Best 5 SME banks in Singapore for businesses in 2025

Choosing the right SME bank is essential as your business grows. It ensures that you have access to financial services designed to meet your unique needs. In this comprehensive guide, we’ll explore the top five business bank accounts for small businesses in Singapore. We’ll give detailed insights into their fees, features, benefits, and drawbacks. By comparing these options, you'll be able to make an informed decision and choose the best bank account for managing your company's finances.

What is SME banking?

SME banking offers financial services tailored to the unique needs of startups and small businesses. From business accounts and debit cards to payment solutions and more, these services help SMEs manage their finances and grow with ease. Many SME banks in Singapore offer digital business bank accounts as the country’s online banking penetration is expected to reach 87% by 2029.¹

In this article, we'll cover the five best business and corporate bank accounts in Singapore, including DBS, OCBC, UOB, Maybank, and CIMB. We'll also introduce Airwallex as an end-to-end financial platform designed to complement the services offered by banks and seamlessly support your business growth.

Top SME banks in Singapore

Finding the right bank for your SME can significantly impact how you manage your finances and grow your business. Here are some of the top SME banks in Singapore that cater to various business needs:

• DBS

• OCBC

• UOB

• Maybank

• CIMB

If you’re looking for an alternative to traditional banks, Airwallex offers an innovative all-in-one fintech solution to simplify financial management for SMEs.

Things to consider when choosing a SME bank for your business

Before we dive into the details about each bank, we'll cover several key factors that you should consider when it comes to opening a business bank account in Singapore. We'll also point out the differences between traditional SME banks and fintech options like Airwallex as we go.

1. Transaction limits. Different banks and service providers have different transaction limits for their SME accounts. These limits can vary depending on the currency and transfer method you choose. 

2. Account maintenance fees. Some SME bank accounts may charge monthly or annual fees. However, alternatives like digital banks such as ANEXT Bank or fintech platforms such as Airwallex offer multi-currency business accounts with no set-up or maintenance costs.

3. Digital banking facilities. Choose banks that provide robust digital banking platforms, ensuring convenience and accessibility to streamline your financial operations. While most banks now offer online banking, their systems may lack the features and efficiency of global fintech solutions, which often go beyond traditional banking to deliver a broader range of services tailored to modern business needs.

4. Payment options. Consider the payment options offered by different banks, such as credit and debit cards, online transfers, and mobile wallet integration. 

5. Expense tracking. Most banks provide basic expense tracking and limited integrations with accounting software. For businesses looking to boost efficiency and automate payments, Airwallex offers a comprehensive end-to-end Expense Management solution. With Airwallex, you can eliminate manual data entry, automate expense tracking, and simplify reconciliation processes. 

6. Value-added services. Different industries may have specific banking needs. For example, eCommerce businesses may require seamless integration with online payment platforms and access to international payment gateways. Airwallex offers a comprehensive Checkout solution that allows you to accept payments in 180+ currencies in 180+ countries. Using Airwallex's multi-currency business account, you can settle funds in the same currency your customers pay in, avoiding unnecessary conversion fees.

Let’s take a look at some of the best SME banks in Singapore and explore the offerings they provide in more detail.

1. DBS SME Banking

DBS is a multinational bank based in Singapore, providing tailored SME solutions for businesses across industries such as F&B, healthcare, and logistics. One of their key offerings is their Business Multi-Currency Account, which allows companies to manage their finances in up to 13 currencies.² Their online and mobile banking platform DBS IDEAL enables businesses to manage their finances on-the-go, such as approving payments, paying salaries, checking real-time account balances, and more.

Key features:

• Multi-currency account. Send, receive, and hold funds in 13 currencies including SGD, AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD.

• Free domestic transfers within Singapore. Make up to 50 free FAST and 50 free GIRO transfers per month.

• SWIFT transfers. Make international payments through SWIFT, with a flat fee of S$30 per transaction.

• Corporate debit card. Enjoy no FX fees for currencies across 200+ countries, plus 2% cashback on eligible B2B transactions when you spend with the DBS Business Advance+ Card.

Pros:

• Starter Bundle for new companies. Companies incorporated for less than 3 years are eligible for DBS' Starter Bundle and can enjoy zero monthly service charge and unlimited free FAST and GIRO payments via DBS IDEAL.

Cons:

• Limited global coverage. The DBS Business Multi-Currency Account supports only 13 currencies, whereas Airwallex can hold 23+ currencies. Airwallex also has 60+ licences and operates 23 offices internationally, providing a truly global reach.

• High international transfer fees. DBS charges an expensive flat fee of S$30 per TT transfer. In contrast, Airwallex minimises TT fees by partnering with local payment networks in 120+ countries.

