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.

• Airwallex gives businesses a low-cost way to manage global finances, with no setup or monthly fees on the free Explore plan. With Airwallex, you can hold 20+ currencies, transfer to 200+ countries, and access competitive FX rates to save you up to 80% on FX fees.

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

In this article, we compare 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.

To learn more, read our guide to business accounts.

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.

This information is based on publicly available information accessed on 14 Aug 2026. Information reflects Airwallex's own research and has not been independently verified.

1. Airwallex Business Account

Airwallex is a global fintech platform headquartered in Singapore, built for businesses that need more than basic banking.

Our Business Account comes with local account details in 20+ countries. You get transfers to 200+ countries, with 93% of transfers arriving the same day. Airwallex’s competitive FX rates also help you save you up to 80% on FX fees compared to traditional banks.

Beyond payments, Airwallex offers Corporate Cards with spend controls, Expense Management, Bill Pay, and a payment gateway that supports 160+ local payment methods across 180+ 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.

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 and gives businesses access to the same Business Multi-Currency Account as established companies. It supports 13 currencies, making it one of the more comprehensive multi-currency offerings from a traditional Singapore bank.

For local payments, the Starter Bundle includes unlimited FAST and GIRO payment transactions through DBS IDEAL, although bulk payments and payroll are excluded from the free allowance.

Information in this section is based on DBS’s official website as of 14 Aug 2026.

3. OCBC Business Growth Account

OCBC is one of Singapore's three major local banks and offers a Business Growth Account designed for startups and new businesses.

The account can be opened online with Singpass and includes 80 free FAST and 80 free GIRO transactions per month for local payments. Businesses can also manage balances, spending and cash flow through the OCBC Business app.

Note that the Business Growth Account itself is SGD-only. Businesses that need to hold and transact in multiple currencies need to look at OCBC's separate Multi-Currency Business Account instead. The account also has a minimum balance requirement.

Information in this section is based on OCBC’s official website as of 14 Aug 2026.

4. UOB eBusiness Account

UOB is one of Singapore's three major local banks, with a strong regional presence across Southeast Asia. Its eBusiness Account is designed for startups and SMEs that need a straightforward SGD business account with digital banking capabilities.

Businesses get rebates on up to 60 outgoing FAST/PayNow transactions and 60 GIRO payment and collection transactions per month, as well as a full rebate on bulk GIRO payroll transaction charges through UOB's digital banking platforms.

The account is SGD-only, so businesses that need to hold multiple currencies will need a separate UOB account or another provider. Online applications are available for eligible Singapore-registered businesses.

Information in this section is based on UOB’s official website as of 14 Aug 2026.

5. Maybank Flexibiz Account

Maybank is Malaysia's largest bank by assets and has a strong presence in Singapore.

Its FlexiBiz Account is designed for startups and young businesses and provides 24/7 access through Maybank's business internet banking platform. It is an SGD current account rather than a multi-currency account.

The account also comes with a complimentary all-in-one business debit card and supports local payments through FAST, PayNow and GIRO. Businesses that maintain the required average daily balance can qualify for transaction rebates under Maybank's current promotion.

Information in this section is based on Maybank’s official website as of 14 Aug 2026.

6. CIMB SME Account

CIMB is a Malaysian bank with an established presence in Singapore. Its SME Account is designed for startups and cost-conscious SMEs that need a straightforward business account.

It offers unlimited PayNow, FAST and GIRO transactions, with no minimum balance or fall-below fee.

The account is primarily geared towards everyday SGD banking rather than multi-currency management, so businesses with substantial overseas payment or currency-holding needs may need a separate solution.

Information in this section is based on CIMB’s official website as of 14 Aug 2026.

7. Aspire Business Account

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

Its Business Account supports 8 currencies, with local and international account details available for receiving payments. It also supports local payments through FAST and other Singapore payment rails.

Beyond banking, Aspire combines corporate cards, real-time spending controls, expense management and accounting integrations with Xero and QuickBooks. This makes it more of an all-in-one financial platform than a traditional business current account.

Information in this section is based on Aspire’s official website as of 14 Aug 2026.

8. Wise Business Account

Wise is an international payments specialist that has expanded into a broader business account offering.

Wise Business lets businesses hold, send, receive and exchange 40+ currencies, with local account details available for receiving payments in multiple currencies. It supports international payments to 160+ countries and uses the mid-market exchange rate for currency conversion.

The account is particularly well suited to businesses with frequent cross-border transactions. It also includes business debit cards, team spending controls, expense tracking and accounting integrations.

Information in this section is based on Wise’s official website as of 14 Aug 2026.

9. YouBiz Business Account

YouBiz is the business arm of YouTrip, a Singapore-based fintech best known for its multi-currency travel card. Its business account supports nine currency accounts, and lets businesses create virtual and physical corporate cards for their teams.

YouBiz is particularly focused on card-based business spending, with built-in expense tracking, spending controls and team permissions. Businesses can also make local FAST payments and send international transfers through the platform.

Information in this section is based on YouBiz’s official website as of 14 Aug 2026.

10. Revolut Business Account

Revolut is a UK-based fintech with a strong presence in Singapore, offering business accounts alongside corporate cards, expense management, international transfers and multi-currency accounts.

Its Singapore business account supports 30+ currencies, with local and global account details available for receiving and sending payments. Businesses can also issue physical and virtual cards and connect the account to accounting platforms such as Xero, QuickBooks and NetSuite.

Currency exchange is available at interbank rates within the allowance associated with the business's plan, while additional fees can apply outside those allowances or market hours.

Information in this section is based on Revolut’s official website as of 14 Aug 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 no minimum balance at CIMB and DBS's Starter Bundle to a S$5,000 minimum average daily balance for UOB's eBusiness Account.³

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 some banks 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.

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

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 200+ countries 

• 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, although some require an initial deposit. Ongoing costs vary more significantly: some accounts have no monthly fee, while others charge a recurring account or service fee. Many also charge fall-below fees if your average balance drops below a set threshold. Digital fintech providers often have lower account fees than traditional banks.

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

Minimum balance requirements vary widely. Some business accounts have no minimum balance requirement, while traditional banks may require you to maintain a set balance to avoid fall-below fees. Among the traditional banks, requirements range from no minimum balance at DBS's Starter Bundle and CIMB's SME Account to S$1,000 at OCBC and Maybank and S$5,000 at UOB's eBusiness Account.

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 a few business days. 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, https://www.maybank2u.com.sg/en/bank-charges/sg-loans-others/current-accounts.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, https://help.aspireapp.com/sg/en/articles/9276162-guide-to-sending-local-transfers-from-aspire-sgd-account, https://aspireapp.com/pricing

7. https://wise.com/sg/business, https://wise.com/sg/business/receive-money, https://wise.com/sg/pricing/business

8. https://www.you.co/biz/, https://www.you.co/biz/multi-currency-accounts/, https://www.you.co/biz/fx-transfers/

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