Best SME bank accounts compared in Singapore (2026)

Key takeaways

• For small or medium-sized enterprises (SMEs) in Singapore, it’s crucial to choose the right financial partner who can streamline your financial operations while offering low or no ongoing fees. 

• Other factors to consider when choosing the right business account for your SME include payment options and multi-currency capability. 

• Airwallex is ranked as one of the top choices for SMEs in Singapore, thanks to its fast, cost-effective global transfers, competitive foreign exchange (FX) rates, and seamless integrations with accounting platforms like Xero – all on a single platform. Other options include fintech platforms like Aspire and Wise, as well as traditional banks such as UOB, OCBC, and DBS.

One of the most important decisions for any SME in Singapore is choosing a financial partner that's able to understand your business needs and support your growth at every stage.

This guide to the best SME bank accounts in Singapore compares top options – from traditional banks like DBS to modern fintech options like Airwallex. We’ll break down their features and fees, and take a closer look at each to help you find the right solution for your business needs.

What is an SME business account?

SME bank accounts offer financial services tailored to the unique needs of startups and small businesses. From business accounts to corporate cards to payment solutions and more, these services help SMEs manage their finances and grow with ease. 

Unlike large enterprises, SMEs often need a more cost-effective solution – an account with low or no ongoing fees, yet offering the flexibility to send, spend, and receive money globally. Because they typically operate with lean teams and tight cash flow, they also need intuitive tools that simplify day-to-day cash management and free them up to focus on growing their business.

The best SME bank accounts and their alternatives in 2026 

Finding the right bank for your SME can significantly impact how you manage your finances and grow your business. We’ve reviewed a range of accounts from both banks and fintech providers, all chosen for their features and services tailored to small, medium, and growing businesses.

Here are some of the top SME banks and alternatives in Singapore:

• Airwallex: Provides small businesses in Singapore with a modern business account solution – no monthly fees, fast setup, and seamless access to multi-currency account features built for global operations. 

• Aspire: A digital multi-currency business account for startups and SMEs, with corporate cards and built‑in expense management. 

• DBS: Provides banking solutions for SMEs across industries such as F&B, healthcare, and logistics.

• Maybank: A Malaysian bank that offers a range of services for SMEs within their key markets of Singapore, Malaysia, and Indonesia.

• OCBC: Offers a comprehensive suite of SME banking services, including digital tools, financing options, and support for international expansion.

• UOB: Delivers tailored financial solutions for SMEs, with a focus on industry-specific needs and regional business growth in ASEAN.

• YouBiz: A business account by YouTrip designed for modern SMEs, offering multi-currency spending, no FX fees, and smart expense management tools.

• Wise: A fintech solution known for its transparent pricing structure and multi-currency capabilities, making it ideal for SMEs with global operations.

In this list, we’ve included a mix of traditional SME bank accounts and newer fintech providers, focusing on options that keep ongoing costs low while still giving you the flexibility to send, spend, and receive funds globally. This way, you can choose the account that best fits how your business operates today and scales in future. 

Here’s a quick overview of how these accounts stack up: 

*Note: Information is accurate as of 12 January 2026. 

Airwallex Business Account

Airwallex is built for SMEs and startups that need to move fast without locking up working capital in bank fees and minimum balances. With a single account, you can open local currency accounts, issue multi‑currency corporate cards, manage expenses, pay suppliers, and accept customer payments; there’s no need to juggle multiple bank portals.

For smaller teams, the cost structure is especially friendly: no setup charge, no minimum balance, and no ongoing account or fall‑below fees on the entry plan, so you don’t have to park cash just to keep the account open. You also get unlimited local FAST/GIRO transfers at no extra cost, competitive FX for cross‑border payments, and the ability to add multiple users and entities as your business grows.

Aspire Business Account

Aspire is a simple digital business account that can work for SMEs with fairly straightforward needs, especially those focused on local SGD payments and basic card spend. It combines a current account, corporate cards and some expense controls in one interface, but its multi‑currency and cross‑border capabilities are limited and rely more heavily on SWIFT. This may translate into higher per‑payment costs compared with providers that route transfers over local rails.

For more information on Aspire’s business account, read our detailed Aspire Business Account Review.

DBS Business Multi-Currency Account

DBS is a traditional bank option that may appeal to SMEs who prioritise dealing with a large, well‑known local bank and want access to a wider suite of lending and in‑branch services. Its Business Multi‑Currency Account lets companies hold SGD alongside major foreign currencies in a single account.

From a cost and flexibility perspective, though, SMEs need to be comfortable with higher fixed costs and balance requirements. The account typically charges an annual fee and a monthly service fee unless you maintain at least S$10,000 in average balance, and overseas transfers use a flat S$30 telegraphic transfer fee plus agent charges. 

For more information on DBS’s business multi-currency account, read our detailed DBS multi-currency account review.

