6 best business & corporate bank accounts in Singapore (Most popular in 2024)

Whether you're a startup founder or a seasoned entrepreneur, a business account is a catalyst for growth and operational efficiency. In this article, we’ll learn more about digital banking for business, look at the differences between “business accounts” and “business bank accounts,” look at offerings from key providers, and explore how you might find the right solution for your needs.

What is a business bank account?

A business bank account, sometimes known as a corporate account, is a specialised banking service for businesses. Those who’ve tried to operate their personal and business affairs from the same account know this can get quite complex as your business grows. That’s why dedicated business accounts exist. They’re designed to provide business owners with the support, functionality, and visibility they need to manage their business.

How do business bank accounts work?

Business bank accounts function similarly to personal ones but are designed for companies. They allow businesses to manage their finances, make transactions, and often come with features like invoicing tools and multiple-user access. They also help keep business and personal funds separate, which is crucial for accounting and tax purposes.

Top 6 business bank accounts in Singapore

Here’s a quick overview of the most popular business bank accounts:

• DBS Business Multi-Currency Account: A business checking account for SMEs who trade internationally. The DBS Multi-Currency Account lets you make transactions in SGD and 12 other currencies, and gives you the option to book FX contracts for more competitive rates¹.

• OCBC Business Growth Account: A legacy solution for Singapore-registered businesses. Compared to other OCBC accounts, they have the lowest initial deposit of just $1,000 and free FAST, GIRO, and PayNow transactions.

• UOB eBusiness Account: A banking solution for young entrepreneurs and new businesses. Among UOB’s corporate banking options, the eBusiness Account has the lowest minimum daily balance (S$5,000) and lowest annual account fee (S$35).  

• Maybank FlexiBiz Account: An account for startups and new businesses. While it has the same minimum initial deposit requirements as the other business accounts, there’s no minimum balance or monthly account fee.

• CIMB SME Account: A low-cost current account for new businesses and SMEs. They’ve done away with the fees that typically come with business accounts, such as fall-below fees, GIRO or FAST fees.

• Airwallex Business Account: An all-in-one account for businesses of all sizes. You get instant access to a wide range of financial solutions, such as local currency accounts, corporate cards, expense management, bill payments, and a payment gateway. Unlike business bank accounts, there are no account opening fees, minimum balance requirements, or monthly admin fees.

Top features to look for in a business bank account

Selecting a bank account tailored to your business type and size will save you time, money, and effort as your business grows.

• Affordable and clear costs. Seek accounts with minimal or no monthly fees, and options for fee waivers under certain conditions like maintaining a minimum balance. Choose accounts that offer a good number of free transactions, such as deposits and transfers.

• Easy access and compatibility. Ensure the availability of robust online banking platforms. Look for compatibility with key accounting software and payment processors, along with reliable customer support.

• Custom business tools. Check for essential services like payment processing and consider the availability of credit options and the ability to grant account access to multiple users securely.

See how DBS, OCBC, UOB, Maybank, and CIMB’s business banking solutions compare with the Airwallex Business Account. 

Compare the best business bank accounts

How to choose the right business bank account?

A business account provides the foundation you need to handle transactions and support your business as it grows. Here are some points of consideration before doing so.

Do I need a business bank account?

In Singapore, almost all registered businesses, from small startups to large corporations, choose to open business bank accounts - or a specialised business account from a non-bank financial provider - to manage their finances.

Sole traders and freelancers, on the other hand, might opt not to open a business bank account if their business transactions are minimal or closely tied to their personal finances. Even so, many of them will find that a business account or business bank account is a valuable way to simplify tax reporting and separate their personal and business finances for better financial clarity.

What are the benefits of a business bank account?

A business account provides the foundation you need to handle transactions and support your business as it grows. Here are some other benefits of a business bank account:

• Efficient business management. A business account is designed to support your financial operations, with features like higher transaction limits, payroll transactions, and employee corporate cards. If you have helpful reporting tools, you can more accurately analyse your business’ activity and forecast figures for the next quarter.

• Clarity in accounting and tax reporting. A business account keeps your income and expenses neatly documented in one place. This streamlining is critical when filing your income taxes or if IRAS requests an audit.

• Ease of doing business globally. A business account simplifies the process of working with overseas suppliers or clients, with features like multi-currency accounts, foreign exchange services, and international wire transfers. Some payment specialists like Airwallex let you open specialised local currency accounts so you can easily create a Chinese RMB account from Singapore or open a US account from Singapore.

5 key considerations for small businesses opening a business bank account

With a business account, SMEs are positioned for efficiency, innovation, and resilience in a global market. 

• Fees. Small business accounts should have low or no monthly fees and should not charge penalties for not achieving minimum deposit thresholds. When cash flow is tight, every dollar counts and so this flexibility will enable your business to continue to use capital where it's needed most. While you’re evaluating fees, it’s also worth looking at overall value. It may be worth paying a little bit more for one centralised product or service, rather than several smaller fees for many. This could help you save money overall, and will also likely save you precious time - while avoiding frustrating tasks like manual data transfer.

