Bank charges in Singapore (2026): A guide for businesses

Key Takeaways:

• Bank charges in Singapore cover a wide range of fees — from monthly maintenance costs and fall-below penalties to domestic transfer charges and international wire fees.

• Different banks suit different businesses: some waive local transfer fees entirely, others apply monthly caps, and international payment costs can vary significantly from one provider to the next.

• Modern fintech platform Airwallex has no account fees and no minimum balance. It also gives you free transfers to 120+ countries using local payment rails.

Understanding bank charges in Singapore is key to managing your business costs effectively.

In this guide, we break down the most common types of bank charges, compare fees across seven providers — DBS, Maybank, OCBC, UOB, CIMB, Hong Leong Bank, and Airwallex — and share practical ways to reduce your bank fees.

What are bank charges?

Bank charges are the fees banks apply for providing financial services — from opening and maintaining a business account to processing payments and converting currencies.

These charges play a bigger role in your business than they might appear. A S$20 wire fee here or a S$40 fall-below penalty there can add up to hundreds of dollars a year.

Banks generally structure fees based on account type. SME accounts tend to carry lower costs, while corporate accounts designed for higher transaction volumes may come with more features (and more fees).

What are the different types of bank charges?

Banks in Singapore apply a range of fees to business accounts. Here are the main ones to know:

1. Account setup fees

Account setup fees are one-time charges for opening a new business account. Most major banks in Singapore waive this for locally incorporated companies, though foreign-incorporated businesses may still face charges. Banks may also require a minimum initial deposit when you open the account.

Looking for a bank account with no fees? Check out our guide on the best free business accounts in Singapore.

2. Account maintenance fees

Account maintenance fees (sometimes called admin fees) are recurring charges for keeping your account active. They typically cover account monitoring, monthly statements, and customer support.

Some banks waive these fees if you maintain a minimum balance or meet certain conditions. Always check the fine print before you open an account.

3. Minimum balance requirement and fall-below fees

A minimum balance requirement is the lowest amount you must keep in your account, often measured as a monthly average daily balance. If your balance drops below this threshold, the bank charges a fall-below fee.

For example, if a bank requires a monthly average daily balance of S$5,000 and your account averages S$4,800 for the month, you will be charged a fall-below fee, even if your balance was above S$5,000 for most of the month.

4. Transaction fees

Transaction fees apply when your business makes or receives payments. The fee depends on the transfer method used.

Common local transfer methods include:

• FAST — near-instant transfers between participating banks; some accounts offer free FAST transfers up to a monthly limit

• GIRO — used for recurring payments like payroll and supplier invoices; typically cheaper than FAST

• PayNow — free instant transfers using a UEN, mobile number, or NRIC; incoming PayNow transactions are currently fee-waived across most banks until 31 December 2028

• MEPS (MAS Electronic Payment System) — same-day high-value transfers; carries a higher fee per transaction

For a detailed breakdown of how each method works, see our guide to bank transfers in Singapore.

5. Cross-border fees

Cross-border fees apply when you send or receive payments internationally. They typically include a combination of a SWIFT or telegraphic transfer (TT) fee, agent or intermediary bank charges, and a currency conversion fee or foreign exchange (FX) markup.

For a deeper look at how these fees stack up across providers, see our international transfer fees guide.

The FX markup is one of the most overlooked bank charges. When a bank converts your funds from one currency to another, it applies its own exchange rate, which is usually worse than the interbank rate. The difference, or spread, is effectively an additional fee.

For businesses with frequent international payments, this can be a significant cost. You can read more about how the SWIFT payment network works and when it applies.

6. Overdraft and insufficient funds fees

Overdraft fees apply when your account balance goes negative. Banks typically charge a percentage above the prime lending rate on the overdrawn amount, subject to a minimum charge.

7. Inactivity and dormancy fees

If your business account shows no activity for an extended period, the bank may classify it as dormant and charge a monthly dormancy fee. If you close an account within a year of opening it, you may also face an early closure fee.

