Best business bank accounts in Singapore 2025 | How to choose

Key takeaways

• When opening a corporate account, businesses need to consider the various fees involved and whether their account has business-specific features, such as multi-currency support, software integration, and expense management.

• While Singapore offers a variety of banking options – from DBS to CIMB – traditional banks may not always be the best choice for young businesses still establishing themselves.

• Instead of opting for a corporate account with traditional banks, new businesses can explore fintech solutions like Airwallex, which offers lower fees and features tailored for modern businesses.

Whether you're a startup founder or a seasoned entrepreneur, having the right business or corporate account is key to driving growth and streamlining operations. In this article, we’ll learn more about banking for business, compare key providers, and help you find the right solution for your needs.

What is a business bank account?

A business bank account, also known as a corporate account, is a specialised banking service tailored to meet the needs of businesses. 

Managing both personal and business finances in a single account can quickly become complex as your business grows. That’s why dedicated business accounts exist – to offer the support, functionality, and financial clarity business owners need to manage their business.

The top 6 business accounts and alternatives in Singapore (2025)

• Airwallex Business Account: A digital alternative to traditional business bank accounts, Airwallex is a global payments and financial platform for new and growing businesses.

• DBS Business Multi-Currency Account: A business checking account with international features, designed for SMEs.

• OCBC Business Growth Account: A legacy banking solution designed for Singapore-registered businesses.

• UOB eBusiness Account: A banking solution for Singaporean businesses.

• Maybank FlexiBiz Account: A business bank account from Malaysia’s largest bank.

• CIMB SME Account: A low-cost current account built for new businesses and SMEs.

Key features to look for in a business bank account

Selecting a bank account tailored to your business type and size will save you time, money, and effort as your business grows.

Key features: 

• Affordable and clear costs: Seek accounts with minimal or no monthly fees, and fee waivers for maintaining a minimum balance. Choose accounts that offer a generous number of free transactions, such as deposits and transfers.

• Easy access and compatibility: Choose an account with robust online banking options, integration with key accounting software and payment processors, and reliable customer support.

• Custom business tools: Look for essential services like payment processing, credit options, and multi-user account access. 

See how DBS, OCBC, UOB, Maybank, and CIMB’s business banking solutions compare with the Airwallex Business Account.

Compare the best business bank accounts

Top business bank accounts in Singapore: key features and fees

Here’s a quick overview of Singapore’s 5 most popular business bank accounts, as well as an alternative banking solution for your business through Airwallex:

1. Airwallex Business Account¹

An all-in-one account for businesses of all sizes. You get instant access to a comprehensive range of financial solutions, such as local currency accounts, corporate cards with in-built Expense Management, Bill Pay, a payment gateway, and more. Unlike business bank accounts, there are no account opening fees, minimum balance requirements, or monthly admin fees.

Summary

Airwallex is arguably the best option for anyone looking to open a corporate account and simplify global transactions without the hassle associated with traditional banks. With partnerships across local payment rails, Airwallex enables free local transfers to over 120 countries so you can avoid unnecessary conversion fees when sending and receiving money internationally. Beyond cost-effective transfer fees, Airwallex offers a suite of powerful features designed for growing businesses, including multi-currency accounts and multi-currency Visa cards that are built to help businesses reduce costly conversions.

2. DBS Business Multi-Currency Account²

A business checking account for SMEs with international features. The DBS Multi-Currency Account lets you make transactions in SGD and 12 other currencies in a single account, and gives you the option to book FX contracts for more competitive rates.²

Summary

DBS offers a solid multi-currency account option for businesses that frequently handle international transactions. However, the package does come with a few caveats, such as a high minimum balance requirement and significant monthly and annual fees.

3. OCBC Business Growth Account³

A legacy solution for Singapore-registered businesses, the OCBC Business Growth Account stands out with its low initial deposit requirement of just S$1,000. It also offers up to 80 free FAST, GIRO, and PayNow transactions.

Summary

With its low initial deposit of S$1,000, the OCBC Business Growth Account is a suitable option for new businesses managing tighter cash flow. However, its monthly account fees and outward TT fees may be a drawback for startups looking to keep banking costs low.

