8 best free business bank accounts in Singapore (2026)

Key Takeaways:

• Several business accounts in Singapore advertise no monthly fees, but many come with minimum balance requirements, fall-below fees, or per-transaction charges.

• Of the accounts in this guide, Aspire and CIMB are the closest to genuinely free for SGD operations. But the moment you need to pay overseas suppliers or transact in foreign currencies, both will cost you.

• Airwallex’s free Explore plan has no opening fee, no monthly fee, no minimum balance, no fall-below fee, and no cap on local transfers. It also gives you free transfers to 120+ countries via local rails.

Search for a free business bank account in Singapore and you'll find plenty of options with no monthly fee, at least on the surface.

Look a little closer, though, and you may find minimum balance requirements, fall-below fees when your balance dips, or limits on how many transactions you can make for free.

This guide looks at what "free" really means across several key costs, then compares some of the most popular business accounts in Singapore.

The goal is simple: to help you see which accounts are genuinely free and which ones come with costs that aren't immediately obvious.

What does a "free" business bank account actually mean?

When a bank says its account is free, it usually means one thing: no monthly fee.

But that's just one of four ways a business account can cost you money. Understanding each one helps you compare accounts on a level playing field.

1. Opening fees

Some accounts charge a one-time fee just to open. This is less common in Singapore today, but worth checking, particularly with some foreign bank offerings or specialist accounts.

2. Monthly fees and fall-below fees

A monthly fee is a flat charge applied to your account every month regardless of how much you use it. A fall-below fee is a variant of this: the bank doesn't charge a monthly fee outright, but if your account balance drops below a set threshold, you're charged a fee for that month.

3. Minimum balance requirements

Some accounts require you to keep a minimum average daily balance: not just to avoid a fall-below fee, but to stay eligible for the account's benefits (like rebated transaction fees).

A S$30,000 minimum balance isn't technically a fee, but it's capital sitting idle in your account that you can't put to work elsewhere.

4. Local and international transfer fees

Even if an account has no monthly fee, you may still pay to move money in and out of it.

Banks may offer a certain number of free local transfers before charging per transaction, while international transfers typically come with separate fees.

For international payments, look beyond the headline transfer fee. You may also encounter correspondent or agent bank charges and FX markups when converting currencies.

If your business regularly pays suppliers, runs payroll, or receives payments from overseas, these costs can add up quickly.

8 free business bank accounts in Singapore

Here's a quick overview of the most commonly considered free business bank account in Singapore:

This information is based on publicly available information accessed on 14 Aug 2026. Information reflects Airwallex's own research and has not been independently verified.

1. Airwallex Business Account

Airwallex's Explore plan has no monthly fee, minimum balance or fall-below fee, while local FAST and PayNow transfers are free. It also comes with Corporate Cards, Expense Management and integrations with Xero and QuickBooks.

For international payments, Airwallex offers free transfers to 120+ countries through local payment rails, while FX conversion is charged separately. With our competitive FX rates, you get to save up to 80% on FX fees compared to traditional banks.

2. Maybank FlexiBiz Account

Maybank FlexiBiz has no monthly fee, but there are several conditions to keep in mind. You need an initial deposit to open the account, and a fall-below fee applies if your balance drops below the required threshold.

Local FAST transfers aren't completely free either, unless you meet the balance requirement for the fee waiver. International transfers also come with fees and an FX markup.

Information in this section is based on Maybank’s official website as of 14 Aug 2026.

3. CIMB SME Account

CIMB comes close to being genuinely free for day-to-day SGD banking. There’s no minimum balance requirement or fall-below fee, and local FAST, GIRO and payroll transactions are free.

The catch is that the monthly fee is only waived for the first year. After that, the account is no longer free, and international transfers also come with fees and an FX markup.

Information in this section is based on CIMB’s official website as of 14 Aug 2026.

4. Aspire Business Account

Aspire's Business Account has no monthly fee, minimum balance requirement or fall-below fee. It also supports multi-currency accounts, corporate cards and integrations with accounting platforms such as Xero and QuickBooks.

International transfers aren't universally free: the number of free transfers and applicable fees depend on your Aspire plan and transfer type. Card transactions in currencies other than your account's base currency may also incur FX fees.

Information in this section is based on Aspire’s official website as of 14 Aug 2026.

5. Wise Business Account

Wise Business has no monthly subscription or minimum balance requirement. Your first Wise Business card is also free.

The main upfront cost is an optional one-time S$99 fee to unlock local account details for receiving payments in multiple currencies.

International transfers aren't free either: Wise uses the mid-market exchange rate without an FX markup, but charges a variable transfer fee depending on the currency and route.

Information in this section is based on Wise’s official website as of 14 Aug 2026.

6. UOB eBusiness Account

UOB eBusiness is worth considering if you want a business account from one of Singapore's major banks and expect your transaction volume to stay moderate.

The first year is effectively free, with the annual fee, minimum balance requirement and fall-below fee waived. UOB also provides rebates on a set number of FAST and GIRO transactions each month.

Note that these benefits don't last beyond the first year. After that, the account comes with ongoing balance requirements and fees, while international transfers also incur charges and may involve FX costs.

Information in this section is based on UOB’s official website as of 14 Aug 2026.

7. DBS Business Multi-Currency Account (Starter Bundle)

The DBS Starter Bundle is one of the more feature-rich business accounts for newer companies. It supports 13 currencies and comes with unlimited free FAST and GIRO payments, with no minimum balance or monthly service charge.

The catch is that the account itself has a monthly account fee, while international telegraphic transfers aren't free. For businesses that regularly make cross-border payments, these transfer costs can add up.

Information in this section is based on DBS’s official website as of 14 Aug 2026.

