Bank Account in Singapore: 10 easiest bank accounts for small businesses in 2024
To start your business, the first and foremost step is to register your business with the Accounting and Corporate Regulatory Authority (ACRA). The second step is to begin the process of opening a corporate business account in one of the available banks. A business bank account in Singapore can be a crucial step to enable a profitable business operation. It is important to consider some factors that will make choosing the right account easier.
Navigating Business Bank Accounts
Why is it important to have a business account as a small business owner?
Opening a business account is both a necessity and a benefit. By separating business funds from personal finances, managing daily professional expenses becomes easier. A proper business account, with a reputable bank, not only provides practicality but also demonstrates reliability to clients and business partners. Benefits include international transactions, cash flow management and enhanced accounting integration. Consider the key factors outlined below to help you select the optimal business bank account for your company’s needs:
What to consider when opening a business account?
When opening a business account, it is important to take into consideration these key factors:
- Ease of Account Opening
- This factor evaluates how simple and effective it is to open a business account with a specific bank. In recent years, due to the increased compliance requirements from the regulators towards banks, and from the banks towards their customers, timeframes of opening bank accounts are often extended up to several without guaranteed results. For small business owners hoping to get their financial operations up and running quickly, a smooth account opening experience is essential.
- Suitability
- Familiarize yourself with how well the bank’s account offerings align with your business needs. Assess whether the account features, fees and services are suitable for the size, industry and transaction volume of your business.
- Minimum Initial Deposit
- The amount of money required to open a business account. Small business owners should consider this factor to ensure that the initial deposit aligns with their available funds and business budget.
- Average Minimum Monthly Balance and Fall Below Fee
- The average monthly balance must be kept in the account to avoid fees. If the account balance is less than this average threshold, a fall-below fee will be applied. Small business owners should carefully review these numbers to effectively manage account costs and prevent unauthorized charges.
- Monthly Maintenance Fee
- Monthly maintenance fees are charges levied by the bank for the general upkeep of the business account. Evaluating these fees is important to ensure they align with your budget and business cash flow.
- Online Banking Features
- The digital tools and services offered by the bank for managing your business finances. Strong features for online banking can improve ease of use, expedite transactions and give you real-time information about what’s going on with your accounts.
- Mobile banking provides on-the-go access to business accounts via smartphones, facilitating transactions and offering real-time notifications.
- Multi-Currency Features
- These features facilitate international trade by enabling businesses to transact in multiple currencies. This is especially crucial for companies that operate internationally or deal with clients and suppliers from other countries.
- Account Opening Timelines
Some banks may offer quick and convenient online applications, while others may require you to attend in person and take longer to process. By taking these deadlines into account, you avoid possible delays and rejections of account opening, and can also more effectively plan your actions when opening an account with the chosen bank. It is also important to get familiar with the list of documents you need when opening an account. Besides business registration documents, banks may require multiple documents from the owners – such as their CVs, ID documents and proofs of their addresses. Banks may also request to produce the documents and evidence of the ongoing business: company website, copies of contracts and invoices, and business presentation.
Choosing The Right Bank for a Singapore-Registered Company
Considering all the factors listed above makes your life slightly easier when it comes to business account opening.
10 Easiest Business Bank Accounts
To provide the most suitable list of accounts, we carefully tried to determine the availability of a bank for small businesses based on the following 3 criteria: initial deposits, account opening processing time and document requirements. Recognizing the key role these factors play in the small business banking experience, our assessment aims to provide a comprehensive understanding of each bank’s accessibility, efficiency and procedural requirements.
Aspire
Aspire, a neo-bank tailored for small businesses, provides business accounts, credit cards, and cash flow tools. With an online application process, Aspire’s account opening takes 1 to 5 business days, and no initial deposit is needed; only company registration documents are required. Aspire also supports accounts in US Dollars, Euros and Indian Rupees.
Account Type:
- Aspire Business
Breakdown:
| SGD and Non-SGD | |
|---|---|
| Minimum Initial Deposit | Not Required |
| Minimum Monthly Balance | Not Required |
| Fall Below Fee | No Fee |
| Monthly Maintenance Fee | No Fee |
| Transactions | International transfers: Up to 1.64% markup + SGD 10 fee Local (SG) transfers: Free for receiving, SGD 0.50 for sending FX conversion: Up to 1.5% markup |
| Multi-Currency Features | You can hold, receive and pay in four specific currencies: SGD, USD, EUR and IDR. Each currency has a unique account number for easy international transactions. |
| Online Banking Features | Integration with global platforms, Real-time account balance and transaction history, Bulk payments, Expense management tools |
| Others | Issuing additional physical cards: S$15 per card ATM withdrawals: S$5 per withdrawal |
| Application processing time | 1 to 5 business days |
Ease of Account Opening: Aspire offers a user-friendly experience for Singapore-incorporated companies. The absence of an initial deposit requirement, straightforward document requirements, and a reasonable processing time of 1 to 5 business days contribute to its ease of account opening. The provision of virtual debit cards and cashback benefits on certain transactions adds value for SMEs.
