Top 6 Business Bank Accounts in Singapore for 2026
- Modified: 10 September 2026
- 14 min read
- Starting a Company
Gabi Bellairs-Lombard
Author
Gabi's passionate about creating content that inspires. Her work history lies in writing compelling website copy and content, and now specialises in product marketing copy. When writing content, Gabi's priority is ensuring that the words impact the readers. As the voice of Osome's products and features, Gabi makes complex business finance and accounting topics easy to understand for small business owners.
Nisah Rahim
Reviewer
Nisah Rahim is our go-to expert reviewer for all things Corporate Secretary-related in Singapore. As the Corporate Secretary Team Lead and content reviewer, Nisah meticulously examines our blog posts to ensure we provide comprehensive information on Corporate Secretary services such as local regulatory compliance, managing board meetings, maintaining company records, and providing expert advice on corporate governance matters.
Choosing a corporate bank account in Singapore depends on how you operate, from monthly fees and minimum balances to multi-currency support for international transfers and accounting integrations. This guide compares six business bank accounts for startups, SMEs, and international businesses, covering their key features, fees, and suitability so you can choose the best option and keep your business finances organised and optimised. Remember: the best business bank account grows as your business grows.
Key Takeaways
- We compare six business bank accounts in Singapore based on fees, requirements, features, accessibility, and suitability for different business types.
- Traditional institutions offer established banking services and branch access, while digital providers often provide faster onboarding and stronger multi-currency features.
- The best account depends on your needs, including transaction volume, international transfers, multi-currency needs, and accounting requirements.
Factors to Consider When Opening a Business Bank Account
The right business bank account depends on your company's size, transaction volume, cash flow, and international activity. Before choosing an account, read through the account details and compare the following factors to understand the total cost and whether the account fits your day-to-day operations.
Account requirements
Check the basic requirements before applying, including:
- Minimum deposit required to open an account, and any setup fees
- Minimum monthly balance, since a lower minimum balance can be particularly useful for startups and businesses with various funding levels.
- Fall-below fees if the balance drops below the required minimum average daily balance
- Monthly fees for account management, and whether fees exclude bulk transactions
- Eligibility requirements for your company type and directors, for example, if the account is only available for Singapore citizens.
Banking fees
Look beyond the advertised monthly fee and compare the costs that apply to your typical transactions, including:
- Monthly maintenance fees
- International transfer fees
- ATM fees
- Local and international transfer fees
- Foreign exchange fees
- Fall-below fees
- Bank agency fees
Comparing these charges based on your expected transaction volume gives you a better idea on finding the right account.
Digital and mobile banking
Consider how easily you can manage your personal and business finances online. Useful features may include mobile banking, digital account opening, approval workflows, payment management, and access for multiple team members.
From January 2026, banks in Singapore are discontinuing corporate cheque services. If your business still relies on cheques, check the available alternatives before opening an account.
Multi-currency support
If your business receives or makes international transfers, for example, to pay suppliers in a different country or purchase large equipment, you might consider opening a business multi-currency account to streamline that process. Check which currencies each account supports and how much you pay for foreign exchange and cross-border international transfers. Multi-currency accounts can simplify payments and reduce conversion costs for businesses operating across markets.
Accounting and business integrations
Look for accounts that integrate with your bookkeeping or accounting software and other business tools. Automated transaction feeds and payment integrations can reduce manual data entry and make it easier to keep financial records up to date.
Bank reputation and services
Finally, consider the provider's reputation, reliability, customer support, and additional business services. Established banks may offer extensive branch networks and traditional banking services, while digital providers may focus on faster onboarding and online-first financial management.
The 6 Best Business Bank Accounts in Singapore
Having covered the key factors to consider when choosing the right business account, here are six options worth comparing in 2026. Business bank accounts differ in fees, minimum balance requirements, digital banking features, bulk transaction costs, and whether they support other currencies. The right choice depends on what your business actually needs.
Business bank account | Best for | Initial deposit | Minimum balance / fall-below fee | Monthly fee | Multi-currency |
|---|---|---|---|---|---|
| OCBC Business Growth Account | Start-ups and new businesses | S$ 1,000 | S$ 1,000 / S$ 20 | S$ 10* | Available |
| Airwallex Business Account | International businesses and ecommerce | None | None | No monthly fee | 20+ currencies |
| Aspire Business Account | Digital-first SMEs | None | None | No monthly fee | 40+ currencies |
| CIMB SME Account | SMEs seeking low-cost banking | None | None | S$ 0* | SGD only |
| UOB eBusiness Account | Businesses needing established digital banking | S$ 1,000 | S$ 5,000 / S$ 15 | S$ 35 annual fee | SGD only |
| Maybank FlexiBiz Account | New businesses seeking simple banking | S$ 1,000 | S$ 1,000 / S$ 10 | No monthly fee | Available |
Fees may be waived during promotional or introductory periods. Some also offer deposit bonuses and special cash back rates. Check the current fee schedule before opening an account, as banking fees and eligibility requirements can change.
