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 is the only account in this list with no opening fee, no monthly fee, no minimum balance, no fall-below fee, and no cap on local transfers. And unlike every other provider here, it gives you free transfers via local rails to 120+ countries and publishes its FX markup upfront.

"Free" is one of the most overused words in business banking. Search for a free business account in Singapore and you'll find plenty of options with no monthly fee — at least on the surface.

Look closer and you'll find minimum balance requirements, fall-below fees when your balance dips, capped free transactions, and FX markups on international transfers that quietly eat into every overseas payment you make.

For a new business or a lean-running SME, these hidden costs matter. A S$10 monthly fee doesn't sound like much, but add a S$5,000 minimum balance requirement, S$3 per transaction above your free limit, and a 1.5% FX spread on USD payments to suppliers, and the total cost of your "free" account climbs fast.

This guide cuts through that. It breaks down what "free" actually means across five cost dimensions, then applies that framework to the most commonly considered accounts in Singapore — so you can see clearly which ones are genuinely free and which ones just look that way.

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 five 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. Most of the accounts covered in this guide have no opening fee.

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. Transaction fees

Most Singapore banks offer a set number of free FAST and GIRO transfers per month before charging per transaction.

If you run payroll, pay multiple suppliers, or collect from customers regularly, it's easy to exceed these limits. Once you do, you're paying per transfer.

5. FX and international transfer fees

This is the cost that’s most commonly overlooked. A business account can be entirely free for SGD transactions and still cost you significantly on international payments — through a combination of telegraphic transfer (TT) fees and FX markups applied on top of the interbank rate. For example, a 1% FX markup on a US$50,000 supplier payment will cost you S$680 at today's rates.

Comparison table — free business bank accounts in Singapore

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

The information in this table has been reviewed to be accurate as of 16 March 2026.

The sections below go through each option in more detail, including what makes it genuinely worth considering and what to watch out for.

1. Airwallex Business Account

What's free: Monthly fee, opening fee, minimum balance, fall-below fee, local transfers via FAST and PayNow, multi-currency Corporate Cards, Xero and QuickBooks integrations

What's not: FX fees, which are priced at 0.4%–0.6% above interbank rate

Airwallex is the only account in this list with zero ongoing costs for day-to-day operations — it comes with no monthly fee, no minimum balance, no cap on local transfers, and no charges for corporate cards or accounting integrations.

On top of that, it's also the strongest option for international payments: every other provider here either charges a flat TT fee, applies an undisclosed FX markup, or both — whereas Airwallex charges no TT fee for transfers via local rails in 120+ countries, and publishes its FX markup upfront at 0.4%–0.6% above the interbank rate.

2. Maybank FlexiBiz Account

What’s free: Monthly fee

What's not: S$1,000 initial deposit to open; S$10/month fall-below fee if average daily balance drops below S$1,000; S$0.50 per FAST transfer (only waived if you maintain a S$5,000 average daily balance); international transfers via SWIFT with undisclosed FX markup

Maybank FlexiBiz has no monthly fee, but it comes with more conditions than it first appears. You need S$1,000 to open the account, and if your balance regularly dips below S$1,000, you'll pay S$10 a month.

The S$0.50 per FAST transfer charge is only waived if you maintain a S$5,000 average daily balance — so for businesses with lower balances, every local transfer has a cost.

3. CIMB SME Account

What's free: Monthly fee, minimum balance, fall-below fee, unlimited FAST, GIRO and payroll transactions

What's not: International transfers: S$15 flat TT fee per transaction and an undisclosed FX markup on the exchange rate

Among the traditional bank accounts in this list, CIMB comes closest to being genuinely free for SGD operations — but only for the first year. After that, a S$8/month fee kicks in. If you're looking for a permanent zero-cost bank account, this isn’t the option for you.

It’s also SGD-only with no multi-currency support, and international transfers go through SWIFT with an undisclosed FX markup.

4. Aspire Business Account

What's free: Monthly fee, opening fee, minimum balance, fall-below fee, local SGD transfers

What's not: International transfers — only 5 free outbound transfers per month (up to US$75 total), then pay per transfer; FX markup of up to 1.5% on card transactions

Like Airwallex, Aspire is a fintech platform with no monthly fee and no minimum balance. It supports multi-currency accounts and corporate cards, and integrates with Xero, QuickBooks, and other accounting tools.

Where it differs from Airwallex is on international transfers: with Aspire, you only get 5 outbound transfers per month, which is restrictive if your business transacts internationally regularly. The FX markup on card transactions is also higher, at up to 1.5% versus Airwallex's 0.4%–0.6%.