ANEXT
ANEXT Bank, a fully digital bank licensed by MAS, caters to SMEs. The bank currently offers two types of accounts – SGD and USD, with no initial deposit or minimum balance requirements. The online account opening process may take 7-10 working days and address confirmation for all directors is needed.
Account Types:
- ANEXT SGD Account
- ANEXT USD Account
Breakdown:
| SGD and Non-SGD | |
|---|---|
| Minimum Initial Deposit | Not Required |
| Minimum Monthly Balance | Not Required |
| Fall Below Fee | No Fee |
| Monthly Maintenance Fee | No Fee |
| Transactions | Free local transfers, free inward TT |
| Multi-Currency Features | Overseas transfers in up to nine currencies |
| Online Banking Features | Real-time account overview, Fund transfers, Bill payments, E-receipts and statements, Invoice management, Expense tracking, Payroll processing |
| Others | Competitive interest rates: the account offers daily interest on your account balance, which can help your business earn a bit extra |
| Application processing time | 7-10 working days |
Ease of Account Opening: ANEXT Bank provides ease of account opening, especially for businesses incorporated in Singapore. The requirement for an active CorpPass account and the use of Singpass for Singapore citizens simplify the authentication process. The absence of an initial deposit requirement and no fall below fee make it a convenient choice for SMEs.
Airwallex
Airwallex, a fintech company, provides an all-in-one business solution with no monthly fees, minimum balances or transaction fees. It offers a global footprint for effortless multi-currency account opening worldwide. It also offers a global financial infrastructure platform with a focus on cross-border payments, FX, and banking. The online account opening process typically takes 1-3 business days, and no initial deposit is required; only certified true copies of business registration documents.
Account Type:
- Airwallex Business
Breakdown:
| SGD and Non-SGD | |
|---|---|
| Minimum Initial Deposit | Not Required |
| Minimum Monthly Balance | Not Required |
| Fall Below Fee | No Fee |
| Monthly Maintenance Fee | No Fee |
| Transactions | 70% transfers arrive within the same day |
| Multi-Currency Features | - 180+ countries from which you can accept payments - 150+ countries to which you can make transfers |
| Online Banking Features | Expense management tools, software integrations |
| Others | Borderless cards |
| Application processing time | Within 1-3 working days |
Ease of Account Opening: Airwallex stands out as one of the easiest banks to open an account due to its straightforward online application process, no initial deposit requirement, and relatively quick processing time of 1-3 business days. The absence of a fall below fee and monthly maintenance fee adds to the convenience for SMEs looking for a hassle-free banking solution.
DBS
DBS Bank, a leading Asian financial services group, provides various services. The bank offers a specialized account for newly incorporated companies, catering to businesses less than 3 years old. Account opening is both online and in-person, with instant online approval and 3-5 working days for paper-form applications. No initial deposit is required for the Business Multi-Currency Account – Starter Bundle.
Account Type:
- DBS Business Multi-Currency Account – Starter Bundle
Breakdown:
| SGD and Non-SGD | |
|---|---|
| Minimum Initial Deposit | Not Required |
| Minimum Monthly Balance | Not Required |
| Fall Below Fee | No Fee |
| Monthly Maintenance Fee | S$10 |
| Transactions | - Unlimited free FAST & GIRO transactions via DBS IDEAL (excluding Bulk payments and Payroll) - S$30 flat fee per outward Telegraphic Transfer via DBS IDEAL |
| Multi-Currency Features | Make and receive payments in SGD and up to 12 other currencies |
| Online Banking Features | Digital banking with DBS IDEAL, Cash flow management, FX alerts |
| Others | - Account closure fee: S$50 (if closed within six months from date of opening) - Free Business Debit Card - S$3 for every cheque issued |
| Application processing time | Instantly for online applications 3-5 working days for paper-form applications |
Ease of Account Opening: DBS offers an efficient online account opening process with no initial deposit requirement for the Business Multi-Currency Account (Starter Bundle). The instant processing for online applications is a notable advantage, while the general document requirements, such as business registration documents and identification papers, contribute to the overall ease of opening an account.