• Scalability. It's also critical to find a small business account that will grow with you. As your business grows, so do your payment needs and their complexity. By opening a small business account that has features like international payments, online payment processing and card creation from day one, you save yourself the need of having to switch in a year or two when you've outgrown your current provider.

• Offers. Many financial providers are invested in seeing your business grow, and you can qualify for special rates or fee waivers. Sometimes these are attached to certain types of accounts, and sometimes they are attached to a program - like Airwallex’s program for founders, Airwallex for Startups. Interested in learning more about our offer for Airwallex for Startups members? We’ve created an exclusive Airwallex package, designed to skyrocket startup growth.

• Visibility and transparency. When you’re running a small business – or any business – money is moving everywhere. Supplier and vendor payments, subscriptions, customer transactions, bills, employee expenses… The list goes on. A birds-eye, real-time view of money movement through your business account is absolutely essential.

• Security. It's important to choose a business bank account that keeps your money and personal information safe. Look for accounts that offer strong security measures like extra login steps, systems that spot fraud, and methods that protect your data. This helps prevent money loss from scams and makes your customers feel confident that their transactions are secure.

  Discover the Airwallex Business Account.

  Sign up for your Business Account

Understanding different bank accounts

Understanding business accounts is key to managing your company’s financial needs effectively. They provide the foundation for handling transactions, tracking expenses, and keeping your business finances organised.

What’s the difference between a business bank account and a personal bank account?

Some key differences between personal and business bank accounts differentiate the two. Unlike your personal savings account, a business account has corporate account features like higher transaction limits, payroll, and merchant services.  It’s a dedicated space where your enterprise’s financial activities can be monitored, managed, and optimised for growth. 

Where personal bank accounts are typically no- or low-fee, business bank accounts will likely have fees attached. Due to the nature of the account, business bank accounts have higher daily spend limits, too. You’re not just paying for your groceries or paying off your credit card—you’re paying vendors and clients.

What’s the difference between a business account and a business bank account?

The difference between a business account and a business bank account is that the latter is provided by a financial institution that holds a banking licence, commonly known as banks.

A business account generally refers to an account provided by a financial institution that does not hold a banking licence but does hold other regulated licences. For example, Airwallex is licensed as a Major Payment Institution and is regulated by the Monetary Authority of Singapore (MAS). We keep customer funds in trusted global financial institutions and protect them according to the local regulations in each country where Airwallex operates.

Key features of the Airwallex Business Account

Airwallex supports businesses beyond traditional banking services. You can enter new markets faster and grow your business quickly with these key features:

• Multi-currency Global Accounts. Operate without creating separate bank accounts in over 60 countries with 23+ local currency accounts. Receive, hold, and spend foreign currency without conversion. 

• Market-leading transfer. Access interbank exchange rates with minimal markup. Currency risk management features to lock in preferred rates.

• Borderless Cards. Issue unlimited virtual and physical Visa cards with 1% cashback on all spend categories. Real-time expense monitoring and custom controls.

• eCommerce payments. Accept payments from 180+ countries with 160+ local payment methods. Like-for-like settlement in 11 currencies to avoid conversion fees.

• Automated bill payments. Simplify accounts payable with automatic invoice processing and multi-currency payments. Xero integration for direct bill import.

How to open a business account in Singapore

The business account opening process is straightforward and requires some preparation. Here's a general guide:

Who is authorised to open a business bank account in Singapore?

You can open a corporate bank account if you are:

1. A director of the company 

2. An authorised signatory at your company. They must be listed on the Board Resolution, according to your company’s constitution 

Prepare all documents required for a corporate bank account

Singapore banks require a range of documents to open a corporate account. These documents are necessary to verify your company’s validity, the identities of its company representatives, and to ensure compliance with Anti-Money Laundering (AML) regulations.

Here are the supporting documents you’ll need to prepare:

Certified True Copies of identification documents: 

• Company Business Profile from ACRA. This is the ACRA document that contains basic information about your business, such as your Unique Entity Number (UEN), date of incorporation, and business activities. 

• Passport/Singapore IC of the company directors, authorised signatories, and Ultimate Beneficiary Owners.

• Proof of Residential Address of the company directors, authorised signatories, and Ultimate Beneficiary Owners.

Certified True Copies of business registration documents:

• Certificate of Incorporation. This document certifies that a company is registered with ACRA in Singapore. 

• Board of Directors Resolution that sanctions the opening of the corporate account, to be prepared by your company secretary.

• Company’s Constitution. This is a legal document that outlines the rules and regulations on how the company will be managed. 

Other documents:

• Completed Corporate Account application forms, signed by the authorised signatories.

Opening an Airwallex business account requires documents and IDs too. However, the process is generally simpler than with corporate banks with no need for you to be physically present. Here’s are the supporting documents needed for opening a corporate bank account and opening a business account with a fintech such as Airwallex.

Note that the requirements can vary slightly from bank to bank. Additional documents may be requested based on your business activities or the structure of your company.

