Best business bank accounts in Singapore (2025): Save on fees and unlock more features with the right corporate account

Key takeaways

• Business accounts in Singapore come in all shapes and sizes, from traditional bank accounts to digital-first fintech solutions.

• Traditional business bank accounts often come with high fees, strict requirements, and limited digital tools that scaling more complex. 

• Airwallex offers a faster, simpler way to open and manage your business account. You get lower costs, multi-currency support, and tools built for global businesses – all in one platform. 

A business bank account does more than hold money. It shapes how you send, spend, and manage it. Some accounts offer the basics. Others come packed with tools. With so many banks, fintechs, fees, and features to weigh, it’s hard to know which option is worth your time. 

In this article, we compared the top options in Singapore to help you choose the right account for how your business runs today, and how it grows tomorrow.

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, traditional banks and fintech providers offer business accounts, each with different fees and service levels.

What are the best business bank accounts in Singapore and their alternatives (2025)?

Note: The information in this table has been reviewed to be accurate as of 19 September 2025.

Here’s a closer look at what each business account in Singapore offers, from fees and deposits to multi-currency support and digital tools.

Airwallex Business Account

Airwallex is built to help businesses manage money globally from day one. Open local accounts in 20+ currencies, convert at interbank FX rates, and send transfers to 120+ countries via local payment rails, with 95% arriving the same day. On top of that, you can accept payments, issue corporate cards with spend controls and cashback, and connect transactions to your accounting software. With Airwallex, you manage global finances in one platform – no need to juggle multiple bank accounts.

DBS Business Multi-Currency Account

Singapore’s largest bank offers a Business Multi-Currency Account which includes banking services and currency support. It’s primarily targeted at SMEs.

The DBS Multi-Currency Account supports SGD and 9+ foreign currencies with no minimum balance requirements and fall-below fees. It also allows you to book FX contracts in advance to secure rates. 

This works if you prefer to lock in FX rates ahead of time, but also comes with more admin and less flexibility. With Airwallex, you can see interbank FX rates in real time and convert instantly without needing to book ahead. 

OCBC Business Growth Account 

OCBC is a major local bank with a strong focus on new businesses. The OCBC Business Growth Account is a digital-first offering aimed at simplifying business banking for new and growing companies, with minimal entry requirements.

The OCBC Business Growth Account is aimed at newly registered Singapore businesses and requires a S$1,000 minimum initial deposit. It includes up to 80 free FAST, GIRO, and PayNow transfers a month, but you’ll need to pay monthly maintenance charges and additional transaction fees for telegraphic transfers.

The setup works for startups looking to establish a bank relationship, but it can tie up your cash flow and add friction to early operations. With Airwallex, you can make unlimited local and international transfers from a single platform.

UOB eBusiness Account

UOB is a Singapore bank offering a range of corporate services. The UOB eBusiness Account is designed for day-to-day business banking, targeting companies managing local payments.

UOB’s eBusiness Account supports local SGD transactions via traditional banking infrastructure. It offers rebates on FAST transfers and bulk GIRO payroll, but to avoid monthly fees after year one, you’ll need to maintain a S$5,000 balance.

For SMEs, that’s money locked away just to keep the account running. Airwallex doesn’t require minimum balances, so your working capital stays free.

Maybank Flexibiz Account

Headquartered in Malaysia, Maybank offers this account to Singapore businesses seeking basic banking with no monthly fees. The account also provides discounted transfers to Malaysian banks, but only if you meet minimum monthly balance requirements.

The Maybank FlexiBiz Account offers no account opening fees, no monthly charges, and a low initial deposit of S$1,000. Rebates on FAST, GIRO, and TT fees are available, but only if you maintain an average daily balance of at least S$30,000 – a high bar for many SMEs. While it doesn’t support multi-currency holdings, it does offer S$10 transfers to Maybank Malaysia and competitive SGD/MYR exchange rates, which may benefit businesses with supplier ties across the border. 

With Airwallex, you get multi-currency accounts across 23+ currencies, and zero-fee transfers to Malaysia and 120+ other countries via local payment rails. 

CIMB SME Account

CIMB is another Malaysian bank operating across Southeast Asia. Its SME Account provides a simple and cost-effective banking option for businesses with lower transaction volumes or simple banking needs.

The CIMB SME Account keeps things simple and low-cost. You get unlimited free FAST and GIRO transfers, a standout feature among traditional banks, which usually cap free transactions each month. There are no fall-below fees, no minimum balance, and no monthly charges, making it a flexible option if your cash flow varies. 

CIMB’s account shows its limits when you need to expand internationally. There’s no multi-currency support and no business card offering in Singapore. Airwallex gives you both – multi-currency accounts in 60+ countries and corporate cards with built-in spend controls. 

