Best Business Bank Accounts in Singapore (2026 Guide)

Key takeaways

• Business accounts in Singapore range from traditional bank accounts to digital-first fintech solutions, each with different fees, features, and use cases.

• Traditional business bank accounts often come with high fees, strict requirements, and limited digital tools that can make scaling more complex.

• Fintech platforms like Airwallex offer multi-currency accounts, competitive FX rates, and tools built for global operations, all in one platform.

A business bank account does more than hold money. It shapes how you send, spend, and manage it.

Some accounts offer the basics. Others come packed with tools. With so many banks, fintechs, fees, and features to weigh, it's hard to know which option is worth your time.

In this article, we compared the top traditional business bank accounts in Singapore, and explain when a fintech platform like Airwallex might serve your business better.

This guide covers business bank accounts for companies of all sizes — if you're specifically looking for accounts suited to SMEs, read our guide to the best SME bank accounts in Singapore.

What is a business bank account?

A business bank account is a dedicated account used to send, receive, and manage money for your company. It keeps business finances separate from your personal ones, making it easier to track expenses, pay employees, and stay compliant with tax and regulatory requirements.

In Singapore, both traditional banks and fintech providers offer business accounts, each with different fees, features, and service levels. Not all business accounts are built the same: the right choice depends on your business size, how much you transact, and whether you operate across borders.

What are the best business bank accounts in Singapore (2026)?

The table below compares the key fees and features across traditional banks and fintech providers available to businesses in Singapore.

This list does not include digital banks — if you're specifically looking for digital banking options, read our guide to the best digital business bank accounts in Singapore.

The information in this table has been reviewed to be accurate as of 11 March 2026.

Read on for a closer look at each account: what it offers, who it suits, and what to watch out for on fees.

1. Airwallex Business Account

Airwallex is a global fintech platform headquartered in Singapore, built for businesses that need more than basic banking. The Business Account comes with local account details in 20+ countries, letting you receive funds like a local without opening separate bank accounts in each market. International transfers to 120+ countries via local payment rails are free, with 93% of transfers arriving the same day.

Beyond payments, Airwallex offers Corporate Cards with spend controls, Expense Management, Bill Pay, and a payment gateway that supports 160+ local payment methods across 200+ countries. It also integrates with major accounting software including Xero, NetSuite, QuickBooks, Sage, and Odoo, making it a full financial operations platform rather than just a business account.

The information in this table has been reviewed to be accurate as of 11 March 2026.

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

DBS is Singapore's largest bank and a natural first stop for many businesses opening their first corporate account. The Starter Bundle is designed for companies incorporated within the last three years, with no minimum balance, a flat S$10 monthly fee, and unlimited free FAST and GIRO transfers. It also supports 13 currencies, making it one of the few traditional bank accounts in Singapore with real multi-currency capability.

A few things to factor in: online account opening is generally limited to companies fully owned by Singapore citizens or PRs, so businesses with foreign shareholders may need to visit a branch. The Starter Bundle also has a shelf life: once your business passes the three-year mark, you'll move to the standard tier, which carries higher fees.

The information in this table has been reviewed to be accurate as of 11 March 2026.

3. OCBC Business Growth Account

OCBC is one of Singapore's three major local banks and a popular choice for new businesses thanks to its fully digital account opening process. The account comes with 80 free FAST and 80 free GIRO transactions per month, a free debit card with up to 1% cashback on business spend, and access to OCBC's suite of industry-specific tools through the OCBC Business app.

The main limitations are around cost and currency. There's no multi-currency support on the Business Growth Account itself, though OCBC does offer a separate Multi-Currency Account as an add-on. The S$10 monthly fee kicks in after the first two months, and a S$15 fall-below fee applies if your average balance drops below S$1,000.

The information in this table has been reviewed to be accurate as of 11 March 2026.

4. UOB eBusiness Account

UOB is one of Singapore's three major local banks, with a strong regional presence across Southeast Asia. The eBusiness Account is its core SME offering, with a S$35 annual fee and a 12-month fall-below fee waiver on opening. For local transfers, UOB offers rebates on up to 60 FAST and 60 GIRO transactions per month, along with a full rebate on bulk GIRO payroll transactions.

