Best Business Bank Accounts in Singapore (2026 Comparison)

By Lucas Seah, Founder of Excellence Singapore Group | Last Updated: October 2026

There is no single best business bank account in Singapore. The right one depends on who owns your company, how much cash it keeps and how it pays and gets paid. A new company owned by Singapore citizens or PRs can open a low-cost account online, often instantly: CIMB’s SME Account has no minimum balance, and neither does DBS’s Starter Bundle for companies under 3 years old. A foreign-owned company should expect a relationship manager, more checks and, at some banks, a set-up fee. Companies that keep S$30,000 or more (S$50,000 at HSBC and UOB BizTransact) can avoid fall-below fees on the premium accounts of Standard Chartered, HSBC or UOB, while the digital banks ANEXT, Green Link and MariBank charge no fall-below fee. Non-bank accounts such as Airwallex, Aspire, Wise and Revolut open online with no monthly fee on their basic plans, but they are not banks and the money in them is not insured.

We compared 12 business accounts at 11 banks using only each bank’s own pages and fee guides, as published on 15 October 2026, plus 4 non-bank business accounts from their own pages as published on 18 October 2026. Fees change, so check the provider’s page before you apply.

Key Takeaways

• No fall-below fee: CIMB SME Account (S$8 a month after year one), DBS’s Starter Bundle for companies under 3 years old (S$10 a month), and the digital banks ANEXT, Green Link and MariBank.
• Minimum balances from S$1,000: OCBC Business Growth and Maybank FlexiBiz (S$1,000), UOB eBusiness (S$5,000; fall-below fee waived for the first 12 months) and DBS once a company turns 3 (S$10,000).
• Premium accounts need S$30,000 (Standard Chartered) to S$50,000 (HSBC, UOB BizTransact) to avoid fall-below fees of S$50 to S$70 a month.
• The quickest online routes at DBS, OCBC and UOB are mostly for companies owned by citizens or PRs, and DBS, HSBC, OCBC and UOB publish set-up fees for some foreign-linked companies.
• SGD deposits at Deposit Insurance Scheme members, including GXS and MariBank, are insured up to S$100,000 per depositor per bank. ANEXT and Green Link are not members.
• Airwallex, Aspire, Wise and Revolut suit foreign currency payments, with published FX fees from 0.19%, but they are payment accounts, not banks, and none lets you link your UEN to PayNow the way a bank does.

How we compared these accounts

We read each bank’s product page, fee guide or tariff and compared the initial deposit, the balance needed to avoid a fall-below fee, account fees, fees on FAST, GIRO and PayNow Corporate payments (customers pay your company’s UEN), currencies, who can open the account online and deposit insurance. Interest rates and short-term promotions are left out because they change too often. We grouped the accounts instead of ranking them, because the right account for a two-founder startup is the wrong one for a trader holding US dollars, and the list is not exhaustive: other banks on SDIC’s list of Deposit Insurance Scheme members also serve SMEs.

Business bank accounts compared at a glance

Fees as published on 15 October 2026. Check the bank’s page before you apply.

Swipe sideways to see the full table →

Sources: each bank’s product page, fee guide or tariff (linked in each section below). Balances are monthly or daily averages as each bank defines them.

The biggest cost difference is the balance each account needs before its fall-below fee stops.

Local banks: DBS, OCBC and UOB

DBS Business Multi-Currency Account

One account holds 13 currencies, including SGD, USD, EUR, GBP, JPY and CNH. Companies under 3 years old get the Starter Bundle: S$10 a month, no fall-below charge and no fees on FAST and GIRO payments through DBS IDEAL, without limit (bulk payments and payroll excluded). Once the company turns 3, the account costs S$50 a year, plus a S$40 monthly service charge if the average daily balance across all currencies falls below S$10,000. It connects to Xero and QuickBooks.

Best for: young companies that pay or get paid in foreign currencies. Watch out for: DBS’s pricing guide lists a set-up fee from S$2,000, plus S$1,000 per corporate shareholder, for relationship manager-assisted openings, which include online applications involving foreign ownership. Only fully locally owned businesses applying online get the S$0 set-up fee.

