Top Business Banking Options for Trading in Singapore
It is highly recommended that you gain a deep understanding of the Singapore market beforehand – including vital factors such as free-trade agreements (FTAs), targeted customers, trade barriers, taxation, and more for a preferable outcome. By having this information at hand, you’ll be able to make an informed decision on which business bank account best suits the needs of your company.
There are many banking options available to Singapore trading companies, and it can be difficult to choose the best account for your business. In this article, we will discuss the different options and help you make the best decision for your company.
What to Consider When Choosing a Business Bank Account?
There are a few key traits to keep in mind when choosing a business bank account, but ultimately it will come down to what makes the most sense for your specific company.
It’s important to be proactive and stay on top of your business’s finances so that you can make informed banking decisions.
While accounts with low initial deposits and favorable maintenance fees can be attractive at first, they often lack the bandwidth to accommodate the future growth of your business. The goal is to balance affordability and scalability. With that in mind, here are a few criteria to help you make a decision:
Fees
Be sure to be clear and concise with your banker during your first meeting. Describe your business model and how you will be using the account in order to help them better understand your needs.
For example, if you operate an e-commerce business that sends/receives high-volume transactions on a daily basis, then it would be in your best interest to open an account with a bank that has low/no transaction fees.
Additionally, you likely won’t need to use in-brand services or contact the bank’s representative as much as you might expect.
Security
Even though banks have tight in-house security to protect against user data breaches, eCommerce data breaches still make up a large majority of payment-related frauds.
For this reason, it’s important to choose banks that are under the protection of the National Credit Union Association or the Federal Insurance Corporation.
Minimum Deposit and Balance
To avoid being charged a fall-below fee by your bank in the event of insufficient funds, be sure to talk with a consulting agent beforehand. Additionally, it would be beneficial to inquire about minimum and maximum limits for transfers. By doing this, you will be able to better manage your finances and avoid any costly fees or penalties.
Extra features
When you’re first starting out, it can be tempting to skimp on features in order to save money. But there are some features that are worth the extra investment and can actually end up saving you money in the long run. Here are some add-on services that are worth considering:
- Bulk payment and invoicing tools: This can help save time and energy when it comes to processing payments and issuing invoices.
- Accounting software integration: This can help you keep track of your finances and budget more effectively.
- Automated expense categorization: This can help you save time when it comes to tracking expenses.
- Money tracker and analytics: This can help you see where your money is going and identify areas where you can save.
- Merchant account: This is a must-have for e-commerce businesses.
A merchant account allows businesses to accept credit and debit card payments. The primary difference between a merchant account and a regular bank account is that merchant accounts have access to funds from credit and debit payments.
In addition, merchant accounts usually offer faster access to funds than regular bank accounts (usually within two days after the transaction occurred).
If you decide to get a merchant account, be aware that there will be some contractual agreements that you will need to sign with your acquiring bank.
If you’re just starting out and are not ready for such contracts, a payment service provider may be a good alternative for you.
Top Banks for Singapore Trading Business
Standard Chartered
Standard Chartered is one of the top business banking options for Singapore trading business.
The bank offers a range of services, including an easy and fast account opening process, no minimum monthly balance requirement, and competitive rates on foreign currencies.
In addition, Standard Chartered has a global presence with more than 60 countries and territories worldwide. Some of the features and benefits that Standard Chartered offers to Singaporean traders include:
- A wide range of banking products and services to fit all your needs
- Fast account opening process – get started in as little as four business days
- No minimum monthly balance requirement helps save costs
- Competitive rates on foreign currencies
Citibank
If you’re a Singapore trading company, Citibank is one of the best banking options available.
It has experience working with all kinds of unique business profiles, so it knows how to best work with trading businesses. Additionally, its registration fee and initial deposit are both low, and there’s no minimum monthly balance requirement.
Plus, transfers in and out of the account are generally limited to just S$25 each. All these factors make Citibank an excellent option for your Singapore trading company.
DBS
DBS is a great option for your Singapore trading business.
It has a wide range of services to offer and works with a variety of unique business profiles, so you can be sure that it will be able to handle your needs.
Additionally, its registration fee and initial deposit are both low, and there’s no minimum monthly balance requirement. You can also keep track of expenses with its comprehensive platform, which grants complete oversight of your finances.
DBS is a great fit for enterprises in Singapore. With an available API, you can receive and send up to S$25 each with ease. Moreover, incoming and outgoing transfers are generally limited to S$25 each. All these factors make DBS the fitting option for your enterprise in Singapore.
Secure your chance of opening a business bank account
We all know the importance of opening a corporate bank account in Singapore. But what are the chances of being approved?
There are some things you can do to increase your chances. First, have all of the required documents ready and organized. Second, make sure you have a good relationship with your banker. Building a positive relationship will go a long way in securing approval for your account. And finally, be prepared to answer any questions your banker may have about your business and its operations. Having a clear and concise business plan can also be helpful in this regard.
Conclusion
If you want to open a business bank account in Singapore, it’s important to do your research so that you can choose the best option for your company. The things that matter are- the type of business you have, the location of your business, and the features that are important to you. Make sure you take the time to compare different banks and their offerings so that you can find the perfect fit for your business.
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