Virtual bank account in Singapore: Compare features, fees and providers

Key takeaways

• Virtual bank accounts in Singapore are fully digital business accounts that let you manage deposits, payments, and other banking activities entirely online, without physical branches.

• You can choose between three types of providers: traditional banks with branches, MAS‑licensed digital banks, and MAS‑licensed fintech payment institutions that pair business accounts with other tools like FX, cards, and expense management.

• The Airwallex Business Account is a modern fintech solution that brings multi‑currency accounts, fast international transfers, Corporate Cards, expense and bill payments, and eCommerce payments together on a single platform.

Back in 2019, Singapore made a bold move: introducing digital banking licences¹. These licences let non-banking entities offer digital financial services to both consumers and businesses. With 94% of small-to-medium enterprises (SMEs) digitising their businesses², virtual bank accounts give you an efficient way to start banking, with fast account setup and 24/7 access to financial services.

In this article, we'll walk you through virtual bank accounts. We'll explain how they work, what benefits you'll get, and whether they're right for your business. We'll also look at fintech firms like Airwallex and see how our end-to-end financial solution helps you grow without limits.

What is a virtual bank account? Understanding digital banking in Singapore

A virtual bank account is a fully digital banking solution that functions like a traditional bank account but exists entirely online, with no physical branches at all.

It’s important not to confuse this with a virtual account, which is often used by businesses as a tool for payment tracking and automatic reconciliation. For this article, we’ll focus specifically on virtual bank accounts: digital-first accounts offered by banks and fintechs that let you manage deposits, payments, and other banking activities entirely online.

3 types of business financial accounts in Singapore

When managing your business finances in Singapore, you’ll encounter three main types of providers:

1. Traditional banks

These are established banks like DBS and OCBC. They operate physical branches but also provide online banking services.

2. Digital banks

These are MAS-licensed banks, such as ANEXT, MariBank, and GXS. They offer core banking services entirely online and do not have physical branches.

3. Fintech platforms

These are MAS-licensed payment institutions, such as Airwallex. They provide global accounts, international transfers, and corporate cards, and are considered modern fintech platforms rather than banks.

Comparing virtual banks, traditional banks, and fintech business accounts in Singapore

Here’s a quick breakdown: Virtual bank accounts operate entirely online, offering all the core banking services of a traditional bank without any physical branches. Traditional banks also provide these services but rely on branches for certain tasks, and opening an account often requires an in-person visit.

Fintech business accounts are fully digital like virtual bank accounts, but they go beyond banking. Instead, they combine core banking with tools for multi-currency management, international transfers, corporate cards, and expense management, supporting broader business operations.

The table below summarises how virtual bank accounts, traditional banks, and fintech business accounts compare.

The information in this table has been reviewed to be accurate as of 3 February 2026.

How many virtual banks are there in Singapore?

Singapore now has five virtual banks, although only three of these serve businesses: MariBank³, ANEXT Bank⁴, and Green Link Digital Bank⁵.

Let’s take a look at what you get with each virtual bank:

The information in this table has been reviewed to be accurate as of 3 February 2026.

ANEXT Bank Business Account

Known for: Business loans

Ant Group’s ANEXT Bank offers a virtual bank account for SMEs, allowing them to hold and transact in both SGD and USD. Businesses can earn interest on SGD or USD deposits, with a minimum fixed deposit of US$5,000⁹. ANEXT Bank also provides business loans of up to S$500,000¹⁰, which can be repaid either through a traditional instalment plan or a flexible “pay-per-use” option.

To learn more, read our review on ANEXT Bank.

Green Link Digital Bank Multi-Currency Account

Known for: Supply chain financing

Green Link Digital Bank (GLDB) was the first virtual bank to launch in Singapore and offers the broadest range of services among the three virtual banks serving businesses. It provides multi-currency accounts in SGD and USD, along with overdraft and term loans. GLDB also offers supply chain financing, allowing businesses to access funds tied up in sales invoices within their supply chain.