OCBC Business Growth Account

The Business Growth Account needs S$1,000 to open, charges S$20 a month if the monthly average balance drops below S$1,000, and has a S$10 monthly account fee after the first two months. Fees are waived on the first 80 FAST and 80 GIRO payments each month, and the 13-currency Multi-Currency Business Account comes with no account fee. Companies keeping S$30,000 or more can consider the Business Entrepreneur Account Plus: no account fee, but S$50 a month below S$30,000.

Best for: new companies that want a low balance requirement plus foreign currencies. Watch out for: instant opening is only for Singapore-registered businesses opening their first OCBC business account and wholly owned by citizens or PRs. Others can still apply online and the bank follows up, and OCBC runs a remote opening route for foreign-owned companies.

UOB eBusiness and BizTransact accounts

The eBusiness Account costs S$35 a year and needs S$1,000 to open and a S$5,000 average daily balance; its S$15 fall-below fee is waived for the first 12 months. FAST and GIRO fees are rebated on up to 60 transactions each a month, bulk GIRO payroll charges are rebated in full, and fees on incoming PayNow are waived until 31 December 2028. The BizTransact Account is the high-volume version: rebates on up to 300 FAST and 300 GIRO payments a month and on bulk GIRO payroll, with no annual fee, but it needs a S$50,000 average daily balance to avoid a S$50 monthly fee.

Best for: companies with some foreign directors, because UOB accepts online applications where at least one owner or director is a Singapore citizen or PR, who starts the application with Singpass. BizTransact suits businesses that make many FAST and GIRO payments. Watch out for: foreign incorporated companies pay a set-up fee of at least S$500, and closing either account within 12 months costs S$50.

International banks: CIMB, Maybank, Standard Chartered and HSBC

CIMB SME Account

Of the traditional banks we checked, CIMB is the only one with no minimum balance at any company age. The SME Account has no initial deposit (the bank may still ask for one), no fall-below fee and no fees on PayNow, FAST and GIRO payments without a monthly cap, according to its fee list (some of CIMB’s promotional copy ties S$0 transactions to the first year, so confirm when you apply). The account fee is S$0 for the first year, then S$8 a month. All Singapore-registered businesses can apply online, and CIMB says a complete application gets its account number by email almost immediately.

Best for: startups and small companies with uneven balances. Watch out for: S$50 if you close the account within 6 months.

Maybank FlexiBiz

FlexiBiz needs S$1,000 to open, has no monthly fee, and charges S$10 a month if the average daily balance falls below S$1,000. FAST transfers cost S$0.50 each. The higher-tier PremierBiz needs S$30,000 to avoid a S$35 monthly fee.

Best for: small, locally owned companies that keep a modest balance. Watch out for: online opening is limited to Singapore-incorporated businesses with no more than 3 directors, partners or owners, all citizens or PRs. Otherwise you book a branch appointment, and all signatories must attend.

Standard Chartered BusinessOne

BusinessOne is a non-interest-bearing current account for companies that can commit S$30,000, which is both the initial deposit and the monthly average balance, with a S$50 fall-below fee from the second month. Internet banking maintenance is waived and PayNow works with your UEN.

Best for: established companies with steady balances. Watch out for: S$500 if you close within 6 months, and identity documents for at least 2 directors and every shareholder with 10% or more.

HSBC Business Account

HSBC opens business accounts through a relationship manager: an enquiry, then documents and a business appointment, with questions on source of wealth and source of funds. The starter set-up includes a current account in 9 major currencies and HSBCnet online banking with PayNow. Under HSBC’s tariff effective 19 October 2026, the account pays no interest and charges S$70 a month if the SGD monthly average balance is below S$50,000, and HSBCnet costs S$120 a month per profile (or S$50 a year per account if you go without one).

Best for: larger SMEs and regional groups. Watch out for: a US$1,500 account opening and periodic account review fee for companies not registered in Singapore and for Singapore companies with overseas-incorporated corporate shareholders or directors; the same amount applies to companies with 3 or more ownership layers.

