How to choose the best business account in Singapore

What is a business bank account?

Definition

A business bank account is an account specifically designed to manage transactions for a registered business. It keeps your business finances separate from personal funds and provides tools for operations, reporting, and compliance.

Why businesses should open a business account

A dedicated business account helps you:

• Receive customer payments
• Pay suppliers, staff, and statutory contributions
• Maintain clear financial records for accounting and tax filing
• Build credibility with partners, lenders, and investors

Key benefits of a business bank account for SMEs

Businesses often benefit from:

• Loan and credit access: Banks review your business account history when assessing loan applications.
• Digital tools: Online banking, invoicing, spend management, and integrations.
• Expense tracking: Easier bookkeeping and fewer errors.
• Investor readiness: A corporate account is usually required for funding or grant applications.
• FX and cross-border support: Multi-currency accounts help businesses operate globally.
• 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, reinforcing the security and stability of traditional banking.

Types of business accounts in Singapore

1. Current account

The current account is the most commonly used type for daily operations. Offers cheque books, digital transfers, and easy access to funds.

2. Savings account

Some banks offer interest-bearing business accounts, though these are structured differently from personal savings accounts

3. Money market account

A money market account is an interest-bearing account that typically offers higher returns than a standard savings account. It allows businesses to place excess funds in a low-risk instrument while maintaining some level of liquidity.

These accounts are less commonly offered to SMEs in Singapore compared to traditional savings and fixed deposit accounts, but some banks and financial institutions provide them as short-term cash management tools.

4. Certificate of deposit (CD) account

A CD account allows businesses to lock in funds for a fixed period in exchange for higher interest rates.

5. Merchant account

A merchant account is required for accepting card payments at point-of-sale (POS) systems or online gateways.

6. Multi-currency account

Allows holding and transacting in multiple currencies, which is advantageous for international trade and e-commerce. It offers lower fees, fast onboarding, multi-currency cards, and integrations.

Pros and cons of each business account type

Best business account options in Singapore

The table below summarises key features across major providers, highlighting differences in fees, onboarding methods, and suitability. Please note that these data were last updated in December 2025.

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

• Monthly fees
• Minimum deposit & balance – Traditional banks may require SGD $1,000–SGD $30,000.
• Free local transfers – Important for SMEs and payroll-heavy businesses.
• FX and international transfers – Compare markups, SWIFT fees, and multi-currency support.
• Digital features & scalability – Integrations, virtual cards, expense tools.
• Multi-currency support – Useful for regional or global transactions.
• Transaction limits – Daily limits, bulk payments, API access.
• Customer support – Availability of chat, phone, email, or branch assistance.

What you need before opening a business account

Eligibility criteria

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

Required documents

Most providers require:

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

Physical presence requirements

• Some banks require a physical visit
• Most fintech platforms allow complete online onboarding

Fees and pricing associated with a business account

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When comparing business accounts in Singapore, it’s important to understand the different fees that may apply. Banks and fintech platforms typically charge several types of fees depending on your account activity, balance, and transaction volume. Reviewing these costs upfront helps you avoid unexpected charges and choose an account that fits your cash flow needs.

• Initial deposits. Typically ranges between SGD $0–SGD $1,000 for SME-friendly accounts.
• Minimum balance. Common thresholds are SGD $1,000–SGD $5,000 for basic SME accounts.
• Monthly service/maintenance fees. Some charge SGD $10–SGD $35; fintechs often charge SGD $0.
• Fall-below fees. Commonly, SGD $10–SGD $15 per month for SME-level accounts when the balance requirement is not met. For larger accounts or multi-currency accounts, fall-below fees can be more significant (depending on account terms).
• Transfer fees
• FX markups. Vary widely; many multi-currency accounts apply a spread on top of the interbank rate rather than a fixed fee. This spread can effectively increase cost, especially for frequent currency conversions.

Beyond the stated fees, look out for hidden costs such as foreign exchange mark-ups or SWIFT transfer charges. These can add up quickly if you operate internationally.

Time taken to open a business account

• Traditional banks: a few days to several weeks
• Fintechs: minutes to a few days

How to open a business account in Singapore

Here’s a detailed step-by-step guide:

1. Research providers

Start by reviewing the different types of account providers available like traditional banks, international banks, and fintech/digital platforms. Compare them based on monthly fees, minimum balances, available currencies, onboarding speed, and digital tools. Choose options that align with your business model, transaction volume, and growth plans.

