5 Best Business Bank Accounts in Singapore for Small Corporations

Choosing the right business bank account is a critical decision for any organization in Singapore. The best corporate bank account Singapore offers will not only ensure smooth transactions but also align with your company’s cash flow, strategic goals, and operational needs.

In this comprehensive guide, we compare and contrast the top options for corporate bank accounts in Singapore, helping you find the ideal solution to support your business’s financial operations.

Key consideration when selecting a business bank account

Choosing the best corporate bank account in Singapore isn’t a one-size-fits-all decision. It all comes down to what works for your business—whether it’s the type of entity you run, your current financial needs, or your plans for future growth.

Let’s dive into the key factors that can help you make the smartest choice for your company!

Choosing between EMI and traditional banks

When opening a corporate bank account in Singapore, you’ll need to decide between a traditional bank or an Electronic Money Institution (EMI). Both options cater to different business needs and come with their own set of advantages and challenges.

Traditional banks

Traditional banks like DBS, OCBC, and UOB have long been the cornerstone of Singapore’s financial system. They are well-established institutions offering a broad range of services tailored to businesses of all sizes.

• Highly trusted and reputable, with global recognition
• Physical branch access for those who value in-person banking

• Higher fees and stricter account maintenance requirements
• Lengthy and complex application processes, making it challenging for startups or SMEs to open accounts

Electronic Money Institutions

Emerging platforms like Aspire and Airwallex provide a modern, digital-first approach to corporate banking. Electronic Money Institutions (EMIs) offer cost-effective and efficient solutions, though they may lack some of the advanced features provided by traditional banks.

• Low transaction fees, ideal for startups and small-to-medium enterprises (SMEs)
• Streamlined account opening processes, requiring minimal documentation
• Designed for modern business needs, offering features like multi-currency support and payment gateway integration
• Limited to basic banking functions, with no access to loans or cheque issuance and physical branches for in-person services

Tailor corporate accounts to industry needs  

Aside from choosing between traditional banks and EMIs, businesses must also consider their specific industry requirements.

Certain sectors, such as e-commerce and finance, often demand specialized features like payment gateways or trade financing solutions. Meanwhile, industries like healthcare or legal services may prioritize escrow facilities for securely holding client funds.

To ensure your business gets the most suitable account, it’s crucial to research and compare offerings from various banks and EMIs. Below is a breakdown of what to look for based on industry needs:

• Cross-border eCommerce businesses: Opt for accounts that offer multi-currency support, and seamless integration with payment gateways like Stripe or PayPal.
• Trade and manufacturing industries: Prioritize accounts that provide access to robust trade financing options.
• Service-based industries: Consider business accounts with invoicing and payment tracking features for better cash flow management.
• Startups and SMEs: Look for cost-effective accounts that include essential services such as online banking, debit cards, and automated bookkeeping.

No matter your industry, selecting an account that integrates with accounting software (like Xero) can greatly simplify managing high transaction volumes and streamline financial operations.

Additional factors to consider

In addition to the key points mentioned earlier, here are some other important factors to keep in mind when selecting a Singapore business bank account:

• Transaction fees: If your business handles a high volume of transactions, prioritize accounts with low or no transaction fees to minimize costs.
• Ease of account opening: Opt for a bank that offers a simple and efficient account opening process, especially if you’re short on time.
• Features and services: Identify the specific features your business needs and choose an account that aligns with those requirements.
• Bank reputation: Take time to research the bank’s track record in customer service, security, and financial stability to ensure reliability.
• Integration capabilities: If you use tools or software to manage your business operations, look for a bank account that offers seamless integration to streamline workflows.

5 Best corporate bank accounts for businesses in Singapore

Explore the top five Singapore corporate bank accounts designed to meet diverse business needs and budgets.

1. UOB eBusiness Account

United Overseas Bank (UOB) is one of the best corporate banking firms in Asia, recognized for its strong financial ratings and extensive network.

The UOB eBusiness Account is designed to support businesses by offering digital banking convenience and cost savings on transactions.

Key features

The UOB eBusiness Account offers a range of features to simplify banking for businesses.

• Free transactions: Enjoy up to 60 complimentary FAST and PayNow transfers monthly, ensuring cost-efficient payment management.
• Low annual account fee: At just S$35 per year, this account minimizes overhead costs for small businesses.
• Cashback rewards: Earn up to 1.5% cashback on online transactions made via UOB Infinity or the UOB SME app.
• Full digital access: Manage your finances anytime, anywhere with easy-to-use digital platforms like UOB Infinity.
• Fee rebates: Save with rebates on bulk GIRO transactions, enhancing your operational savings.

Main fees to note

The UOB eBusiness Account simplifies banking for businesses through a variety of standout features:

• Initial deposit: A minimum deposit of S$1,000 is required to open the account
• Fall-below fee: A monthly fee of S$15 applies if the average daily balance drops below S$5,000 (waived during the first 12 months)
• Over-the-counter services: For in-person deposits or withdrawals, a S$20 fee is charged per transaction
• No setup fees: There are no charges for account opening or setup

Who is it for?

The UOB eBusiness Account is perfect for small to mid-sized enterprises and startups that prioritize digital banking solutions. With no cheque book or physical ATM card, this account caters to businesses already well-versed in leveraging digital tools for their financial operations.

This account is designed to empower businesses with modern banking conveniences, ensuring efficiency and growth in today’s fast-paced business environment.

2. Airwallex Business Account

Airwallex delivers modern financial tools designed to empower global businesses. The Airwallex Business Account is an all-in-one platform tailored for companies navigating the complexities of international operations. Whether you’re scaling an e-commerce store or managing global finances, Airwallex simplifies money management with ease and efficiency.

