See the price
  1. Osome Blog SG
  2. List of Best Banks for Ecommerce Businesses

10 Best Banks for Ecommerce Businesses in Singapore (2025 Edition)

10 Best Banks for Ecommerce Businesses in Singapore (2025 Edition)
  • Author Syahirah Aiman Abbas

    Syahirah Aiman Abbas

    Author

    Syahirah Aiman Abbas is a writer and translator who loves languages. After learning Malay, English, Arabic, Indonesian and French, now she is on to Turkish!

Choosing the right bank is crucial for ecommerce businesses in Singapore, where fast payments, multi-currency support, and reliable digital tools directly impact growth. While traditional banks provide stability, digital banks and fintechs often offer lower fees and faster account setup. To help you decide, we’ve highlighted the 10 best banks for ecommerce businesses in Singapore, focusing on the features that matter most to online sellers.

Key Takeaways

  • Traditional banks offer stability and reliable domestic payment systems, while digital banks provide fast onboarding and multi-currency support.
  • Digital banks like Aspire, Airwallex, and Wise simplify global transactions and provide tools for managing expenses and FX.
  • Many ecommerce businesses combine both: a traditional bank for local operations and a digital provider for international payments.

What to Look for in a Bank as an Ecommerce Business

For ecommerce businesses, the right bank is more than just a place to hold funds—it’s a partner in managing cash flow and global sales. Key factors to consider include how quickly you can set up an account, the transaction and maintenance fees, and the availability of competitive FX rates for cross-border payments. Multi-currency wallets are especially valuable for sellers working with overseas customers, while seamless integration with ecommerce platforms helps simplify operations. Finally, responsive customer support ensures issues are resolved quickly so business isn’t disrupted.

10 Best Banks for Ecommerce Businesses in Singapore

When choosing a bank for an ecommerce business in Singapore, it’s important to consider options that combine fast account setup, competitive fees, and multi-currency support. The following list highlights ten of the most popular banks for ecommerce entrepreneurs, making it easier to find a provider that fits your business needs.

1 Airwallex

Airwallex is designed for businesses that operate internationally and need fast, flexible, and cost-efficient global financial solutions. It’s ideal for ecommerce businesses that receive payments from multiple countries or pay suppliers overseas.

Key features:

  • Accept funds like a local in 60+ countries and make free international transfers to 120+ countries
  • Access competitive FX rates and create multi-currency Visa cards for team expenses
  • Accept payments from customers worldwide via 160+ local payment methods

Best for: Ecommerce businesses that need seamless international payments and multi-currency management.

💡 Tip

Osome partners with Airwallex to help businesses simplify global finance. Get in touch with our team to learn more about exclusive partner benefits and how to get started.

2 DBS

A widely trusted traditional bank in Singapore, DBS is ideal for SMEs looking for stability, a strong local presence, and reliable domestic payment options. It offers tailored packages that make it easier for small businesses to manage finances efficiently.

Key features:

  • Strong SME packages with low initial deposits
  • Reliable domestic payment rails (FAST/GIRO)
  • Integrated with PayNow Corporate

Best for: Businesses that want trust, stability, and seamless local payments.

3 OCBC

OCBC is a well-established Singapore bank known for its strong SME support and reliable banking services. It’s a solid choice for ecommerce businesses looking for a trusted local bank with good domestic and regional payment options.

Key features:

  • Quick account setup with dedicated SME packages and low initial deposits

Supports domestic payment rails like FAST and GIRO

  • Integrated with PayNow Corporate for seamless local transfers
  • Offers business credit and debit cards for expense management

Best for: Ecommerce businesses that value stability, local payment reliability, and practical SME-focused banking solutions.

4 UOB

UOB is a major Singaporean bank offering tailored solutions for SMEs and ecommerce businesses. It is ideal for businesses that need reliable local banking with regional reach and convenient online management tools.

Key features:

  • Fast account opening with SME-focused packages
  • Supports FAST and GIRO domestic payments
  • Integrated with PayNow Corporate for quick transfers
  • Access to business credit cards and financing options

Best for: Ecommerce businesses seeking dependable local banking with efficient domestic and regional payment solutions.