8. Cheque processing fees

Cheque processing fees apply when you issue or deposit a cheque. The Monetary Authority of Singapore (MAS) eliminated corporate cheques by the end of 2025, so this fee is no longer relevant for most businesses. Individual cheque usage continues for a transitional period.

Comparing bank charges in Singapore

The table below compares account fees and balance requirements across seven banks.

We've also included the Airwallex Business Account — which is a fintech platform with no account fees, no minimum balance, and no fall-below requirements — so you can see how a non-bank option stacks up against the traditional providers:

The information in this table has been reviewed to be accurate as of 20 April 2026.

1. Airwallex Business Account

For businesses that move money across borders regularly, the economics of a traditional bank account often work against you. International transfer fees, FX markups, and inward TT charges accumulate quickly — and the costs are rarely transparent upfront.

The Airwallex Business Account is built specifically to remove those costs: no account fee, no minimum balance, unlimited free local FAST transfers, and free international transfers to 120+ countries via local payment rails. 

Where banks charge S$30 or more per outgoing international transfer on top of an undisclosed FX markup, Airwallex charges nothing on local-rail transfers. With our competitive FX rates, you also save up to 80% on FX fees.

Fees at a glance:

• FAST: Unlimited free

• GIRO: N/A

• Sending money internationally: Free to 120+ countries via local payment rails (94% of Airwallex transfers are made via local rails); S$20–S$35 for SWIFT transfers

• Receiving money internationally: No inbound transfer fee via Global Accounts — overseas payers send a local transfer to your local account details in their currency

• Overdraft: None

Worth knowing: Airwallex is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore (MAS). Your funds are held with leading global financial institutions in line with local regulations.

2. CIMB SME Account

The CIMB SME Account is the most cost-effective traditional bank option in this comparison for businesses in their first year. No minimum balance, no fall-below fee, and unlimited free local transactions make it genuinely low-maintenance.

The catch is modest — a S$8 monthly fee kicks in after 12 months — but even then, it remains one of the most affordable accounts (apart from Airwallex). For businesses with overseas suppliers, the current promotion waives international transfer fees for the first 12 months of account opening (valid till 31 Dec 2026).

Fees at a glance²:

• FAST: Unlimited free via BizChannel@CIMB

• GIRO: Unlimited free via BizChannel@CIMB

• Sending money internationally: S$0 for the first 12 months of account opening (promotion valid till 31 Dec 2026); S$15 flat standard rate excl. agent fees

• Receiving money internationally: Not disclosed on official page

• Overdraft: Prime + 5% p.a. (min S$20)

Worth knowing: CIMB also offers a Shariah-compliant alternative — the CIMB SME-i account — with the same core fee structure.

3. DBS Business Multi-Currency Account

DBS suits businesses that want the credibility of Singapore's largest bank alongside genuinely useful multi-currency capability — 13 currencies in a single account is broader than most traditional banks here.

The Starter Bundle is the stronger pick for newer businesses: no minimum balance and unlimited free local transfers give you flexibility without locking up capital. Once your business matures and can comfortably maintain a higher average balance, the Standard account works out cheaper on an annualised basis.³

For a full breakdown of DBS's business banking products, see our DBS business account guide.

Fees at a glance — Starter Bundle³:

• FAST: Unlimited free via DBS IDEAL

• GIRO: Unlimited free via DBS IDEAL (excl. bulk/payroll)

• Sending money internationally: S$30 flat + agent fees via DBS IDEAL

• Receiving money internationally: S$10 per transaction

• Overdraft: Prime + 5% p.a. (min S$30)

Fees at a glance — Standard account³:

• FAST: 50 free per month; S$0.50 per transaction thereafter

• GIRO: 50 free per month; S$0.20 per transaction thereafter

• Sending money internationally: S$30 flat + agent fees via DBS IDEAL

• Receiving money internationally: S$10 per transaction

• Overdraft: Prime + 5% p.a. (min S$30)

Worth knowing: The Starter Bundle charges S$40 per over-the-counter branch transaction — double the Standard account rate. Manage everything via DBS IDEAL to avoid this.

