4 virtual bank accounts in Singapore (2026): Compare features, fees and fintech alternatives

Key takeaways:

• A virtual bank account in Singapore is a fully digital business account that lets you manage deposits, transfers, and payments online — without visiting a branch.

• Singapore has four MAS-licensed digital banks: GXS, MariBank, ANEXT, and Green Link. Fintech platforms like Airwallex also offer fully digital business accounts under a Major Payment Institution licence.

• Airwallex goes further than a typical virtual bank account: it gives you multi-currency accounts in 20+ currencies, free transfers to 120+ countries via local payment rails, Corporate Cards, expense management, and a payment gateway — all in one platform.

A virtual bank account in Singapore is a business account you open and run entirely online.

There are no branch visits and no paper forms. Everything from account setup to payments happens through an app or web platform.

This guide walks you through what a virtual bank account is, the four MAS-licensed digital banks serving Singapore businesses, and how Airwallex fits in as a fintech option built for businesses that operate internationally.

What is a virtual bank account?

A virtual bank account is a business account that exists entirely online, with no physical branches. You open it, fund it, and run your day-to-day transactions through an app or web platform.

Virtual bank account vs virtual account: what's the difference?

The two terms sound similar but mean different things:

• A virtual bank account is a fully digital business account offered by a bank or a licensed fintech. It works like a regular bank account — you receive payments, hold balances, and send transfers from it.

• A virtual account is a tracking tool, not a standalone account. Banks like DBS and CIMB assign virtual account numbers to each of your customers so you can match incoming payments to the right invoice. The money still flows into your main business account.

For this guide, we focus on virtual bank accounts, not virtual accounts.

3 types of virtual bank accounts in Singapore

When you're looking for a virtual bank account in Singapore, you'll see three types of providers. Each is regulated differently and serves different needs.

Here’s a quick overview:

The information in this table has been reviewed to be accurate as of 22 May 2026.

1. Traditional banks

These are established banks like DBS and OCBC. They run physical branches but also offer digital business accounts with online onboarding. Some processes — particularly for foreign-owned companies — may still require in-person verification.

2. MAS-licensed digital banks

These are banks licensed by the Monetary Authority of Singapore (MAS) to operate entirely online. Singapore has four: GXS Bank, MariBank, ANEXT Bank, and Green Link Digital Bank.

There are two licence types:

• Digital Full Bank (DFB): can serve individuals and businesses — GXS and MariBank

• Digital Wholesale Bank (DWB): can serve businesses only — ANEXT and Green Link

3. Fintech platforms

These are companies licensed by MAS as Major Payment Institutions, such as Airwallex. They are not banks, but they offer fully digital business accounts that often go beyond core banking, with features like multi-currency accounts, international transfers, Corporate Cards, and more.

If you want an in-depth review of 10 specific providers across all three categories, see our guide to the 10 best digital business bank accounts in Singapore.

The 4 MAS-licensed digital banks in Singapore

Singapore has four virtual banks licensed by MAS to operate entirely online. Two are Digital Full Banks (DFB) that serve both individuals and businesses, and two are Digital Wholesale Banks (DWB) that serve businesses only.

Here's how they compare at a glance:

The information in this table has been reviewed to be accurate as of 22 May 2026.

1. ANEXT Bank Business Account

Known for: Multi-currency business banking for SMEs

ANEXT Bank is a digital wholesale bank licensed by MAS and a wholly-owned subsidiary of Ant International. It's built for SMEs that need a multi-currency business account without monthly fees or minimum balance requirements. You can hold SGD, USD, CNH, and EUR in one account, and pay a flat S$15 for international SWIFT transfers — predictable pricing that suits businesses sending money across borders regularly.

ANEXT also offers business loans from S$5,000 to S$500,000³ across three repayment formats: a credit line (CreditNow), a pay-per-use line, and a monthly instalment loan (Pay Monthly). Secured loans against business assets are available for larger funding needs.

The information in this table has been reviewed to be accurate as of 22 May 2026.

2. MariBank Business Account

Known for: Cost-effective SGD banking with daily interest

MariBank is a MAS-licensed digital full bank and part of Sea Group, the parent company of Shopee. It earns 1.00% p.a. interest on all balances⁴ and charges no monthly or fall-below fees, making it a low-cost option for businesses that transact primarily in SGD. Local transfers are free.

Overseas transfers are currently free under a promotion running until 30 June 2026. After that, standard service fees of S$3.00 per transfer plus agent bank fees will apply⁴. For financing, the Mari Business Loan (Credit Line) goes up to S$200,000 with repayment over 3, 6, 9, or 12 months⁵. A separate term loan product offers up to S$500,000 repayable over 1 to 5 years⁵.