OCBC
Oversea-Chinese Banking Corporation (OCBC), stands out as 2024’s Best SME Bank in the Asia-Pacific region for its creative and enthusiastic support of SME clients during challenging times and impressive digital innovation. Account opening, online or in-person, is instantaneous upon successful online completion, with a minimum initial deposit of S$1,000. Certified true copies of ID documents and proof of address may be required.
Account Types:
- OCBC Business Growth Bank Account
- OCBC Multi-Currency Business Account
Breakdown:
| SGD | Non-SGD | |
|---|---|---|
| Business Growth Account | Multi-Currency Account | |
| Minimum Initial Deposit | S$1,000 | No Fee |
| Minimum Monthly Balance | S$1,000 | No Required |
| Fall Below Fee | S$15 | N.A. |
| Monthly Maintenance Fee | S$10 | $10 (waived if you have an SGD Business Account) |
| Transactions | Unlimited free FAST & GIRO transactions | Make and receive payments in up to 13 major currencies |
| Online Banking Features | Digital banking with OCBC Velocity and OCBC Business App, e-Invoice, Cash flow management tool and Bulk payments | Digital banking with OCBC Velocity and OCBC Business App, e-Invoice, Cash flow management tool and Bulk payments |
| Others | Early closure fee: S$50 for accounts closed within first 12 months - Free Business Debit Card - Unlimited cashback on all spends - No minimum spend - Easily add the digital card to mobile wallets like Apple Pay, Google Pay and Samsung Pay - Free Multi-Currency Account - S$25 per chequebook; Cheque deposit fee of S$0.75 per cheque; Cheque clearing fee of S$0.75 per cheque |
- Digital banking with OCBC Velocity and OCBC Business App - E-invoicing tool - Cash flow management tool - Bulk payments |
| Application processing time | As fast as 1 working day | |
Ease of Account Opening: OCBC’s Business Growth Account offers a seamless online application process with no initial deposit requirement, making it attractive for SMEs. The instantaneous processing time upon successful completion of the online application allows businesses to start using their accounts promptly. The additional benefits such as cashback, free business debit card, and digital banking features enhance the overall user experience.
UOB
United Overseas Bank, a major player in Singapore, offers comprehensive banking solutions. Account opening is online or in-person, with instant processing for certain hours. A minimum initial deposit of S$1,000 is required for the eBusiness Account, along with specific documents.
Account Types:
- UOB eBusiness Account
- UOB Global Currency Account
Breakdown:
| SGD | Non-SGD | |
|---|---|---|
| UOB eBusiness Account | UOB Global Currency Account | |
| Minimum Initial Deposit | S$1,000 | USD 1,000 GBP 650 EUR 900 AUD 1,700 CAD 1,700 NZD 2,000 HKD 7,800 CNH 50,000 JPY 150,000 CHF 1,500 |
| Minimum Daily/Monthly Balance | S$5,000 | USD 8,000 GBP 5,000 AUD 9,000 CAD 8,000 NZD 9,000 HKD 60,000 CNH 50,000 EUR, JPY and CHF (NA) |
| Fall Below Fee | S$15 (waived for first 12 months) | USD 28 GBP 18 AUD 32 CAD 28 NZD 32 HKD 200 CNH 150 EUR, JPY and CHF (NA) |
| Monthly Maintenance Fee | Approximately S$3 (S$35 annually) | EUR 20 JPY 2,600 CHF 20 NA for other currencies |
| Transactions | Free FAST transactions: S$0.50 rebate per transaction on up to 60 outgoing FAST or PayNow Fast transactions via UOB SME app or online Free GIRO transactions: 100% rebates for Bulk Payroll fees via the UOB SME app or online; S$0.20 rebate per transaction on up to 60 GIRO Payment and Collection transactions per month via UOB SME app or online |
Make and receive payments in up to 10 major currencies Dedicated support from FX Specialists |
| Online Banking Features | UOB SME digital banking app, eAlerts, managing tools, monitor cash flow | UOB SME digital banking app, eAlerts, managing tools, monitor cash flow |
| Others | - Early closure fee: S$50 (for closure within 12 months of account opening) - Free UOB Corporate ATM Card - S$0.75 cheque clearing charges |
Early closure fee: S$50 or equivalent (for closure within six months of account opening) |
| Application processing time | Instantly for applications submitted between 8.30 a.m.- 9 p.m. Next working day for applications submitted outside of this time frame |
|
Ease of Account Opening: UOB provides a user-friendly experience, especially with its eBusiness Account, featuring an instant application process during specific hours. The rebate incentives for transactions and waived fall below fees within the first 12 months enhance its appeal. However, the initial deposit and minimum balance requirements might be considered moderate compared to some other banks.
