How to choose the best business account in Singapore (2026)

What is a business bank account, and why is it mandatory in 2026

A business bank account is a financial account opened in your registered business name and used exclusively for business transactions. It separates business income and expenses from personal funds, ensuring proper financial tracking, transparency, and compliance.

In 2026, operating without a dedicated business account is no longer practical for most businesses due to regulatory, tax, and operational requirements. It enables you to:

• Receive customer payments through official business channels such as bank transfers, PayNow Corporate, and payment gateways
• Pay suppliers, employees, and statutory dues like CPF contributions and taxes smoothly
• Maintain clear financial records required for bookkeeping, audits, and IRAS tax filing
• Meet compliance and KYC expectations when working with banks, payment providers, and partners
• Build credibility with clients, vendors, lenders, and potential investors
• Apply for loans, credit lines, or grants, which usually require a business bank statement history

For sole proprietors especially, this separation protects you from messy accounting, tax complications, and rejected applications for financial services.

Key benefits of a business bank account for SMEs

Business accounts can help SMEs with:

• Loan and credit access: Banks often review your business account history when assessing loan applications.
• Digital tools: Online banking, invoicing, spend management, and integrations with accounting software can streamline operations.
• Expense tracking: Separating business transactions can make bookkeeping easier and reduce errors.
• Investor readiness: A corporate account is often used for funding or grant applications.
• FX and cross-border support: Multi-currency accounts can help businesses manage international transactions.
• Deposit safety: Eligible SGD deposits held in licensed banks are protected up to SGD $100,000 per depositor under the Singapore Deposit Insurance Corporation (SDIC) Scheme, subject to SDIC terms and conditions.

Types of business accounts in Singapore

Singapore providers offer several types of business accounts. Each type is designed for different operational needs and cash management strategies.

Important note:

For most small businesses and sole proprietors, the core and essential business bank account is a current account, as it’s designed for daily transactions such as receiving payments and paying expenses. Other account types like savings, money market, fixed deposit, or multi-currency accounts are typically used later for surplus funds, cash management, or international operations once the business grows.

Business account options in Singapore (2026)

The table below provides examples of providers available in Singapore, highlighting differences in fees, onboarding methods, and account features. This information was last updated in January 2026 and is provided for general reference only.

Important note: The information above is intended as a general guide. Banks may offer multiple account variations with different fee structures or minimum balance requirements, and not all features apply to every business type. Always refer to the provider's latest documentation for precise details. 

Key considerations when choosing a business account

When evaluating business accounts, consider the following factors based on your operational requirements:

1. Fees and monthly charges
   Check typical costs like initial deposit (SGD $0–$1,000), minimum balance (SGD $1,000–$5,000), and monthly fees (SGD $0–$35) based on how you’ll use the account.
2. Minimum deposit and balance requirements
   Traditional banks may require SGD $1,000–$30,000 in minimum balance, and falling below this can trigger monthly fall-below fees.
3. Local transfers (FAST / GIRO)
   Most accounts support FAST and GIRO, but some providers may charge after you exceed monthly transaction limits, which matters for regular payments and payroll.
4. FX and international transfers (SWIFT)
   Compare FX markups/spreads, SWIFT transfer fees, and possible correspondent bank charges, as costs can vary by provider and destination country.
5. Digital features and scalability
   Look for tools like accounting integrations, virtual cards, expense management, dashboards, or API access to support growing workflows.
6. Multi-currency support
   If you pay or receive money internationally, multi-currency accounts can help you send/receive in different currencies without managing multiple bank accounts.
7. Transaction limits and APIs
   Confirm any daily transfer limits, bulk payment restrictions, or API limitations if you handle high volumes or need custom integrations.
8. Customer support options
   Support may be via chat, phone, email, or branches, with some providers offering 24/7 coverage and others operating only during set hours.

What is the best bank account for small businesses in Singapore?

There’s no one-size-fits-all solution for all businesses. The right business account depends on your specific operational needs and preferences. Therefore, beforechoosing a provider, assess your business's operational requirements:

• Do you operate locally or internationally?
• How many transactions do you process monthly?
• Do you need multi-currency support?
• Do you prefer online account management or in-person banking?
• What is your budget for banking fees?

For SMEs and startups, cost efficiency and digital features may be priorities. For established companies, comprehensive banking services may be more relevant.

What you need before opening a business account

Eligibility criteria

• ACRA-registered business
• Directors and shareholders with valid identification
• No ongoing legal or insolvency issues

For foreign-owned companies, additional documentation may be required depending on the provider's policies.

Required documents

Most providers typically require:

• ACRA Business Profile
• Certificate of incorporation
• Constitution or M&AA
• Board resolution
• NRIC or Passport of directors, UBOs, and signatories
• Proof of residential address

For foreign-owned companies, additional documents such as a Certificate of Incumbency may be requested.

