Summary
- Businesses in Singapore face various bank charges including account setup, maintenance, fall-below balance, transaction and cheque-related fees
- Major banks (DBS, UOB, OCBC, Maybank, CIMB and Hong Leong) apply different fee structures, making cost comparisons essential
- Cross-border payments and FX fees significantly impact SMEs with frequent international transactions
- The Monetary Authority of Singapore (MAS) regulates banking transparency while individual banks set their own fee schedules
- You can reduce costs by maintaining minimum balances, choosing SME-friendly accounts, going paperless and bundling services
- Digital banking solutions offer alternatives with features like no minimum balance requirements and competitive FX rates for cost-effective financial management
Understanding bank charges in Singapore is critical for effective business financial management. Every service your business uses, from transfers to account maintenance, comes at a cost. These fees can accumulate quickly if not monitored carefully. Before opening a business account, review the complete fee schedule to understand all potential charges. This transparency helps you budget accurately and avoid unexpected costs that could impact your cash flow.
What are bank charges?
Bank charges are fees that financial institutions levy for the services they provide. When you transfer money, withdraw cash from an ATM or maintain an account, the bank charges a fee. These charges vary significantly between banks and account types. Some banks offer fee waivers for specific services, such as a limited number of free monthly transfers or waived account opening fees during promotional periods.
Different types of bank charges
Bank charges fall into several categories, each covering different aspects of business banking operations:
Administrative charges
These fees cover account setup and maintenance:
- Account setup fee: One-time charge when opening an account (often waived)
- Account fee: Monthly or annual maintenance charge
- Fall-below fee: Charged when balance drops below required minimum
- Excess fee: Incurred when payments exceed available balance
- Early closure fee: Applied if account closed within 6-12 months
- Inactivity fee: Monthly charge for dormant accounts
- Premature withdrawal fee: For fixed deposits withdrawn before maturity
Transaction charges
Transaction fees vary by transfer method. Understanding these differences helps your business choose the most cost-effective payment options:
- Wire transfers (TT): Higher fees averaging SGD 20 plus handling and agent charges, but secure for cross-border payments
- FAST: Cost-effective for local transfers between participating banks
- GIRO: Economical for recurring payments
- PayNow: Free instant transfers between participating institutions
- MEPS: More expensive than FAST or GIRO for local transfers
Additional considerations: Foreign currency card transactions may incur a 3.25% conversion fee. Standing instructions for recurring payments and any amendments to these instructions also attract charges.
Cheque-related charges
Banks charge for cheque book issuance, replacements and processing. Returned cheques due to insufficient funds or errors incur fees, as do stop payment requests and cheque retrieval services.
Card-related charges
Card issuance and replacement fees apply, though often minimal. Using ATMs outside your bank's network typically incurs additional charges.
Digital services charges
Electronic account alerts and trade finance information services may carry monthly fees, though initial periods are often waived.
Document-related charges
Physical statements, balance certificates, reference letters and audit confirmations are available for per-document fees, with charges increasing for older records.
Why do banks charge fees?
Banks charge fees to cover operational costs including branch networks, staff salaries, technology infrastructure and regulatory compliance. These charges also contribute to profitability, enabling banks to offer comprehensive product ranges and personalised services. Unlike digital-only providers with lower overhead, traditional banks maintain significant physical infrastructure that requires funding.
What are bank charges like in Singapore in 2026?
Singapore's banking sector includes both global and local institutions. The major domestic banks are DBS Bank, United Overseas Bank (UOB), Oversea-Chinese Banking Corporation (OCBC), Maybank, CIMB and Hong Leong Bank. Each offers distinct fee structures and service packages.
DBS bank charges
DBS offers multi-currency and SGD accounts, including options for small businesses:
- Account fee:
- SGD $40-50 annually for the business multicurrency account, corporate multicurrency account, and SGD current account.
- SGD $10 monthly for the multi-currency starter account
- Fall-below fee:
- SGD $40 monthly, waived if average daily balance is at least SGD $10,000 or equivalent.
- The fee is waived for the multi-currency starter accounts.
- Excess fee: SGD $10 minimum for overdrafts
- Early closure: SGD $50 within six months
- Transactions: Free online local transfers; SGD $10-35 for international TTs
UOB bank charges
- Account fee: SGD $35 annually (all types of business account)
- Fall-below fee: SGD $15–50, depending on account type
- Excess fee: SGD $10 minimum
- Early closure: SGD $50 within 12 months
- Transactions: SGD $0.20 for GIRO; SGD $0.50 for FAST
OCBC bank charges
- Account fee:
- Business Growth Account: SGD $10 monthly (waived for first two months)
- Business Entrepreneur Account Plus: n/a
- Fall-below fee:
- Business Growth Account: SGD $15 per month (if monthly average balance falls below SGD $1,000)
- Business Entrepreneur Account Plus: SGD $50 per month (if monthly average balance falls below SGD $30,000)
- Excess fee: SGD $30 or Prime + 4.75% p.a.
- Early closure: SGD $50 for SGD accounts
- Transactions:
- Free 80 GIRO and FAST transactions per month; standard charges 81st onwards.
