ANEXT Bank business account review: 2026 guide for Singapore

Key takeaways:

• ANEXT Bank is a digital-only wholesale bank in Singapore, backed by Ant International. It gives businesses a basic business account with no setup fees, no minimum balance, and daily interest on SGD, USD, and EUR balances.

• ANEXT holds four currencies natively and supports a wider range via SWIFT and ANEXT Flash. SWIFT translates into higher fees, slower settlement, and less predictable costs for cross-border transfers.

• In comparison, Airwallex offers free transfers to 120+ countries via local rails, multi-currency accounts in 20+ currencies, Corporate Cards, Expense Management, and integrations with tools like Xero and Shopify.

ANEXT Bank is one of several digital business banking options available to companies in Singapore, offering a simple account with no setup fees, no minimum balance, and interest on selected currency balances.

For startups and SMEs looking for a straightforward place to hold and manage funds, it can be an appealing option. But if your business makes international payments, deals with multiple currencies, or needs more than just a basic account, it’s worth looking more closely at what ANEXT offers—and where its limitations may show.

In this guide, we review ANEXT Bank's business account in detail, including its features, fees, lending products, and the kinds of businesses it suits best.

What is ANEXT Bank?

ANEXT Bank is a digital-only bank backed by Alibaba's Ant International.⁸ It's licensed as a digital wholesale bank by the Monetary Authority of Singapore (MAS), which means it's built specifically for small and medium-sized businesses, not individual consumers.

You can think of it as a bank that only serves businesses and only exists online. There are no branches to visit and no consumer accounts; it's designed for SMEs that want to do their banking digitally.

On the safety side, ANEXT Bank is regulated by MAS and uses security measures like proprietary 3FA verification to protect accounts.

One thing to note is that, as a digital wholesale bank, ANEXT deposits aren't covered by the Singapore Deposit Insurance Corporation (SDIC) scheme, which protects deposits at retail banks up to S$100,000 per depositor. If your business holds significant cash balances, this is worth factoring into your decision.

How does ANEXT Bank work?

ANEXT Bank is fully digital. Businesses apply for an account online via the ANEXT website, with business information pre-filled through CorpPass and MyInfo Business.

Once identity verification is completed via Singpass, all banking activities are handled digitally on the web platform or mobile app — there are no physical branches or paper forms at any stage.

What are the key features of the ANEXT business account?

Here's what you get when you open an ANEXT Business Account:

• Multi-currency account holding SGD, USD, CNH, and EUR

• Up to 1.0% p.a. daily interest on SGD, USD, and EUR balances

• Unlimited free local SGD transfers and free incoming wire transfers

• ANEXT Flash for fast, fee-free USD and EUR transfers to select jurisdictions

• No setup fees, no monthly fees, and no minimum balance

• Business loans up to S$500,000 (unsecured and secured options)

• Fixed deposit placements in SGD, USD, and EUR

• API-enabled payments for fast, automated payouts

Multi-currency account with daily interest

Account holders can hold and convert balances in SGD, USD, CNH, and EUR. Up to 1.0% p.a. interest applies to balances in SGD, USD, and EUR, paid out daily, while CNH balances don't earn interest.

The four-currency scope works well if those are your main operating currencies — and ANEXT can still send and receive in a wider set via SWIFT (more on that below).

Unlimited free local SGD transfers

ANEXT offers unlimited local SGD transfers at no cost via FAST, PayNow, GIRO, and MEPS. That can meaningfully cut payment costs for payroll or paying Singapore-based vendors. Incoming wire transfers are also free, with no charge from ANEXT's side (intermediary or remitter bank fees may still apply).

ANEXT Flash for fast international payments

ANEXT Flash lets you send USD and EUR to select jurisdictions — the United States, Hong Kong, and Europe — within one working day at no transfer fee, subject to daily cut-off times. For businesses paying suppliers, contractors, or partners in those regions, Flash is materially faster and cheaper than a standard SWIFT outward transfer.

Send and receive globally via SWIFT

Beyond ANEXT Flash, you can send international transfers via SWIFT in nine currencies: CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD.

Note: funds you receive in GBP, HKD, JPY, KRW, MYR, or THB are automatically converted to USD on arrival (since ANEXT only holds SGD, USD, CNH, and EUR natively). If you frequently receive in those currencies, the auto-conversion is worth factoring in when you're forecasting FX costs.

No setup fees or minimum balance

There's no setup fee, annual fee, fall-below fee, or minimum balance requirement. That makes ANEXT a low-cost starting point for businesses with tight cash flow or those just getting incorporated.