Physical presence requirements

Some banks require a physical visit for verification or interviews. Most fintech platforms allow complete online onboarding, which can often be completed in a shorter timeframe.

How to open a business account in Singapore

If you’re an SME, a startup founder, or a solopreneur in Singapore, follow this step-by-step guide to open a business account.

Research providers
Review traditional banks, international banks, and fintech/digital platforms. Compare fees, minimum balances, supported currencies, onboarding process, and digital features based on your business needs.

Choose the right account type
Decide between a current account, savings account, multi-currency account, or digital/fintech account. The right choice depends on how you receive payments, pay suppliers, and manage local vs international transactions.

Shortlist providers
Narrow down to a few options that match your requirements and operating style. Check app features, customer support channels, and tools like PayNow Corporate, FAST, SGD transfers, and foreign currency support.

Prepare documents (as required by the provider)
Most providers typically request:

• ACRA Business Profile and UEN
• Certificate of incorporation
• Company constitution
• Board resolution authorising the account
• IDs + proof of address (directors/shareholders/authorised signatories)
• Foreign-owned companies: may require Certificate of Incumbency

Submit the application
Some providers allow fully online applications, while others may require an in-branch visit for verification. Ensure details match your registration records to reduce processing delays.

Make the initial deposit (if required)
Some traditional banks may require an initial deposit (e.g., SGD $1,000–$3,000), while some fintech accounts may not. If applicable, meeting the deposit requirement supports account activation and setup.

Activate and onboard
Once approved, you may need to:

• Set up user access and permissions
• Generate physical or virtual corporate cards (if applicable)
• Connect accounting software (if supported)
• Configure PayNow Corporate, FAST, or multi-currency tools
• Review security settings (e.g., 2FA, approval roles, access controls)

Time taken to open a business account

The time required to open a business account can vary:

• Traditional banks: Generally, a few days to several weeks, depending on the verification process and documentation requirements
• Fintech platforms: Typically, minutes to a few days with many offering fully online onboarding

The actual timeframe depends on the provider's verification process and whether you need to visit a branch.

Fees and pricing associated with a business account

Beyond the stated fees, be aware of potential additional costs such as:

• Transfer fees for local or international payments.
• FX markups, which can vary significantly by provider.
• SWIFT charges for cross-border transfers.
• Fees for cheque books, statements, or other account services.

Why business account requirements differ for freelancers

Most business accounts in Singapore, bank or fintech, require a legally registered entity (e.g., sole proprietorship or Pte Ltd). Freelancers operating informally may not meet this requirement.

Under MAS AML/CFT guidelines, providers must verify key details such as the UEN, business ownership, business activity, and authorised signatories. Without official registration, freelancers typically can’t provide the required documents.

Business accounts are built for business needs like invoicing, payroll, expense management, and multi-currency transactions, which generally require a recognised business structure.

Fintech providers follow the same compliance standards, but onboarding may be faster and fully online once the freelancer is registered. Registering a sole proprietorship can unlock access to business accounts and digital features such as virtual cards, tracking tools, and multi-currency support.

What should freelancers look for in a business account

When evaluating business accounts, freelancers may want to consider:

• Cost structure: Accounts with lower or zero minimum balances and monthly fees can help reduce overhead, which may be relevant for freelancers with variable income.
• Multi-currency capabilities: Freelancers with international clients may benefit from accounts that allow invoicing in foreign currencies, receiving payments, and managing FX.
• Online onboarding: A fully digital workflow can eliminate the need for branch visits, which may suit remote or location-independent freelancers.
• Expense and payment management: Tools such as virtual cards, spend tracking, and accounting integrations can help freelancers keep business and personal finances separate.

Is the Aspire business account right for you?

Aspire's multi-currency business account is a digital account solution designed for companies that prefer online setup and management. The account can be opened digitally without physical paperwork and doesn’t require a minimum balance or monthly maintenance fees. This may be suitable for new businesses, SMEs, and freelancers looking to manage operating expenses.

Aspire provides multi-currency functionalities, enabling businesses to make and receive international payments. The platform offers virtual corporate cards with spend controls that can be assigned to team members. These features can help businesses streamline payments and monitor spending, particularly for organisations with distributed teams or frequent cross-border transactions.

The platform integrates with accounting systems such as Xero and QuickBooks, which can support bookkeeping and reconciliation processes. Aspire offers a digital option for businesses seeking online financial management tools.

Conclusion

All in all, choosing a business account in Singapore depends on your operational needs. Compare fees, minimum balances, FX pricing, onboarding, digital tools, and multi-currency support across banks and fintech providers to find the best fit for your business and scale with confidence.