Can I open a business account (from a Fintech) alongside my business bank account?

Yes, you can open a fintech business account alongside your traditional business bank account because each serves unique purposes. 

A business bank account is essential for handling transactions like receiving customer payments and paying suppliers. It also provides traditional banking services, such as access to loans, credit facilities, and secure deposits, which are crucial for managing cash flow. Some banks like DBS also offer services designed to help SMEs digitise their businesses.

A fintech business account complements this by offering similar payment services while providing additional features that streamline financial operations. These accounts often include tools like accounting software integrations, expense management, and eCommerce payment gateways, making it easier to manage your finances in one place. 

By using both, your business can benefit from the infrastructure of a traditional bank account and the efficiency of fintech solutions, creating a more flexible and convenient way to handle financial needs.

Why Singapore businesses use the Airwallex Business Account?

If you think fintech is more suited to your business’s needs, look no further than the Airwallex Business Account. This all-in-one account offers essential financial and payment services, plus tools that streamline your business’s operations. If all your documents are in order, you can open an account as quickly as one business day. Once your account is verified, you can pay global suppliers in minutes, issue Borderless Cards instantly, or create local currency accounts. 

Unlike traditional business bank accounts, Airwallex also supports eCommerce payments and automates financial tasks like accounting or expense management. Having all these services in one platform minimises time spent managing multiple providers and gives a clear view of your business’s performance. 

Don’t just take our word for it. Discover how these Singapore businesses have used Airwallex to support their unique needs:

• How EU Holidays boosted profit margins with financial technology

• How Saturday Club sells globally from Singapore to Airwallex

Conclusion

Choosing a business account is critical for the success and scale of any SME. It should do more than streamline daily operations and help you cut costs. The right banking partner must align with your business’s growth trajectory and equip you with tools to get there.

In this context, Airwallex is a strategic choice for businesses poised for growth. By choosing Airwallex, you gain a partner that’s attuned to SMEs’ needs and offers technology to succeed in today’s fast-paced global marketplace.

Frequently asked questions

1. What qualifies as a business account?

A business account is a specialised banking account for companies of all sizes. It facilitates payments to suppliers, receipt of funds from customers, payroll, and other business-related financial activities. 

To open a business account, you need to submit your UEN, ACRA business profile, and identity documents of company directors.

2. Is a corporate account the same as a business account?

The terms "corporate account" and "business account" are used interchangeably to describe business banking. However, some banks in Singapore differentiate between the two. 

In such cases, corporate accounts are specifically designed for multinational corporations, offering a suite of services that cater to their complex, high-volume financial activities. Business accounts are tailored to meet the needs of SMEs, providing features that suit the simplicity of smaller operations. This distinction allows financial institutions to serve the varied needs of businesses across the spectrum.

3. Which bank is best for business accounts in Singapore?

The best bank for business accounts depends on your specific requirements. Legacy banks like DBS, OCBC, and UOB suit enterprises that need a physical presence and access to loans. If your business values traditional banking relationships, a conventional bank might be your best bet. 

SMEs that operate mostly online or in the global marketplace might find fintech platforms like Airwallex more appealing. Fintech platforms offer more competitive rates, have faster processes, and are built for ease of use.  If your business values digital efficiency, using fintech could be highly beneficial.

4. Do I need a business account as a sole proprietor?

Sole proprietors in Singapore aren't required to open a business bank account. However, it's highly recommended. A business account helps you separate personal and business finances, simplifying accounting practices and giving you a clear view of your financial performance.

5. Can anyone open a business account?

No. You can only open a business account if you are a director of your company or an authorised signatory at your company. Additionally, this enterprise must be registered in Singapore. 

6. How much does it cost to open a business bank account in Singapore?

Minimum deposit fees range from SGD 0 – 1,000, depending on the bank. 

7. What is the difference between a personal and a business bank account in Singapore?

In Singapore, a personal bank account is for daily financial transactions, like getting a pay, paying bills, and saving money. In contrast, a business bank account is meant for a business entity’s financial operations, handling transactions like client payments, supplier invoices, and payroll. 

The key difference lies in their intended use. Business accounts have features suited to commercial activities, such as higher transaction limits and the ability to grant multiple users access, which personal accounts do not offer.

8. Should I link my personal bank account to my business account?

Linking your personal bank account to your business account can simplify cash flow management and simplify transfers across accounts. However, it's important to maintain a clear separation between your personal and business finances for accounting accuracy and tax purposes. Careful consideration should be given to ensure this doesn't compromise the clarity and integrity of your business’s financial records.

Sources

1) https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

2) https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

3) https://www.dbs.com.sg/corporate/cash-management/new-business-account-pricing

4) https://www.ocbc.com/business-banking/smes/accounts/business-growth-account 

5) https://www.uob.com.sg/business/transact/ebusiness-account.page

6) https://www.uobgroup.com/uobgroup/rates/general-service-fees-part1.page

7) https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page

8) https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html

9) https://www.airwallex.com/sg/business-account

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.