Virtual Bank Accounts for Singapore Businesses: How They Work and Key Benefits [2026]

More SMEs in Singapore are using virtual bank accounts  — and it's not hard to see why. They're faster to set up, often more affordable and give entrepreneurs easier access to loans than traditional banks.

If you're weighing up your options, this guide covers how virtual bank accounts work in Singapore, their benefits, who the licensed providers are, and what to look for when choosing one in 2026.

A virtual bank account is a digital financial account that lets businesses manage their finances entirely online — through a mobile app or web platform — without visiting a physical branch.

Most virtual bank accounts let you:

• Send and receive payments
• Hold and manage account balances
• Access transaction histories
• Transfer funds locally and internationally
• Issue virtual payment cards
• Earn interest on deposits

While both allow you to hold, send, and receive payments, there are important differences in how they operate, how accounts are opened, and the features they offer.

The table below highlights the main differences.

So, which one should you choose?

The right choice depends on what your business actually needs.

In practice, many companies use both. For instance, a traditional bank account for trade services and a virtual bank account for everyday payments and small loans. Having more than one business account can also reduce risk if one provider experiences service disruptions.

Having a virtual bank account isn't just about convenience. Here's what makes them worth considering.

• No account fees: Most virtual bank accounts charge no account opening fee, no monthly maintenance fee, and no fall-below fee — costs that add up over time with traditional bank accounts.
• Lower international transfer fees: If your business pays overseas suppliers or receives payments from abroad, virtual bank accounts typically offer better FX rates and lower fees for international payments than traditional banks. This can add up quickly if you regularly convert and transact across borders.
• Higher interest rates on deposits: These accounts typically offer more competitive interest rates on your account balance than traditional ones.
• Faster setup: Most virtual bank accounts can be opened entirely online, with approval typically taking from a few hours to a few business days — compared to weeks at some traditional banks.
• Easier access to SME loans: With virtual bank accounts, you typically get fast-approved business loans with less friction than a traditional bank loan application.

In Singapore, virtual bank accounts are offered by digital banks licensed and regulated by the Monetary Authority of Singapore (MAS). These banks provide banking services through online platforms with no physical branches.

There are 2 types of digital bank licences in Singapore:

• Digital Full Banks (DFB) serve both retail customers and businesses, including GXS Bank and MariBank
• Digital Wholesale Banks (DWB) serve SMEs and non-retail clients, including ANEXT Bank and Green Link Digital Bank.

GXS Bank and MariBank participate in the Singapore Deposit Insurance Scheme, which covers eligible deposits up to SGD 100,000 per depositor.

The SDIC scheme exists to protect everyday retail depositors (regular people with savings accounts).

ANEXT Bank and Green Link Digital Bank hold wholesale bank licences — they only serve businesses and institutional clients, not regular people, so they are not listed in SDIC.

Yes — virtual bank accounts in Singapore are safe because they are offered by banks, subject to regulatory standards.

Licensed banks that hold  Digital Full Banks (DFB) and provide services to retail customers are also covered under the SDIS deposit protection scheme up to SGD 100,000 per depositor.

On top of regulatory compliance, virtual bank accounts, because they operate fully online, typically invest heavily in built-in security features, including:

• Two-factor authentication (2FA) for account logins
• Encryption to protect your financial data
• Real-time transaction monitoring to flag unusual activity
• Biometric authentication or one-time passwords (OTPs) for secure access

Below is the list of virtual bank accounts available to companies operating in Singapore in 2026. 

The information in this table has been reviewed to be accurate as of 5 March 2026.

Opening a virtual bank account is straightforward. Most providers let you apply entirely online. No branch visits, no paperwork.

Here's how it typically works.

If your priority is a cost-effective business account with multi-currency payments, competitive FX rates, and cross-border transfers, consider Statrys.

Founded in 2020, Statrys is not a bank, but a Major Payment Institution (Licence No. PS20200692) offering payment solutions for businesses registered in Singapore, Hong Kong and the British Virgin Islands (BVI).

With Statrys, you can:

• Hold, send, and receive money in 11 major currencies: SGD, USD, EUR, CNY, GBP, HKD, JPY, AUD, CHF, NZD and CAD
• Make local payments in SGD, USD, AUD, INR, EUR, GBP, IDR, PHP, THB, TRY, KRW and VND
• Exchange rates based on the mid-market rate plus fees starting from 0.1%
• Xero integration
• Invoicing tool to send and manage professional invoices
• A dedicated account manager who you can reach out to via phone, email, WhatsApp and WeChat.