1 OCBC Business Growth Account
The Business Growth Account at OCBC is designed for start-ups and newly established businesses in Singapore. It offers online account opening, FAST/GIRO transactions for payments and payroll, and digital banking through OCBC Velocity. Businesses can also earn cashback on eligible debit card transactions.
Best for: Start-ups and new businesses looking for a traditional bank account with digital banking features.
Feature | Details |
|---|---|
| Initial deposit | S$ 1,000 |
| Minimum balance / fall-below fee | S$ 1,000 / S$ 20 per month; S$ 50 if the interest promotion applies and balance falls below S$ 50,000 |
| Monthly account fee | S$ 10* |
| Online banking | OCBC Velocity, mobile banking, digital tokens, eAlerts and cash flow tools |
| Multi-currency | Available through an additional OCBC Multi-Currency Business Account |
Fee waived for the first two months for new customers.
2 Airwallex Business Account
The Airwallex Business Account is a digital-first option for businesses with international operations. It lets businesses hold and manage multiple currencies, make local payments in 30+ countries, and integrate their finances with platforms such as Xero. It also supports APIs for businesses that need customised payment workflows.
Best for: Start-ups, ecommerce businesses, and SMEs that need multi-currency and cross-border payment capabilities.
Feature | Details |
|---|---|
| Initial deposit | No minimum |
| Minimum balance / fall-below fee | No minimum / No fee |
| Monthly account fee | No monthly maintenance fee |
| Online banking | Digital account management and payments |
| Multi-currency | Hold and manage 20+ currencies |
3 Aspire Business Account
The Aspire Business Account is a completely digital business account with online business bank account applications, bulk payments, accounting software integrations, and support for multiple currencies. The unlimited free fast local transfers provide significant advantages for local-first businesses. Its platform also includes expense management features, making it useful for businesses looking to manage payments and expenses in one place.
As for multi-currency options, Aspire allows users to lock in competitive FX rates and offers low transfer fees for outward telegraphic transfers, wiring, and online transfers. It is one of the top corporate bank account choices for businesses incorporated in Singapore.
Best for: SMEs and international businesses looking for an online account with multi-currency payments and expense management tools.
Feature | Details |
|---|---|
| Initial deposit | No minimum |
| Minimum balance / fall-below fee | No minimum / No fee |
| Monthly account fee | No fee |
| Online banking | Online transfers, payment management and transaction history |
| Multi-currency | International and local payments in 40+ major currencies |
Osome covers your S$ 315 government registration fee and helps you open an Aspire business account to get S$ 250 cashback. Already in business? Switch to Osome Accounting and open an Aspire account to claim the same S$ 250 cashback. See the offer.
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4 CIMB SME Account
The CIMB SME Account combines everyday business banking with access to services such as business loans, trade financing, and treasury solutions. Its BizChannel@CIMB platform supports online banking and business payment services, making it a practical option for SMEs that want more than a basic transaction account. It also offers unlimited free transfers via FAST, GIRO, and PayNow, plus free payroll transactions, making it a great option for ecommerce businesses. However, CIMB SME doesn't have a multi-currency account option.
Best for: SMEs looking for a traditional bank account with low ongoing fees and access to broader business banking services.
Feature | Details |
|---|---|
| Initial deposit | No minimum |
| Minimum balance / fall-below fee | No minimum / No fee |
| Monthly account fee | S$ 0 per month, waived for the first 12 months |
| Digital banking | BizChannel@CIMB, PayNow, FAST/GIRO payroll transactions and eAlerts |
| Multi-currency | SGD only |
5 UOB eBusiness Account
The UOB eBusiness Account is a digital-focused option for businesses that want to manage banking online. Businesses can also earn interest through different programs and use digital tokens and eAlerts for greater accessibility. However, opening the account requires additional steps, including providing local account details such as director information and a local business address, as well as a board resolution.
This corporate account option may be less suitable for businesses with limited cash flow because of its average daily balance requirement and fall-below fee. However, it is one of the few options providing unlimited fast local transfers with zero transaction fees, allowing you to make and receive payments at no cost. The only downside is the lack of a multi-currency account option, which rules it out for anyone who needs to pay suppliers or make general overseas payments in a different currency.
Best for: Businesses needing established digital banking.
Feature | Description |
|---|---|
| Minimum initial deposit | S$ 1,000 |
| Minimum balance (fall-below fee) | S$ 15 per month if the daily balance falls below S$ 5,000. Waived for first 12 months. |
| Maintenance annual fee | S$ 35 |
| Digital banking features | Internet banking, digital tokens, eAlerts |
| Multi-currency features | SGD only |
6 Maybank FlexiBiz Account
The Maybank FlexiBiz Account is a straightforward option for SMEs looking to keep banking costs manageable. It offers business banking services such as online transactions, payroll and merchant services, with no monthly maintenance fee. This option lets companies make instant payments via FAST at only S$ 0.50 per transaction, creating a seamless way to pay suppliers.
