Bank Account in Singapore: 10 easiest bank accounts for small businesses in 2024

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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:

  1. 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:

  1. ANEXT SGD Account
  2. 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:

  1. 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:

  1. 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:

  1. OCBC Business Growth Bank Account
  2. 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:

  1. UOB eBusiness Account
  2. 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:

  1. CIMB SME Account
  2. 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:

  1. Maybank FlexiBiz Account
  2. 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:

  1. SGD BusinessOne Account
  2. 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:

  1. HSBC Current Account
  2. 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.

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