5. Wise Business Account

What's free: Monthly fee, minimum balance, fall-below fee, local SGD transfers

What's not: One-time S$99 fee to unlock local account details in 24 currencies; international transfers — percentage fee from 0.43% plus a small fixed fee that varies by currency and payment method

Wise is free to open, but to actually receive payments in SGD and other currencies with local account details, you'll need to pay a one-time S$99 fee. After that, there are no monthly fees and no minimum balance.

On international transfers, Wise uses the mid-market rate with no FX markup, but charges a percentage fee from 0.43% plus a small fixed fee per transfer.

6. UOB eBusiness Account

What's free: Annual fee, minimum balance, and fall-below fee are all waived for the first 12 months; rebates on up to 60 outgoing FAST and 60 GIRO transactions per month

What's not: From year two, fees are no longer waived: S$35 annual fee, S$5,000 minimum average daily balance, S$15/month fall-below fee if balance dips below that; US$38 flat fee per outward telegraphic transfer; undisclosed FX markup on international transfers

UOB eBusiness is worth considering if you want the backing of one of Singapore's big three banks and expect your transaction volume to stay moderate. The first year is effectively free: there’s no annual fee, no minimum balance, and rebates that offset most local transfer costs.

The catch is what happens after that: all these fees kick in, and if your average daily balance regularly dips below S$5,000, you'll be paying S$15 a month just to keep the account open.

7. DBS Business Multi-Currency Account – Starter Bundle

What's free: Monthly fee, minimum balance, fall-below fee, unlimited FAST and GIRO transfers

What's not: International transfers — S$30 flat TT fee per outward transfer, plus undisclosed FX markup on the exchange rate

The Starter Bundle is the most feature-rich of the bank accounts in this list. It supports 13 currencies, has no monthly fee, no minimum balance, and unlimited local transfers.

Among traditional banks, it's the strongest option if you need multi-currency support. That said, if a significant portion of your business is cross-border, you’d still benefit more from Airwallex, which gives you free transfers to 120+ countries via local rails, instead of charging you S$30 for each transfer.

8. OCBC Business Growth Account

What's free: First two months of monthly fee, 80 FAST and 80 GIRO transactions per month

What's not: S$10/month from month three; S$1,000 minimum balance; S$15/month fall-below fee if balance drops below S$1,000; standard TT fees and undisclosed FX markup on international transfers

OCBC Business Growth Account isn't free in the long run — after the two-month waiver, you're paying S$10 a month regardless of how much you use it. What it does offer is a generous allowance of 80 free FAST and 80 free GIRO transactions per month, which is higher than most bank accounts here.

It's an SGD-only account, so if international payments are part of your regular operations, you'll need to factor in TT fees and an undisclosed FX markup on every overseas transfer.

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 at low cost.

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 hold funds in multiple currencies, you'll need either a fintech account or the DBS Starter Bundle, which supports 13 currencies.

Holding funds in the currency you transact in — rather than converting in and out every time — is one of the most effective ways to reduce FX costs over time.

Will you need corporate cards?

Not all business accounts come with 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.

Of the accounts in this list, Airwallex and Aspire both include corporate cards at no extra cost.

How important is accounting integration?

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

Airwallex, Aspire, DBS, OCBC, and UOB all offer Xero integration. CIMB and Maybank do not.

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.

For the traditional bank accounts in this list — particularly UOB and OCBC — foreign-owned companies will need to visit a branch to complete the application.

Approval timelines vary. Fintech accounts like Airwallex and Aspire 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, the pattern is clear. Most "free" business accounts are free for SGD operations and start charging the moment you transact internationally: through TT fees, undisclosed FX markups, or both.

Airwallex is built differently. There's no monthly fee, no minimum balance, no cap on local transfers, and no transfer fees on international payments that are sent through local rails in 120+ countries. The FX markup is published upfront, and it’s so competitive that it lets you save up to 80% on FX costs.

With our Business Account, you get multi-currency Corporate Cards, local currency accounts in 21 countries, and direct integrations with Xero and QuickBooks, all included at no extra cost. The account is opened fully online, and is available to any Singapore-registered business regardless of ownership structure.

Frequently asked questions (FAQs)

Is there a truly free business bank account in Singapore?

Yes, but with some nuance. A handful of accounts — including Airwallex, CIMB (for the first year), Maybank FlexiBiz, and Aspire — charge no monthly fee and require no minimum balance. However, most still charge for international transfers or apply an FX markup on overseas payments.

Airwallex comes closest to being free across all five cost dimensions, with no monthly fee, no minimum balance, no local transaction charges, and a transparent (rather than hidden) FX markup on international transfers.

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 Airwallex, 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, and Aspire require no initial deposit to open. Maybank FlexiBiz requires a S$1,000 initial deposit, OCBC Business Growth Account also requires S$1,000, and UOB eBusiness requires a S$5,000 average daily balance from year two onwards.

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 — including UOB eBusiness and OCBC Business Growth — 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

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/sg/blog/how-to-use-wise-singapore

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

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.