The account may suit businesses that prefer a traditional bank with online banking capabilities for Singapore customers, though it requires a minimum balance to avoid the fall-below fee. In the meantime, you get an interest rate of up to 0.038% p.a.
Best for: New businesses that are for seeking simple banking options.
Feature | Description |
|---|---|
| Minimum initial deposit | S$ 1,000 |
| Minimum balance (fall-below fee) | S$ 10 per month if the average daily balance falls below S$ 1,000 |
| Maintenance fee | No monthly fee |
| Digital banking | Internet banking, local transfers, instant payments, eAlerts and transaction history |
| Multi-currency options | Available through an additional Foreign Currency Current Account to use as a business multi currency account |
Best Business Bank Account in Singapore by Business Need
The best business bank account depends on a company’s size, transaction needs, and financial management approach. Some businesses may benefit from a traditional bank with local branches and a broad range of services, while others may prefer a digital account with lower fees or multi-currency features.
Here are some options to consider based on common needs:
Business need | Accounts to consider |
|---|---|
| Start-ups and new businesses | OCBC Business Growth Account, UOB eBusiness Account |
| Low-cost banking | CIMB SME Account, Maybank FlexiBiz Account, Aspire Business Account |
| International transactions | Airwallex Business Account, Aspire Business Account |
| Traditional banking services | OCBC Business Growth Account, CIMB SME Account, UOB eBusiness Account |
| Digital-first businesses | Airwallex Business Account, Aspire Business Account |
The choice should ultimately depend on expected transaction volume, currencies, minimum balance requirements, and the banking services required by the business.
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Traditional Bank vs Digital Business Account
When selecting a business bank account in Singapore, options include old-school banks and completely online solutions or fintech platforms, each with different advantages.
Traditional banks such as OCBC, CIMB, and UOB may suit businesses that need established banking infrastructure, branch access, and a wider range of financial services. These banks may also offer business loans, trade financing, and other services as the company grows.
A dedicated business account via a digital solution such as Airwallex and Aspire focuses on online account management, fast onboarding, and digital financial tools. These accounts can be particularly useful for businesses that make international payments, work with multiple currencies, or prefer to manage finances online.
Some businesses may also choose to use both types of accounts. For example, a company might maintain its main operating account with a traditional bank while using a digital platform for international payments or foreign-currency transactions.
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Can a Company Have More Than One Business Bank Account?
Yes, a Singapore company can hold multiple business bank accounts. Using more than one account can help separate different types of transactions, manage currencies, or maintain a backup account.
For example, one account could handle everyday SGD transactions, while another handles international payments or foreign currencies. Some businesses keep their main corporate bank account with a traditional bank but may set up a dedicated business account online for specific payment services.
However, maintaining multiple accounts may complicate reconciliation and bookkeeping. Assess whether the features and fees of additional accounts justify the extra administrative effort.
How to Open a Business Bank Account in Singapore
After company incorporation, an application for a business bank account can be submitted to a Singapore bank or digital financial platform. Requirements vary by provider, but the process generally involves:
- Selecting an account based on company needs, fees, and transaction requirements.
- Preparing the required documents for local account details. Traditional and digital banks typically request a BizFile (Business Profile) dated within the last three months, the company constitution, directors' identification documents, and, for foreign directors, proof of address.
- Submitting an application online or at a branch. Digital accounts often support fully online onboarding, and you can pay any setup fees directly during your application.
- Completing KYC verification. Traditional financial institutions may require in-person verification to open a corporate account, while some digital providers allow remote completion as long as you can provide required local account details.
- Awaiting approval and activating the account.
Osome provides complimentary introductions and guidance for selected banking partners, including Aspire, Airwallex, and UOB. However, final approval remains at the bank's discretion.
How Osome Can Help
Osome makes starting and running a business in Singapore seamless by providing expert support at every stage — from the exact process of company incorporation to ongoing accounting and compliance. Our specialists ensure your business structure and filings meet all ACRA and IRAS requirements, giving you peace of mind and more time to focus on growth.
Once your company is incorporated, Osome offers free assistance with opening a business bank account through our trusted partners such as Aspire, Airwallex, Wise, and UOB. These partners enable digital, remote account opening, ideal for entrepreneurs who cannot be present in Singapore for KYC verification. Please note that this service is exclusively available to Osome clients, and final approval remains at the discretion of the bank.
Summary
Choosing a business bank account is the first step in separating your personal finances from your business endeavours, allowing you to receive payments for your hard work and keep the lights on for your company. However, the process is about more than finding the lowest fees. Look at how well an account fits your company’s day-to-day operations and future plans, from payment needs and international transactions to accounting and financial management. Taking the time to choose the right setup now can make your finances easier to manage as your business grows.
Gabi's passionate about creating content that inspires. Her work history lies in writing compelling website copy and content, and now specialises in product marketing copy. When writing content, Gabi's priority is ensuring that the words impact the readers. As the voice of Osome's products and features, Gabi makes complex business finance and accounting topics easy to understand for small business owners.