Digital banks: ANEXT, Green Link, MariBank and GXS

MAS has issued four digital bank licences. GXS and MariBank are digital full banks; ANEXT and Green Link are digital wholesale banks, which serve SMEs and other non-retail customers. All four open accounts online and none charges a fall-below fee. The main difference is deposit insurance.

ANEXT Business Account

The ANEXT Business Account is open to all Singapore-incorporated businesses through Corppass and MyInfo Business. It has no account fee, fall-below fee or minimum balance, holds SGD, USD, EUR and CNH, waives FAST, PayNow and GIRO fees, and charges a flat S$15 for international transfers.

Best for: Singapore-incorporated companies, including foreign-owned ones (ANEXT may ask them for extra documents), that want several currencies and no minimum balance. Watch out for: one account per business, a possible set-up fee where relationship manager support is needed, and it is not on SDIC’s member list.

Green Link Digital Bank

Green Link offers current and multi-currency accounts to MSMEs and corporates, including companies incorporated outside Singapore. The account fee and fall-below fee are waived; MEPS+ transfers cost S$20 and overseas transfers 1/12% of the amount (minimum S$40, maximum S$150). Its deposit account terms state that deposits are not eligible for deposit insurance.

Best for: companies incorporated outside Singapore that do not need deposit insurance.

Mari Business Account

The Mari Business Account has no account, fall-below or local transfer fees and runs in the MariBank app. You apply with Singpass and get the outcome in 1 to 2 days.

Best for: Shopee sellers, who can withdraw their seller balance once a day without a fee, and other small e-commerce businesses. Watch out for: companies with a corporate shareholder cannot apply, and every owner, director and 25% shareholder must be a citizen, PR or foreigner with Singpass access.

GXS Biz Account

The GXS Biz Account is only for sole proprietors who are Singapore citizens or PRs, with no account fees, no minimum balance and no fees on PayNow and FAST payments.

Best for: sole proprietors. A private limited company cannot open one; if you are still choosing, compare sole proprietorship and private limited structures.

Is your business deposit insured?

Singapore dollar deposits at a Deposit Insurance Scheme member, including a company’s, are insured up to S$100,000 per depositor per bank; foreign currency deposits are not. GXS and MariBank are members, while ANEXT and Green Link are not on SDIC’s list, and SDIC notes that wholesale banks are not required to join. Money held with a non-bank payment provider, below, is not a deposit and is not covered at all.

Non-bank business accounts: Airwallex, Aspire, Wise and Revolut

Many Singapore companies also hold, or start with, a business account from a payment company. These providers come under the Payment Services Act rather than banking law. Airwallex, Wise and Revolut are licensed by MAS as major payment institutions; Aspire operates under a temporary exemption from holding a licence. MAS states that e-money is not a bank deposit and is not protected by deposit insurance, although major payment institutions must safeguard it.

Fees as published on 18 October 2026. Check the provider’s page before you apply.

Swipe sideways to see the full table →

Sources: each provider’s own pricing pages, fee schedules and terms, and MAS’s lists of licensed and exempt payment institutions, read 18 October 2026. None of these providers is a Deposit Insurance Scheme member.

Airwallex

Airwallex (Singapore) Pte. Ltd. is licensed by MAS as a major payment institution. Its Explore plan has no opening fee and no monthly fee; Grow costs S$79 a month and Accelerate from S$399, before GST. You can collect and hold money in more than 20 currencies, convert at 0.4% above the interbank rate for major currencies (0.6% for others), and send SGD by FAST and GIRO, including to PayNow IDs, at no charge. SWIFT payouts cost S$20 or S$35. It connects to Xero and QuickBooks, and Airwallex says accounts typically open in 1 to 3 business days.

Best for: incorporated companies that pay suppliers or staff abroad. Watch out for: only incorporated businesses can apply, and the money is not a bank deposit; Airwallex says it keeps customer funds in a segregated trust account with a licensed financial institution in Singapore. Excellence Singapore Group is an Airwallex partner: if you want one, you can open an Airwallex account through our partner link.

