Top 8 Business Accounts in Singapore in 2025

If you're running a business in Singapore, or planning to, opening the right business account is essential if you want to succeed in today’s market. It’s a foundation for everything from getting paid to managing expenses and expanding internationally.

In 2025, the trend is you are no longer limited to just one or two choices. Singapore now offers a wide range of business accounts, from traditional banks to digital-first platforms, each with its own mix of fees, features, and perks.

This guide breaks down the 8 best business accounts available this year. We’ll show you what each account offers, how much it costs, and who it’s best for, so you can choose the one that helps your business grow.

Let’s take a closer look.

DBS Business Multi-Currency Account is offered by DBS, a Singapore-based multinational banking and financial services corporation and a leading consumer bank.

If you’re already familiar with DBS as a personal banking customer, the DBS Business Multi-Currency Account (Starter Bundle) offers the same reliability and ease of use but is tailored to business needs.

This account simplifies managing both local and international transactions by consolidating payments and collections in multiple currencies into a single account, making it suitable for new businesses preparing for global operations right from the start. 

• Manage SGD and 12 other currencies in one account: AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD
• Get unlimited free FAST and GIRO payments via DBS IDEAL (excluding bulk/payroll).
• Make telegraphic transfer and over-the-counter transfers. 
• Use DBS’s FX Online to book live, competitive exchange rates anytime.
• Issue cheques when needed.
• Singapore-incorporated, fully owned by Singaporeans or PRs, may qualify for online account opening.
• Get $0 FX fees, 1% cashback, and complimentary corporate liability insurance with the DBS Business Advance+ Card (T&Cs apply).

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

Most entities, including private limited companies, sole proprietorships, partnerships, LLPs, clubs, associations, societies, religious organisations, charities, and MCSTs, are eligible.

Only businesses incorporated in the last three years are eligible for the Starter Bundle.

Both Singapore and overseas-incorporated businesses can apply. However, only Singapore-corporated companies wholly owned by Singapore Citizens or Permanent Residents can submit their applications online. 

If your business is overseas-incorporated, has foreign corporate or non-resident individual owners, or is a hedge fund, you must apply via DBS directly and provide a Letter of Recommendation from a DBS overseas branch or a reputable bank.

Please refer to this checklist for the required documents based on your business type.

Oversea-Chinese Banking Corporation Limited (OCBC) is a Singaporean multinational bank operating through subsidiaries in several countries, primarily in Southeast Asia. It offers various types of personal and business banking services, including the OCBC Business Growth Account.

This account is suitable if you’re looking for an SGD-based account with spending benefits. You can also open it together with the OCBC Multi-Currency Business account to have two accounts under one monthly fee, one local SGD-based account and one multi-currency account. However, this bundled account option is only available for Singapore-registered businesses. 

• Earn 1% cashback on everyday business spending and 0.2% cashback on everything else with a free debit card 
• The monthly fee is waived for the first 2 months.
• 80 free FAST and 80 GIRO transactions per month.
• Complimentary 6-month fire insurance.
• Tailored support and financial solutions for sectors like healthcare, logistics, F&B, and more.
• Tap into OCBC’s expertise to expand to Malaysia. 
• 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.

For other fees, please refer to the bank’s Business Banking Pricing Guide page.

This account is available only to businesses registered in Singapore. If your business is registered overseas, OCBC recommends applying for the OCBC Business Foreign Account instead.

You may be eligible for instant online account opening if your business is registered in Singapore, is opening its first OCBC Business Account, and is fully owned by one or two Singapore Citizens or Permanent Residents. The applicant must have access to Singpass or CorpPass for identification. 

The UOB eBusiness account is provided by United Overseas Bank Limited (UOB), one of Asia’s top banks with an extensive network across the Asia Pacific region.

The UOB eBusiness account is a straightforward SGD current account designed for routine local business payments. It supports essential transaction types such as FAST and GIRO transfers, and bulk payroll processing, covering most payment needs for SMEs managing suppliers, recurring invoices, and employee salaries. However, it offers limited functionality for multi-currency or cross-border transactions. You can manage the account through the UOB Infinity digital banking platform or the UOB SME mobile app.

• Get free access to UOB Infinity, a digital banking platform that lets you manage your business finances across 10 markets, and the UOB SME App, designed to help businesses monitor UOB Infinity
• Free monthly subscription for bulk payment services.
• Get a rebate of SGD 0.50 per outgoing FAST transaction (up to 60/month)
• Get a rebate of SGD 0.20 per GIRO payment or collection (up to 60/month)
• 100% rebate on bulk GIRO payroll fees.
• Earn up to 1.5% p.a. cashback on online transactions via UOB Infinity or SME App.
• No minimum balance fee for 12 months.
• Free email notifications for cash and trade transactions.

For more details, go to the account service page and check the rates and fees section.

The UOB eBusiness Account is available to both Singapore-registered and foreign-incorporated companies. Eligible business types include sole proprietorships, partnerships, limited liability partnerships, private limited companies, societies, clubs, associations, clans, professional practices, and management corporation strata titles (MCSTs).

However, only Singapore-registered sole proprietorships, partnerships, and private limited companies fully owned by Singapore citizens or permanent residents can apply online.  For Private Limited Companies, directors must also be approved signatories and approved persons, with a maximum of five. Singpass login credentials are required for the online application. 

Another choice catering to SME business owners is the CIMB SME Account, a product of CIMB, a Malaysian bank headquartered in Kuala Lumpur that operates across ASEAN's fast-growing markets. Without fall-below fees, startups and small businesses can manage their accounts without the hassle of maintaining a minimum balance. 

The account also allows for free FAST, GIRO, and payroll transactions and includes free e-alerts, allowing you to monitor your transactions through a secure notification service.

• Make unlimited single and bulk FAST, GIRO, and payroll transactions via BizChannel@CIMB (online or app) at no charge.
• No fall-below fees. 
• No monthly account fees for the first 12 months.
• Stay informed about your account activity with complimentary eAlerts instant notifications.
• No charge for Telegraphic Transfers for 12 months when you send money using BizChannel@CIMB online or via the app. Valid until July 2025. 

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

For sole proprietorships, partnerships, and private or public companies.

Your company can be incorporated in Singapore, Malaysia, or other countries. For Singapore and Malaysia, you can apply online. For other countries, a Bank Representative will assist you with account opening.

The Maybank FlexiBiz Account is a convenient and cost-effective option for businesses, provided by a Maybank, a Malaysian universal bank with core markets in Malaysia, Singapore, and Indonesia.

The account offers generous cashback perks and includes incentives for new customers, such as Bonus Interest available until June 2025. Its interest rate increases as your account balance grows, making it a rewarding choice for businesses looking for some returns.

• No monthly fee
• 100% cashback on fees and charges for 30 FAST and 30 GIRO transfers per month.*
• 100% cashback on fees and charges for 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.
• 24/7 access to business internet banking at no cost.

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

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

To be eligible for the Maybank FlexiBiz Account, the business must be incorporated in Singapore as a Sole Proprietorship, Partnership, or Private Limited Company, have no more than 3 directors, partners, or owners (all of whom must be Singapore Citizens or Permanent Residents), and must be an active business.

ANEXT Bank is a licensed digital bank in Singapore and a wholly owned subsidiary of Ant International. As a digital wholesale bank, it exclusively offers banking products tailored to the financial needs of SMEs, including the ANEXT Business Account.

The ANEXT Business Account supports holding up to 4 currencies and allows international transfers in 9 currencies. It’s easy to get started with no opening fee, no initial deposit, and no minimum balance required.

• Hold funds in 4 currencies: SGD, CNH, USD, and EUR. 
• Grow your funds with 1% p.a. daily interest on all SGD, USD, and EUR balances
• Send and receive unlimited SGD transfers at no cost.
• Unlimited free inwards telegraphic transfers. 
• Send international transfers via SWIFT in CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD from your ANEXT Business Account.
• Easy online application.
• SGD batch payment available with no service fee

The ANEXT Business Account is available to five types of business entities: Sole Proprietorship, Partnership, Limited Partnership, Limited Liability Partnership (LLP), and Private Limited Company (Pte Ltd).