Key features

• Multi-currency accounts: Open and manage accounts in over 20 currencies. Receive, hold, and pay in the same currency to avoid expensive conversion fees
• Payment gateway integration: Seamlessly integrate with 160+ local payment methods, streamlining payment processing for online stores
• Xero integration: Automatically sync transactions with Xero for effortless bookkeeping, bank reconciliation, and accounting
• Flexible payouts: Benefit from competitive payout fees, saving money on high-volume transactions
• Interbank FX rates: Access market-leading interbank rates to reduce foreign exchange costs, eliminating hidden markups.

Main fees to note

• Account fee: No setup or monthly maintenance charges—opening an account is completely free
• Transaction fees: Transparent, low pay-as-you-go pricing for international payments
• Payout costs: Lower costs on foreign currency payouts compared to traditional banks, thanks to competitive interbank FX rates and minimal transaction fees

Who is it for?

The Airwallex Business Account is designed for startups, SMEs, and e-commerce businesses seeking a scalable, cost-effective solution for managing global finances. It’s particularly ideal for e-commerce companies expanding into international markets, with robust payment gateway integrations and extensive multi-currency support.

With Airwallex, businesses can streamline financial operations, cut costs, and focus on scaling their global presence without the usual complexities.

Simplify your business setup by combining company formation in Singapore with Airwallex account registration, all through BBCIncorp. Let’s make your business journey smoother together!

3. DBS Business Multi-Currency Account  

As one of Asia’s most trusted financial institutions, DBS offers a comprehensive range of business solutions tailored for companies of all sizes. Among its offerings, the DBS Business Multi-Currency Account stands out as an excellent option for businesses looking to streamline international banking and expand their global operations.

Key features

• Multi-currency support: Manage, receive, and send funds in SGD and 13 other major currencies, including USD, EUR, and AUD—all within a single account
• Free transactions: Enjoy 50 free FAST and GIRO payments each month for seamless local transactions
• Competitive FX Rates: Benefit from favorable FX rates through DBS’ online platforms
• Integrated digital banking: Simplify financial management with DBS IDEAL, offering intuitive mobile and online banking tools

Main fees to note

• Annual account fee: S$50 per year
• Cross-currency fund transfers fee: A flat fee of SGD 30 for international transfers, plus any applicable agent bank fees
• Monthly service charge: S$40, waived when a minimum average daily balance of S$10,000 is maintained
• Over-the-counter transactions: Each transaction incurs a S$20 fee
• Cheque issuance fees: S$0.75 per cheque

Who is it for?

The DBS Business Multi-Currency Account is designed for companies engaged in international trade or managing funds in multiple currencies. Streamlined for today’s fast-paced business needs, this multi-currency account empowers businesses to take full control of cross-border financial transactions while minimizing operational complexities.

4. OCBC Business Growth Account

OCBC, one of Southeast Asia’s leading banks, offers business solutions tailored to help companies scale efficiently and affordably. The OCBC Business Growth Account is designed specifically for startups and growing businesses in Singapore, providing a flexible and cost-effective banking option.

Key features

• Free transactions: Get 80 free FAST and 80 free GIRO transfers each month, simplifying outgoing payments
• Cashback rewards: Enjoy up to 1% cashback on purchases with the included debit card, plus unlimited 0.2% cashback on other spending
• Seamless online setup: Open your account instantly using Singpass, with zero need for branch visits
• Smart business insights: Use the OCBC Business app to track cash flow and trends, empowering you to make informed decisions

Main fees to note

• Monthly account fee: S$10 per month, waived for the first two months
• Fall-below fee: S$15 per month if the average balance falls below S$1,000
• Initial deposit: Open your account with just S$1,000

Who is it for?

This account is ideal for startups and SMEs seeking an affordable, convenient, and fully digital banking experience. With its practical features, cost-saving benefits, and easy account management tools, it’s a great choice for entrepreneurs at the start of their business journey.

5. Aspire Business Account

Aspire is a modern financial platform that revolutionizes business banking by offering a flexible, fully digital solution for today’s small and medium businesses (SMEs) and startups. The Aspire Business Account empowers entrepreneurs to manage their finances efficiently with smart tools and transparent terms.

Key features

• No monthly fees: Benefit from zero maintenance charges, ensuring cost savings for your business.
• Multi-currency support: Send and receive payments in 30+ currencies at competitive foreign exchange rates—up to 3x cheaper than banks.
• Unlimited virtual corporate cards: Issue virtual or physical cards in seconds for spending and expense management.
• Unlimited cashback: Earn 1% cashback on qualifying SaaS and digital marketing purchases.
• International transfer fee: S$10 per transfer, up to 90% cheaper than many traditional banks

Main fees to note

• No initial deposit required: Start your account with no upfront funding.
• No minimum balance: Keep your account active with total flexibility.
• Low cross-border transfer fees: Enjoy cost-effective rates, such as $8 per SWIFT transaction.

Who is it for?

Offering speed, transparency, and efficiency, Aspire business account is the ideal choice for modern businesses seeking to scale confidently in today’s digital-first world. Whether managing local operations or expanding globally, Aspire gives businesses the tools they need to thrive with lower costs, greater control, and smarter financial management.

Choosing the right business account 

Selecting the best corporate bank account in Singapore depends on your company’s unique needs, from transaction frequency and international reach to your sector’s peculiarities. Carefully weigh each option’s fees, features, and flexibility against your budget and operational goals.

If you’re still unsure, or if you’re considering setting up a Singapore-incorporated business, BBCIncorp offers customized advice and company formation packages tailored to your needs.

Reach out to us via service@bbcincorp.com today for assistance with choosing the ideal bank account and ensuring a smooth start for your business in Singapore.

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