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

Key takeaways:

• The Mari Business Account gives you a free SGD account with free local transfers via FAST and PayNow, and no monthly fees or minimum balance.

• You can hold SGD and, if invited to enable the feature, USD. USD deposits are not available to all account holders.

• Airwallex goes further, with multi-currency accounts in 20+ currencies, transfers 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.

For businesses that mainly transact in SGD, it covers the basics well. But if you need to receive overseas payments, hold foreign currencies, or give your team corporate cards, you may run into some limitations.

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 eligible Singapore businesses open and manage their SGD business account through the MariBank app.

As a bank licensed by the Monetary Authority of Singapore (MAS), MariBank is a member of the Singapore Deposit Insurance Scheme.

Eligible SGD deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 in aggregate per depositor per Scheme member. Foreign currency deposits are not covered by this protection.

For Shopee sellers, the account also offers free daily Seller Balance withdrawals, compared with one free withdrawal per week under the standard arrangement.

Information in this section is based on MariBank’s official website as of 12 Oct 2026.

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 offers free local transfers through FAST and PayNow. For overseas payments, you can send money to more than 59 destinations in 21 currencies.

Transfer methods depend on the destination and include wire transfers, UnionPay for China and UPI for India. Instant transfer options are also available for selected destinations, including China, India, Thailand, Canada and the UK.

MariBank is currently offering a promotion that waives overseas transfer fees. Check the promotion's terms and expiry date before making a transfer.

Interest on balances

The Mari Business Account currently earns 0.88% p.a. on SGD deposits at the published base rate. Interest rates may change, so check MariBank's latest rates before applying.

Shopee seller benefits

Shopee sellers can withdraw their Seller Balance once per day instead of once per week. This gives eligible sellers more frequent access to their sales proceeds.

Deposit insurance

MariBank is a member of the Singapore Deposit Insurance Scheme. Eligible SGD deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 in aggregate per depositor per Scheme member. USD deposits are not covered by this protection.

Digital onboarding via Singpass

You can apply for a Mari Business Account through the MariBank app using Singpass and Myinfo Business. Applications are processed instantly where possible, or within one to two business days.

Eligible businesses include sole proprietorships, private limited companies without corporate shareholders, partnerships without corporate partners, and limited liability partnerships without corporate partners.

Owners, directors, partners and shareholders with at least 25% ownership must meet MariBank's residency or Singpass eligibility requirements.

App-based account management

The MariBank app lets you check your balance, view up to two years of transaction history and download e-statements. You can also manage your business banking from the app.

Information in this section is based on MariBank’s official website as of 12 Oct 2026.

What are the Mari Business Account's fees?

Here are the fees associated with the MariBank business account:

This information is based on publicly available information accessed on 12 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

Is the Mari Business Account suitable for your business?

The Mari Business Account is best suited to eligible Singapore businesses that mainly transact in SGD and want a straightforward account for everyday banking.

Its appeal is relatively simple: low account costs, interest on SGD balances and convenient access to funds for eligible Shopee sellers.

What makes it worth considering

Here’s why the Mari Business Account may be a good option for you:

• Low-cost everyday banking: With no monthly or minimum balance fees, the account is worth considering for businesses that want to keep routine banking costs down.

• Useful for Shopee sellers: Daily Seller Balance withdrawals lets eligible sellers access their sales proceeds more frequently, rather than waiting for weekly withdrawals.

• A straightforward option for SGD cash balances: The account earns interest on SGD deposits, so businesses can earn a return on their balance without maintaining a separate savings account. The published rate is variable and may change.

What to consider before applying

On the flip side, here are some key things to keep in mind about the Mari Business Account:

• Limited multi-currency capabilities: Although you can send overseas transfers in multiple currencies, the account doesn't offer general-purpose balances in all those currencies. USD deposits are currently by invitation only.

• Incoming overseas payments may be restricted: Receiving USD via SWIFT requires access to the USD deposit feature, which MariBank currently offers by invitation only.