Aspire Business Account

Founded in Singapore, Aspire is a fintech offering a fully digital business account, with tools for transfers and managing business finances.

Designed primarily for new businesses and SMEs, the Aspire Business Account offers basic multi-currency support for four currencies, virtual and physical business cards, and expense tracking features. Aspire’s overseas transfers are also routed via SWIFT, which can mean higher fees and slower delivery compared to providers like Airwallex, which offers same-day delivery and S$0 transfer fees via local payment rails. 

If you're weighing up both platforms, here's a closer look at how the Aspire Business Account stacks up against Airwallex: Aspire vs Airwallex comparison

Wise Business Account

Wise is an international payments provider that serves individuals and businesses. Its business account offers multi-currency support and is built to facilitate global money transfers with minimal overhead.

The Wise Business Account lets you send, receive, and hold money in multiple currencies, with local account details in 9+ currencies. Airwallex offers local account details in 20+ currencies, so you can accept payments in more markets.

Transfer fees vary depending on the currency and amount, with discounts for larger transfers above S$30,000.  In contrast, Airwallex gives you zero-fee transfers to 120+ countries when you use local payment rails. And 95% of transfers land on the same day, without needing to hit high-volume thresholds. Wise also doesn’t support a payment gateway, so while it's a strong option for currency exchange and cross-border payments, it’s not a full end-to-end solution like Airwallex.

YouBiz Business Account

YouBiz is the B2B arm of YouTrip, a local fintech company. The YouBiz account combines card issuing with digital banking services.

The YouBiz Business Account is best known for its corporate card, which offers 1% cashback on all spend and nine currency wallets. But beyond the card, its features are limited. YouBiz only has nine currency accounts with no international payment gateway solutions – gaps that make it harder to scale once your business grows beyond Singapore.

If you’re scaling into new markets, Airwallex’s broader offering ensures you’re covered from spend to revenue collection. Where YouBiz stops at spend, Airwallex covers your entire money flow – from payments to transfers and reconciliation. 

Revolut Business Account

UK-based Revolut is a fintech offering financial services to individuals and businesses. Its business account supports payments and financial operations through a mobile-first interface.

The Revolut Business Account gives businesses access to local and international transfers, company cards, and expense controls through a single platform. It offers a range of tiered monthly plans that start at S$0. However, the free plan caps how many local transfers you can make or how much you can convert at the interbank rate. As volumes grow, you’ll likely need to upgrade.

With Airwallex, you get unlimited free local transfers and interbank rates from day one, without paying to unlock higher limits. Most of our key capabilities are already available on the Explore tier at no cost. 

While Revolut offers tools for managing day-to-day spend, it lacks key infrastructure like a payment gateway, making it less suited for businesses with more complex payment needs. In contrast, Airwallex lets you accept customer payments via 160+ local payment offers payment methods globally, offering a complete financial platform for you to manage your money with confidence. 

How to choose the best company bank account in Singapore?  

There’s no shortage of options when it comes to business bank accounts in Singapore, but not all are built for how modern companies move money. Whether you’re just starting out or scaling globally, here’s what to consider when choosing a business account in Singapore.

Account setup 

Fintech providers let you apply and open an account online, while many traditional banks require in-person visits. If speed and convenience matter, look for a business account that offers digital onboarding. With Airwallex, you can apply and get your account approved online within days, not weeks. 

Initial deposit and minimum monthly balance

Traditional accounts often come with upfront deposit requirements and fall-below fees. These costs aren’t always obvious at sign-up, but they can tie up your working capital over time. Airwallex has no initial deposit requirement, no minimum balance, and no ongoing account fees, so your money stays available for what matters most – running your business.

Monthly fees and maintenance charges

Watch out for recurring costs like account maintenance fees, fall-below fees, or charges for not meeting transaction thresholds. These costs can add up, especially for smaller businesses or those just getting started. Airwallex’s free Explore plan gives you access to core features like multi-currency accounts, low-cost international transfers, virtual corporate cards with built-in spend management, and more — all without a monthly ongoing fee. 

Multi-currency support

If you work with overseas suppliers, contractors, or customers, you’ll want an account that can hold and transact in multiple currencies. This can help you avoid unnecessary conversions and forex risk. Airwallex gives you local account details in 20+ countries, so you can pay and get paid like a local. You can also send money to 120+ countries via local payment rails, which means fast, same-day deliveries without the SWIFT fees.

Digital banking features

Most bank accounts in Singapore come with online access, but not all offer the same digital banking features. If you prefer a digital-first solution where you can issue cards, track spending, and manage everything yourself, Airwallex has everything you need. 