The account is SGD-only with no multi-currency support, and the S$5,000 minimum average daily balance requirement after the first year is one of the higher thresholds among traditional banks in Singapore. Online account opening is available but limited to Singapore-incorporated companies with no more than five directors who are also the approved signatories.

The information in this table has been reviewed to be accurate as of 11 March 2026.

5. Maybank Flexibiz Account

Maybank is Malaysia's largest bank by assets and has a strong presence in Singapore, making it a practical option for businesses with regular cross-border activity between the two countries. The Flexibiz Account has no annual fee and no monthly fee as long as you maintain an average daily balance of at least S$1,000.

The account is SGD-only with no multi-currency support, and local FAST and GIRO transfers are charged per transaction rather than offered free or in bundles. There are also no corporate cards, expense management tools, or accounting integrations, making it a basic transactional account best suited to businesses with straightforward banking needs.

The information in this table has been reviewed to be accurate as of 11 March 2026.

6. CIMB SME Account

CIMB is a Malaysian bank with a well-established presence in Singapore, offering one of the most cost-effective traditional business accounts on this list. The SME Account has no minimum balance, no annual fee, and unlimited free FAST and GIRO transfers, matching DBS's Starter Bundle on local transfer fees but without the monthly fee or the three-year eligibility restriction.

The main trade-off is that the S$0 monthly fee only applies for the first year: after that, a S$8 monthly charge kicks in. There's also no multi-currency support, no corporate cards, and no accounting integrations, so it works best as a straightforward transactional account rather than a full financial management tool.

The information in this table has been reviewed to be accurate as of 11 March 2026.

7. Aspire Business Account

Aspire is a Singapore-founded fintech offering a digital business account with multi-currency support, corporate cards, and expense management tools.

The Basic plan is free with no minimum balance, and includes virtual and physical cards, real-time spend controls, and accounting integrations with Xero and QuickBooks. Aspire also offers 1% cashback on advertising and SaaS spend.

The account supports four currencies — SGD, USD, GBP, and EUR — which is more limited than Wise, Revolut, or Airwallex. International transfers are routed via SWIFT, which means higher fees and slower delivery compared to platforms that use local payment rails. If you pay for a Premium plan, this unlocks cheaper FX rates and five free outbound international transfers per month.

The information in this table has been reviewed to be accurate as of 11 March 2026.

8. Wise Business Account

Wise is an international payments specialist that has expanded into business banking. The Business Account lets you hold and transact in 21 currencies with local account details in major markets, and sends money to 160+ countries at rates that start from 0.26% above the mid-market rate. There are no monthly fees and no minimum balance.

The main friction point is the S$99 one-time setup fee to unlock local account details for receiving international payments (Wise is the only provider on this list that has a setup fee). Wise also has no payment gateway, and while its expense management tools cover the basics, reimbursements are not supported.

The information in this table has been reviewed to be accurate as of 11 March 2026.

9. YouBiz Business Account

YouBiz is the business arm of YouTrip, a Singapore-based fintech best known for its multi-currency travel card. The YouBiz account supports nine currency wallets with competitive FX rates between 0.1% and 0.4%, and its corporate card offering is a standout feature, with 1% cashback on all business spend, no foreign transaction fees, and no annual card fee.

Where YouBiz shows its limits is beyond spend management. There is no payment gateway, no bill pay feature, and international transfer fees vary by currency without a flat rate structure that makes costs easy to predict.

The information in this table has been reviewed to be accurate as of 11 March 2026.

10. Revolut Business Account

Revolut is a UK-based fintech with a strong presence in Singapore, offering a broad feature set across payments, corporate cards, expense management, and multi-currency accounts. The Basic plan is free with 20+ currencies supported, and the platform's interface is one of the most polished among fintech business accounts.

The main limitation of the free Basic plan is that it caps local transfers at five per month and limits how much you can convert at interbank rates before FX fees apply. As transaction volumes grow, you'll likely need to upgrade to a paid plan to avoid hitting these limits. Revolut also lacks a payment gateway, making it less suited to businesses that need to accept customer payments online.

The information in this table has been reviewed to be accurate as of 11 March 2026.

How to choose the best business bank account in Singapore

Not every business account will suit every business. Here are the key factors to weigh before you decide.

Account setup and onboarding

The account opening process varies more than you might expect. Fintech providers and some banks like OCBC now offer fully digital onboarding via Singpass, with account numbers issued on the spot. Others require at least one branch visit, particularly for companies with foreign shareholders or more complex ownership structures.