- GIRO: SGD $0.20 (outward)
- FAST: SGD $0.50 (payment and collection)
Maybank bank charges
- Account fee: None
- Fall-below fee:
- FlexiBiz Account: SGD $10 (if average daily balance below SGD $1,000)
- PremierBiz Account: SGD $35 (if average daily balance below SGD $30,000)
- Excess fee: SGD $20 minimum
- Early closure: SGD $50 within six months
- Transactions: Free FAST and GIRO; SGD 20-30 for TT processing
CIMB bank charges
- Account fee:
- BusinessGo Account: SGD $0
- SME-i Account: SGD $8 per month
- TransactPlus/TransactPlus-i Account: SGD $28 per month
- Fall-below fee:
- SGD BusinessGo Account: SGD $88 (if the monthly average balance falls below SGD $30,000)
- SME-i/TransactPlus/TransactPlus-i Account: SGD $0
- Excess fee: (SGDPrime Rate + 5%) or min. SGD $20, whichever is higher
- Early closure: SGD $50 within six months
- Transactions: Free FAST, GIRO. TT charges are SGD $30 + cable charges (if applicable) + Upfront Agent fee
Hong Leong bank charges
- Account fee: None
- Fall-below fee: SGD $10
- Excess fee: Prime + 4% p.a. or min SGD $20, whichever is higher
- Early closure: SGD 30-200 for SGD accounts
- Transactions: Free FAST; SGD 15-40 for MEPS
Important: All fee information is based on August 2025 public disclosures and is subject to change. Fees may be negotiated based on transaction volume or account status. Always verify current rates directly with your bank.
Comparison of Singapore bank charges – Administrative fees (2026)
Comparison of Singapore bank charges – Transaction fees (2026)
Transaction fees vary by account type and service bundle. The figures below represent typical charges; specific rates depend on your account package.
| Bank | Local | GIRO | FAST | MEPS | TT (Global) | Cheque |
|---|---|---|---|---|---|---|
| DBS | Free (online) SGD 5 (manual) |
SGD $0.20 | SGD $0.50 | SGD $18–SGD $20 | SGD $10–SGD $35 | SGD $1–SGD $5 |
| UOB | Free (Online) | SGD $1 | SGD $0.50 | - | - | SGD $0.75 (for SGD accounts) |
| OCBC Bank | - | Free 80 transactions per month | Free 80 transactions per month | Free | SGD 10 (to SGD account) | SGD $0.75 (for SGD accounts) |
| Maybank | SGD 20 (same bank - Free) | SGD $0.20 per transaction (same bank) | SGD $0.50 per transaction (same bank) | SGD 18–20 per transaction | 0.125% | Approx. SGD 20–100 USD 0–100 (for foreign currency current accounts) |
| CIMB | - | SGD $0.20 per transaction | SGD $0.15 per transaction | SGD 15–SGD 20 | Agent fee (if applicable) | SGD $0.75 per cheque (for SGD accounts) |
| Hong Leong Bank | - | SGD $0.20 per transaction | Free | SGD 15–40 (Outgoing) Free (Incoming) | 0.125% | Approx. SGD 30–300 USD 10 (USD cheque) SGD 20–100 (other) |
Note: Both tables present a general overview of bank fees, which might differ for each business account. Additional commissions and currency conversion rates apply, especially for telegraphic transfers.
Same service, different bank charges
If you're comparing banks for your business in Singapore, pay close attention to how charges vary. The same service can cost differently across banks and even within the same bank's account offerings.
For example, if you're opening a business account, some banks charge a setup fee while others waive it entirely. Local transfer fees also differ: some banks offer free transfers while others charge per transaction.
Regulatory policies on bank fees
The Monetary Authority of Singapore (MAS) establishes banking regulations and guidelines through the Code of Consumer Banking Practice, Payment Services Act 2019 and Banking Regulations 2013. While MAS doesn’t specify individual charges, it ensures banks maintain fair, transparent and customer-oriented fee structures. Banks set their own charges based on market conditions, provided they comply with regulatory frameworks.
How bank charges affect your business profits
Bank charges accumulate over time and can impact your business profitability. For businesses making frequent transactions, these costs require careful monitoring.
Consider a retail business making daily card payments, supplier transfers and payroll payments. Monthly charges might include:
- Account maintenance: SGD $50
- Local transfers (30 at SGD 2 each): SGD $60
- International transfers (4 at SGD 25): SGD $100
- Cheque processing (10 at SGD 1.50): SGD $15
Total: SGD $225 monthly or SGD $2,700 annually. Add FX conversion fees and ATM charges, and costs increase further. This represents capital that could support business growth.
How to reduce your business account fees in 2026
It’s not possible to bank for free, but there are certain charges you can avoid entirely while operating a business account in Singapore. Some tips:
Maintaining minimum balance
Avoid fall-below fees by maintaining required balances. Compare minimum balance requirements across banks and choose accounts suited to your cash flow patterns. SME-focused accounts often have lower or zero minimum balance requirements.
