We reviewed the best SME bank accounts in Singapore (2025)

Key takeaways

• For SMEs (small or medium-sized enterprise) in Singapore, choosing the right financial partner able to help streamline your financial operations while offering low or no ongoing fees is key to scaling effectively. 

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

• Fintech providers like Airwallex offer flexible, cost-effective alternatives to business bank accounts offered by traditional banks, with features such as competitive FX rates and software integrations with platforms like Xero. 

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 non-bank providers 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 bank 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.

The best SME banks and non-bank alternatives in Singapore (2025)

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 that cater to various business needs:

• Airwallex: an all-in-one fintech solution for businesses looking to go global, offering business accounts with low international transfer fees, multi-currency accounts, expense management tools, and more. 

• 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. 

Consider these factors when choosing an SME bank

Before diving into the details of each option, let’s cover several key factors you should consider before choosing an SME bank to open your account with in Singapore.

• Transparent and cost-effective pricing: SME banks should offer accounts with clear fee structures and minimal hidden charges. Many offer zero monthly maintenance fees and competitive transaction costs – ideal for growing businesses looking to keep overheads low.

• 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.

• SME-friendly financial tools: The best SME accounts come with built-in features tailored for business owners – think automated expense categorisation, invoicing capabilities, and multi-currency support for global transactions. These tools not only save time, but also help you manage cash flow more effectively and avoid costly FX fees when dealing with overseas clients or vendors.

Compare the best SME bank accounts and non-bank alternatives

*Note: Information is accurate as of May 2025. 

If you’re looking for options tailored to larger enterprises, check out our guide to the best business bank accounts.

Top SME banks and non-bank alternatives in Singapore: key features and fees

Let’s take a look at some of the best SME banks and non-bank alternatives in Singapore and explore the offerings they provide in more detail.

Airwallex

The Airwallex Business Account is a top choice for SMEs in Singapore. We offer an all-in-one account for businesses of all sizes, granting you instant access to a comprehensive range of financial solutions, from local currency accounts, corporate cards with in-built Expense Management to Bill Pay, a payment gateway, and more. 

Unlike most traditional business bank accounts, we have no account opening fees, minimum balance requirements, or monthly admin fees. As a fintech provider, we offer benefits such as ‌fast and easy setup, transparent pricing, and scalability with multi-currency, multi-user, and multi-entity support.

Key features:

• Multi-currency accounts: Open and manage accounts in over 20 currencies, including SGD, USD, EUR, GBP, AUD, and more. Receive local bank details in multiple countries, enabling businesses to transact like a local without the need for physical presence.

• Corporate cards: Issue multi-currency virtual and physical cards for employees, and control spending with customisable limits and real-time tracking. ​

• Expense management: Simplify expense reporting and approvals with integrated tools. Sync transactions automatically with accounting software like Xero and QuickBooks to reduce errors and save time.

SME Banking with DBS

DBS is a multinational bank based in Singapore, providing tailored SME solutions for businesses across industries such as F&B, healthcare, and logistics. 

One of their key offerings is the DBS Business Multi-Currency Account, which allows companies to manage their finances in up to 13 currencies.⁸

Key features:

• Multi-currency account: Send, receive, and hold funds in 13 currencies, including AUD, CAD, EUR, GBP, USD, etc.

• Free domestic transfers within Singapore: Make up to 50 free FAST and 50 free GIRO transfers per month.

• Corporate debit card: Enjoy no FX fees for currencies across 200+ countries, plus 2% cashback on eligible B2B transactions when you spend with the DBS Business Advance+ Card.

SME Banking with OCBC

OCBC, one of Southeast Asia's largest banks, offers business accounts, business loans, and cash flow solutions for SMEs in Singapore. 

The OCBC Business Growth Account is tailored for startups and new businesses, while the Business Entrepreneur Account Plus caters to more established enterprises. They also offer a multi-currency account, allowing businesses to operate in up to 13 currencies and access FX services.⁹

Key features:

• Multi-currency account: Transact in 13 currencies, including USD, EUR, AUD, JPY, GBP, etc.

• Free domestic transfers within Singapore: Make up to 80 free FAST and 80 free GIRO transfers per month with the OCBC Business Growth Account.

• Corporate debit card: Get 1% cashback on eCommerce, digital marketing, and travel expenses.

SME Banking with Maybank

Maybank is a full-service commercial bank based in Malaysia, with key operating markets in Malaysia, Singapore, and Indonesia. They offer a range of services to help SMEs get started, grow their business, and expand overseas. 

Key features:

• Business accounts: Maybank offers a range of business accounts to suit different needs. For businesses with global operations,  the Foreign Currency Current Account supports major currencies, including USD, EUR, GBP, AUD, NZD, and CAD.¹¹

• Corporate credit card: The Maybank Business Platinum Mastercard offers businesses a range of benefits such as exclusive rewards, global concierge services, and complimentary travel insurance.

