Business Bank Account in Singapore: What You Need To Know

If you’re starting or growing a company in Singapore, opening a business bank account is one of the first steps business owners need to take. It helps you keep personal and business money separate, stay compliant, and show clients that your company is credible.

The process, however, isn’t always simple. You may find that some banks welcome startups with lower deposits, while others expect strict minimum balances or take weeks to approve your account opening, especially if your company is foreign-owned.

In this guide, you’ll learn what a business account is, which banks and providers are available in Singapore, what requirements and fees to expect, and how to choose the right option for your business needs. We’ll also cover alternatives if a traditional bank doesn’t work for you.

A business bank account, sometimes called a corporate bank account, is an account opened under your company’s name. It is the official place where all your business money goes in and out. With it, you can send and receive payments, manage day-to-day business transactions, hold funds in Singapore dollars or foreign currency, and use tools like debit cards, cheques, or online banking.

Why You Need a Business Bank Account

Having a business account isn’t just about formality. It plays an important role in how your company is run. Here are the key reasons why it matters:

Legal compliance

Singapore companies need to keep proper records for ACRA and tax reporting. A separate account makes this straightforward.

Practical benefits

You can pay suppliers, invoice clients, and access extra banking services like multi-currency features or digital banking.

Credibility

Getting paid through a company or corporate bank account looks far more professional than asking clients to send money to your personal one.

Separation of finances

Mixing personal and company money only creates confusion. A business account keeps cash flow clear and avoids breaking bank T&Cs by using a personal account for business use.

When opening a business bank account in Singapore, you’ll face two main decisions. The first is which banking provider to use, and the second is which type of account best suits your needs.

In practice, most SMEs and foreign entrepreneurs open accounts with either traditional Full Banks or newer Digital Banks, each offering products designed for different stages of business growth.

Types of Banking Providers

All banks in Singapore are licensed and regulated by the Monetary Authority of Singapore ( MAS) under the Banking Act of 1970. The main categories are Full Banks, Qualifying Full Banks, Wholesale Banks, Merchant Banks, and Finance Companies. For SMEs and foreign entrepreneurs, the most relevant providers are the following:

Types of Business Bank Accounts

In Singapore, banks generally offer four main types of accounts. While all are available, only some are widely used by SMEs and foreign entrepreneurs.

For most SMEs, Current Accounts are the go-to option for handling local payments and payroll. If your business works with overseas clients or suppliers, a Multi-Currency Account is usually the smarter choice, as it simplifies cross-border transactions and cuts FX costs.

Before you apply for a business bank account, you’ll need to prepare some documents and check that your company meets the bank’s eligibility rules.

Eligibility Requirements

• Some banks require at least one resident director.
• In-person KYC is often needed, especially for foreign-owned companies.
• Banks may set minimum deposits or balance requirements, which vary by provider.

If your company is foreign-owned, you can still apply. Just expect stricter checks or longer processing compared to local businesses.

Required Documents

• Corporate documents: ACRA BizFile, Certificate of Incorporation, and your company’s Unique Entity Number (UEN).
• Personal documents: IDs or passports of directors and shareholders, plus proof of residential address (utility bill, lease, etc.).
• Business-related documents: Some banks may also request contracts, invoices, or a board resolution to confirm authorised signatories.

For foreigners, banks may ask for additional proof depending on your situation. This can include a valid passport, proof of residential address, and in some cases, a bank reference letter from your current provider.

Typical Timelines

• Local companies: around 1–3 weeks.
• Foreign-owned companies: often 4–8 weeks, longer if additional checks are needed.

Most delays come from extra KYC verification or requests for supporting documents during the account application. Being well-prepared can speed things up.

Opening a business bank account in Singapore comes with a few costs. Bank pricing structures vary, but here are the main ones to expect:

Minimum Deposits and Balances

• Initial deposits usually range from SGD 0 to SGD 5,000.
• Many accounts require a minimum balance, often SGD 1,000–5,000.
• If your balance drops below this, banks charge a fall-below fee, typically around SGD 10–15 a month.

Monthly Charges

• Some banks charge SGD 10–20 as a monthly account fee or maintenance fee, or an annual fee of up to SGD 120.
• Digital banks often offer a waiver of these.

Transaction & FX Fees

• Local transfers (FAST, GIRO) are often free or very low-cost.
• International transfers come with higher transaction fees. These usually include a flat fee plus a foreign exchange margin, which is added on top of the bank’s exchange rates. This matters most if your clients or suppliers are overseas.

With so many banks and account types available, the best way to narrow your choices is to focus on the factors that matter most to your business. Here are the key areas to compare when making your decision:

Eligibility

Not every bank is equally friendly to foreign entrepreneurs. 

Traditional providers like DBS or OCBC may require more supporting documents and in-person meetings, especially if your company is foreign-owned. By contrast, digital banks like ANEXT or GXS usually welcome SMEs through fully online onboarding with fewer hurdles. 

If you are a non-resident director, check carefully whether the bank requires your presence in Singapore. This is often the biggest hurdle for foreign founders.

Costs

Pricing and fees can add up fast if you do not check the details. 

For example, UOB’s eBusiness Account comes with a higher minimum balance (SGD 5,000) and fall-below fees, which may not suit new startups. On the other hand, CIMB’s SME Account has no minimum balance, and ANEXT has no setup or monthly fees, making them easier to manage if cash flow is tight. 

Beyond account fees, keep an eye on FX margins for international transfers. These hidden costs can be higher than the transaction fees themselves and often catch new business owners by surprise.

Features

Start with the core tools your company will rely on every day, such as payroll, multi-currency support, or debit cards. 

For local SGD payments, OCBC’s Business Growth Account includes bundled free transfers and a debit card. If you work with overseas clients, DBS’s Multi-Currency Account or ANEXT’s Business Account may be more useful since they allow balances in multiple currencies and simplify cross-border transfers. Perks like cashback or rebates can be attractive, but they should come after the essentials. 

A practical approach is to list your top three must-have functions and filter providers against those priorities.

Speed

If you are setting up a new company, how quickly you can access your account matters. 

Traditional banks often take two to six weeks to approve applications, especially for foreign-owned companies. In contrast, digital banks like MariBank or Trust can complete onboarding in as little as one to five days if your documents are in order. 

Think about how this timing fits with your launch plans. If you need to invoice clients or pay suppliers right away, choosing a faster option could save valuable weeks.

If your application with a traditional bank takes too long or gets rejected, payment service providers (PSPs) can be a practical alternative. These aren’t banks, but they let you open a business account to send, receive, and manage money, often with lower fees and faster onboarding.

Here are three alternatives worth considering if a traditional Singapore bank account doesn’t suit your needs:

For business owners, opening a business bank account is one of the first steps to getting a company running smoothly in Singapore. The options are plenty, but the right choice depends on your needs, whether that’s multi-currency support, fast onboarding, or simply keeping costs low.

It’s best to start early so your banking setup doesn’t slow down your business plans. Explore the banks and alternatives available, compare what they offer, and choose the account that helps you focus on growing your business.