SME-friendly accounts
Banks offer tailored accounts for SMEs with reduced fees and lower balance requirements, recognising their importance to Singapore's economy.
Avoiding inactivity fees
Monitor account activity to prevent dormant account charges. If an account is no longer needed, close it to recover the balance.
Going paperless
Opt for digital statements and documents to eliminate physical document fees.
Bundling services
Service bundles may offer cost savings through flat monthly fees instead of per-transaction charges. Evaluate whether bundled packages suit your transaction patterns.
Digital business accounts
Digital banking providers offer an alternative with typically lower fees, no hidden costs and competitive rates. Account opening is faster compared to traditional bank verification processes. Features include unified financial platforms, real-time alerts and accounting software integration.
How to choose the right business bank account
Selecting the right business bank account is a major decision. Given the sheer number of options available, making this choice becomes tricky. By considering the following criteria, selecting a business account ideal for your business’s banking needs becomes easier.
Eligibility
Verify eligibility requirements including unique equity number (UEN) registration. Foreign-owned businesses may face different criteria and charges.
Minimum balance and deposits
Review initial deposit and ongoing minimum balance requirements. These requirements impact businesses with limited capital or variable cash flow.
Administrative fees
Assess setup fees, maintenance charges, fall-below fees, excess charges, early closure costs and inactivity fees.
Transaction limits
Ensure daily and monthly transaction limits align with your operational needs to avoid disruptions and unexpected charges.
Digital banking capabilities
Evaluate online transfer functionality, expense management tools, invoicing features and accounting software integration.
Traditional or digital business account: which one should you choose
Singapore businesses now choose between traditional banks and digital-first providers, especially for cost-efficiency, and the right option depends on how your business operates.
Choose a digital business account if:
- Your customers mostly pay through bank transfers, QR codes, or online gateways
- You run an e-commerce, service, freelance, or remote business
- You want lower fees and minimal fall below charges
- You need fast online account setup without branch visits
- You value integrations with accounting, invoicing, and expense tools
- You want virtual cards and real-time expense tracking
- Your operations are mostly cashless
Digital providers operate primarily online, which reduces overhead costs and often results in cheaper pricing and faster processes.
Choose a traditional bank account if:
- Your business handles physical cash regularly
- You need to deposit cash or withdraw large amounts often
- You prefer face-to-face support or a relationship manager
- You want access to a full range of banking products under one institution
- You expect to apply for business loans or credit facilities and prefer established banking relationships
- You require branch access for documentation or transactions
Traditional banks are better suited for businesses with cash operations or those who prefer structured, in-person banking relationships.
Frequently Asked Questions
What are the common bank charges businesses face in Singapore?
Here is a list of bank charges businesses face in Singapore:
• Account setup fees
• Maintenance fees
• A fall-below fee (applicable when minimum balance isn’t maintained)
• Transfer fees
• Cross-border transfer fee or MEPS charges
• Overdraft fees
• Fees when the account becomes dormant
• Cheque processing fees
Do all banks in Singapore charge the same fees for business accounts?
Though MAS is the regulatory authority for banking fees in Singapore, no specific limit has been set. Banks are allowed to determine their charges provided they follow the terms mentioned in the Code of Consumer Banking Practice. Visit the official MAS website for a comprehensive list of bank charges in Singapore.
Can I negotiate lower bank charges for my business?
Yes, you can negotiate a lower bank charge for your business by showing that you are a loyal customer by maintaining the required balances, having a high transaction volume, and following all the rules they prescribe.
Are there any tax implications related to business banking charges?
Business banking charges can be subject to Goods and Services Tax (GST) in Singapore. Transaction, overdraft, and maintenance fees are among the bank charges deemed taxable under the existing GST policies.
How do foreign exchange transaction fees affect my business?
If your business engages in cross-border transactions or international trade, foreign exchange transaction fees are incurred. This fee applies to any transactions denoted in foreign currency. These fees can increase the cost of doing business and also impact cash flow due to fluctuations in the foreign exchange rate.
- The Association of Banks in Singapore - https://abs.org.sg/docs/library/code-of-consumer-banking-practice.pdf
- Monetary Authority of Singapore. https://www.mas.gov.sg/-/media/mas-media-library/regulation/subsidiary-legislation/ppd/banking-credit-card-and-charge-card-regulations-2013/banking-credit-card-and-charge-cardamendment-reg-2022.pdf
- Monetary Authority of Singapore - https://www.mas.gov.sg/statistics/monthly-statistical-bulletin/i-19-banking-system-assets
- DBS - https://www.dbs.com.sg/documents/276102/282858/monthly-account-fee-042018.pdf/078c48f5-e564-c377-3ddf-1c30b709f7b0
- UOB - https://www.uob.com.sg/business/help-support/rates-fees/general-services-fees.page
- CIMB - https://www.cimb.com.sg/en/business/help-support/rates-charges/fees-charges/corporate-pricing-guide.html
- Hong Leong - https://www.hlbank.com.sg/content/dam/hlb/sg/docs/help-and-support/fees-charges/bcb/corporate-pricing-guide-wef-20240701.pdf
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