4. UOB eBusiness Account⁴

Like the OCBC Business Growth Account, the UOB eBusiness Account is primarily a Singapore Dollar (SGD) account and does not support foreign currency transactions directly. It has a minimum daily balance requirement of S$5,000 and a relatively low annual account fee of S$35.

Summary

While the UOB eBusiness Account might be attractive in terms of its low initial deposit requirement, its high minimum monthly average balance requirement and account fees might deter businesses looking to minimise banking costs. It is also more suitable for businesses that prioritise local transactions and essential banking features. 

5. Maybank FlexiBiz Account⁵

A competitive business bank account by Malaysia’s biggest bank targeting startups and small businesses. Apart from zero account opening and account fees, it has a low minimum initial deposit of S$1,000.

Summary

While the Maybank FlexiBiz Account shares similar minimum initial deposit requirements as other business accounts, it has no minimum balance and zero monthly account fees, making it a cost-effective choice for businesses looking for more affordable banking options. That said, its relatively high outward TT fees and lack of multi-currency accounts may not be ideal for businesses that transact extensively with foreign entities.

6. CIMB SME Account⁶

A low-cost current account tailored towards new businesses and SMEs. They’ve done away with the fees that typically come with business accounts, such as fall-below fees, GIRO, or FAST fees.

Summary

The lack of minimum balance requirements and fall-below fees for first-year customers make the CIMB SME Account an attractive business banking option for businesses with fluctuating cash flows or those just starting. However, it’s worth noting that it does not offer multi-currency accounts, making it a potentially restrictive option for businesses looking to expand overseas. 

Why Airwallex?

Key features of the Airwallex Business Account

Airwallex supports businesses beyond traditional banking services. You can enter new markets faster and grow your business quickly with these key features:

• Multi-currency Global Accounts: Operate in over 60 countries and 23 currencies without creating separate bank accounts. Receive, hold, and spend foreign currencies without hefty conversion fees. 

• Market-leading FX rates: Access interbank exchange rates with minimal markup in comparison to banks. 

• Corporate Cards: Issue unlimited virtual and physical Visa corporate cards with 1% cashback on all spending categories. 

• Expense Management: Gain real-time visibility and set controls on spending, all on one platform. 

• eCommerce payments: Accept payments from 180+ countries with 160+ local payment methods. Settle like-for-like in 14 currencies to avoid conversion fees.

• Automated bill payments: Streamline accounts payable with automatic invoice processing and multi-currency payment support. Seamlessly integrate with Xero for direct bill imports.

Why do Singapore businesses use the Airwallex Business Account?

Unlike traditional banks, our quick and straightforward account setup process lets you start transacting globally in just a few clicks. As long as all your documents are in order, you can open an account as quickly as one business day.

With our multi-currency Wallet, you’re also empowered to receive, hold, and send international payments like a local. This cuts out the costly FX fees and other hidden costs that typically come with global transactions. Moreover, over 90% of our transactions arrive within the same day. 

For fast-growing businesses that are expanding globally, managing payments can become complex. Airwallex offers software integrations designed to help you manage your company spending more efficiently. With our Xero integration, transactions sync and reconcile automatically, eliminating manual work, and reducing errors. By consolidating payments, corporate cards, and expense management into one platform, Airwallex helps you save time spent on managing multiple providers and gives you a single, holistic view of your financial operations.

What alternatives are there to a business bank account?

Modern alternatives to traditional business bank accounts include business accounts from fintech platforms like Airwallex. These accounts include features such as multi-currency accounts, competitive exchange rates, corporate cards, and more.

What's the difference between a business account and a business bank account?

A business bank account is provided by traditional banks, typically offering standard financial services such as loans, overdrafts, and in-person support. However, these accounts may come with higher fees and slower processing times. 

In contrast, business accounts from fintech providers like Airwallex are digital-first, designed for speed, flexibility, and cost efficiency. They offer lower fees, quick setup, and innovative features such as integrated accounting tools.

Do I need a business bank account?

In Singapore, most registered businesses, from small startups to large corporations, choose to open a business 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, opening one can simplify tax reporting and improve financial clarity by keeping personal and business finances separate.

How to open a business account in Singapore

While the business account opening process is generally straightforward, it requires some preparation. Here's a guide:

Who is authorised to open a business bank account in Singapore?