The information in this table has been reviewed to be accurate as of 22 May 2026.

3. GXS Bank Business Account

Known for: Daily interest and sole proprietor banking

GXS Bank is a MAS-licensed digital full bank. The GXS Biz Account offers 1.08% p.a. daily interest on balances¹, zero account fees, no minimum balance, and free local transfers via FAST and PayNow. SGD deposits are SDIC-insured up to S$100,000¹.

One important eligibility note: the GXS Biz Account is currently designed for sole proprietorship business owners¹ — it isn't open to all business types. Grab merchants and Singtel customers can earn bonus interest and access ecosystem perks. GXS also offers business loans up to S$1 million⁶ through GXS FlexiLoan Biz.

The information in this table has been reviewed to be accurate as of 22 May 2026.

4. Green Link Digital Bank Business Account

Known for: Supply chain financing for trade-focused SMEs

Green Link Digital Bank (GLDB) is Singapore's first digital wholesale bank⁷. It focuses on financing solutions for SMEs — including supply chain financing, payables financing, and receivables financing — making it useful for businesses with active trade and inventory cycles.

GLDB also offers a fully digital business account with cash management tools, plus embedded finance APIs for B2B platforms. Its strength is helping businesses unlock working capital tied up in trade receivables and payables. International transfer fees and FX rates aren't published on GLDB's product pages — you'd need to contact the bank directly to confirm pricing for your use case.

The information in this table has been reviewed to be accurate as of 22 May 2026.

Why Trust Bank isn't on this list

Trust Bank operates fully online and is sometimes grouped with the digital banks. But Trust Bank is not one of MAS's four licensed digital banks — it operates under a different bank licence framework.

Trust also focuses on individual retail customers. Its savings account, credit cards, and Instant Loan are designed for consumers, not businesses. If you're an individual saver, Trust offers up to 2.40% p.a. interest on the first S$1.2 million in deposits⁸.

For business banking needs, you'd be better served by one of the four MAS-licensed digital banks above — or by a fintech platform like Airwallex, which we cover later in this article.

How to choose the right virtual bank account in Singapore

The right virtual bank account depends on how your business actually operates. Use these five questions to narrow down your shortlist.

Do you need SDIC deposit insurance?

This is often the first question to answer. The Singapore Deposit Insurance Corporation (SDIC) scheme protects SGD deposits up to S$100,000 per depositor per Scheme member¹. The protection applies to both individuals and businesses, but only at SDIC member institutions.

Here's how it maps to the providers in this guide:

• Covered: MariBank and GXS Bank (Digital Full Banks), and traditional banks like DBS and OCBC (Full Banks)

• Not covered: ANEXT Bank and Green Link Digital Bank (Digital Wholesale Banks)

• Not covered (different framework): Fintech platforms like Airwallex hold a Major Payment Institution licence, not a bank licence. They aren't SDIC members, but MAS requires them to safeguard customer funds with approved financial institutions

How much do you transact across borders?

If you pay overseas suppliers, receive money from international customers, or hold balances in foreign currencies, this should be a primary filter.

• Multi-currency holding: ANEXT (4 currencies) and Green Link (SGD and USD) are the only MAS-licensed digital banks with foreign currency support. The Digital Full Banks (MariBank, GXS) are SGD-only.

• International transfer fees: ANEXT charges a flat S$15 SWIFT fee. MariBank's overseas transfers are free until 30 June 2026, after which standard fees apply. GXS doesn't support international transfers at all.

• Fintech alternative: If you transact regularly across markets, a fintech platform like Airwallex gives you 20+ currencies and free transfers to 120+ countries via local payment rails, which can cost less than SWIFT routes.

What's your business structure and ownership?

Eligibility rules vary more than most people realise.

• Sole proprietors: GXS Biz Account is currently designed for sole proprietorship business owners only¹. ANEXT, MariBank, and Green Link accept other business structures.

• Singapore-incorporated companies: All four MAS-licensed digital banks accept Singapore-incorporated businesses.

• Foreign-owned businesses: Foreign founders running Singapore-registered companies can usually open digital bank accounts online via Corppass and Singpass — but each provider has its own due-diligence requirements. Some accounts may need additional documentation if your ownership structure is complex.

Always check the provider's eligibility criteria before starting an application — and budget extra time if your business has foreign shareholders or a multi-layer ownership structure.

How fast do you need to get started?

• Fintech platforms generally have the fastest onboarding, with some accounts activated within a few business days

• MAS-licensed digital banks vary — GXS advertises sign-up in under 4 minutes for sole proprietors, while business accounts at other digital banks can take a few days

• Traditional banks typically take the longest, particularly for foreign-owned companies that may require in-person verification

If timing is critical, ask about expected approval times before you apply, and have your documents ready: ACRA business profile, proof of business address, director and shareholder information, and an authorisation letter.