Business loans up to S$500,000

ANEXT offers a full lending suite, with loan amounts up to S$500,000 across four products:

• CreditNow — a flexible credit line of up to S$300,000 with no documents required, repayable over up to 12 months. Available to selected existing ANEXT customers with at least 6 months of activity.

• Pay-Per-Use — a credit line from S$5,000 to S$500,000, with up to 6 months repayment. You pay a flat monthly fee on each drawdown and repay the principal in the final month.

• Pay Monthly — a fixed-rate term loan from S$5,000 to S$500,000, repayable over up to 5 years in monthly instalments covering both principal and interest.

• Secured Business Loan — pledge business assets (such as business property) to access larger loan amounts at competitive rates, useful for major expansion or substantial working capital needs.

A one-time fee of up to 2% of the approved amount or S$200 (whichever is higher) applies, with no early redemption fees.

Fixed deposits in SGD, USD, and EUR

Fixed deposit placements are available in SGD, USD, and EUR for tenures of 1 to 12 months. Minimum placement amounts are S$250,000 (SGD), US$5,000 (USD), and EUR 5,000 (EUR) — the SGD minimum in particular is sizeable, so FDs lean towards more established businesses with surplus cash.

API-enabled payments

With ANEXT's open APIs, you can automate domestic and cross-border payouts directly from your own systems — useful for marketplaces, platforms, or finance teams that want to embed payments into existing workflows without manual processing.

Who can open an ANEXT business account?

ANEXT's application process is fully online, but you'll still need to meet a few key requirements:

• Your business must be a Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Partnership, or Private Limited company.

• Your business must be incorporated in Singapore and have an active CorpPass account.

• You must have an authorised applicant with a valid Singpass account to apply on behalf of the business.

• All business stakeholders must complete identity verification via Singpass, passport, or ID.

• Camera access must be enabled to complete facial verification remotely.

How to open an account at ANEXT Bank

Here are the steps to follow if you’d like to open an account with ANEXT Bank:

• Start your application with CorpPass and MyInfo Business — your business details are pre-filled automatically.

• Verify your identity. All directors and shareholders complete identity verification through Singpass, passport, or ID, including remote facial verification.

• Authorise the application. Appointed company representatives authorise the account opening.

• Get approved. Simple applications can be approved the same day; more complex ones take a few working days.

What are ANEXT Bank's fees?

ANEXT keeps domestic banking simple and predictable: no setup fee, no monthly fee, and free unlimited local SGD transfers. International transfers route via SWIFT at a flat outward fee, with intermediary or remitter bank charges potentially deducted along the way.

Here's a quick summary of ANEXT Bank's fees and pricing:

Note: The information in this table has been reviewed to be accurate as of 13 May 2026.

Note that ANEXT doesn't publicly disclose its FX markup as a flat percentage. Instead, the rate and any applicable markup are shown before each transaction in the banking portal.

That's worth knowing if you regularly convert between currencies, since you'll want to confirm the rate at the point of transfer rather than budgeting against a published rate card.

Pros and cons of ANEXT Bank

ANEXT handles the basics well, but there are some clear gaps to be aware of: no corporate cards, no expense management tools, no payment gateway, and no accounting software integrations.

Pros of ANEXT Bank:

• No account opening, monthly, or local SGD transfer fees

• Simple, fully digital account opening and banking experience

• Up to 1.0% p.a. daily interest on SGD, USD, and EUR balances

• Business loans up to S$500,000, with both unsecured and secured options

• ANEXT Flash for fee-free, next-working-day USD and EUR transfers to the US, Hong Kong, and Europe

• API-enabled payments for automated payouts

• Backed by Ant International and licensed by MAS

Cons of ANEXT Bank:

• Holds only four currencies natively (SGD, USD, CNH, EUR); funds received in GBP, HKD, JPY, KRW, MYR, or THB are auto-converted to USD

• International transfers outside the ANEXT Flash corridors route via SWIFT, which generally settles slower than local payment rails and may incur intermediary bank fees

• No corporate cards

• No expense management or spend control tools

• No payment gateway or payment acceptance features

• No accounting software integrations

• Limited to Singapore-incorporated businesses only

• Deposits are not covered by the SDIC scheme

Who is ANEXT Bank best suited for?

ANEXT covers the basics of business banking well, but it's built for a specific kind of business. Here's a quick gut-check on whether it's the right fit.