You can open a corporate bank account if you are:

1. A director of the company 

2. An authorised signatory at your company. They must be listed on the Board Resolution, according to your company’s constitution.

What are the benefits of a business bank account?

A business account forms the foundation of financial management and enables business growth. Here are some other benefits of a business bank account:

• Efficient financial management: designed to support financial operations, offering features like higher transaction limits, payroll processing, and employee corporate cards. With integrated reporting tools, businesses can accurately analyse financial activity and forecast future figures.

• Clarity in accounting and tax reporting: keeps income and expenses neatly documented in one place. This streamlines tax reporting and is crucial when filing income taxes or if your local tax authority requests an audit.

• Ease of doing business globally: simplifies working with overseas suppliers or clients, offering features like multi-currency accounts, foreign exchange services, and international wire transfers. Some fintech providers, such as Airwallex, allow businesses to open local currency accounts. For example, you can easily create a US account with local bank details from Singapore.

How do business bank accounts work?

Business bank accounts function similarly to personal ones, but are designed for companies. Beyond allowing businesses to handle transactions and manage finances, business bank accounts often come with specialised features, such as invoicing tools and multi-user access with role-based permissions. They also help keep business and personal funds separate, which is ‌important for accounting and tax compliance.

Simplify your financial operations with Airwallex

Choosing a business account is critical for the success and long-term viability of any growing business. It should do more than streamline daily operations and help you cut costs. The right banking partner shouldn't only align with your business’s growth trajectory – it should equip you with the tools to get there.

In this context, the Airwallex Business Account is the strategic choice for fast-growing businesses. Take Singapore-based digital wealth management platform Endowus for example. As a scale-up operating in multiple markets, Endowus faced the challenge of managing a costly and complex banking setup. With multiple vendors and employees scattered across the globe, the costs associated with international payments began to stack up. 

Airwallex’s all-in-one financial platform allowed Endowus to quickly create local bank accounts across multiple markets, supporting its rapid expansion to Hong Kong and Malaysia. With the integration of Xero accounting software with the Business Account, finance teams are also able to view transactions all in one place, simplifying expense management.  

This allowed Endowus to save time and cut down on costs associated with rapid international expansion and focus on what truly matters – driving business growth.

Frequently asked questions (FAQs)

1. What qualifies as a business account?

A business account is a specialised banking account for companies of all sizes. It facilitates payments to suppliers, receipt of funds from customers, payroll, and other business-related financial activities. 

To open a business account, you need to submit your UEN, ACRA business profile, and identity documents of company directors.

2. Is a corporate account the same as a business account?

The terms "corporate account" and "business account" are used interchangeably to describe business banking. However, some banks in Singapore differentiate between the two. 

In such cases, corporate accounts are specifically designed for multinational corporations, offering a suite of services that cater to their complex, high-volume financial activities. Business accounts are tailored to meet the needs of SMEs, providing features that suit the simplicity of smaller operations. This distinction allows financial institutions to serve the varied needs of businesses across the spectrum.

3. Which bank is best for business accounts in Singapore?

The best business bank account depends on your specific requirements. Traditional banks like DBS, OCBC, and UOB cater to businesses that require a physical branch network, in-person support, and traditional lending options. 

However, SMEs operating globally or primarily online can benefit significantly from fintech solutions like Airwallex. Unlike legacy banks, Airwallex is built for modern businesses – offering faster, more cost-effective multi-currency payments, and automated financial tools.

If your business values digital efficiency, borderless transactions, and real-time financial control, Airwallex provides a smarter, more scalable alternative to traditional banking.

4. How much does it cost to open a business bank account in Singapore?

Minimum deposit fees range from S$0 – S$1,000, depending on the bank. 

5. What is the difference between a personal and a business 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.

6. Should I link my personal bank account to my business account?

Linking your personal bank account to your business account can streamline cash flow management and facilitate easy transfers between accounts. However, it's important to maintain a clear separation between your personal and business finances for accounting accuracy and tax compliance. Careful consideration should be given to ensure this doesn't compromise the clarity and integrity of your business’s financial records.

Sources:

1. https://www.airwallex.com/sg/business-account 

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

3. https://www.ocbc.com/business-banking/smes/accounts/business-growth-account 

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

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

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

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.