4. Maybank FlexiBiz Account

FlexiBiz is straightforward: no monthly fee, a low minimum balance, and a simple per-transaction pricing model for local transfers. It won't suit high-volume payers — if you're running payroll or paying dozens of suppliers each month, per-transaction FAST fees will add up faster than on accounts with free bundles.

Where Maybank genuinely stands out is the Singapore–Malaysia corridor. If your business regularly moves money between the two countries, no other bank in this guide matches Maybank's reach and pricing on that specific route.⁴

Fees at a glance⁴:

• FAST: S$0.50 per transaction

• GIRO: S$0.20 per transaction

• Sending money internationally: Standard TT commission applies; contact Maybank for current rates

• Receiving money internationally: Not disclosed on official page

• Overdraft: Min S$20

Worth knowing: Maybank charges S$0.75 per cheque for both issuance and deposit.

5. Maybank PremierBiz Account

PremierBiz is for established businesses that hold meaningful working capital in their account. The rebate model means the more you transact — and the more you hold — the less you effectively pay per transfer.⁵ It also earns interest on your balance, which is rare among traditional business current accounts in Singapore.

If you're already banking with Maybank and running payroll through their platform, PremierBiz is worth evaluating seriously: automated salary payments are fully rebated regardless of your balance tier.⁵

Fees at a glance⁵:

• FAST: S$0.50 per transaction; 100% rebate on up to 30/month (Tier 1) or 120/month (Tier 2)

• GIRO: S$0.20 per transaction; same rebate tiers as FAST

• Sending money internationally: Standard TT commission applies; 25% rebate (Tier 1) or 50% rebate (Tier 2)

• Receiving money internationally: Not disclosed on official page

• Overdraft: Min S$20

Worth knowing: Automated salary payments via Maybank's APS+ system are fully rebated regardless of tier.

6. OCBC Business Growth Account

OCBC's Business Growth Account gives you 80 free FAST and 80 free GIRO transactions per month, which is the most generous local transfer allowance of any traditional bank account in this comparison.⁶

The monthly fee and minimum balance are modest, and the account can be opened fully online for eligible Singapore businesses. It's a solid all-rounder, though the upcoming fall-below fee increase is worth noting if your balance tends to fluctuate.

For a full breakdown, see our OCBC business banking guide.

Fees at a glance⁶:

• FAST: 80 free per month; S$0.50 per transaction thereafter

• GIRO: 80 free outward per month; S$0.20 per transaction thereafter

• Sending money internationally: S$30 + agent fees

• Receiving money internationally: S$10

• Overdraft: Min S$30 or Prime + 4.75% p.a. (whichever is higher)

Worth knowing: OCBC is raising its fall-below fee from S$15 to S$20 per month effective 1 May 2026.⁶ If you're opening an account now, plan around the new figure.

7. UOB eBusiness Account

UOB's standout feature is payroll. The 100% rebate on bulk GIRO payroll transactions makes it the most payroll-friendly traditional bank account in this comparison: if you're paying a large Singapore-based team via GIRO each month, that rebate is a meaningful recurring saving.

Outside of payroll, the rebate model on FAST and GIRO transfers is workable for moderate volumes. The first year is effectively the cheapest, with both the annual fee and fall-below fee waived on opening.

For a detailed comparison of UOB's accounts, see our UOB business banking guide.

Fees at a glance¹:

• FAST: S$0.50 per transaction; S$0.50 rebate on up to 60 outgoing per month

• GIRO: S$0.20 per transaction; S$0.20 rebate on up to 60 outgoing per month; 100% rebate on bulk GIRO payroll

• Sending money internationally: 1/16% commission (min S$10, max S$100) + cable and/or agent charges

• Receiving money internationally: S$10 + agent charges if any

• Overdraft: Prime + 4% p.a. (min S$10)

Worth knowing: UOB Infinity spans 10 ASEAN markets — useful if your business is expanding regionally and wants to manage payments across markets from one platform.