OCBC Business Growth Account

OCBC is a traditional bank option for SMEs that mainly operate in SGD and want an established local bank. The OCBC Business Growth Account targets newer businesses with relatively low starting deposits, while more mature SMEs can upgrade to packages like the Business Entrepreneur Account Plus. For FX, OCBC offers a separate multi‑currency account that supports a basket of major currencies but adds monthly service charges and telegraphic transfer fees, so overall costs will climb as your international activity increases.

For more information about OCBC’s business growth account, read our detailed OCBC business growth account review.

Maybank FlexiBiz Account

Maybank is a regional bank that can work for SMEs with strong ties between Singapore and Malaysia, especially those that mostly transact in SGD and send frequent payments across the border. Its FlexiBiz Account keeps headline costs low by dropping the monthly fee if you maintain a modest balance. The trade‑off is that it’s largely SGD‑only and still relies on per‑transaction charges and minimum balance rules, so it’s less flexible for SMEs that need broader multi‑currency support.

UOB eBusiness Account

UOB is another traditional bank choice for SMEs that mainly need a local SGD operating account and value a long‑standing local bank. The UOB eBusiness Account is positioned for everyday transactions and payroll, but it comes with a higher minimum balance and multiple fixed fees – including an annual fee and a monthly service charge after the first year unless you keep at least S$5,000 in the account. That can make it less friendly for younger or cash‑constrained SMEs.

For more information on UOB’s eBusiness account, read our detailed UOB eBusiness account review.

YouBiz Business Account

YouBiz is the SME‑focused offshoot of YouTrip, aimed at smaller Singapore businesses that want a simple multi‑currency wallet and corporate cards without fixed account fees. It lets you hold and spend in several major currencies and issue virtual and physical cards with cashback, which can work for lean teams with light international spend. However, it’s narrower than a full business account: support for payments and integrations is limited, and there’s less coverage for things like bulk payouts, payroll, and complex finance workflows as your SME scales. 

For more information on YouBiz’s business account, read our detailed YouBiz business account review.

Wise Business Account

Wise (formerly TransferWise) started as a consumer remittance service, but they’ve since added a business account aimed at SMEs that care more about low‑cost FX and cross‑border payments than full‑service banking.

Wise Business lets you hold and convert dozens of currencies and send international transfers at transparent fees, which can be attractive for SMEs that pay a lot of overseas suppliers or contractors. However, it’s not a traditional transaction account: there’s a one‑time setup fee to unlock full features, and it lacks some of the broader tools (like a native payment gateway or deep local banking features) that all‑in‑one SME platforms provide. 

For more information about Wise’s business account, read our detailed Wise business account review.

Factors to consider when choosing an SME business bank account

Now that you understand how the different business accounts work, let’s look at the key factors SMEs should consider when choosing a business account.

• Transparent, SME-friendly pricing: SMEs typically operate on tight margins, so your business account should have a clear fee structure and minimal hidden charges. Look for low or no monthly maintenance fees, reasonable FX margins, and transparent charges for local and overseas transfers, rather than complex bundles that are hard to forecast.

• Convenient access and seamless integration: Your SME bank account should offer user-friendly access through mobile apps and online platforms. Look for accounts that support integrations with popular accounting reconciliation tools, invoicing software, and payroll systems. This ensures smooth day-to-day operations and more efficient financial oversight.

• Minimum balance and cash flow impact: Many traditional SME accounts require you to keep a fixed minimum balance or face monthly “fall‑below” fees. For early‑stage or growing businesses, that’s working capital locked up in the bank. Favour accounts that either have no minimum balance, or very low thresholds that don’t constrain your day‑to‑day cash flow.

• SME-ready financial tools and automation: The best SME accounts go beyond basic transfers. Features like automated expense categorisation, built‑in invoicing or bill pay, and multi‑currency support can save hours of manual work and reduce reconciliation errors. For SMEs working with overseas customers or suppliers, being able to hold and pay in foreign currencies also helps avoid unnecessary FX fees.

• International payments and FX capabilities: If you already work with overseas vendors, remote teams, or foreign marketplaces – or plan to – pay close attention to how the account handles cross‑border payments. Assess FX spreads, whether transfers can go via local rails instead of SWIFT, how many currencies you can hold, and whether you get local account details in key markets so you can get paid like a local.

Traditional SME bank accounts vs fintech alternatives: which is better?

Traditional SME bank accounts are useful if you need branch access, cash services, or bank‑driven products like loans and overdrafts. However, you face the trade‑off of higher fixed fees, minimum monthly balances and slower processes, which is painful for SMEs trying to conserve their cash and move quickly.

On the other hand, fintech business accounts are built for fast, low‑cost digital payments and multi‑currency workflows. They typically offer cheaper FX, fee‑free local transfers and better integrations with tools like accounting, invoicing and reconciliation, which is ideal for SMEs selling, sourcing or hiring across borders. 

