Best business bank accounts in Singapore 2025 | How to choose

Key Takeaways

• When opening a corporate account, businesses need to take into consideration factors such as the various fees of that specific account and whether it has business-specific features you may need such as multi-currency options, software integration, and expense management.

• There are a variety of banks to choose from in Singapore, but traditional banking may not be the way for you, especially for new, starting businesses.

• New businesses shouldn’t have to settle for a corporate account from traditional banks, but can instead consider fintech options such as Airwallex, with minimal fees and modern, essential business features. 

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

Key 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.

Top business bank accounts in Singapore

Our ranking for this list is based on actual factors that business owners look out for, such as minimum initial deposits, opening fees, account fees, etc. We’ve also compared these specific factors against each other, so you’ll know if you’re getting the best possible benefits.

Here’s a quick overview of Singapore’s 5 most popular business bank accounts, as well as an alternative banking solution for your business through Airwallex:

1. Airwallex Business Account

An all-in-one account for businesses of all sizes.¹ You get instant access to a comprehensive range of financial solutions, such as local currency accounts, corporate cards with in-built expense management, bill pay, a payment gateway and more. Unlike business bank accounts, there are no account opening fees, minimum balance requirements, or monthly admin fees.

Summary

Airwallex is arguably the best option for anyone looking to open a corporate account but do not wish to deal with the hassle commonly found in traditional banks. It offers great benefits in terms of fees, as well as other useful features such as multi-currency accounts and Corporate Visa cards. With partnerships across local payment rails, Airwallex enables free local transfers to 120+ countries, providing a cost-effective global payment solution for businesses with international aspirations.

2. DBS Business Multi-Currency Account

A business checking account for SMEs who trade internationally and make international transactions.² 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 rates.

Summary

For anyone looking for a great multi-currency account starter bundle, which is especially useful for those who consistently deal with international accounts and currency, DBS has a great option, but does come with a few caveats, such as a stringent minimum balance requirement as well as high monthly and annual fees.

3. OCBC Business Growth Account

A legacy solution for Singapore-registered businesses.³ Compared to other OCBC accounts, they have one of the lowest initial deposits of just $1,000 and free FAST, GIRO, and PayNow transactions.

Summary

The OCBC Business Growth Account is a great option for those looking to stick with traditional banking options for their corporate accounts. Its only slight flaws lie in its monthly account fees and Outward TT fees.

4. UOB eBusiness Account 

A banking solution for young entrepreneurs and new businesses.⁴ Among UOB’s corporate banking options, the eBusiness Account has a minimum daily balance (S$5,000) and a relatively low annual account fee (S$35).

Summary

Similar to the OCBC Business Growth Account, the UOB eBusiness Account has a high minimum monthly average balance requirement, as well as relatively high account fees.

5. Maybank FlexiBiz Account

An account for startups and new businesses.⁵ While it has the same minimum initial deposit requirements as the other business accounts, there’s no minimum balance or monthly account fee.

Summary

Although the Maybank FlexiBiz Account has low entrance fees with just a S$1,000 minimum initial deposit and minimum balance requirement, it has extremely high outward TT fees, making it a hard recommendation for certain businesses.

6. CIMB SME Account

A low-cost current account for new businesses and SMEs.⁶ They’ve done away with the fees that typically come with business accounts, such as fall-below fees, GIRO or FAST fees.

Summary

The CIMB SME account is probably the best low-cost bank account to open for your business if you’re planning on going with traditional banking methods. It still comes with your typical fees, but they can be considered minimal when taking into account the other options.

Compare the best business bank accounts

Why Airwallex?

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 FX transfers. Save up to 80% on FX fees

• Corporate 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.

Why do Singapore businesses use the Airwallex Business Account?

The Airwallex Business Account is an all-in-one account that 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 through the Airwallex Payment Gateway and automates your finances with accounting or Expense Management features. 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 Airwallex’s financial technology

• How Saturday Club sells globally from Singapore with Airwallex

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.

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, freelancers, and sole proprietors do not need 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.

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.

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 are the supporting documents needed for opening a corporate bank account and opening a business account with a fintech company 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 business 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.

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

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

5. 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.

6. 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.

References

1. https://www.airwallex.com/sg/business-account

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

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

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

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

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