2. OCBC Business Banking for SME

OCBC, one of Southeast Asia's largest banks, offers business accounts, business loans, and cash flow solutions for SMEs in Singapore. Their Business Growth Account is tailored for startups and new businesses, while the Business Entrepreneur Account Plus caters to more established enterprises, both operating in SGD. They also offer a multi-currency account, allowing businesses to operate in up to 13 currencies and access FX services.³ Additionally, OCBC provides industry-specific solutions for businesses in healthcare, F&B, education, and logistics. Their digital banking platform OCBC Velocity streamlines financial management with features such as cash flow forecasting, income and Expense Management tools, and trade financing.

Key features:

• Multi-currency account. Transact in 13 currencies including USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, and NOK.

• Free domestic transfers within Singapore. Make up to 80 free FAST and 80 free GIRO transfers per month with the OCBC Business Growth Account.

• TT transfers. Send money internationally via TT at S$30 per transfer.

• Corporate debit card. Get 1% cashback on eCommerce, digital marketing, and travel expenses.

• Financial management tool. Manage your accounts receivable and accounts payable in the same place. You can create invoices, combine bill payments, and automate reconciliation.

• POS terminals. If you operate a brick-and-mortar store, OCBC provides POS terminals that accept card payments from all major credit and debit cards.

• QR payment collection. Collect payments instantly and save on commission fees with OCBC's digital merchant solution, which supports PayNow, WeChat Pay, ShopeePay, and UnionPay QR.

Pros:

• Global presence. OCBC has physical branches and offices around the world including Malaysia, Hong Kong, US, and UK. This makes it easier for businesses operating internationally to access on-the-ground support. 

Airwallex also has 20+ international offices to offer localised support for businesses.

• Xero integration. OCBC offers an one-way bank feed integration with Xero for businesses to automatically sync their bank transactions, manage cash flow and reconcile accounts. Airwallex provides a seamless two-way integration with Xero, where businesses can not only ‌sync their bank transactions to Xero, but also import their chart of accounts and tax rates from Xero for streamlined expense coding within Airwallex. 

Cons:

• Minimum deposit requirements and monthly fees. OCBC charges S$10 monthly fee for their Business Growth Account and has a minimum monthly balance requirement of S$1,000-30,000 for their various business accounts.⁴

• Reliance on Swift for international transfers. ​​Unlike Airwallex, which leverages local payment rails in 120+ countries to enable high-speed transfers to global suppliers and employees without relying on SWIFT, OCBC charges a TT fee of S$30 for each international transfer.

• Limited payment options. If you run an eCommerce business, OCBC only supports payment acceptance via cards, direct Payment Links, or QR payments from PayNow, WeChat Pay, ShopeePay, and UnionPay QR. However, these options may limit your reach, as they are best suited for businesses catering primarily to a local audience. If what you need is a global payment gateway that accepts customer payments from around the world, Airwallex enables businesses to collect payments from 180+ countries through 160+ local options, making it seamless to scale and expand into global markets.

3. UOB SME Banking

UOB is a Singapore-headquartered bank with a global network of 500 branches and offices, most of them located in Southeast Asia. They offer tailor-made business accounts, merchant services, insurance plans, and business loans for SMEs in F&B, retail, manufacturing, education, and more. Their digital banking platform UOB Infinity and UOB SME app provide 24/7 account access, allowing businesses to manage their cash flow, financial supply chain, and trade transactions on-the-go.

Features:

• Multiple business accounts. UOB offers multiple business accounts, including the eBusiness Account, Corporate Current Account, BizTransact Account, and Corporate Global Currency Account. Each account caters to different types of businesses with varying needs and transaction volumes.

• Business debit and credit cards. UOB offers a multi-currency debit card with 0.5% cash rebate on local transactions and 1% cash rebate on overseas transactions. They also have a range of business credit card options with various rewards and lines of credit.

• Payroll services. UOB supports bulk payroll upload and GIRO payout for businesses to easily manage salary payments and reduce administrative hassle.

Pros:

• Alternative cross-border transfer option to SWIFT. In addition to traditional SWIFT transfers, UOB offers a more affordable international money transfer method that supports 13 currencies across 45+ markets. Unlike their usual TT fees, which range from S$10 to S$100 plus additional agent charges, UOBSend charges a single flat fee of S$20 per transfer.⁵ This service allows for transfers up to a maximum of S$25,000. Using Airwallex, businesses can further minimise TT fees by sending money through local payment rails in 120+ countries with zero transfer fees.

• Access to yield accounts. UOB offers various time/fixed deposit and yield accounts for businesses to grow their surplus cash and enjoy competitive interest rates.