Minimum deposit and balance requirements

Several traditional banks require an initial deposit to open an account, and many charge a fall-below fee if your average balance drops below a set threshold. These requirements vary significantly, from S$0 at CIMB and DBS's Starter Bundle to S$5,000 at UOB. Factor in your typical working capital before committing, as fall-below fees can add up quietly over time.

Monthly fees and transaction costs

Look beyond the headline monthly fee to the full cost of your day-to-day transactions: local transfer fees, international transfer fees, and FX markups can quickly outweigh a low or waived monthly fee. Airwallex offers unlimited free local transfers, while banks like Maybank and UOB charge per transaction.

Multi-currency support

If you pay overseas suppliers, receive payments from international customers, or hold funds in foreign currencies, multi-currency support is worth prioritising. Traditional banks in Singapore largely operate in SGD only, with DBS being the exception. Fintech platforms generally offer broader currency support, with Airwallex supporting 20+ currencies.

Digital banking features

Consider whether you need capabilities beyond basic banking: corporate cards, expense management, bill pay, accounting integrations, or a payment gateway. Traditional banks offer limited digital tooling in this area, while fintech platforms are built around these features from the ground up.

Why choose Airwallex’s Global Account

Most business accounts are built around a single market. Airwallex is built around your entire money flow, from collecting revenue and converting currencies, to paying suppliers, managing team spend, and reconciling transactions. Everything connects in one platform, so your finance team spends less time on admin and more time on growth.

With Airwallex, you can:

• Open local currency accounts to receive funds like a local in 20+ currencies

• Accept customer payments via 160+ local payment methods across 180+ countries

• Send international transfers to 120+ countries via local payment rails at no cost

• Convert currencies at competitive FX rates that let you save up to 80% on FX fees

• Issue corporate cards with spend controls and real-time visibility

• Manage expenses and reimbursements with automated workflows and receipt capture

• Pay bills by uploading, approving, and paying domestic and international invoices from one place, with direct sync to your accounting software

Frequently asked questions (FAQs)

Do I need a business bank account in Singapore?

In Singapore, most registered businesses choose to open a corporate bank account or a business account from a licensed fintech provider to manage their finances. For sole traders and freelancers, it isn't legally required, but keeping business and personal finances separate simplifies tax reporting, makes accounting cleaner, and improves financial visibility as your business grows.

How much does it cost to open a business bank account in Singapore?

Most business bank accounts in Singapore have no account opening fee. The ongoing costs vary more significantly: monthly fees range from S$0 (CIMB, Aspire, Wise, YouBiz, Revolut, and Airwallex) to S$10/month (DBS, OCBC, Maybank). Some banks also charge fall-below fees if your average balance drops below a set threshold, and transaction fees for local and international transfers. Fintech providers generally have lower ongoing costs than traditional banks.

What is the minimum balance for a business bank account in Singapore?

Minimum balance requirements vary widely. Several providers, including Airwallex, CIMB, Aspire, Wise, YouBiz, and Revolut, have no minimum balance requirement at all. Among traditional banks, DBS's Starter Bundle also has no minimum balance, while OCBC and Maybank require S$1,000 and UOB requires S$5,000. Falling below these thresholds typically triggers a monthly fall-below fee.

What documents do I need to open a business bank account in Singapore?

Requirements vary by provider, but most will ask for your ACRA business profile, NRIC or passport copies for all directors and shareholders, and a brief description of your business activities. Some banks may also require a board resolution and company constitution. Fintech providers like Airwallex complete the entire process online with no branch visit required.

How long does it take to open a business bank account in Singapore?

With fintech providers, account opening can be completed in as little as one to two business days entirely online. Traditional banks vary: some like OCBC offer instant digital onboarding via Singpass, while others may take several days and require a branch visit depending on your business structure and ownership.

Sources:

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

2. https://www.ocbc.com/business-banking/smes/accounts/business-growth-account

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

4. https://www.maybank2u.com.sg/en/business/global-banking/accounts/current/flexibiz.page

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

6. https://aspireapp.com/business-account

7. https://wise.com/sg/business

8. https://www.you.co/biz/

9. https://www.revolut.com/en-SG/business/ 

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.