Comparing the Best Business Accounts in Singapore 2022

August 16, 2020

Having a business account is the easiest way to manage your company’s finances. Choosing the best one to suit your company’s needs can help to you keep track of your expenses and earnings, and streamline processes and payments. It also keep your finances organised, making accounting processes much more efficient.

But how do you know which business bank account is the best for your company?

5 things to look out for when opening a business bank account in Singapore:

1. Monthly fees

Banks normally charge from $18 up to $35.

2. Minimum deposit and balance

Banks normally require a minimum deposit of $1,000 up to $10,000.

3. Usability and ease of access

Does the bank provide mobile services for business accounts? Is the app user-friendly? Does the bank require branch visits?

4. Limits on transfers and foreign currency conversion fees

Does the bank have a minimum and maximum transfer amount? How does the fees work on international transfers?

5. Customer support networks

Does the bank offer 24/7 chat support? Prompt email replies? Or does the bank require branch visits?

4 best business bank accounts in Singapore

With so many options, it’s easy to get overwhelmed. To help you make a more informed decision, we’ve created a rundown of the most popular bank accounts for companies in Singapore.

1. DBS Business Multi-Currency Account

DBS Business Digital Account | Best Business Banking Singapore
image source: Fintech Lab

Depending on your company goals and structure, DBS offers a few different business bank accounts. We'll focus on the Main Bundle, but you can also consider the DBS Multi-currency account Starter Bundle. With a low initial deposit of S$1,000 and ability to hold SGD as well as 12 other currencies, it's no question why the DBS Business Multi-Currency (Main Bundle) Account is a worthwhile business account to consider.

Opening an account at DBS also has a pretty fast turnaround rate—the account will be ready to use by the next business day. To track your expenses, simply log on to DBS iBanking or head to one of the many DBS branches and ATMs located around the island.

However, opening a business bank account with DBS costs S$50 a year. On top of that, the DBS Business Multi-Currency Account also charges S$40 for over the counter transfers and S$30 as TT fees (not including agent bank fees). There's even a S$40 fall below fee.

If you're a new company, you could opt for the Starter bundle instead, which does away with the fall below fee. But that does come at an increased yearly fee of S$120.

If you’re just dipping your toes into the startup industry, these fees could quickly add up to your company expenses.

💡 Tips: To generate significant savings, try out Aspire Business Account with no monthly fees, minimum deposit and minimum balance.

2. OCBC Business Growth Account

OCBC Business Growth Account | Best Business Bank Singapore 2020
image source: Bintan lagoon

Similar to DBS, OCBC has a variety of business bank accounts tailored for businesses of varying scales. The OCBC Business Growth Account caters to small businesses and startups. With no initial minimum deposit or balance required, the OCBC Business Growth Account offers a fuss-free and no-cost set-up. Accounts can be opened directly on the OCBC website through their iBanking service.

It also charges a lower monthly fee of S$10, which is significantly lower than the DBS Business Digital Account. For the first two months, this monthly fee is waived for if you choose to set up your business bank account with OCBC. Although OCBC has a lower cost-average than DBS, do note that they do charge similar rates for the handling and processing of foreign transfers.

3. UOB Current Account

UOB Current Account Logo | Best Bank for Business 2020
image source: Fintech Futures

In terms of initial minimum deposit, the UOB Business Current Account is on par with the DBS Business Digital Account, where you’re required to have a minimum deposit of S$1,000. Unlike DBS and OCBC, setting up a UOB business bank account in Singapore will require a minimum daily balance of S$3,000. Falling below the minimum balance required will result in a fall-below fee of S$7.50.

These high maintenance costs might not be the most ideal situation for young entrepreneurs, since running a startup requires a high number of transactions and capital. Incurring unnecessary costs from your business bank account might not be what you're looking for.

💡 Tips: Sometimes, falling below the minimum average daily balance is unavoidable. Aspire Business Account helps businesses save with no monthly fall-below fees, no minimum deposit and no application fee! Check out our pricing.

4. Maybank Flexibiz Account

Maybank as Best Business Bank Account Singapore 2020
image source: Yuhan Express

Another contender in the mix is the Maybank Flexibiz Account. Popular with companies that are working on a tight budget, this business bank account in Singapore offers a similar minimum initial deposit of S$1,000 as DBS. With no monthly maintenance fees, the Maybank Flexibiz Account offers smaller companies with more space to focus on their business needs.

However, Maybank also charges a minimum balance fee of S$10 if the daily balance falls below S$1,000.

What other business account options do I have in Singapore?

Even though the banks mentioned offer online applications, there may be times that you’ll have to head down to a branch for paperwork; that’s where Aspire comes in. Say goodbye to long waits, branch visits or answering machines.

Here’s why Aspire is the ideal business account in Singapore:

1. An Aspire Business Account can be opened, operated and managed fully online, anytime and anywhere

2. No monthly fees, balances to maintain or fall below fees

3. Significantly lower FX fees than local banks through our partnership with Transferwise

4. Automated insights, integrated fully with Xero

5. The only business debit card in Singapore to offer 1% cashback on all online marketing and SaaS spend

6. 24/7 customer service provided through the app, Whatsapp, call, or email

We’ve got your back. Aspire helps business owners like you focus entirely on growing their business strategy, all with an efficient and convenient way to track expenses.

💡 Tips: Aspire supports business expense management feature that’s seamlessly integrated with your bank account. Opening an account is free!

On top of that, we also rank first place for the best business account in Singapore by!

Slice through roadblocks when it comes to opening a business bank account in Singapore. Join Aspire today!

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