Do you need business tools beyond banking?

A virtual bank account gives you a place to receive, hold, and pay money. If your business also needs corporate cards, expense management, automated bill payments, an eCommerce payment gateway, or direct accounting integrations, the MAS-licensed digital banks won't cover those needs natively.

For an all-in-one platform, fintech providers like Airwallex bundle multi-currency accounts with Corporate Cards, expense management, Bill Pay, and accounting integrations — which we look at next.

Why Singapore businesses choose Airwallex over a virtual bank account

With Airwallex, you get everything you'd expect from a virtual bank account: fast online setup, no account opening fees, no minimum balance, no monthly fees (on the Explore plan), and fully digital management.

But you also get what most virtual bank accounts in Singapore don't offer: the global capabilities a growing business actually needs, including corporate cards, free international transfers to 120+ countries, a payment gateway that allows you to accept payments in 180+ markets, and more.

Here's what you get with the Airwallex Business Account:

Multi-currency accounts in 20+ currencies

Open local-currency accounts in 20+ currencies with local bank details — so you can receive payments from US, UK, Australian, or European customers as if you held a local account there. No forced conversion, no SWIFT wait time.

Free international transfers to 120+ countries

Pay out to 120+ countries with no SWIFT fees, routed through local payment rails. 93% of transfers arrive the same working day. For businesses paying overseas suppliers, contractors, or freelancers regularly, the saving compounds quickly.

Corporate Cards and expense management in one

Issue virtual and physical multi-currency Corporate Cards in minutes, with no foreign transaction fees. Set custom controls per card, capture receipts in-app, route approvals through workflows, and reimburse employees directly — without juggling a separate expense tool.

Everything else your team needs

Airwallex also gives you Bill Pay and batch transfers to up to 1,000 recipients in one go, direct integrations with Xero, NetSuite, QuickBooks, Sage, and Odoo for real-time reconciliation, and a payment gateway that lets you accept 160+ local payment methods across 180+ countries.

Frequently asked questions (FAQs)

Are virtual bank accounts safe in Singapore?

Yes — virtual bank accounts in Singapore are regulated. MAS-licensed digital banks meet the same compliance, capital, and risk-management standards as traditional banks, and Digital Full Banks have SGD deposits protected by the SDIC scheme up to S$100,000 per depositor¹. Fintech platforms that offer virtual business accounts hold a Major Payment Institution licence and must safeguard customer funds with approved financial institutions under MAS rules.

How long does it take to open a virtual bank account in Singapore?

Most virtual bank accounts can be opened entirely online, with approval typically taking between 1 and 5 business days depending on the provider and your business structure. Fintech platforms are usually the fastest. MAS-licensed digital banks and traditional banks may take longer if your business has foreign ownership or a more complex structure.

Can foreigners open a virtual bank account in Singapore?

Yes, foreigners can open a virtual bank account in Singapore as long as the business is registered locally. Most providers accept Singapore-incorporated companies with foreign directors or shareholders, but you'll typically need a Corppass account and additional documentation if your ownership structure is more complex. Approval times can be longer for foreign-owned businesses, so build in extra time before you need the account live.

What documents do I need to open a virtual bank account?

You'll usually need your ACRA business profile, proof of business address, identification for directors and shareholders, and an ownership structure chart. Some providers also ask for an authorisation letter or a board resolution. Requirements vary by provider — most MAS-licensed digital banks pull your business details directly via Corppass and MyInfo Business, which speeds things up.

Do virtual bank accounts have SDIC deposit insurance?

It depends on the provider's licence. MAS-licensed Digital Full Banks (MariBank, GXS Bank) and traditional banks have SGD deposits insured under the SDIC scheme up to S$100,000¹. Digital Wholesale Banks (ANEXT, Green Link) and fintech platforms like Airwallex don't sit under SDIC — fintechs instead safeguard customer funds with approved financial institutions under MAS rules.

Can I use a virtual bank account for international payments?

Yes, but capabilities vary widely. Most MAS-licensed digital banks support international transfers in a limited set of currencies, often via SWIFT with per-transfer fees. If you make international payments regularly, a fintech platform like Airwallex lets you hold 20+ currencies and gives you free transfers to 120+ countries via local payment rails, which usually works out cheaper and faster than SWIFT.

Sources:

1.  https://www.business.gxs.com.sg/biz-account

2.  https://www.anext.com.sg/bank-with-us/business-account

3.  https://www.anext.com.sg/bank-with-us/business-loan

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

5.  https://www.maribank.sg/product/mari-business-loan

6.  https://www.business.gxs.com.sg/

7.  https://www.glbank.com/

8.  https://trustbank.sg/savings-account/

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.