CIMB
CIMB Bank, a Malaysian-based group, offers innovative banking solutions. CIMB SME account is a hassle-free business banking solution tailored for small and medium-sized enterprises (SMEs) with no fall-below fees and no minimum balance requirements. The online account opening process is typically processed within the same day, with no initial deposit required. Certified true copies of business registration documents are needed.
Account Types:
- CIMB SME Account
- CIMB Foreign Currency Account
Breakdown:
| SGD | Non-SGD | |
|---|---|---|
| CIMB SME Account | Foreign Currency Account | |
| Minimum Initial Deposit | Not Required | US$500 equivalent |
| Minimum Monthly Balance | Not Required | USD 8,000 AUD 1,000 CAD 1,000 CNH 15,000 GBP 1,000 HKD 5,000 NZD 1,000 |
| Fall Below Fee | No Fee | USD 35 AUD 10 CAD 10 CNH 50 GBP 5 HKD 50 NZD 10 |
| Monthly Maintenance Fee | S$28 (waived for first 12 months) | No fee |
| Transactions | – Free FAST, GIRO and Payroll transactions via BizChannel@CIMB – S$15 flat fee for overseas transfers via BizChannel@CIMB |
Make and receive payments in up to seven major currencies |
| Online Banking Features | Digital banking app, three free digital tokens, free eAlerts | Digital banking app, managing FX, three free digital tokens, free eAlerts |
| Others | Early closure fee: S$50 for accounts closed within the first six months S$25 per cheque book; S$0.75 cheque clearing |
Early closure fee (for accounts closed within the first six months): USD 40 AUD 35 CAD 35 CNH 100 GBP 20 HKD 250 NZD 35 - US$25 per cheque book for USD account; US$1 cheque clearing |
| Application processing time | Typically within the same day | |
Ease of Account Opening: CIMB stands out for its simplicity in account opening, especially for private limited or public companies. The absence of initial deposit and minimum balance requirements, along with a reasonable processing time, makes it a straightforward choice. The inclusion of free digital tokens and eAlerts further supports SMEs in managing their finances.
Maybank
Maybank, a major Southeast Asian bank, with over 50 years of experience, provides business loans and trade finance leveraging its local and ASEAN-wide business expertise. Account opening, both online and in-person, takes approximately 2-4 business days after making an appointment. A minimum initial deposit of S$1,000 is required, and additional supporting documents may be requested.
Account Types:
- Maybank FlexiBiz Account
- Maybank Foreign Currency Account
Breakdown:
| SGD | Non-SGD | |
|---|---|---|
| FlexiBiz Account | Foreign Currency Account | |
| Minimum Initial Deposit | S$1,000 | US$1,000 equivalent |
| Minimum Monthly Balance | S$1,000 | US$1,000 equivalent |
| Fall Below Fee | S$10 | US$5 equivalent |
| Monthly Maintenance Fee | No Fee | No Fee |
| Transactions | Instant fund transfer via FAST and GIRO: Tier 1: 100% rebate of charges capped at 30 transactions per month; Tier 2: 100% rebate of charges capped at 120 transactions per month | Make and receive payments in up to nine major currencies |
| Online Banking Features | Internet banking services, viewing transaction history, viewing foreign currency account | Internet banking services, viewing foreign currency account, transfer funds in foreign currency |
| Others | - Early closure fee: S$50 for accounts closed within the first six months - S$0.75 per cheque issued; free cheque deposit - Complimentary all-in-one business debit card |
- Early closure fee: US$20 for accounts closed within the first six months - S$0.75 per cheque issued (only for USD Current Accounts) - Deposit and withdraw local and foreign currencies in cash, demand drafts or telegraphic transfers |
| Application processing time | 2-4 business days | |
Ease of Account Opening: Maybank offers a relatively accessible account opening process, with the FlexiBiz Account having a moderate initial deposit requirement of S$1,000. The account opening speed of approximately 2-4 business days provides a reasonable timeframe. Additionally, the availability of instant fund transfers and various transaction rebates adds to the appeal for SMEs.
Standard Chartered
Standard Chartered, a British multinational, offers diverse financial services. In-person account opening takes up to 5 working days, with a minimum initial deposit of S$30,000 for SGD/US$30,000 for USD. Standard business documents like NRIC/Passport and company constitution are required. The bank mainly accepts clients who have an operating base for their business in Singapore.