Airwallex: a complete financial solution that scales with your business 

The Airwallex Business Account is designed around how SMEs actually run – lean teams, tight cash flow, and increasingly global customers and suppliers. Unlike many traditional SME bank accounts, Airwallex lets you open a fully digital account with no account opening fee, no minimum balance and no ongoing account fees.

For SMEs that trade or hire across borders, Airwallex removes a lot of the cost and complexity that usually comes with international banking. You get local SGD details plus multi‑currency accounts in 23+ currencies, so you can pay and get paid like a local in key markets without opening multiple bank accounts. You can also send S$0 transfers to 120+ countries via local payment rails and convert currencies at transparent margins. 

Beyond payments and FX, Airwallex also brings together the everyday tools SMEs would otherwise have to stitch together from multiple providers. You can issue multi‑currency corporate cards in minutes, set spend limits and policies, manage expenses and reimbursements, and automate bill payments to local and overseas suppliers from the same platform. 

SMEs that manage both local and international transactions are a good example of how this works in practice. Motherswork, a Singapore‑headquartered mother‑and‑baby retailer with operations across China and Vietnam, now uses Airwallex to collect in local currencies and pay overseas suppliers over local rails:

With Airwallex, Motherworks has cut their international transaction fees by an average of 23% in just three months. On top of that, they’ve also increased online conversion rates by 29% and average order value by 4%.

Frequently asked questions (FAQs)

What is the best business account for a small business?

The best business account for a small business is one that keeps fees low, supports the way you actually get paid, and makes it easy to manage cash flow as you grow. Many SMEs start with a traditional bank for basics like local transfers and cards, then add a modern multi‑currency account such as Airwallex to handle global payments, FX, and spend management from a single platform.

What online or mobile banking options are preferred by SMEs in Singapore? 

Many SMEs in Singapore use the digital platforms of major local banks – such as DBS IDEAL, OCBC Velocity, and UOB Infinity – for day‑to‑day SGD payments, payroll, and PayNow/FAST transfers. Increasingly, SMEs also pair these with fintech platforms like Airwallex for lower‑cost FX, multi‑currency accounts, and smoother cross‑border payments.

What are some of the best alternatives to traditional SME banks? 

SMEs looking beyond traditional banks often turn to Monetary Authority of Singapore (MAS) regulated fintech platforms such as Airwallex, Wise Business, Aspire, and YouBiz, which offer digital business accounts with multi‑currency wallets, lower FX margins, and fee‑free local transfers. These providers typically integrate more deeply with accounting, invoicing, and eCommerce tools, making them attractive for lean teams that want to automate finance operations rather than rely on branch‑based services.

What is the most flexible business account for tech companies? 

For tech companies in Singapore, one of the most flexible options is a digital, multi‑currency platform like the Airwallex Business Account, which supports multi‑entity setups, API access, virtual and physical corporate cards, and global collections in 20+ markets. Compared with a traditional SME bank account, this type of account is better suited to subscription billing, remote teams, and cross‑border SaaS or eCommerce models, where low‑friction FX and programmatic payments are critical.

How to open an account with an SME bank?

The process of opening a corporate bank account for your SME differs based on the financial partner you’re deciding to go with, whether it’s a traditional bank or a fintech solution like Airwallex.

Be prepared to gather essential documents, such as Unique Entity Number (UEN), ACRA company profile, and identification. For more details, read our guide on how to open a business bank account.

How much does it cost to open an account with an SME bank in Singapore?

Minimum deposit fees range from S$0 to S$1,000, depending on the bank. Traditional banks often require a few hundred dollars (or more) to open an SME account, while many fintech business accounts let you get started with no minimum deposit at all.

What is the difference between a personal and an SME bank account in Singapore?

In Singapore, a personal bank account is designed for everyday financial transactions like receiving salary payments, paying bills, and saving money. In contrast, a business bank account is meant for a company’s financial operations, facilitating transactions like client payments, supplier invoices, and payroll. 

The key difference lies in their functionality and features. Business accounts offer higher transaction limits and the ability to grant multiple users access, and specialised tools for managing commercial finances – capabilities that personal accounts do not provide.

Do I need a business bank account for my small business? 

If you’ve registered a company in Singapore, it’s strongly recommended to use a dedicated business account so your revenue, expenses, and taxes are clearly separated from your personal finances. This makes bookkeeping, corporate tax filing, and performance tracking much easier. For a deeper breakdown of when and why you should open one, see our full guide on whether you need a business bank account in Singapore.

Sources:

1. https://aspireapp.com/pricing

2. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b

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

4. https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page, https://www.maybank2u.com.sg/iwov-resources/sg/pdf/business/m2e-pricing-guide.pdf

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

6. https://www.you.co/biz/seamless-bill-payments/, https://www.you.co/biz/ 

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