Mari Business Account review (2026): Should you open one?

Key takeaways:

• The Mari Business Account gives you a free SGD account with 1.00% p.a. interest, free local transfers via FAST and PayNow, and no monthly fees or minimum balance, managed entirely through the MariBank app.

• Overseas coverage now extends to 40+ destinations in 20 currencies, but you cannot receive incoming overseas payments or hold foreign currency balances.

• Airwallex goes further — with multi-currency accounts in 20+ currencies, payouts to 200+ countries, corporate cards, and built-in expense management, all in one platform.

The Mari Business Account is one of Singapore's most straightforward digital business banking options. It offers free local transfers, zero account fees, and a fully digital application that takes minutes to start.

For businesses that mainly transact in Singapore dollars, it covers the basics well. But if you need to receive overseas payments, hold foreign currencies, or give your team corporate cards, the account's limits become clear quickly.

In this review, we cover what the Mari Business Account offers, what it costs, who can apply, and where it falls short — so you can decide whether it fits your business.

What is the Mari Business Account?

MariBank is a digital bank in Singapore owned by Sea Group, the parent company of Shopee. The Mari Business Account lets Singapore-incorporated businesses open and manage an SGD account entirely through the MariBank app.

As a Monetary Authority of Singapore (MAS)-licensed digital bank, MariBank is covered by the Singapore Deposit Insurance Scheme. Your SGD deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 per depositor.² This gives you the same deposit protection you would expect from a traditional bank.

If you sell on Shopee, the account also unlocks one free Seller Balance withdrawal per day — instead of once per week.² This can make a meaningful difference to cash flow if you depend on regular payouts.

Beyond these perks, the account has clear limits. You can send money abroad to 40+ destinations, but you cannot receive overseas payments into the account.¹ You also cannot hold foreign currency balances. For businesses dealing in multiple currencies, that adds friction and cost to every transaction.

What are the key features of the Mari Business Account?

Here’s what you get when you open a Mari Business Account:

SGD account with local and overseas transfers

The Mari Business Account lets you make free local transfers via FAST and PayNow. For overseas payments, the account supports outgoing transfers to 40+ destinations in 20 currencies.³

Transfer methods vary by destinationm including wire transfers for most markets, UnionPay for China, and UPI for India. Instant transfers are available to China and India.

You cannot receive incoming overseas payments into the account. All balances are held in SGD — there is no option to hold or manage foreign currencies.

Interest on balances

You earn 1.00% p.a. interest on your entire SGD balance, credited daily.¹ Interest is calculated based on the previous day's closing balance.

Shopee seller benefits

If you sell on Shopee, you can withdraw your Seller Balance once per day instead of once per week.² This helps you manage cash flow without waiting for weekly payouts.

Deposit insurance

MariBank is a member of the Singapore Deposit Insurance Scheme. Your SGD deposits are protected by the SDIC for up to S$100,000 per depositor.²

Digital onboarding via Singpass

You apply entirely through the MariBank app. MariBank retrieves your business details automatically via Myinfo Business using your Singpass login — no document uploads are required.⁵ Applications are usually processed instantly or within one to two business days.⁵

Eligibility is strict. Not all business structures qualify, and all key individuals must be Singapore citizens or permanent residents. See the full eligibility requirements below.

App-based account management

The MariBank app is your only interface — there is no desktop or web version. From the app, you can check balances, view up to two years of transaction history, download e-statements, and switch between your personal and business accounts without logging out.

Scan & Pay

You can make payments by scanning a QR code directly from the Mari Business Account homepage in the app.

What are the Mari Business Account's fees?

MariBank positions the account as low-cost, and for local SGD transactions, that holds true. For overseas payments, the standard service fee is S$3 per transaction, plus agent bank charges that vary by destination. Both are currently waived under a promotion until 30 June 2026.¹

*Note: This table has been reviewed to be accurate as of 27 March 2026. 

Is the Mari Business Account suitable for your business?

The Mari Business Account is built for Singapore-incorporated businesses that need a simple, low-cost SGD account. It supports local transfers via FAST and PayNow, and outgoing overseas transfers to more than 40 destinations in 20 currencies.¹

For businesses sending and receiving money primarily in Singapore dollars, it does the job. But there are real constraints once you operate internationally.

You cannot receive incoming overseas payments. You cannot hold balances in any currency other than SGD. And all owners, directors, and major shareholders must be Singapore citizens or permanent residents — which excludes many foreign-owned businesses.

The information in this table has been reviewed to be accurate as of 27 March 2026.

How to open a Mari Business Account in Singapore

Opening a Mari Business Account is fully digital, but eligibility requirements are strict. Check that you qualify before starting the application.

Who can apply for a Mari Business Account

Your business must be incorporated in Singapore as one of the following:⁴

• Sole Proprietorship

• Private Limited Company (no corporate shareholders)

• Partnership (no corporate partners)

• Limited Liability Partnership (no corporate partners)

All owners, directors, partners, and shareholders with 25% or more shareholding must be Singapore citizens or permanent residents.⁴

Who cannot apply:

• Businesses with corporate shareholders or corporate partners⁴

• Businesses where any owner, director, or major shareholder is a non-resident or foreigner⁴

• Foreign-incorporated companies⁴

If your business structure doesn't meet these criteria, you will not be able to open an account.