8. Hong Leong Bank Business Current Account

Hong Leong Bank is the least well-known option in this comparison, but it deserves consideration for businesses that can comfortably maintain a higher average balance. The trade-off is clear: a S$10,000 minimum balance in exchange for no monthly service fee and one of the lowest fall-below charges in this guide.⁷

The online international transfer pricing can also work out cheaper than flat-rate TT fees for smaller cross-border payments — it's percentage-based, so lower-value transfers cost less. If you're already using HLB ConnectFirst and do moderate cross-border volumes, the economics are worth comparing against the bigger banks.

Fees at a glance⁷:

• FAST: S$0.50 per transaction via HLB ConnectFirst

• GIRO: S$0.20 per transaction

• Sending money internationally: 0.0625% commission (min S$10, max S$100) + S$30 cable charges + agent fees via HLB ConnectFirst

• Receiving money internationally: Not disclosed on official page

• Overdraft: Prime + 4% p.a. (min S$20)

Worth knowing: The lower commission rate and online FAST transfers are only available via HLB ConnectFirst. Branch-based transfers carry a higher rate.⁷

How to reduce bank charges in Singapore

Bank charges are rarely avoidable entirely, but most businesses pay more than they need to. Here’s how to reduce bank charges and pay less in fees:

Choose the right account for your transaction volume

Most bank accounts in Singapore include a free monthly allowance for FAST and GIRO transfers. If your transaction volume consistently exceeds that limit, you'll pay per transaction on top of your monthly fee — which can quickly outpace the cost of a higher-tier account with a more generous allowance.

Before opening an account, estimate how many outgoing transfers you make each month. Match that number to the free allowance each account offers, and factor in the fall-below fee if your balance fluctuates. The cheapest-looking account isn't always the cheapest to run.

Use PayNow wherever possible

PayNow is free for most business account holders and is the fastest way to send money locally.

If your suppliers or contractors accept PayNow, use it before defaulting to FAST — especially if your account doesn't include a free FAST bundle. It transfers instantly using a UEN or mobile number, with no per-transaction charge.

Keep your balance above the minimum threshold

Fall-below fees are easy to overlook but consistent in how they accumulate. If your account charges S$15 or S$20 per month when your balance dips, that's up to S$240 a year in avoidable costs.

Set an internal alert at a buffer above the minimum — not exactly at it — to account for timing differences between payments in and out.

Consolidate international payments

Most banks charge a flat fee per outgoing international transfer, regardless of the amount sent. Sending five smaller transfers costs five times as much as sending one. Where your payment terms allow, consolidate supplier payments into a single transfer per period rather than sending them individually.

Watch the FX markup, not just the transfer fee

The transfer fee is visible. The FX markup usually isn't. When a bank converts your funds from one currency to another, it applies its own exchange rate — which is typically worse than the interbank rate.

For businesses making regular cross-border payments, the cumulative cost of a 1–2% FX spread can far exceed the flat transfer fees you're tracking. Use a provider that publishes its FX margin clearly, or request the all-in cost before sending.

For more on this, see our guide to reducing international transfer fees.

Review your account annually

Banks update their fee schedules regularly, and the account that suited your business two years ago may no longer be the best fit. Set a reminder once a year to check whether your transaction patterns, balance levels, and business needs still match your current account — and compare against what's available.

OCBC, for example, is raising its fall-below fee in May 2026, so if you’re currently using it, you might want to re-evaluate your choice.

Is a traditional bank account the only option for your business?

Most businesses in Singapore open a bank account without questioning whether a bank is the right type of provider. It's the default — and for many years, it was the only practical option.