Account Types:
- SGD BusinessOne Account
- Non-USD Foreign Currency Account
Breakdown:
| SGD/USD | Non-SGD/USD | |
|---|---|---|
| BusinessOne Account | Foreign Currency Account | |
| Minimum Initial Deposit | S$30,000 / US$30,000 | Equivalent of US$10,000 |
| Minimum Monthly Balance | S$30,000 / US$30,000 | US$10,000 or the equivalent in AUD, GBP, HKD or NZD |
| Fall Below Fee | S$50 | US$50 or equivalent |
| Monthly Maintenance Fee | Not specified* | Not specified* |
| Transactions | FAST transfers will occur almost instantly, while GIRO transfers might take a few business days. Wire transfers typically take 1-5 business days, depending on the destination country and currency conversion involved |
Hold and manage non-USD balances, receive deposits, and conduct transactions in various currencies. Initiate and receive non-USD payments through methods like international wire transfers. FX conversion services with potential fees for converting currencies |
| Online Banking Features | Real-time account overview, Fund transfers, Collections and payments, Cheque deposit imaging, Manage import and export transactions, Track trade transactions, Bulk payments, E-receipts and statements | Real-time account overview, Fund transfers, Collections and payments, Cheque deposit imaging, Manage import and export transactions, Track trade transactions, Bulk payments, E-receipts and statements |
| Others | Early account closure fee S$500 if closed within six months | Early account closure fee S$500 if closed within six months |
| Application processing time | Up to 5 working days | |
Ease of Account Opening: Standard Chartered’s account opening process is relatively straightforward for clients with an operating base in Singapore. The processing time of up to 5 working days is reasonable, and the document requirements, including NRIC/passport copies and company constitution, align with industry standards. The SGD BusinessOne Account has relatively high initial deposit and monthly balance requirements, making it potentially more suitable for established businesses. The process, including early closure fees, may be considered more intricate compared to some other options.
HSBC
HSBC, a global banking giant, has a strong presence in Singapore. The bank offers a standard business checking account designed for daily transactions, available in 9 major currencies. The online account opening takes around 15 minutes, with a minimum initial deposit of S$30,000 for the Business Current Account, and it’ll take the bank approximately 2 days to process the application. Identification, source of wealth, and source of funds documentation may be required. Additionally, non-resident companies can open accounts with the bank, provided they meet the institution’s specified criteria.
Account Types:
- HSBC Current Account
- HSBC Foreign Currency Account
Breakdown:
| SGD/USD | Non-SGD | |
|---|---|---|
| HSBC Current Account | Foreign Currency Account | |
| Minimum Initial Deposit | S$30,000 | US$30,000, CNY 250,000, HKD 100,000, AUD/CAD/GBP/NZD 25,000 |
| Minimum Monthly Balance | S$50,000 / US$50,000 | N.A. |
| Fall Below Fee | S$70 / US$50 | No Fee |
| Monthly Maintenance Fee | Not specified* | Not specified* |
| Transactions | GIRO and FAST S$0.50; MEPS S$20, TT 0.125% commission (min S$20, max S$100 and cost of cable (min S$20, max S$40) | GIRO and FAST S$0.50; MEPS S$20, TT 0.125% commission (min S$20, max S$100 and cost of cable (min S$20, max S$40) |
| Online Banking Features | Real-time account overview, Fund transfers, Collections and payments, Cheque deposit imaging, Facilitate import and export transactions, Track trade transactions, Bulk payments, E-receipts and statements | Real-time account overview, Fund transfers, Collections and payments, Cheque deposit imaging, Facilitate import and export transactions, Track trade transactions, Bulk payments, E-receipts and statements |
| Others | S$25 / US$25 per cheque book; clearing fee S$1 / US$1 | S$25 / US$25 per cheque book; clearing fee S$1 / US$1 |
| Application processing time | Approximately 2 working days | |
Ease of Account Opening: HSBC provides a standard business checking account, but the relatively high initial deposit and monthly balance requirements might pose a challenge for small businesses. The eligibility criteria, including the need for an operating base in Singapore, adds an extra layer of complexity. However, the diverse range of currencies available may be beneficial for businesses with international operations. The processing time of approximately 15 minutes for the form, followed by document verification and card delivery, may be seen as a longer overall duration compared to other banks.
Conclusion
Opening the right business account is a fundamental step for small business owners. It provides legal protection, increased professionalism and streamlined financial management. The choice between checking and savings accounts directly depends on the needs of your business, and choosing the right bank includes consideration of various factors that will be a plus for both you and the business as a whole. Leading local business bank accounts offer customized solutions for a variety of business requirements. Make informed decisions to optimize your business finances and pave the way for sustainable growth.
If you are looking at setting up a digital bank account, you can also refer to our comprehensive guide on the 8 best digital business banks in Singapore.
For fast, reliable and cost-eficient company registration in Singapore, please contact us now!
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