• Eligibility requirements apply: MariBank accepts specific Singapore-registered business structures and sets requirements for the residency or Singpass status of relevant individuals. Businesses with corporate shareholders or corporate partners may be ineligible, so check MariBank's criteria before applying.

• Designed for everyday banking: The Mari Business Account focuses on core banking needs, such as holding SGD deposits and making transfers. If you want a business account that bundles in features such as multi-currency cash management and expense management, it may not be the right fit.

Overall, the Mari Business Account is worth considering for businesses with relatively simple banking needs, particularly those that operate mainly in SGD or sell on Shopee.

Businesses with frequent cross-border receipts or more involved international cash management needs should weigh up their options before making a decision.

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

Why Singapore businesses choose Airwallex over the Mari Business Account

The Mari Business Account is designed for local business banking needs, such as managing SGD balances and making everyday transfers.

Airwallex goes further, combining multi-currency accounts, international payments, FX management, corporate cards and expense management in one platform. Here’s what you can do with Airwallex:

Hold 20+ currencies in one Business Account

With Airwallex, you can open cash accounts in 20+ currencies with local bank details in major markets. You get paid like a local, hold funds in that currency, and pay out directly, without forced conversions or extra bank fees.

In contrast, the Mari Business Account only supports SGD balances (and USD balances for those who are eligible). Every time a customer pays you in a foreign currency, you convert immediately, often at a rate you cannot see before confirming.

Save up to 80% on FX fees

94% of Airwallex’s transfers go through local rails with $0 transfer fees. Plus, you get access to competitive FX rates that save you up to 80% on FX fees.

The Mari Business Account waives overseas transfer fees until 31 Dec 2026.¹ After that, the standard service fee and agent bank charges apply. FX rates are not disclosed in advance.

Cards, payments, and expense management in one platform

Airwallex gives you more than a business 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.

As of the time of publication, the Mari Business Account does not offer corporate cards, expense tools, or payment acceptance. 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 offers an SGD business account with no account fee, free local transfers and daily Seller Balance withdrawals for eligible Shopee sellers. It is available to eligible Singapore-registered businesses, including sole proprietorships, partnerships, LLPs and private limited companies that meet MariBank's requirements.

Is the Mari Business Account free?

There are no account opening fees, monthly account fees or fall-below fees.¹ Local SGD transfers via FAST and PayNow are also free.¹ Overseas transfer fees are currently waived under a promotion advertised until 31 December 2026, subject to the promotion's terms and conditions.¹ Check the applicable fees before transferring, as the published fee schedule lists service fees and agent bank fees separately.

What are the transaction limits on the Mari Business Account?

The published per-transaction limits for transfers to other bank accounts via local transfers and PayNow range from S$500 to S$200,000. Outgoing overseas transfers have a published per-transaction range of S$500 to S$200,000. Your applicable limits may depend on the transfer type and account settings. Incoming USD transfers are available only to customers who have been invited to enable USD deposits.²

Can I hold foreign currencies in a Mari Business Account?

The account supports SGD balances and USD balances for customers who have access to the USD deposit feature.² USD deposits are currently available by invitation only. Although you can send overseas transfers in 21 currencies to more than 59 destinations, this does not mean you can hold all those currencies in your account.

Who can apply for a Mari Business Account?

Eligible business types include sole proprietorships, private limited companies without corporate shareholders, partnerships without corporate partners, and limited liability partnerships without corporate partners.⁴ All owners, directors, partners and major shareholders with at least 25% shareholding must be Singapore citizens, permanent residents or foreigners with Singpass access.⁴ The principal applicant must also have a valid Singpass account to apply.⁵

How does Airwallex compare to the Mari Business Account?

Both MariBank and Airwallex offer business accounts and local SGD transfers, but they serve different needs. MariBank may suit eligible businesses that mainly transact in SGD and want a straightforward account for everyday banking. Airwallex is designed for businesses with broader international payment needs. It lets you receive and hold funds in 20+ currencies, transfer to 200+ countries, and accept payments in 180+ countries.

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