MariBank Business Account

Known for: Supporting Shopee sellers

MariBank is Sea Group’s digital bank in Singapore, offering services for both retail consumers and SMEs through the Mari Business Account. Businesses can earn 1% p.a. interest on account balances¹¹ and enjoy unlimited free local transfers. MariBank also provides business loans of up to S$200,000¹², repayable over three to 12 months. Shopee sellers benefit from one free daily withdrawal into their Mari Business Account.

GXS Bank

Known for: Supporting small businesses in Singapore

GXS Bank offers a digital business account designed to support sole proprietors and single-director or shareholder companies in Singapore. Businesses earn 1.08% p.a. interest on their balance¹³, with no minimum deposit or monthly fees. GXS also offers business loans of up to S$1,000,000. 

Trust Bank

Known for: Everyday savings features for retail customers

Trust Bank, backed by Standard Chartered and FairPrice Group, offers retail customers tailored benefits such as LinkPoints and improved savings at FairPrice stores. Its Trust Savings Account provides tiered interest of up to 2.50% p.a. on balances up to S$1.2 million¹⁴, with no minimum balance or monthly fees. Customers can also earn additional grocery and fuel savings through a linked credit card.

How to choose the right virtual bank account in Singapore

When choosing a business bank account, here's what matters:

• Fast account setup: Look for providers that get you up and running quickly. With Airwallex, most accounts are approved within a few business days after submitting the required documents.

• Global reach: Make sure the provider supports the markets you operate in, with lower international transfer fees and local payment methods.

• Scalability: Choose a solution with multi-currency accounts, flexible transaction limits, and local payment options that grow with your business.

• Transparent fees: Keep an eye on costs for things you'll use often – like international transfers and corporate cards – and watch out for hidden monthly fees.

• Security and regulation: Check that the provider is MAS-licensed and PCI DSS compliant with robust fraud prevention systems in place.

Why Singapore businesses choose digital banks and fintech platforms

If you're running a digital-first business, choosing the right financial partner is key to your growth. While traditional banks are well-established, you might find that digital banks and fintech platforms give you more flexible and cost-effective solutions. Here's why:

Benefits of digital-first financial services

Choosing a digital business bank account offers several key advantages:

• Lower fees: With no physical branches to maintain, digital providers often charge lower fees or skip monthly account fees entirely.

• Faster setup: You can open an account entirely online.

• 24/7 access: Manage your finances anytime, anywhere, through intuitive desktop and mobile apps built for how you work today.

• Better integrations: Many fintech platforms give you seamless API integrations with your existing accounting, eCommerce, and ERP software, which automates manual work.

Choosing between a digital bank vs. a fintech platform

If you’ve decided to go digital, the next step is figuring out whether a digital bank or fintech platform works better for you. Both types of providers give you online banking, but fintech platforms like Airwallex go further for businesses that deal with international payments. 

Whether you’re an eCommerce business receiving money from overseas customers or an agency paying international contractors, Airwallex lets you hold multiple currencies in one account, send and receive money worldwide without high fees, and give your team cards to manage expenses – all in a single, easy-to-use platform, without juggling multiple banks or worrying about conversions.

Virtual account for global businesses in Singapore: Airwallex Business Account

For Singapore businesses that operate internationally, managing multiple currencies, payments, and expenses across different platforms can be complicated and time-consuming. The Airwallex Business Account simplifies this by bringing all your global financial operations into a single, easy-to-use platform. 

Unlike virtual (and traditional) banks, we go beyond basic money transfers to help you manage your finances, payments, and team spending seamlessly. Here’s what you get with Airwallex:

• Multi-currency accounts: Instantly open local currency accounts in 20+ currencies with local bank details, so you can receive, hold, and spend foreign currencies without forced conversion. 