2. Choose the account type

Decide whether you need a current account, savings account, multi-currency account, or a digital/fintech account. Your choice should depend on how your business operates. For example, companies with frequent international payments may prefer a multi-currency or fintech solution with lower FX fees.

3. Shortlist a provider

Once you understand the account types, select a few providers that match your requirements. Check their feature set, mobile app usability, customer support availability, and any industry-specific benefits (e.g., PayNow, SGD tools for local payments, and foreign currency support for global operations).

4. Prepare the required documents

Different providers may request slightly different documentation. Typically, you’ll need:

• ACRA Business Profile and UEN
• Certificate of Incorporation
• Company constitution
• Board resolution authorising the account
• Identification documents and proof of address for directors, shareholders, and authorised signatories
• Additional documents for foreign-owned companies (e.g., Certificate of Incumbency)

Preparing these documents in advance helps reduce delays and speeds up the verification process.

5. Submit your application

Applications can be completed:

• Online for most fintech providers and some local banks
• In-branch for certain banks that require physical verification or interviews

Make sure to accurately complete all fields to prevent processing delays.

6. Make the initial deposit (if required)

Some traditional banks require a minimum initial deposit (e.g., SGD $1,000–SGD $3,000). Fintech business accounts typically do not require this. Meeting the deposit requirement ensures your application proceeds without setbacks.

7. Activate and onboard

Once your account is approved:

• Set up user access and permissions
• Generate physical or virtual corporate cards
• Connect your accounting software
• Configure payment tools like PayNow Corporate, FAST, or multi-currency wallets
• Review security settings (2FA, roles, approvals)

Proper onboarding ensures smooth daily operations from day one.

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

There is no one-size-fits-all solution. 

Consider:

• Your monthly transaction volume
• Whether you need multi-currency options
• Your tolerance for fees
• Whether you prefer digital convenience or branch support

For SMEs and startups, cost efficiency and digital automation may be the priority. For established companies, full-suite banking services may matter more.

Why business account requirements differ for freelancers

Most business accounts, whether from banks or fintech providers, require a legally registered entity, such as a Sole Proprietorship or Pte Ltd. Freelancers operating informally may not meet these criteria.

Regulatory obligations under the Monetary Authority of Singapore (MAS), specifically the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) guidelines, require banks and digital providers to verify business ownership, the UEN, business activity, and authorised signatories. Freelancers operating informally without an official business registration typically cannot provide these mandatory documents.

Corporate accounts are designed for business workflows, including invoicing, payroll, multi-currency transactions, and expense management, and these are features that require a recognised business structure.

Fintech solutions follow the same compliance standards, but they offer simpler, fully online onboarding once the freelancer is registered as a business.

Freelancers who register a Sole Proprietorship can access low-cost, digital business accounts from fintech providers, which offer practical tools like virtual cards, automated tracking, and multi-currency support suited to freelance operations.

What should freelancers look for in a business account

• Low cost & minimal requirements: Fintech-based accounts don’t impose high minimum balances or monthly fees. This reduces overhead, which is vital for freelancers, whose income may vary. 
• Multi-currency & global payments: Freelancers with clients abroad can invoice in foreign currencies, receive payments, and manage FX without having to open multiple freelance accounts. 
• Online onboarding & flexible banking: A fully digital workflow eliminates the need for branch visits, catering well to remote or location-independent freelancers. 
• Expense and payment management tools: Tools such as virtual cards, spend tracking, and accounting integrations help freelancers keep their personal and business finances separate and organised. 

Is the Aspire Business Account right for your business? 

Aspire’s Multi-Currency Business Account is a digital business account solution designed for companies that prefer an online setup and management process instead of traditional branch-based banking. The account can be opened digitally, without the need for physical paperwork, and doesn’t require a minimum balance or monthly maintenance fees. This structure may be suitable for new businesses, SMEs, and freelancers that want to keep operating expenses predictable while managing day-to-day business transactions.

Aspire provides access to multi-currency functionalities, enabling businesses to make and receive international payments at competitive foreign exchange rates. Aspire offers virtual corporate cards with spend controls that can be assigned to team members for managing business expenses. These features help businesses streamline payments, monitor spending, and simplify financial administration, especially for organisations that operate with distributed teams or handle frequent cross-border transactions.

The platform also integrates with commonly used accounting systems such as Xero and QuickBooks, which can support more efficient bookkeeping and reconciliation. In all, Aspire offers a digital, cost-efficient, and operationally convenient option for businesses seeking an online financial management tool rather than just a bank account for SMEs.

So, if your business is ready for a digital-first way to manage finances, you can explore opening a business account with Aspire today.