That's no longer the case. Fintech business accounts are now licensed and regulated by the Monetary Authority of Singapore under the Payment Services Act, the same regulatory framework that governs traditional banks.

The difference is in how they're built: fintech platforms are designed from the ground up for digital payments, which means fewer legacy fees and more transparency on pricing.

Airwallex is one of those platforms. It holds a Major Payment Institution licence issued by MAS, and your funds are held with leading global financial institutions in accordance with Singapore regulations — the same standard of protection you'd expect from a bank.

Compared to a traditional bank account, the savings are real. With Airwallex, you get:

• No monthly account fee, no minimum balance requirement, and no fall-below penalty

• Unlimited free local FAST transfers

• Free international transfers to 120+ countries via local payment rails 

• Competitive FX rates that let you save up to 80% on FX fees compared to banks

• Free Corporate Cards for your team, with direct integration into Xero and QuickBooks

Frequently asked questions (FAQs)

What are the most common bank charges businesses overlook in Singapore?

Fall-below fees are the most frequently missed. They apply whenever your monthly average daily balance dips below the required threshold — even briefly — and can add up to hundreds of dollars a year without you noticing. FX markups on international payments are another hidden cost: banks apply their own exchange rate on top of the transfer fee, and the difference is rarely shown upfront.

Do all banks in Singapore charge the same fees for business accounts?

No. Each bank sets its own fee structure, and the differences are significant. Monthly fees, free transaction limits, fall-below thresholds, and international transfer charges all vary across providers. The best account for your business depends on your transaction volume, balance levels, and how often you send or receive money internationally.

Can I negotiate bank charges with my bank in Singapore?

In some cases, yes. Banks are more likely to consider fee waivers or custom pricing if you maintain a high average balance, use multiple products with the same bank, or have a long-standing relationship. It's worth asking directly — but compare your options first so you have a clear picture of what other providers offer before you negotiate.

Are bank charges in Singapore subject to GST?

Yes. Transaction fees, maintenance fees, and overdraft charges are generally subject to Goods and Services Tax (GST) in Singapore, currently at 9%. Always check whether the fees quoted to you are inclusive or exclusive of GST, as the difference can affect your cost calculations.

What is the cheapest business bank account in Singapore?

It depends on how your business operates. For businesses in their first year, the CIMB SME Account has no minimum balance, no fall-below fee, and unlimited free local transfers. For businesses that make frequent international payments, Airwallex charges no account fees and sends money to 120+ countries free via local payment rails — with no minimum balance required.

What is the difference between a FAST transfer and a GIRO transfer?

Both are local payment methods in Singapore, but they work differently. FAST transfers are near-instant and typically used for one-off payments. GIRO is used for recurring, scheduled payments like payroll or supplier invoices, and is generally cheaper per transaction. PayNow is a third option — it's free and instant, and works using a UEN, mobile number, or NRIC rather than a bank account number.

Sources

1. cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html

2. cimb.com.sg/en/business/help-support/rates-charges/fees-charges/corporate-pricing-guide/cheque-charges.html

3. dbs.com.sg/documents/276102/282855/pricing-guide.pdf

4. maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page

5. maybank2u.com.sg/en/bank-charges/sg-loans-others/current-accounts.page

6. maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/premierbiz-account.page

7. ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

8. ocbc.com/business-banking/notices

9. uob.com.sg/business/accounts/uob-ebusiness-account.page

10. uob.com.sg/business/help-support/rates-fees/general-services-fees.page

11. uob.com.sg/business/help-support/rates-fees/remittance-fees-outward.page

12. uob.com.sg/business/help-support/rates-fees/remittance-fees-inward.page

13. hlbank.com.sg/content/dam/hlb/sg/docs/help-and-support/fees-charges/bcb/corporate-pricing-guide-wef-20240701.pdf

14. mas.gov.sg/news/media-releases/2023/mas-announces-end-2025-timeline-to-eliminate-corporate-cheques

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.