. If your business makes frequent transfers, sends money overseas, uses corporate cards, or regularly falls below a minimum balance, these additional charges can have a bigger impact on your overall banking costs.

How much do bank FX markups really cost? A worked example

Here's what it actually costs to convert SGD into USD $10,000 and send it overseas, comparing a traditional bank with a fintech account.

Assumptions:

USD $10,000 converted from SGD at an indicative mid-market rate of about 1.35 SGD per USD, so roughly SGD $13,500 before costs.

The bank figures use an illustrative 3% FX spread plus a telegraphic transfer (SWIFT) fee of about SGD $30 to SGD $40. The fintech figure uses an illustrative 0.4% conversion fee on a near mid-market rate plus a flat outbound SWIFT fee.

Totals are illustrative and not actual quotes.

That's a saving of roughly SGD $350 to SGD $370 on a single USD $10,000 transfer. The actual difference will depend on the provider, currency pair, transfer method, and applicable fees.

How to assess your business needs

Before choosing a provider, assess your business's operational requirements:

• Do you operate locally or internationally?
• How many transactions do you process monthly?
• Do you need multi-currency support?
• Do you prefer online account management or in-person banking?
• What is your budget for banking fees?
• What currencies do you regularly receive and pay in?
• What is your average account balance, and can you comfortably meet any minimum balance requirement?
• Do you need FAST or GIRO for regular local payments?
• Do you need SWIFT for international payments?
• How much FX exposure does your business have?
• Do you need corporate cards or expense management tools?
• Do you need accounting integrations or API access to connect your financial workflows?
• Do you need a regulated bank account, or would a licensed payment institution meet your needs?

Understanding these factors can help you identify the right business account for how your company operates whether you prioritise low fees, local payments, international transfers, multi-currency capabilities, or online banking.

The best business account in Singapore by use case

The right account really comes down to how your business moves money; here are our choices. Check the full comparison table above for fees and minimum balances before you apply.

• Best traditional bank → OCBC: Of the big three, OCBC's Multi-Currency Business Account has a low barrier to entry, with no minimum balance and a SGD $10 monthly fee, with full branch and relationship support. DBS and UOB may suit businesses that prefer established banking infrastructure and a broader range of traditional banking services.
• Best for multi-currency and FX → Wise: Converts at the mid-market rate plus a separate conversion fee that varies by currency, rather than an undisclosed bank spread. It's a strong fit for businesses that regularly receive, hold, convert, and send money internationally.
• Best all-in-one account → Aspire: No monthly fees, no minimum balance, fully online onboarding, multi-currency capabilities, corporate cards, integrated expense management, and accounting integrations with Xero and QuickBooks.

How to open a business account online in Singapore

Opening a business account online is straightforward, but the process and requirements vary by provider. If you're opening a business bank account in Singapore, check the eligibility criteria before applying, particularly if your company has foreign ownership or directors.

1. Confirm your business is registered and eligible
2. Choose an account based on your transaction and currency needs
3. Prepare your UEN/ACRA and identity documents
4. Complete the provider's online application
5. Complete identity and business verification
6. Fund the account if an initial deposit is required
7. Set up users, approvals, payment methods, and accounting integrations

Onboarding times and documentation requirements vary by provider, so check the provider's current requirements before you apply.

Find the right business account for your needs

Before you switch accounts, look at your last 3 months of banking activity. Use it to work out what you're actually paying and which features your finance workflow depends on.

• Check how much you spend on FX and international transfers
• Check whether you regularly fall below a bank's minimum balance
• Identify whether you need corporate cards, expense management, or accounting integrations
• Decide whether branch access or fully online banking matters more
• Compare your total annual cost, not just the advertised monthly fee

If you want to bring your business account and wider financial operations into one platform, Aspire is worth comparing against your current setup. You can open an account with $0 monthly fees, $0 initial deposit, and $0 minimum balance, with a 100% online application.

You can also manage multi-currency transactions, local and international payments, corporate cards, expense management, and accounting integrations from the same platform. Compare your current banking costs and workflow with Aspire's business account and see whether it fits the way your business operates.

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