Cons:

• Supports up to 10 currencies. The UOB Corporate Global Currency Account allows businesses to manage foreign currency transactions in USD, AUD, CAD, EUR, JPY, NZD, GBP, CHF, HKD and CNH. In comparison, Airwallex enables businesses to open accounts with local bank details in 23+ currencies across 60+ countries.

4. Maybank SME Banking

Maybank is a full-service commercial bank based in Malaysia, with key operating markets in Malaysia, Singapore, and Indonesia. They offer a range of services to help SMEs with getting started, growing their business, and expanding overseas. Their digital banking platform, Maybank2u, provides convenient access to various financial and payment solutions including trade finance, accounting services, and payroll systems.

Features:

• Business accounts. Maybank offers a range of business accounts to suit different needs. Their FlexiBiz Account is designed for startups and young businesses with no monthly fees and no minimum balance required, while their HighBiz and PremierBiz Accounts offer interest rates on excess funds. For businesses with global operations,  the Foreign Currency Current Account supports major currencies including USD, EUR, GBP, AUD, NZD, and CAD.⁶

• Corporate credit card. The Maybank Business Platinum Mastercard offers businesses with a range of benefits such as exclusive rewards, global concierge services, and complimentary travel insurance.

• Integration with ABSS Payroll. Maybank Business Current Account holders can  integrate their ABSS payroll system with the bank's online banking platform. This allows for efficient salary payments to employees directly from the business account.⁷

Pros:

• Instant bank transfers to Malaysia. For businesses with suppliers or employees in Malaysia, Maybank provides instant transfers to any bank in Malaysia via their online banking platform with a flat fee of S$10 per transaction.⁸ In comparison, Airwallex offers free global transfers to 120+ countries via local payment rails, with almost 65% of funds arriving instantly.

Cons:

• Limited currency options in the multi-currency account. Maybank’s Foreign Currency Current Account only supports six currencies, which could be tricky for businesses that frequently handle transactions in other currencies. On the other hand, Airwallex's Global Accounts enables businesses to hold 23+ currencies, making it easier for them to receive and send payments globally..

• Lack of comprehensive global payout capabilities. Maybank offers TT services for businesses to make cross-border payments in 6 currencies.⁹

5. CIMB Business and SME Banking

CIMB is a Malaysian bank with a strong presence across ASEAN countries, including Singapore, making it a great choice for businesses working in multiple markets. They offer a range of SME solutions like business accounts, loans, trade finance, cash management, and treasury services. With their digital banking platform, BizChannel@CIMB, businesses can easily check account balances in real time, make payments, receive funds, and more at their convenience.

Features:

• Business accounts. CIMB offers a range of business accounts, including multi-currency options for businesses that frequently deal in different currencies. Their SME Account has no initial deposit and no minimum average balance requirements, making it accessible for small businesses.¹⁰ The CIMB Foreign Currency Current Account supports AUD, CAD, CNH, GBP, HKD, NZD, and USD with a minimum monthly average balance requirement of S$8,000 and early account closure fee of S$50.^11&12

• Free PayNow, FAST, and GIRO transactions. CIMB SME Account holders can enjoy unlimited free local SGD transactions with PayNow, FAST, and GIRO.

• Accounting integrations. CIMB offers integrations with standard accounting systems for automatic processing of high volume transactions like payroll, saving you time on manual processes.

Pros:

• Competitive exchange rate to Malaysia and Indonesia. With strong ties to both countries, CIMB offers competitive FX rates for cross-border B2B transfers, including bill payments and TT transactions in MYR and IDR.^13&14

Cons:

• High monthly deposit requirement for multi-currency account. CIMB Foreign Currency Current Account requires a minimum monthly average balance requirement of S$8,000 , which may not be ideal for small businesses with lower cash flow.

• Limited currency options. For businesses that frequently deal in multiple currencies, CIMB's Foreign Currency Current Account supports only seven currencies, which may not be sufficient for your needs. In comparison, Airwallex offers a much wider range of 23+ currencies with our Global Business Accounts.

Summary: comparing the best SME banks in Singapore

See our table below for a quick summary of the fees and features offered by different SME banks. We’ve also included Airwallex as a fintech alternative to highlight their key differences.

SME banking reimagined: Airwallex’s Global Account benefits for Singapore businesses

While many SMEs in Singapore rely on traditional banks for their financial needs, exploring alternative solutions with a greater global reach and wider range of services could be a game-changer. 

 Airwallex provides business accounts with local bank details in 23+ currencies, including USD, AUD, HKD, CNY, and JPY, providing a much more comprehensive coverage than what most SME banks offer. This allows you to easily invoice and receive payments from customers from around the world. With no monthly fees and minimum balance requirements, the Airwallex Global Account offers a cost-effective solution for businesses of all sizes to manage their cross-border transactions.