8. OCBC Business Growth Account

OCBC Business Growth Account gives you 80 free FAST and 80 free GIRO transactions each month, which is a relatively generous allowance for a traditional bank account.

The account fee is waived for the first two months, but you'll need to maintain the required balance to avoid a fall-below fee. International transfers aren't free, so businesses that regularly make overseas payments will need to factor in those additional costs.

Information in this section is based on OCBC’s official website as of 14 Aug 2026.

What to look for beyond the monthly fee

A zero monthly fee is a good starting point, but it's rarely the only number that matters as your business grows. Here are the other factors worth weighing before you commit to an account.

How much do you transact internationally?

If most of your payments are domestic (paying local suppliers, collecting from Singapore customers, running SGD payroll) then almost any account in this list will serve you well.

But if you regularly pay overseas suppliers, receive foreign currency, or employ staff in other countries, the FX markup and international transfer fees will quickly outweigh any savings on the monthly fee.

In that case, the account's cost structure on cross-border payments matters the most.

Do you need multi-currency support?

Most of the bank accounts in this list are SGD-only. If you invoice clients in USD, pay suppliers in EUR, or regularly deal with other currencies, a multi-currency account can make things much easier.

Instead of converting everything back to SGD each time, you can hold funds in the currencies you actually use and convert them when you need to. That can help reduce unnecessary FX costs.

Will you need corporate cards?

If you have employees making business purchases (on travel, software subscriptions, advertising spend), a business account with multi-currency corporate cards lets you control spending, set limits, and avoid personal expense claims.

How important is accounting integration?

If you're already using Xero, QuickBooks, or another accounting tool, a business account that connects directly to your tool saves time on reconciliation and reduces the risk of errors.

How to open a free business bank account in Singapore

To open a free business bank account in Singapore, here's what you'll typically need:

• ACRA business registration: your Unique Entity Number (UEN) is required by all providers

• Identity documents: NRIC for Singapore Citizens and PRs, or passport for foreign nationals

• Proof of business address: some banks require a utility bill or tenancy agreement

• Shareholder and director information: for private limited companies, most providers will ask for details on all directors and shareholders above a certain ownership threshold

For online applications, most providers use Singpass or CorpPass to verify your identity, which speeds up the process significantly. Airwallex, Aspire, and Wise can all be opened fully online by any Singapore-registered business regardless of ownership structure.

Approval timelines vary. Fintech accounts typically approve applications within a few business days. Traditional bank accounts can take anywhere from a few days to two weeks depending on the complexity of your business structure.

Open your free Airwallex Business Account today

If you've worked through this guide, you've probably noticed a pattern: many "free" business accounts are free for basic SGD banking, but costs start to add up when you transact internationally through transfer fees, FX markups, or both.

Airwallex Business Accounts keeps more of your everyday banking costs at zero:

• No monthly fee on the Explore plan

• No minimum balance or fall-below fee

• No cap on local transfers via FAST and PayNow

• No transfer fees when sending payments to 120+ countries via local rails

• Competitive FX that save you up to 80% on FX costs compared to traditional banks

• Multi-currency accounts and Corporate Cards

• Xero and QuickBooks integrations at no extra cost

You can open your account entirely online, without visiting a branch or handling paperwork.

Frequently asked questions (FAQs)

Is there a truly free business bank account in Singapore?

Yes, although most "free" accounts still charge for things like international transfers, FX, or transactions beyond a free allowance. Airwallex comes closest to being free for everyday business banking. Its Explore plan has no monthly fee, minimum balance or fall-below fee, and includes free local transfers and international transfers via local rails to 120+ countries. FX is charged separately at transparent rates.

Can a sole proprietor open a free business bank account in Singapore?

Yes, most accounts in this guide are open to sole proprietors registered with ACRA, including CIMB, Maybank FlexiBiz, and Aspire. Some accounts (including UOB eBusiness) require the business to be fully owned by a Singapore Citizen or Permanent Resident for online applications.

Do I need a minimum deposit to open a business bank account in Singapore?

Not always. Airwallex, CIMB SME and Aspire don't require an initial deposit, while Maybank FlexiBiz and OCBC Business Growth Account require S$1,000 to open. UOB eBusiness doesn't require that S$5,000 upfront; instead, a S$5,000 average daily balance requirement applies from the second year to avoid the account's ongoing fees.

What is a fall-below fee and which accounts charge one?

A fall-below fee is charged when your account balance drops below a set threshold. Of the accounts in this guide, both UOB eBusiness and OCBC Business Growth Account charge a fall-below fee. The other accounts covered here have no fall-below fee.

Are fintech business accounts safe to use in Singapore?

Fintech platforms are regulated by MAS, but they are not licensed banks. This means your deposits are not covered by SDIC. However, both platforms are required by MAS to safeguard customer funds in segregated accounts held with licensed banks, meaning your money is not commingled with the company's operating funds.

Can a foreign-owned company open a free business bank account in Singapore?

Yes, though options are more limited. Airwallex and Aspire both accept applications from foreign-owned Singapore-registered companies and can be opened fully online. Most traditional bank accounts restrict their online application to businesses owned by Singapore Citizens or PRs. Foreign-owned companies can still apply in-branch at most banks.

Sources:

1. https://www.airwallex.com/sg/pricing

2. https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page, https://www.maybank2u.com.sg/en/bank-charges/sg-loans-others/outward-remittance.page 

3. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html   

4. https://aspireapp.com/pricing 

5. https://wise.com/sg/business/, https://wise.com/help/articles/2949818/how-much-does-it-cost-to-send-money-thats-in-a-wise-account?origin=search-withdraw+money

6. https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page

7. https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account-starter-bundle

8. https://www.ocbc.com/business-banking/smes/accounts/business-growth-account, https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide