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Best banks to use in Singapore

1.

DBS Bank (Development Bank Of Singapore)

2.

OCBC Bank (Oversea-Chinese Banking Corporation)

3.

UOB (United Overseas Bank)

4.

Standard Chartered

5.

Citibank

With its strong global connectivity, Singapore has become one of the world’s top global financial centres since achieving independence in 1965. 

Whether you are starting or planning to expand your business to Singapore, you will find it useful for your operation to have a business account with a bank in the country. But with over 130 banking institutions to choose from, you might wonder: where do I begin? 

In this article, we have gathered a list of the 5 best banks in Singapore to help you get started. We will also talk about the key services each of them offers, along with an alternative business banking option you may want to consider. 

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Tip: Discover the five categories of banking institutions in Singapore in our article.

The Best Banks in Singapore

In this section, we will list the top banks in Singapore to help you compare the different options available in the market.

DBS Bank

a screenshot of dbs bank platform

Total Assets: SGD 743 billion

Operational Headquarters: Marina Bay Financial Centre, Singapore 

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-).

Total number of employees: Approximately 36,000 employees

Annual Report: DBS Group Holdings Ltd Annual Report 2023

Year Founded: 1968

DBS Bank Ltd is a multinational banking and financial services firm based in Singapore. It was originally founded as The Development Bank of Singapore Limited until it rebranded to the abbreviated name DBS Bank in 2003. Since then, the bank has been recognised as one of the largest financial institutions, receiving many awards, including Global Finance's World Best Bank for five years in a row from 2018 to 2022.

According to the Monetary Authority, it is also one of the only 6 local banks in Singapore.

Key Services of DBS Bank

As an established bank, DBS Bank offers a variety of personal and business banking products, including the following:

Service

Information

DBS My Account

An all-in-one savings account for personal use that allows you to save up to 13 currencies with no initial deposit or minimum balance requirements.

DBS Business Multi-Currency Account

Hold and manage money in SGD and 12 foreign currencies: AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD. Companies incorporated in Singapore are eligible for online account opening (with conditions.

Account Opening Service for Foreign-Owned Companies

Companies owned by foreigners or incorporated outside Singapore can apply for a guided account opening service.

Working Capital Loan for SMEs

Borrow up to SGD 500,000 with an interest rate of 7% and a flexible repaying option from 1 to up to 5 years.

DBS World Business Card

Receive up to 2% cash rebate on eligible local and foreign transactions with the DBS Business Card.

OCBC Bank

a screenshot of ocbc bank platform

Total Assets: SGD 581,424 million

Operational Headquarters: OCBC Centre, Singapore

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-)

Total number of employees: Approximately 33,300 employees

Annual Report: OCBC Annual Report 2023

Year Founded: 1932

The Oversea-Chinese Banking Corporation Limited (OCBC) is one of the major banks in Southeast Asia and Hong Kong. It was the first bank in Singapore to allow foreigners to open a bank account remotely via the OCBC digital banking app.

OCBC Bank is also one of the largest banks in Southeast Asia in terms of assets, market capitalisations, and profit.

The bank has received a lot of accolades and awards, the most significant being the consecutive 6-year win for Best Bank for SMEs Singapore from 2017 to 2022. 

Key Services of OCBC Bank

The following are the key services and financial products offered by OCBC Bank in Singapore.

Service

Information

360 Account

A personal savings account that lets you earn up to 4.65% interest a year on your first SGD 100,000 deposit. Only Singaporeans, Singapore PR, and foreigners with a valid pass may apply. 

Business Growth Account

An all-in-one business account for SMEs registered in Singapore. This account allows businesses to benefit from free unlimited FAST, GIRO, and PayNow transactions and up to 1% cashback on debit card spending.

Multi-Currency Business Account

A multi-currency account supporting 13 currencies: USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK

Business First Loan

SMEs registered and operating in Singapore between 6 months and 2 years can apply for a loan of up to SGD 100,000.

OCBC Visa Business Credit Card

Earn a 3% rebate on your business expenses at selected merchants, 1% on foreign currency transactions, and 0.2% on SGD transactions. 

UOB

screenshot of UOB bank platform

Total Assets: SGD 524 billion

Operational Headquarters: UOB Plaza, Singapore

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-)

Total number of employees: 25,075 employees
Annual Report: UOB Annual Report 2023

Year Founded: 1935

United Overseas Bank (UOB) is a well-established and highly regarded bank in Singapore that has grown to become a leading financial institution in Southeast Asia. With a strong focus on Asia, UOB operates multiple overseas branches and subsidiaries across different countries in the region in addition to the 63 branches in its home country. 

UOB was recognised as the Best Bank in Asia-Pacific in 2024. Given its history and range of services, UOB has solidified its position as one of the leading banks in Singapore and the broader Southeast Asian region. 

Key Services of UOB

UOB Singapore offers a wide range of banking and financial services, including current and savings accounts, retail banking, wealth management, corporate finance, and digital banking services.

Service

Information

Global Currency Account

A multi-currency account for personal use that allows you to hold and transfer 10 other currencies: USD, AUD, GBP, CHF, CAD, NZD, EUR, HKD, JPY and CNH.