Customer support and service

If issues arise, accessible support can go a long way to reducing stress and keeping your operations on track. Check whether a provider offers online-only help or local teams you can reach when it matters most. With Airwallex, you get real-time support via live chat and email, and dedicated account managers as your business scales.

Traditional business bank accounts vs modern alternatives: which is better?

Modern alternatives to traditional business bank accounts in Singapore include business accounts from fintech providers that are licensed by the Monetary Authority of Singapore (MAS). These fintech platforms – such as Airwallex – are digital-first, offering multi-currency accounts, corporate cards, and seamless integrations. 

While traditional company bank accounts may provide loans, overdrafts, and in-person support, they often come with higher transaction fees and slower processing times. In contrast, fintech business accounts are designed for speed, flexibility, and cost efficiency – with faster onboarding, lower fees, and broader integrations to support modern business needs.

Here’s a quick glance at their differences: 

Airwallex: the most complete financial solution for businesses of all sizes 

Traditional banks feel familiar, but they bring trade-offs: high fees, limited currency options, rigid onboarding, and disconnected systems. Other fintechs may fix part of the problem, but few give you a platform that scales with every stage of growth. 

Airwallex gives you the best of both worlds – the security and reliability you’d expect from a bank with the speed, transparency, and control of a modern fintech. You can accept payments, issue cards with spend controls, and automate reconciliation through accounting integrations. Everything connects in one place, so your finance team spends less time on admin and more time on growth.

Just ask Motherswork, Southeast Asia’s largest mother and baby retailer. International expansion meant piles of paperwork just to open local bank accounts in new markets. With Airwallex, they opened local currency accounts in minutes and gave customers more ways to pay via Airwallex Checkout, which improved cash flow and lifted conversions.

For any business in Singapore looking to save on fees today and expand tomorrow, Airwallex offers the infrastructure to scale with confidence.

Frequently asked questions (FAQs)

Do I need a business bank account?

In Singapore, most registered businesses, from small startups to large corporations, choose to open a corporate bank account – or a specialised business account from a non-bank financial provider to manage their finances.

For sole traders, freelancers, and sole proprietors, a business bank account isn’t legally required, especially if their business transactions are minimal or closely tied to personal finances. However, for a business owner, opening one can simplify tax reporting, provide access to online banking features and bulk payment services, and improve financial clarity by keeping personal and business finances separate.

How can a corporate bank account benefit my business?

A corporate account lays the groundwork for your business’s growth by simplifying day-to-day transactions. The right account streamlines payments, payroll, and reporting, keeps your books clean for tax time, and makes global trade simple with multi-currency accounts and exchange rates. With Airwallex, you can even open local accounts – like a US account from Singapore – online in minutes and start transacting as soon as your business is verified.

What is the process for opening a company bank account in Singapore?

Opening a business bank account in Singapore is fairly straightforward. 

• Step 1: Prepare your documents. Check each bank for their exact requirements, 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.

• Step 2: Fill in the application form. You can usually complete this on the bank’s website.

• Step 3: Submit your application. Some banks may require an in-person appointment to finalise the process.

With Airwallex, you can skip the bank visits. The entire process is online, and setup only takes a few minutes. Once your account is approved, you can start sending, spending, and receiving money instantly. Learn more about how to open a business account online with Airwallex. 

What business account is the best for SMEs in Singapore?

The best business account for SMEs in Singapore will depend on a few different factors, such as fees, digital banking features, and level of customer support. The best account is one that not only supports your current business needs but is also able to scale with your business. Look for one that offers expense tracking, bulk payment tools, low transaction fees, free local payments, multi-currency capabilities and financial management. 

Sources: 

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

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/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.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

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

8. https://www.you.co/biz/ 

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

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

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

12. https://www.maybank2u.com.sg/en/bank-charges/sg-loans-others/eservices.page

13. https://www.uobgroup.com/online-rates/foreign-exchange-rates-against-singapore-dollar.page

14. https://www.cimb.com.sg/en/business/help-support/rates-charges/rates/foreign-exchange-rates.html

15. https://aspireapp.com/global-payments

16. https://youbiz.zendesk.com/hc/en-us/articles/6334722356249-What-exchange-rates-are-used-for-YouBiz

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

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

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

20. https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page

21. https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/payments-remittances/remittances/online-funds-trasfer-msia.page

22. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-businessgo-sgd-current-account.html

23. https://aspireapp.com/pricing

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

25. https://www.you.co/biz/

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

All comparisons and information reflect Airwallex’s own research using public documentation as of 19 September 2025, and have not been independently validated.

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, or guarantees regarding content accuracy, completeness, or currentness. Product features, pricing and other details are subject to change. Airwallex does not guarantee the continued accuracy of this information and is not responsible for any inaccuracies that may arise from such changes.