Aspire

Aspire FT Pte. Ltd. is not licensed by MAS: it operates under a temporary exemption from holding a licence under the Payment Services Act, and MAS states that customers of exempt entities are not protected by the regulatory safeguards under the Act. Aspire says it keeps customer funds in a segregated account at an approved financial institution in Singapore. The Basic plan has no setup fee, monthly fee or minimum balance, and Premium costs S$15 a month. Receiving by FAST, GIRO and PayNow carries no fee, nor does sending by FAST, PayNow or GIRO salary payment. FX costs from 0.46% on Basic, and the account holds 8 currencies, including SGD, USD, EUR, GBP and MYR. Card cashback is 1%, or 1.2% on Premium for the first S$20,000 of qualifying spend a month; on Basic, only eligible digital marketing and software subscription spend counts.

Best for: small companies and sole proprietors that want no-fee local payments and card cashback. Watch out for: PayNow runs through a partner, is only for Singapore-incorporated businesses, and Aspire asks senders not to pay by UEN.

Wise Business

Wise Asia-Pacific Pte Ltd is licensed by MAS as a major payment institution. Registering costs nothing and there is no monthly fee; a one-time S$99 unlocks account details to receive money in 22 currencies. Converting and sending cost from 0.19%, at the mid-market exchange rate. Business accounts receive SGD by FAST, GIRO and MEPS, and PayNow through a UEN#WISE address or a QR code rather than your UEN itself. It connects to Xero and QuickBooks.

Best for: low-cost foreign currency payments and collections, including for sole proprietors. Watch out for: no cash or cheques, no interest, and its cards cannot be used at Singapore ATMs. Trusts, charities, associations and public companies limited by shares cannot send SGD.

Revolut Business

Revolut Technologies Singapore Pte. Ltd. is licensed by MAS as a major payment institution. The Basic plan costs S$0 a month and includes 5 domestic transfers a month (incoming and outgoing both count, then S$0.20 each) and S$1,500 of currency exchange a month without a fee (then 0.6%, or 1% outside market hours). Paid plans start from S$15 a month for Grow on annual billing; Revolut’s fee documents list Grow at S$18, Scale at S$100 and Enterprise at S$500 a month, including GST. You send and receive SGD by FAST and TT, and Revolut says you can send and receive 30+ currencies.

Best for: companies with owners abroad, who can apply from outside Singapore; Revolut says it can set up the account within 24 hours of receiving the application. Watch out for: only ACRA-registered companies and partnerships can apply (not sole proprietors), one account per company, no cash or cheques, and no ATM withdrawals in Singapore.

Bank account or non-bank account?

For most companies, a non-bank account sits next to a bank account rather than replacing it. None of these four is covered by deposit insurance, Wise and Revolut do not accept cash or cheques, and none lets you link your UEN to PayNow the way a bank does: Wise uses a UEN#WISE address, Aspire asks senders not to pay by UEN, Airwallex’s PayNow collection product does not accept payments made by UEN, and Revolut’s pages we read do not mention PayNow. Where they help most is foreign currency, with published FX fees from 0.19% (Wise) to 0.6% (Revolut, beyond the plan allowance), and online opening that often takes days rather than weeks. If a bank is slow or has turned you down, a non-bank account can keep the business trading while you prepare a stronger bank application.

Which business bank account fits your business?

Choose the onboarding route before the fee schedule. Account fees on the entry-level accounts differ by at most about S$120 a year. A foreign-linked company can face a published set-up fee from S$2,000 at DBS or of US$1,500 at HSBC, which outweighs years of account fees. If you pay staff by bulk GIRO, also check how many fee-waived transactions the account allows against your headcount, or ask your payroll provider which bank file formats it supports.

What banks look for before they say yes

Under MAS Notice 626, banks must identify and know their customers, including the beneficial owners behind a company, and review accounts regularly. Three things drive the outcome:

• Who owns and controls the company. DBS’s fully online route, OCBC’s and UOB’s instant opening and Maybank’s online form are built for companies owned by citizens or PRs. Foreign owners, corporate shareholders and layered structures usually mean a relationship manager.
• Where the money comes from. HSBC asks about source of wealth and source of funds during account opening, and CIMB asks for the identity documents of every ultimate beneficial owner.
• A business the bank can understand. Your SSIC code, website, contracts and payment flows should match what you tell the bank, and foreign founders need a credible link to Singapore. A nominee director does not change whom the bank treats as in control.