• Integration with ABSS Payroll: Maybank Business Current Account holders can integrate their ABSS payroll system with the bank's online banking platform. This allows for efficient salary payments to employees directly from the business account.¹²

SME Banking with UOB

UOB is a Singapore-headquartered bank with a global network of 500 branches and offices, most of them located in Southeast Asia. 

They offer tailor-made business accounts, merchant services, insurance plans, and business loans for SMEs in F&B, retail, manufacturing, education, and more. 

Key features:

• Multiple business accounts: UOB offers multiple business accounts, such as the Corporate Global Currency Account.

• Business debit and credit cards: UOB offers a multi-currency debit card with a 0.5% cash rebate on local transactions and a 1% cash rebate on overseas transactions. They also have a range of business credit card options with various rewards and lines of credit.

• Payroll services: UOB supports bulk payroll upload and GIRO payout for businesses to easily manage salary payments and reduce administrative hassle.

SME Banking with YouBiz

YouBiz is a business payment product offered by YouTrip, offering multi-currency accounts, corporate cards, and expense management for Singapore SMEs.¹⁶

While YouTrip is more geared towards individual spending, YouBiz is designed to help Singapore businesses send and receive money globally more easily.

Key features:

• Multi-currency accounts: Hold and transact in up to 9 currencies – SGD, USD, EUR, GBP, JPY, HKD, AUD, CHF, and THB – with no conversion fees or FX markups.

• Unlimited corporate cards: Issue unlimited virtual and physical cards with 0% FX fees and enjoy 1% unlimited cashback on all spending.

• Streamlined expense management: Track spending in real time, set card limits, and sync seamlessly with Xero – no paperwork, no hassle.

SME Banking with Wise

Previously known as Transferwise, Wise was launched in 2011 as a consumer-focused international money transfer service. 

Over the past 13 years, Wise has expanded into business accounts and other financial services while maintaining a reputation for affordable currency exchange and transfers.   

Key features:

• Multi-currency accounts: Hold and manage money in 40+ currencies with real-time exchange rates and local account details in major currencies.

• Multi-currency debit card: Spend globally without hidden fees, use at ATMs with free withdrawals (up to a limit), and enjoy real-time security controls.

• Business solutions: Wise offers tools for businesses, including batch payments, invoicing, and integration with accounting software.

Scale your business globally with Airwallex

While many SMEs in Singapore rely on traditional banks for their financial needs, exploring alternative solutions with a greater global reach and wider range of services could be a game-changer. 

Airwallex provides business accounts with local bank details in 23+ currencies, including USD, AUD, HKD, CNY, and JPY, providing a much more comprehensive coverage than what most SME banks offer. 

Beyond our multi-currency accounts and global transfer capabilities, Airwallex provides an end-to-end financial solution that scales with your business. Benefits include:

• Accept customer payments in 180+ countries: Using Airwallex's payment gateway, which can be seamlessly integrated with popular eCommerce platforms like Shopify and WooCommerce, you can easily accept payments from your customers around the world. 

• Eliminate unnecessary fees: With our multi-currency accounts, you can receive and hold customer payments in the same currency they pay in, eliminating costly FX fees and other hidden charges. What’s more, you can use these funds for future payments to overseas vendors or employees, avoiding unnecessary conversion fees.

• Expense management solution: With Airwallex, you can instantly issue multi-currency cards to your employees for business travel expenses or for managing company expenses like digital ad spending and SaaS subscriptions. You can also gain real-time visibility into employee spending and simplify the reimbursement process – all on a single platform.

• All-in-one online platform and mobile banking app: From making payments to tracking real-time exchange rates and managing expenses, businesses can manage all their financial activities on the same platform.

Frequently asked questions (FAQs)

1. How to open an account with an SME bank?

The process of opening a corporate bank account for your SME can differ 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.

2. 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.

3. 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.

Sources:

1. https://www.statista.com/forecasts/1150317/online-banking-penetration-forecast-in-singapore

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

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

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

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

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

9. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

10. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

11. https://www.maybank2u.com.sg/en/business/global-banking/accounts/current/foreign-currency-current-account.page?

12. https://www.maybank2u.com.sg/en/business/local-enterprise/payments-remittances/payments/aps-obg.page?

13. https://www.maybank2u.com.sg/en/business/local-enterprise/payments-remittances/remittances/online-funds-trasfer-msia.page?

14. https://www.maybank2u.com.sg/iwov-resources/sg/pdf/faq/business/payments-remittances/telegraphic-transfer.pdf

15. https://www.uob.com.sg/business/transact/payments/uobsend.page

16. https://www.you.co/biz/ 

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.