5 Aspire

Aspire is a digital-first finance platform designed for modern startups and ecommerce companies. With fast onboarding and no minimum deposit requirements, it’s especially attractive to founders who value speed, flexibility, and low fees.

Key features:

  • 100% online account opening in minutes
  • Multi-currency wallets with competitive FX rates
  • Virtual and physical cards with real-time expense tracking
  • Seamless integrations with ecommerce platforms and accounting tools
💡 Tip

Looking to open an Aspire account for your business? Check out Osome’s partner page for exclusive benefits and a seamless setup.

6 Wise

Wise (formerly TransferWise) is a global fintech that has become a favourite for businesses dealing with frequent cross-border transactions. Known for transparency and low costs, Wise Business offers a simple yet powerful solution for ecommerce companies that need reliable multi-currency support without the complexity of traditional banking.

Key features:

  • Multi-currency account supporting 40+ currencies with real exchange rates
  • Fast, low-cost international transfers with no hidden fees
  • Debit card for spending in multiple currencies worldwide
  • Easy integrations with ecommerce platforms and accounting tools

Best for: Ecommerce businesses that prioritise transparent FX rates and straightforward global payments.

7 ANEXT Bank

ANEXT Bank is a digital wholesale bank in Singapore backed by Ant Group, created to support micro and small businesses with accessible financial solutions. It offers 24/7 online onboarding and simplified account management, making it attractive for ecommerce businesses that want a fully digital experience with lower entry requirements compared to traditional banks.

Key features:

  • 100% online account opening with minimal documentation
  • Low or no minimum deposit requirements
  • Competitive FX services and cross-border transaction support
  • Digital-first interface with tools designed for SMEs and ecommerce merchants

Best for: Ecommerce startups and small businesses seeking a fast, fully digital banking solution with lower barriers to entry.

Looking to partner with expert ecommerce accountants?

Get peace of mind knowing your online business’s financials are handled by our team of Singapore-based professionals. Find out more here.

Looking to partner with expert ecommerce accountants?

8 MariBank

MariBank is a digital full bank licensed in Singapore and backed by Sea Group, the parent company of Shopee. It is designed to serve SMEs and ecommerce merchants with straightforward, digital-first financial services. The bank focuses on providing simple account opening, low-cost transfers, and integration with the Shopee ecosystem, making it an attractive option for ecommerce sellers operating in Southeast Asia.

Key features:

  • 100% digital onboarding with quick approval
  • No or low minimum balance requirements
  • Affordable domestic and cross-border transfers
  • Strategic link with Shopee to support ecommerce sellers

Best for: Online sellers and SMEs looking for a bank that is closely connected to the regional ecommerce ecosystem.

9 Green Link Digital Bank (GLDB)

Green Link Digital Bank is one of Singapore’s new digital wholesale banks, focusing on SMEs with cross-border needs. Backed by Greenland Group and Linklogis, GLDB offers efficient digital banking solutions tailored for businesses engaged in international trade and supply chain finance. Its services are especially relevant for ecommerce merchants who deal with overseas suppliers and require reliable, lower-cost financing options.

Key features:

  • Fully digital account setup for SMEs
  • Trade finance and supply chain financing solutions
  • Competitive FX and cross-border transaction services
  • Strong backing from established international partners

Best for: Ecommerce businesses trading internationally that need digital banking with a strong focus on cross-border and supply chain support.

10 HSBC

HSBC is a global banking leader with a strong presence in Singapore, making it an attractive choice for ecommerce businesses that operate across borders. Its international banking network, combined with robust multi-currency support, allows businesses to manage overseas suppliers, marketplaces, and customers with ease. While account opening can take longer compared to digital challengers, HSBC’s reputation and financial stability give it a distinct edge for scaling businesses.

Key features:

  • Global banking network with access to 50+ currencies
  • Multi-currency business accounts and cards
  • Trade finance and working capital solutions
  • Strong integration with international payment systems

Best for: Established ecommerce businesses with global operations that prioritise stability, brand recognition, and seamless cross-border banking.

Traditional vs Digital Banks — Which Works Best for Ecommerce?

Choosing between a traditional bank and a digital challenger depends largely on your business goals. Traditional banks like DBS, OCBC, and HSBC bring trust, a physical branch presence, and well-established domestic payment systems. However, they often come with higher requirements, longer onboarding times, and less flexibility for cross-border ecommerce.