For documents and the step-by-step process, see our guide to opening a corporate bank account in Singapore. If a bank has said no, read why corporate accounts get rejected; once you are in, see how to keep the account from being closed.

Frequently Asked Questions

Which bank is best for a business account in Singapore?

No single bank is best for every company. For a new company owned by Singapore citizens or PRs, CIMB’s SME Account, DBS’s Starter Bundle and OCBC’s Business Growth Account have low or no balance requirements. Foreign-owned companies should compare onboarding routes and set-up fees first, and companies keeping S$30,000 or more can consider Standard Chartered, HSBC or UOB BizTransact.

Which business bank account has no minimum balance?

Of the accounts compared here, CIMB’s SME Account, DBS’s Starter Bundle for companies under 3 years old and the digital banks ANEXT, Green Link and MariBank charge no fall-below fee. GXS has none either, but only for sole proprietors.

Which banks accept foreign-owned companies online?

Several do, with extra checks. CIMB accepts online applications from all Singapore-registered businesses, ANEXT from all Singapore-incorporated ones (it may ask foreign owners for more documents), UOB if at least one owner or director is a Singapore citizen or PR, and OCBC runs a remote route for foreign-owned companies. DBS lists a set-up fee from S$2,000 for applications involving foreign ownership. Companies registered overseas can look at OCBC’s Business Foreign Account, UOB, HSBC or Green Link.

Do I need a local director to open a business account?

Not for every bank, but it helps. UOB accepts online applications only if at least one owner or director is a Singapore citizen or PR, and Maybank’s online form needs all directors and owners to be citizens or PRs. CIMB and ANEXT accept online applications from any Singapore-registered or Singapore-incorporated business.

Which banks open business accounts online instantly?

OCBC and UOB open accounts instantly online for eligible companies wholly owned by Singapore citizens or PRs (UOB only for applications made between 8.30am and 9pm), and CIMB sends the account number almost immediately if the application is complete. MariBank gives an outcome in 1 to 2 days. Relationship manager-led applications usually take longer, and banks do not publish a standard time.

Are business bank deposits insured in Singapore?

Yes. Singapore dollar deposits at Deposit Insurance Scheme members are insured up to S$100,000 per depositor per bank, and companies count as depositors. Foreign currency deposits are not covered, and the digital wholesale banks ANEXT and Green Link are not on SDIC’s member list.

What is PayNow Corporate and do I need it?

PayNow Corporate lets others pay your company using its UEN instead of an account number; you register the UEN through your bank. Every bank in this comparison mentions PayNow on its own pages, so check the fees instead: OCBC (under an extended promotion) and UOB waive the fee for receiving PayNow until 31 December 2028.

Can a sole proprietor open a business bank account?

Yes. The GXS Biz Account is only for sole proprietors who are Singapore citizens or PRs, and MariBank, UOB eBusiness and Maybank FlexiBiz also accept sole proprietorships. SDIC adds a sole proprietor’s personal and business deposits at the same bank together when it applies the S$100,000 limit.

Is Airwallex or Aspire a bank in Singapore?

No. Airwallex is licensed by MAS as a major payment institution under the Payment Services Act, and Aspire operates under a temporary exemption from holding that licence. Neither is a bank, so money held with them is not a bank deposit and is not covered by the Deposit Insurance Scheme. Both say they keep customer funds in segregated accounts at financial institutions in Singapore.

Need help opening the account?

Excellence Singapore Group works with multiple banks and digital banks on account applications for Singapore companies. We help you shortlist banks that fit your ownership and how you will use the account, prepare a consistent application, and follow up on the bank’s questions. The bank always makes the final decision. See our corporate bank account opening service, and if you are still setting up, we can line up the bank application with your company incorporation. If you also want a non-bank account for foreign currency, we can introduce you to Airwallex as its partner. Talk to us about which accounts fit your company.