Application steps

The application is completed entirely through the MariBank app. No documents need to be uploaded — MariBank retrieves your business information automatically via Myinfo Business using your Singpass login.⁵

Step 1: Download the MariBank app from the Apple App Store, Google Play Store, or Huawei AppGallery.⁵

Step 2: Register for a MariBank account with a valid Singapore mobile number.⁵

Step 3: Select "Apply for a Business Account" and log in with Singpass. If you already hold a Mari Savings Account, go to Me → Apply for a New Product → Business Banking.⁵

Step 4: Review your auto-retrieved business details and submit your application.⁵

Applications are usually processed instantly or within one to two business days.⁵

If you operate internationally, you may need more than MariBank

Mari Business Account is designed for local business banking needs. However, businesses that deal with cross-border payments or multi-currency transactions may find its capabilities limited.

This is where solutions like Airwallex come in — offering multi-currency accounts, international transfers, and global payment collection in a way that is built for cross-border operations.

Here’s how the two platforms compare on the features that matter most:

Note: This table has been reviewed to be accurate as of 27 March 2026. 

A digital business account should help you grow — not restrict you to a single currency or limit how you operate. Here is why many Singapore businesses choose Airwallex over MariBank:  

1. Multi-currency accounts built for cross-border operations

With Airwallex, you can open Global Accounts in 20+ currencies with local bank details in major markets — including the US, UK, EU, Hong Kong, and Australia. You get paid like a local, hold funds in that currency, and pay out directly — without forced conversions or extra bank fees.

The Mari Business Account only supports SGD balances.¹ Every time a customer pays you in a foreign currency, you convert immediately, often at a rate you cannot see before confirming.

2. Competitive FX rates and lower transfer costs

Airwallex gives you access to competitive FX rates that save you up to 80% on FX fees. Using local payment rails, you can transfer to 120+ countries at S$0 per transfer, with 93% of transactions settling on the same day. Batch Transfers also let you pay up to 1,000 recipients at once at no additional cost.

The Mari Business Account waives overseas transfer fees until 30 June 2026.¹ After that, a standard service fee of S$3 per transaction applies, plus agent bank charges of up to S$25 depending on the destination.¹ FX rates are not disclosed in advance.¹

3. Cards, payments, and expense management in one platform

Airwallex gives you more than a bank account. You can issue corporate cards, manage team spend in real time, set approval workflows, and accept customer payments via 160+ local payment methods worldwide. Every transaction syncs automatically to your accounting software, cutting time spent on manual reconciliation.

The Mari Business Account does not offer cards, expense tools, or payment integrations. As your business grows, that means more manual work and more separate tools to manage alongside your banking.

Frequently asked questions (FAQs)

What is the Mari Business Account?

The Mari Business Account is a digital business banking product from MariBank, a MAS-licensed digital bank in Singapore owned by Sea Group — the parent company of Shopee. It provides a free SGD account with 1.00% p.a. interest, free local transfers, and daily Seller Balance withdrawals for Shopee sellers.¹ ² It is designed primarily for small businesses and sole proprietors operating in Singapore.

Is the Mari Business Account free?

Yes. There are no account opening fees, monthly maintenance charges, fall-below fees, or minimum balance requirements.¹ Local SGD transfers via FAST and PayNow are also free.¹ Overseas transfer fees are currently waived until 30 June 2026 under a promotion.¹ A standard service fee of S$3 per transaction, plus applicable agent bank charges, applies after that date.¹

What are the transaction limits on the Mari Business Account?

Local transfers to other banks and via PayNow are capped at S$500–S$200,000 per transaction.¹ Outgoing overseas transfers carry the same per-transaction limit of S$500–S$200,000.¹ Incoming overseas transfers are not supported.¹

Can I hold foreign currencies in a Mari Business Account?

No. The account supports SGD balances only.¹ While you can send money abroad in 20 currencies to 40+ destinations, you cannot hold or receive foreign currency within the account.¹ ³

Who can apply for a Mari Business Account?

The account is open to Singapore-incorporated Sole Proprietorships, Private Limited Companies without corporate shareholders, Partnerships without corporate partners, and LLPs without corporate partners.⁴ All owners, directors, partners, and shareholders with 25% or more shareholding must be Singapore citizens or permanent residents.⁴ Businesses with corporate shareholders, foreign directors, or non-resident major shareholders are not eligible.⁴

How does Airwallex compare to the Mari Business Account?

Airwallex offers everything the Mari Business Account includes — fast online setup, free local SGD transfers, and no monthly fees — plus the tools to operate beyond Singapore. With Airwallex, you get multi-currency accounts with local bank details in multiple currencies, transfers to 200+ countries, and access to corporate cards, expense management, and payment acceptance. These are features the Mari Business Account does not provide.

Sources:

1. https://www.maribank.sg/fees-rates/mari-business-account

2. https://www.maribank.sg/product/mari-business-account

3. https://www.maribank.sg/product/mari-business-account/business-remittance

4. https://www.maribank.sg/help-centre/article/10503-who-can-apply-for-a-mari-business-account

5. https://www.maribank.sg/help-centre/article/10501-how-can-i-open-a-mari-business-account