Digital banks and fintech solutions such as Airwallex, Aspire, and Wise cater to modern ecommerce needs with fast account setup, lower fees, and advanced multi-currency support. They’re particularly suited for sellers working across multiple markets who need efficiency and cost savings.

For many ecommerce founders, the best approach is a hybrid one—maintaining a traditional bank for credibility and local operations, while using a digital platform to handle international payments and currency management.

Get our free guide on ecommerce accounting and bookkeeping basics

We explain basic accounting and bookkeeping to help you manage your money better and grow your online shop.

By clicking, you agree to our Terms & Conditions,
Privacy and Data Protection Policy
Download link
Get our free guide on ecommerce accounting and bookkeeping basics

How to Choose the Right Bank for Your Ecommerce Business

The right banking partner depends on your business size, model, and growth stage. Start by assessing your priorities:

  • If you value credibility, physical support, and easy access to local payment rails, a traditional bank may be the safer option.
  • If you need speed, lower costs, and global reach, a digital bank or fintech solution may be the smarter fit.

Many ecommerce businesses choose to combine both – a traditional bank for trust and local compliance, plus a digital partner to optimise cross-border payments and scale internationally. This dual approach ensures you get the stability of a legacy bank with the innovation of a fintech solution.

Streamline Your Ecommerce Business with Osome

Osome can help you incorporate and manage your ecommerce business in Singapore, offering integrated accounting services and expert support. We also partner with leading digital banking providers like Airwallex and Aspire to simplify cross-border payments and financial operations. Get started with Osome today and streamline your ecommerce business setup and finances.

Summary

There’s no one-size-fits-all answer to the best bank for ecommerce in Singapore. Your choice should reflect your operational needs, whether that’s building trust with local suppliers, managing multi-currency transactions, or reducing payment fees.

Before applying, check each bank’s eligibility criteria and onboarding requirements to avoid delays. With the right combination of services, you can build a banking setup that not only supports your day-to-day operations but also helps your ecommerce business grow across borders.

Author Syahirah Aiman Abbas
Syahirah Aiman AbbasAuthor

Syahirah Aiman Abbas is a writer and translator who loves languages. After learning Malay, English, Arabic, Indonesian and French, now she is on to Turkish!

Get expert tips and business insights

Advice on starting and growing your company, as told by Osome's business community

By clicking, you agree to our Terms & Conditions,
Privacy and Data Protection Policy
Get expert tips and business insights

FAQ

  • Which is the best bank for small ecommerce businesses in Singapore?

    For small ecommerce businesses, digital-first providers like Aspire and Airwallex often stand out because of their fast onboarding, low fees, and multi-currency support. However, traditional banks such as DBS or OCBC may be a better choice if you need credibility and strong local payment rails.

  • Can foreigners open ecommerce bank accounts in Singapore?

    Yes. Foreign entrepreneurs can open business bank accounts in Singapore, though requirements vary by bank. Traditional banks may ask for a local director or in-person verification, while digital solutions like Airwallex or Wise Business often make the process easier with online onboarding.

  • Do digital banks like Aspire or Airwallex replace traditional banks?

    Not entirely. Digital banks and fintechs excel at cross-border transactions, cost savings, and integrations with ecommerce platforms. Traditional banks, however, still offer trust, branch access, and established domestic payment systems. Many ecommerce businesses use both to cover different needs.

  • OCBC vs Airwallex: which works better for ecommerce?

    OCBC provides stability, local payment rails, and trusted SME packages, making it ideal for businesses focused mainly on Singapore. Airwallex, on the other hand, is designed for global ecommerce, offering multi-currency wallets, competitive FX rates, and fast international transfers. The choice depends on whether your business is primarily local or cross-border.

  • Which online banking services offer the best account management tools for ecommerce business owners?

    Digital providers like Aspire, Airwallex, and Wise lead the way with intuitive apps, real-time FX rates, and automated expense management. Traditional banks such as DBS and UOB also offer reliable digital platforms, though they may be less flexible for international ecommerce.

Ask your question

We’re using cookies! What does it mean?