• Fast, low-cost international transfers: Use local rails to pay out to 120+ countries and avoid hefty SWIFT fees. 93% of our transactions arrive on the same day.

• Market-leading exchange rates: Convert funds at interbank rates and save up to 80% on FX.

• Corporate Cards and Expense Management: Instantly issue virtual and physical multi-currency corporate cards, track spend in real time, and apply custom controls and workflows to prevent misuse and keep clean records for reconciliation.

• Bill Pay: Upload, approve, and pay domestic and international bills from the same platform, and use batch transfers to pay up to 1,000 recipients across currencies and countries in a single run.

• eCommerce payment gateway: Accept online payments in 180+ countries and regions and 160+ payment methods, including local wallets and bank transfers. 

Frequently asked questions (FAQs)

How do I open a virtual bank account?

Head to your chosen bank's website to start applying. You'll usually need to submit documents like your ACRA business profile, proof of business address, director and shareholder information, ownership structure chart, and an authorisation letter (though requirements differ between banks).

Are virtual bank accounts safe?

Yes, virtual bank accounts in Singapore are safe. They are regulated by the Monetary Authority of Singapore (MAS) under a Digital Bank Licence, which ensures banks meet strict security and financial standards. 

Similarly, fintech firms like Airwallex, which offer virtual business accounts, are licensed as Major Payment Institutions and follow MAS safeguards. This regulatory framework keeps your business funds and data secure, even though virtual banking may feel new.

Are virtual bank accounts suitable for startups and small businesses?

Yes, virtual bank accounts are ideal for startups and small businesses. They typically charge lower fees and let you open an account entirely online, making banking fast and convenient. For businesses with international operations, fintech platforms like Airwallex provide a complete solution, combining multi-currency accounts, payments, and expense management all in one place.

What customer support options are available for virtual bank account holders?

Customer support varies by provider. Most virtual banks offer assistance through live chat, email, or in-app messaging, while some also provide phone support or dedicated account managers. Airwallex, for example, has a Singapore-based support team with local expertise, and eligible accounts can access dedicated account managers to help with more complex needs.

What potential risks are associated with using virtual bank accounts, and how can they be mitigated?

Virtual bank accounts carry risks such as cybersecurity threats and the fact that some providers are newer to banking. These risks can be mitigated by choosing a virtual bank regulated by the Monetary Authority of Singapore (MAS), monitoring your account activity regularly, and updating your passwords to keep your funds secure.

Can I link a virtual bank account to multiple payment gateways in Singapore?

Most virtual bank accounts in Singapore currently don’t offer APIs for direct integration with payment gateways. Airwallex, however, provides its own payment gateway that easily connects with eCommerce platforms and accounting software, making the Airwallex Business Account a convenient all-in-one solution for managing global payments and financial operations.

What are the limitations on transaction volumes for virtual bank accounts in Singapore?

Transaction volume limits vary between virtual banks in Singapore. Some virtual banks set daily or monthly transaction limits, while others give you higher limits. Ask your virtual bank about any restrictions that might affect your business. If your business requires handling larger volumes, fintech solutions like Airwallex might offer more flexibility with fewer restrictions on transactions.

Sources:

1. https://www.mas.gov.sg/news/media-releases/2019/mas-to-issue-up-to-five-digital-bank-licences

2. https://www.imda.gov.sg/-/media/imda/files/infocomm-media-landscape/research-and-statistics/sgde-report/singapore-digital-economy-report-2023.pdf

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

4. https://www.anext.com.sg/

5. https://www.glbank.com/

6. https://www.gxs.com.sg/

7. https://trustbank.sg/

8. https://www.glbank.com/data/tosend/resource/upload/GLDB-Fees-and-Charges.pdf

9. https://www.anext.com.sg/

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

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

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

13. https://www.business.gxs.com.sg/

14. https://trustbank.sg/

This publication does not constitute legal, tax, or professional advice from Airwallex nor 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.