ANEXT may fit you if you:

• Are a Singapore-incorporated SME doing most of your operations and payments in SGD

• Want a fully digital, no-frills business account with no fees and no minimum balance

• Want to earn daily interest on idle SGD, USD, or EUR balances

• Mainly send international payments to the US, Hong Kong, or Europe (where ANEXT Flash applies)

ANEXT may not be the best fit if you:

• Regularly receive payments in GBP, HKD, JPY, KRW, MYR, or THB (those funds auto-convert to USD on arrival)

• Make frequent international transfers to destinations outside the ANEXT Flash corridors

• Need corporate cards for team spending

• Need expense management or spend control tools

• Want accounting software integrations (e.g. for automatic reconciliation)

• Need to accept customer payments online via a payment gateway

• Hold large cash balances and need SDIC deposit insurance coverage

Looking beyond ANEXT? How Airwallex compares

If what draws you to ANEXT is the no-fee, no-minimum-balance setup and the fully digital onboarding, it's worth knowing there are other options in the same space — including Airwallex.

Airwallex is a global financial platform built for businesses that send, receive, and manage money across borders.

Like ANEXT, Airwallex is free to get started with: there's no account opening fee, no minimum balance, and no monthly fee on the Explore plan. Onboarding is fully online and most businesses are up and running in a few days.

The biggest difference shows up once you start moving money internationally:

• ANEXT charges a flat SWIFT fee per outward transfer in nine currencies, with ANEXT Flash covering fee-free transfers to the US, Hong Kong, and Europe.

• Airwallex lets you make free local transfers to 120+ countries via local payment rails, and offers competitive FX rates that save you up to 80% compared with traditional banks.

For a full side-by-side breakdown across fees, currencies, transfer speed, and feature coverage, see our ANEXT vs Airwallex comparison guide.

Why Singapore businesses choose Airwallex

Companies like Love, Bonito, EU Holidays, and Igloohome use Airwallex to manage global payments, cards, and expenses on one platform. Love, Bonito cut cross-border charges by 25% after switching, and now pays suppliers worldwide in hours rather than days.

Want to save cost and streamlien your operations like Love, Bonito? Open a free Airwallex Business Account online, with no setup fees and no minimum balance.

Frequently asked questions (FAQs)

Is ANEXT Bank safe and reliable?

Yes. ANEXT Bank is licensed as a digital wholesale bank by the Monetary Authority of Singapore (MAS). It's wholly owned by Ant International and uses a proprietary three-factor authentication (3FA) system on every transaction — login password, OTP, and facial verification — alongside internationally recognised encryption standards. One thing to note is that, as a digital wholesale bank, ANEXT deposits aren't covered by the Singapore Deposit Insurance Corporation (SDIC) scheme.

What fees does ANEXT Bank charge?

ANEXT Bank doesn't charge account opening, monthly, or local SGD transfer fees. For international transfers via SWIFT, outward fees start from S$15 (or the currency equivalent). Business loans come with a one-time fee of up to 2% of the approved amount or S$200, whichever is higher. See the fee table above for full details.

Does ANEXT Bank offer business loans?

Yes. ANEXT offers a full lending suite of up to S$500,000, with four products: CreditNow (a credit line up to S$300,000 for selected existing customers), Pay-Per-Use (a credit line up to S$500,000 over up to 6 months), Pay Monthly (a fixed-rate term loan up to S$500,000 over up to 5 years), and a Secured Business Loan for larger amounts backed by business assets. A one-time fee of up to 2% of the approved amount or S$200 (whichever is higher) applies.

How long does it take to open an ANEXT business account?

The application is fully online via CorpPass and MyInfo Business, with identity verification required for all directors and shareholders. Simple applications can be approved the same day; more complex ones may take a few working days.

What currencies can I send and receive with ANEXT?

ANEXT holds balances in four currencies: SGD, USD, CNH, and EUR. For international SWIFT transfers, ANEXT supports nine currencies — CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD. Funds you receive in GBP, HKD, JPY, KRW, MYR, or THB are automatically converted to USD on arrival, since the account doesn't hold those currencies natively.

Sources:

1.  https://www.anext.com.sg/bank-with-us/business-account

2.  https://www.anext.com.sg/static/file/businessguide

3.  https://www.anext.com.sg/bank-with-us/business-loan

4.  https://www.anext.com.sg/bank-with-us/fixed-deposit

5.  https://www.anext.com.sg/api-inventory

6.  https://www.anext.com.sg/static/terms/feeschedule

7.  https://www.anext.com.sg/faqs

8.  https://www.anext.com.sg/about-us

9.  https://www.mas.gov.sg/regulation/digital-banks

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.