To be eligible, your business must be incorporated in Singapore and have an active Corppass account. The person applying on behalf of the business must have a Singpass account and be authorised to retrieve business information via Myinfo Business through Corppass.

If you are not a Singapore Citizen or Permanent Resident, you may still apply on behalf of the business, provided you meet the requirements mentioned above. Foreign Identification Number (FIN) holders can also have Singpass access, allowing them to complete the application.

The Wise Business Account is a multi-currency account provided by Wise, a global financial services company.  Although not a traditional bank account, it enables users to hold and exchange over 40 currencies and offers both physical and digital debit cards.

For businesses in Singapore, Wise offers a low-entry option with no deposit requirement. It provides a multi-currency account that lets you hold and convert currencies for free. However, if you want to receive foreign currencies, there is a fee involved.

• Hold and exchange over 40 currencies  
• Make international payments to 70+ countries.
• Link to multi-currency debit cards for international spending and withdrawals.
• Make payments up to 1,000 people at once.
• Get account details in 23 currencies, including SGD, GBP, EUR, CNY, and AUD.
• Integration with accounting software like Xero and Sage. 

To qualify for a Wise Business account, your business must be officially registered in one of the 50+ countries that Wise operates in, including Singapore. Additionally, it must fall under one of the accepted entity types, which include sole proprietors, freelancers, limited or public companies, and partnerships. If you are a trust or charity, you are only eligible if you are registered in the EEA.

Aspire is another non-bank provider, functioning as a financial platform headquartered in Singapore, with offices in both Singapore and Hong Kong. It offers business payment solutions tailored for startups, small and medium-sized enterprises, and mid-sized companies with up to 1,000 employees worldwide. 

The account features and supported currencies vary depending on where your company is registered. For companies registered in Singapore, Aspire supports up to 4 currencies.

• Multi-currency accounts in SGD, USD, EUR, and GBP
• Send and receive international payments in over 30 currencies
• Virtual corporate cards with cashback on eligible SaaS and digital marketing spend
• Physical cards available
• Apple Pay and Google Wallet integration
• Compatible with accounting software, such as Xero

To be eligible for an Aspire Business Account, your business must be registered in one of Aspire’s 18 supported countries, including Singapore, Indonesia, and Hong Kong.

The registration process may take longer than usual if your company has corporate shareholders holding more than 25% of ordinary shares.

Now that we have covered the list of the best business accounts, here are some key factors entrepreneurs and businesses should consider when weighing their options before opening a corporate bank account in Singapore.

• Eligibility Requirements: Most banks require your business to be registered in Singapore with a Unique Entity Number (UEN) to open a business bank account. Some banks charge a high account opening fee for foreign-incorporated businesses. 
• 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 or Annual Fees: Many corporate accounts charge a monthly or annual account maintenance fee. To minimise costs, look for banks or financial service providers that offer fee waivers or reduced fees for new businesses or high account balances.
• 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. Fees can vary between sending and receiving, as well as between international and local transfers, so it’s important to review both sides carefully.
• Digital Banking Option: Prioritise banks with user-friendly and secure online platforms that offer features such as online payments, invoicing, and expense management tools 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.

There are plenty of business account options available in Singapore, each offering different features. The key is to focus on what your business truly needs, whether free local transfers, multi-currency support, low fees, or easy online onboarding, and compare accounts carefully to choose one that helps your business manage finances smoothly without cutting into your profits.

If you prioritise a digital-first, multi-currency solution with personalised customer support and seamless Xero integration, Statrys can provide an alternative. While it is a Hong Kong-based business account, Statrys offers flexibility and convenience for Singapore-registered companies handling international transactions. Ultimately, the best choice depends on your specific requirements and banking preferences.