UOB eBusiness Account

A business account designed for sole proprietors and businesses in Singapore with features such as free FAST and GIRO transactions with a rebate programme. 

UOB BizGlobal Account

Suitable for companies incorporated in and outside Singapore that frequently trade in USD, this account allows you to earn 0.18% p.a. on your USD deposits and benefit from free inward Telegraphic Transfers. 

UOB Business Loan

Businesses that have been operating for more than 12 months can apply for a loan of up to SGD 800,000 with up to 5 years of repayment. 

UOB Virtual Payment Solutions

Benefit from the digital convenience of on-demand virtual card issuance and virtual payment control. 

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Tip: UOB also offers a selection of credit cards, with the UOB One Card being in our top 5 best credit cards in Singapore

Standard Chartered

screenshot of standard chartered bank platform

Total Assets: USD 819.992 billion

Operational Headquarters: Marina Bay Financial Centre, Singapore

Credit Rating: S&P (A+), Moody's (A1), and Fitch (A+)

Total number of employees: Approximately 85,000 worldwide

Annual Report: Standard Chartered Annual Report 2023

Year Founded: Opened its first branch in Singapore in 1859 

Standard Chartered Singapore is a subsidiary of the UK-based Standard Chartered banking and financial services company. It is one of the first foreign banks to obtain a Qualify Full Bank (QFB) licence from the Monetary Authority of Singapore. 

As in other markets, Standard Chartered Singapore is committed to responsible and sustainable banking practices, aiming to contribute positively to the local community and environment. The bank's history and reputation as a reliable financial institution, combined with its international expertise, make it a significant player in the Singaporean banking landscape.

Key Services of Standard Chartered

In Singapore, Standard Chartered provides various services, including personal banking, corporate and institutional banking, wealth management, and SME banking services. 

The bank also offers a range of credit card products, loans, savings accounts, and investment opportunities tailored to the diverse needs of its customers.

Service

Information

Smart Business$aver Account

Earn up to 4.68% interest p.a. on your deposit and enjoy a 1% rebate on qualified business debit card spending.

BusinessOne Business Current Account

A USD or SGD non-interest-bearing business current account that grants access to a free Internet Banking Service and dedicated Client Care Centre. 

Business Non USD Foreign Currency Account

Open a business account in AUD, GBP, HKD, or NZD with an average balance of USD 10,000 or equivalent to benefit from features like discounted tariffs for payroll services. 

Business Protection Insurance

Get business insurance solutions to protect your business and property with expert guidance from a team of insurance specialists. 

Citibank

screenshot of citibank platform

Total Assets: USD 2,432.510 billion (Citigroup)

Operational Headquarters: Asia Square, Singapore

Credit Rating: S&P (A+), Moody's (A1), and Fitch (A+)

Total number of employees: 239,000 worldwide

Annual Report: Citigroup Annual Report 2023

Year Founded: Established in Singapore in 1902

Citibank Singapore is one of the most significant foreign banks in the country. It is also one of the largest financial institutions in terms of assets and one of the oldest to begin operating in Singapore. 

The bank is well-known for its innovative digital banking offerings and customer-centric approach. Customers can use online and mobile banking platforms to manage their accounts, make transactions, and access various financial services with ease. Additionally, Citibank offers a range of credit card options that are tailored to meet different customer needs, often with rewards programs and exclusive privileges.

Key Services of Citibank

Citibank Singapore provides a wide range of banking and financial services to individuals, businesses, and institutions in Singapore. These services include personal banking, commercial banking,  international banking, wealth management, credit cards, loans, insurance, and investment products. 

Service

Information

Citi Wealth First Account

Earn up to 7.51% p.a. on your savings from eligible debit card transactions, lump sum investment purchases, and more.  

MaxiSave Account

An interest-bearing checking account that offers 0.01% p.a. Interest credited every month. 

Citi Corporate Card

Choose from various cards and expense management tools that suit your company’s financial needs. 

Citi Business Card

Suitable for SMEs, this credit card comes with complimentary travel and corporate liability waiver insurance.

Business Banking Alternatives

While traditional banks are a good option if you value established reputation and physical branches, they often have high account opening costs and minimum deposit requirements. Opening a bank account is also more complex if your company is not incorporated in Singapore. 

If you prefer lower account maintenance fees and faster setup, consider fintech companies specialising in business accounts, like Statrys. 

Statrys is an award-winning financial service provider for businesses registered in Hong Kong, Singapore, and the BVI. With a Statrys business account, you can hold, send, and receive 11 major currencies with a single account number, including SGD, HKD, USD, EUR, CNY, GBP, JPY, AUD, CHF, NZD, and CAD. 

Statrys also offer a company incorporation service to help you kick-start your business operation in Singapore. 

A spring promo for company creation pricing of Statrys

FAQs

What are the top 5 banks in Singapore?

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1. DBS Bank Ltd.
2. Overseas-Chinese Banking Corporation (OCBC)
3. United Overseas Bank (UOB)
4. Standard Chartered
5. Citibank

Which bank in Singapore has the largest assets?

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Can foreign companies open an account with banks in Singapore?

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