The 5 Best Business Accounts in Singapore in 2024

Setting up a business account is an important task because having the right account can help your business grow by providing the features you need, such as multi-currency capabilities, competitive transaction fees, and customer support. 

Singapore is known as a global financial hub with a robust banking sector, and while it sounds great at first, it can actually make choosing the right business account for your business more difficult, due to having so many options.

In this article, we have researched all the best solutions and will compare the key features, fees, and pros and cons of the best business accounts in Singapore and provide you with key factors to consider before opening an account.

Here are some key factors that entrepreneurs and businesses should consider before opening a business bank account in Singapore.

Initial Deposit

This is the amount needed to open your account. Some banks, such as DBS and CIMB, offer accounts with no initial deposit requirements, making them more accessible for new businesses or those with limited capital.

Monthly Fees

Many corporate accounts charge a monthly fee. Look for banks that offer fee waivers or reduced fees for new businesses or high account balances to minimise your costs.

Minimum Balance and Fall-Below Fee

Some banks require you to maintain a minimum balance in your account to avoid fall-below fees. Be sure to choose an account with a minimum balance requirement that aligns with your anticipated cash flow and financial habits.

Transaction Fees

Check for fees associated with day-to-day transactions, including FAST and GIRO payments and cheque usage.

Digital Banking

Prioritise banks with user-friendly online platforms that offer features such as online payments, invoicing, and expense management to save you time and streamline your operations.

Multi-Currency Support

If you work with international clients or suppliers, consider a multi-currency account to simplify transactions and potentially save on foreign exchange fees. Make sure the account supports all the currencies you use.

Transaction Limits

Ensure the account's daily or monthly transaction limits are sufficient for your business. Exceeding these limits can lead to unexpected fees and disruptions to your operations.

Suppose you're among many Singaporeans with a POSB or DBS account. In that case, the DBS Business Multi-Currency Account – Starter Bundle should feel familiar and user-friendly for you as a business owner.

Considering the current business landscape, preparing your business for global operations from the get-go is crucial. As the name suggests, this bank account seamlessly handles both local and international payments and collections in a single account.

Key Features of DBS Business Multi-Currency Account - Starter Bundle

• Hold and manage 13 major currencies SGD, AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD.
• Unlimited free FAST and GIRO for payments made via DBS IDEAL (online banking platforms), excluding bulk transactions and payroll.
• SGD 30 flat fee for outward telegraphic transfers (additional agent bank fees may apply).
• Competitive FX rates on FX Online–an online platform to book and manage your FX transactions.

Fees of DBS Business Multi-Currency Account — Starter Bundle

Please refer to the DBS pricing guide for detailed pricing information.

Pros & Cons of DBS Business Multi-Currency Account — Starter Bundle

The OCBC Business Growth Account offers a range of features and benefits designed to support business development.

Setting up the account is cost-effective, and the online application process with MyInfo Business allows applicants to receive their account numbers quickly.

Once you have the account, you can access OCBC Velocity, the Digital Business Banking platform. This platform allows you to efficiently manage your accounts, initiate payments and collections, handle cash flow, and even create e-invoices without any charges.

Key Features of OCBC Business Growth Account

• Unlimited free on receiving and sending FAST and GIRO transactions
• Waived monthly fee for the first 2 months
• Can apply and use the OCBC Multi-Currency Business Account without an additional monthly fee. This account allows you to hold and transact in 13 foreign currencies, including USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, and NOK.

Fees of OCBC Business Growth Account

You can refer to the Business Banking Pricing Guide page for more details.

Pros & Cons OCBC Business Growth Account

The UOB eBusiness Account comes with a minimum average daily balance requirement of SGD5,000 and an annual account fee of SGD35 (equivalent to about SGD3 per month).

The UOB eBusiness account offers the UOB BizSmart Digital Solution, a comprehensive platform assisting with essential processes such as invoicing, HR, and accounting, allowing easy accessibility and financial management. Through UOB BizSmart, you can seamlessly import bank account feeds for automatic reconciliation and provide convenient payment options to customers using PayNow QR or NETS PayCollect.

For businesses engaged in cross-border transactions, UOB provides a team of FX specialists to assist with foreign exchange services like FX Spot and FX Forward.

Key Features of UOB eBusiness Account

• Rebate the first 60 FAST transactions per month.
• Rebate the first 60 GIRO payments and collections per month.
• 100% rebate on Bulk Payroll fees.
• Offer business-friendly functionalities such as automatic bank feed reconciliation and convenient payment options for customers (PayNow QR, NETS PayCollect).
• Provide a dedicated team of FX specialists to assist with cross-border transactions, including FX spot and forward contracts.

Fees of UOB eBusiness Account

For more information, you can refer to the fees and rates page.

Pros & Cons of UOB eBusiness Account

Another choice catering to SME business owners is the CIMB SME Account, which was rebranded from the CIMB BusinessGo Lite Account after 28 July 2023. With the absence of fall-below fees, maintaining a minimum balance becomes stress-free for startups and small businesses. The account also allows for free FAST, GIRO, and payroll transactions.

Key Features of CIMB SME Account

• Make unlimited FAST, GIRO, and payroll transactions at no charge.
• Send telegraphic transfer at a flat rate of SGD 15.
• Stay informed about your account activity with complimentary eAlerts–instant notifications–for new transactions.

Fees of CIMB SME Account

You can refer to the CIMB Corporate Pricing Guide for more details.

Pros & Cons of CIMB SME Account

The Maybank FlexiBiz Account is a convenient and cost-effective option for businesses, with a reasonable minimum initial deposit of SGD1,000, making it accessible for newer ventures.

Additionally, by switching to e-payments, customers can enjoy rebates of local and overseas transaction fees if they maintain a minimum of SGD 30,000 average daily balance in their Maybank FlexiBiz Account.

Key Features of Maybank FlexiBiz Account

• No monthly fee
• 100% cashback on 30 FAST and 30 GIRO transfers per month.*
• 100% cashback on Automated Salary Payment*
• 25% rebate of charges on international telegraphic transfers.*
• A complimentary business debit card
• Earn interest rates of up to 0.038% p.a. on your account balance

*Average Daily Balance of SGD 30,000 is required.

Fees of Maybank FlexiBiz Account

For more pricing information, please refer to the fees page for the Current Account.

Pros & Cons of Maybank FlexiBiz Account

Conclusion

In conclusion, choosing the right corporate bank account is important. Each account offers unique features and benefits tailored to different business needs. While DBS may be an attractive option for many due to its low fees, robust banking solutions, and multi-currency support, if cheques and payroll transactions are your priority, you might want to choose other bank accounts. Ultimately, the best choice depends on your business banking requirements and priorities.