Moreover, by partnering with local payment rails in 120+ countries, Airwallex enables businesses to make high-speed transfers to their global suppliers and employees without going through SWIFT, saving them from expensive transfer fees. This also allows for faster processing times, with 90% of transactions settling within the same day.

Beyond our multi-currency accounts and global transfer capabilities, Airwallex provides an end-to-end financial solution that scales with your business. Our benefits include:

• Accept customer payments in 180+ countries. Using Airwallex's payment gateway, which can be seamlessly integrated with popular eCommerce platforms like Shopify and WooCommerce, businesses can easily accept payments from customers around the world, enabling them to tap into new markets.

• Eliminate double conversion fees. Businesses can receive and hold customer payments in the same currency they pay in, eliminating costly FX fees. Moreover, they can use these funds for future payments to overseas vendors or employees, avoiding double conversion fees.

• Expense management solution. Businesses can issue free multi-currency cards to their employees for business travel expenses or managing company expenses like digital ad spend and SaaS subscriptions. With our expense management system, businesses can gain real-time visibility into employee spending and simplify their reimbursement process all in one place.

• All-in-one online platform and mobile app. From making payments to tracking real-time exchange rates and managing expenses, businesses can manage all their financial activities on the same platform.

Conclusion

When selecting a SME bank account for your business, keep in mind factors such as account maintenance fees, transaction limits, and digital banking facilities. Assess your business needs and choose a banking partner that offers the most suitable features to support your operations.

With the Airwallex business account, you can save time and money while expanding your global reach. Our end-to-end financial solution offers a range of tools and features to simplify cross-border payments, Expense Management, and more. Sign up for your free Airwallex account today to enjoy seamless international banking for your growing business.

Frequently asked questions

1. What documents are required to open an SME bank account in Singapore?

To open an SME bank account in Singapore, you typically need your business registration documents, ID documents (such as the NRIC or passport), and proof of address. See the full list of business verification documents needed for opening an Airwallex account in Singapore.

2. How long does it take to process an SME bank account application in Singapore?

The processing time for an SME bank account application in Singapore can take anywhere from a few days to a few weeks. With Airwallex, once you submit all required documents, your application will be processed within 1-3 business days.

3. Can SMEs in Singapore integrate their bank accounts with accounting software?

Some banks and financial providers in Singapore offer integrations with accounting software for their SME accounts. For instance, Airwallex provides seamless integrations with Xero, Quickbooks, NetSuite, and more. By integrating your bank feed with an accounting software, you can gain more visibility into your cash flow and automate your reconciliation process.

4. What are the eligibility criteria for SME business loans in Singapore?

To qualify for SME business loans in Singapore, most banks require your business to be registered and operating locally, meet a specified annual revenue threshold, and have been incorporated for a minimum number of years. A good credit score and strong financial statements can also increase your chances of approval. Since requirements vary across banks, it's important to research and compare options before submitting your application.

Sources and references

1. https://www.statista.com/forecasts/1150317/online-banking-penetration-forecast-in-singapore

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/multi-currency-business-account

4. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

5. https://www.uob.com.sg/business/transact/payments/uobsend.page

6. https://www.maybank2u.com.sg/en/business/global-banking/accounts/current/foreign-currency-current-account.page?

7. https://www.maybank2u.com.sg/en/business/local-enterprise/payments-remittances/payments/aps-obg.page?

8. https://www.maybank2u.com.sg/en/business/local-enterprise/payments-remittances/remittances/online-funds-trasfer-msia.page?

9. https://www.maybank2u.com.sg/iwov-resources/sg/pdf/faq/business/payments-remittances/telegraphic-transfer.pdf

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

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

12. https://www.cimb.com.sg/en/business/help-support/rates-charges/fees-charges/corporate-pricing-guide.html 

13. https://www.cimb.com.sg/en/business/promotions/latest-promotions/sg-my-funds-transfer-promo.html 

14. https://www.cimb.com.sg/en/business/promotions/latest-promotions/sgd-idr-funds-transfer-promo.html 

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

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

17. https://www.uob.com.sg/business/accounts/corporate-global-currency-account.page 

18. https://www.maybank2u.com.sg/iwov-resources/sg/pdf/business/m2e-pricing-guide.pdf 

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

20. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

21. https://www.maybank2u.com.sg/en/bank-charges/sg-loans-others/outward-remittance.page 

22. https://www.cimb.com.sg/en/business/help-support/rates-charges/fees-charges/corporate-pricing-guide/transactions-outward.html

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.