OCBC Business Account Review: Pros, Cons & Alternative

Final Verdict

OCBC provides structured banking for Singapore SMEs but lacks fee transparency.

Overall, the most stand-out feature of OCBC bank for businesses is the wide range of business accounts they offer, from the low-cost Business Growth Account for startups to the more versatile Multi-Currency Business Account for global traders. OCBC also delivers practical tools like online FX trading, invoice syncing, and QR-code payment collection. For established local companies that value in-branch service, OCBC is a solid choice.

However, OCBC's fee structure isn't always easy to decode. FX rates aren't listed publicly, and many international transfer charges vary depending on the setup. The onboarding process is smooth for local entities using Singpass, but companies outside Singapore or in restricted sectors may face hurdles. And unlike fintech alternatives, OCBC doesn't provide live chat, nor does it assign a relationship manager by default.

Key Highlights:

• Multiple account types: Including multi-currency and RMB options
• Global payments: Send in 60+ currencies via Telegraphic Transfer
• 24/7 FX trading: With real-time rate booking via OCBC Velocity
• OCBC Business Debit Card: With cashback on eligible expenses
• Integration: Invoice and bookkeeping sync with Xero and InvoiceNow

As an established banking institution, OCBC offers a range of business account tailored to different company sizes and transaction needs, supporting both local SGD and foreign currency transactions. 

All OCBC business accounts give you mobile banking access through OCBC Velocity and Business App, both are reliable, but the interface can feel dated compared to newer platforms.

For payments, you can send money locally using FAST (instant), GIRO (1–2 days), or MEPS (same-day), which covers most use cases for businesses in Singapore. Internationally, transfers are available in over 60 currencies via Telegraphic Transfer (TT) or IACH, which is solid, though it might not be the most cost-efficient option for frequent overseas payments.

Transactions are also synced with Xero and InvoiceNow, which is a big plus for bookkeeping. Logins are secured with OCBC OneToken, giving decent protection. Overall, the features are comprehensive but might lean towards being built for traditional banking users, not startups or fast-moving teams.

Here’s a quick look at the different types of business accounts OCBC offers and the extra features you get with each one:

• Business Growth Account: Includes 80 free FAST and 80 free GIRO transactions per month, plus up to 1% cashback with the free debit card. A good fit for businesses focused on local payments that want to save on transaction fees.
• Multi-Currency Business Account: Lets you receive and pay in 13 currencies (USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK). Useful for international businesses, though FX rates may not be the most competitive.
• Business Entrepreneur Account Plus: No recurring account fees for eligible expanding or established businesses. A solid choice if you want to keep costs low while maintaining access to OCBC’s full banking tools.
• Renminbi Business Account: Helps manage RMB foreign exchange risk in a single account. Best for companies regularly doing cross-border trade with China. Not relevant unless RMB is central to your business.

Our Verdict: 8.5/10

If you're looking for a solid business banking option in Singapore, OCBC delivers. Their account options are well thought out, especially for SMEs that need a mix of local and cross-border capabilities. The platform isn’t as modern as fintech alternatives, but you get stability, access to loans, FX services, and a full banking suite. If you prefer working with an established bank, OCBC is a solid choice.

Since OCBC offers several types of business accounts, the pricing varies depending on the plan. In my view, the most important costs to pay attention to are the monthly account fee and basic transaction fee. These are where the biggest differences show up.

For the most accurate and up-to-date details, please refer to OCBC’s Business Banking Pricing Guide.

Our Verdict: 6.5/10

OCBC offers low entry costs and bundled free transfers, which I think makes it appealing for startups and small businesses. The Business Growth Account, in particular, provides good value with minimal monthly fees and waived charges in the first two months. However, limited fee transparency, especially around FX markups and certain account services, can make it harder to assess total costs, hence why I rate it 6.5 out of 10.

OCBC offers several support channels for business account holders, including phone support (Monday to Friday, 8 am to 8 pm SGT), online enquiry forms, and in-branch assistance. These are generally reliable for resolving account-related queries and transaction issues.

For everyday questions, their Help & Support portal is useful and covers key topics like payment methods, business accounts, and OCBC Velocity.

However, OCBC doesn’t currently offer live chat or WhatsApp support for business users, something digital banks and fintech alternatives now provide. Relationship managers aren’t assigned by default, but businesses with more complex needs may be referred to a dedicated representative. 

Our Verdict: 5/10

OCBC covers the basics well with phone, branch, and online support, but it lacks the responsiveness and convenience of modern support channels like live chat or WhatsApp. In my experience, this is typical of most traditional banks—it works, but don’t expect the speed or responsiveness of a fintech.

Let’s break this down into two key parts: what you need to qualify, and how the application process works. Both play a role in how easy it is to get started with OCBC, and ultimately affect the score I’ll give.

Eligibility Criteria and Required Documents

To open a business account with OCBC, your company must be registered in Singapore with a valid UEN (Unique Entity Number). Eligible business structures include Private Limited Companies, Sole Proprietorships, Partnerships, LLPs, Societies, Associations, and Clubs. All directors and authorised signatories will need to present valid identification, such as an NRIC or passport. OCBC does not accept applications from businesses involved in restricted sectors like gambling, moneylending, or cryptocurrency trading.

You'll also need to provide documents, which vary slightly depending on your business type. In general, prepare:

• Valid ID for all directors and authorised signatories
• Company Constitution (for Private Limited Companies)
• Certificate of Incorporation or Registration
• Latest ACRA business profile (dated within 3 months)
• Board Resolution (if required)
• Proof of residential address (for some business types)

For a full checklist by entity type, OCBC provides a detailed guide on their website.

How to Apply

If you're a Singapore resident with a Singpass, applying is straightforward and you can complete the application entirely online. OCBC also offers the option to request a callback if you need help.

For those without Singpass but based in Singapore, in-person applications at a branch are still available. The process is traditional but relatively smooth—especially if your documents are in order.

Our Verdict: 8/10

Opening a business account with OCBC is relatively straightforward for Singapore-registered companies, especially those eligible for online application via Singpass. The document requirements are clear, and businesses can choose to apply either online or in-branch, depending on their preferences.

Trustpilot: 2.3/5 (based on 10 reviews)

Although the number of reviews is small, the feedback highlights common frustrations: slow response times and rigid procedures. That said, this isn’t unique to OCBC. It’s a pattern seen across many traditional banks, where service tends to prioritise compliance over speed or flexibility.

Google Play Rating: 4.8/5 (104K reviews)

The app performs well on Android and has a high overall score. However, recent reviews show growing frustration, particularly around bugs and app stability.

Apple App Store Rating: 4.7/5 (121.4K reviews)

Despite the high rating, many of the written reviews are critical. Users frequently mention issues with the app’s reliability and poor customer service responses, suggesting the score may not reflect the real experience for business users.

If you’re exploring alternative business account providers with a focus on personalised service and transparent pricing, Statrys may be a practical option.

Statrys is a Hong Kong-based fintech company that provides business accounts to companies registered in Hong Kong, Singapore, and the British Virgin Islands. While not a bank, Statrys is licensed and regulated as a Money Service Operator in Hong Kong and works with banking partners to support secure payment operations.

With a Statrys business account, you can:

✅ Hold and manage 11 major currencies (including SGD, USD, EUR, GBP, and RMB) under one account number

✅ Send and receive international payments with FX rates based on the mid-market rate

✅ Access multilingual human support; every client is assigned a dedicated account manager

✅ Work with clear pricing, with no set-up or fall-below fees

✅ Integrate with Xero to simplify bookkeeping and cash flow management