If you are a Singapore-incorporated business looking for the best business account to manage your day to day operations, there are plenty of options available, from traditional banks to fintech providers. However, there are a number of considerations one should have when choosing a business account. This article will discuss some of the best business account providers in Singapore for local businesses in 2023, highlighting their key benefits and factors to consider.
Businesses have many options when opening a business account with a traditional bank in Singapore, including DBS, OCBC, UOB, Maybank and more.
While traditional banks may seem like the go-to choice for some, locally incorporated businesses will need to be aware of some considerations.
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Aspire is a fintech company, headquartered in Singapore with a presence throughout Southeast Asia. It’s backed by world-class venture capitalists, including Lightspeed, Sequoia, Tencent, and Paypal Ventures, just to name a few. Aspire is also trusted by some of Singapore’s leading businesses and fast-growing tech startups, including Endowus, Tech in Asia, Love Bonito, Grain, Y Combinator and more.
With Aspire being a comprehensive all-in-one finance operating system for businesses of all sizes, the company can seamlessly serve all your business finance needs.
Our market-leading FX rates and ability to process 100% free local SGD FAST transfers make Aspire a top choice for local companies opening a business account in Singapore. As a Singapore-incorporated business, Aspire’s functionality to make PayNow payments will make your business operations more efficient, as your business can make CPF payouts to your employees. Furthermore, Aspire’s capability to receive payments via PayNow QR means that it is convenient to receive payments from customers, especially if you are a retail/F&B business.
If you are a new Singapore-incorporated business or startup looking for a business account that is quick and easy to set up, Aspire has got you covered from the get-go. We are able to serve all your essential business transaction needs, while also providing add-ons that scale with your business, such as spend management and payable management.
For established businesses making frequent local and international transactions, and looking for a business account that reduces the cost of transfers, bank transaction fees should be a major consideration, as these fees can add up quickly with the frequency of transactions. If you don’t want to incur hefty fees each time you make a transaction, Aspire is a great option that saves you money on transfers. Furthermore, we also provide additional perks like 1% cashback on card spend.
Click the link below to open an Aspire account with us today!
Wise is a fintech company headquartered in the UK and specialises in cross-border transactions. It offers both personal and business accounts. Here are some of its benefits:
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Did you know that Aspire has partnered with Wise to offer leading SGD FX rates? This means that with Aspire, you can enjoy Wise's attractive FX rates (same fees on both platforms) within the convenience of Aspire’s all-in-one business account. It’s the best of both worlds. Click here to get started with an Aspire business account today.
Airwallex, a fintech company headquartered in Australia, provides business account and payment gateway services. Here are some of its notable areas:
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Youbiz, the youngest player in the market - a fintech company headquartered in Singapore, provides personal and business accounts. Here are some of its notable areas:
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In essence, choosing a corporate account provider will depend on your business’ specific requirements, and it is crucial to consider the below factors when it comes to choosing the right corporate account provider.
Different banks and fintechs have varying account opening fees. This would be a point for consideration when choosing a favourable corporate account provider, especially if you are a new business which does not want to be paying many fees.
Traditional banks typically only have limited free local SGD transfers, with subsequent transfers being chargeable. The fees might be small if you are a new business which does not have to make many transfers monthly, but they can quickly add up to become quite hefty as you scale.
If you are a local business that has to make regular international transfers to suppliers or overseas employees, choosing a corporate account provider that provides preferential FX rates and fees will be imperative.
If you are a new business starting out, you would probably be considering the scalability of the provider that you choose, and if they would be able to continue serving your business’ needs as your company scales. It might make sense for you to choose a corporate account provider that will still be cost-efficient as your business grows and makes more transfers and adds team members . For example, Aspire offers add-ons such as spend management and payable management, which serves as an all-in-one platform. This can be really useful as your company scales up, as you will not need to look for other providers for additional software offerings and have to worry about migration challenges.
Now that we have covered the key consideration factors when it comes to choosing the right corporate account provider for your company’s needs, here are a few tips on opening a corporate account in Singapore.
Setting up your business account can be simple as long as you have your ACRA details.
Traditional banks may require you to visit a branch location for interviews and to complete the account setup process. In contrast, fintech companies typically offer the option to upload your required documents electronically, expediting the verification process.
For instance, Aspire, Wise, and Airwallex offer online registration and verification for business accounts. The specific documents needed for verification may vary but typically include the following:
Another essential factor is the registration time required to open your business account. While some providers may have a simple and speedy account opening process, others may need a lengthy and complicated process.
Selecting the appropriate business account is crucial for smoothly managing your finances and minimising everyday banking and financial services costs.
Traditional banks may have been the go-to option for businesses. However, there’s an increase in digital alternatives provided by fintechs, ready to disrupt traditional banks. A fintech like Aspire, for example, provides the functionality of a traditional bank account, while offering better service, faster onboarding, and lower fees.
For example, Aspire’s functionality of making payments via PayNow (coming soon) and free local transfers would meet your local business’ finance requirements, such as paying your SG workforce’s CPF contribution, with ease.
To ensure that you find the right business account for your needs, it's essential to research and compare your options. This includes examining the options, features and fees across traditional banks and modern online alternatives like the Aspire Business Account to ensure you get the right account for your business.