Green Link Digital Bank Singapore review: Business account features, fees, and benefits

Rating

Overall rating: 3.4/5

Methodology

Our evaluation of Green Link Digital Bank is based on a clear and transparent rating framework, designed to provide an objective overview of its overall quality and performance.

Arithmetic mean approach

Our method involves calculating the arithmetic mean by adding up each individual category score and dividing the result by the number of categories to arrive at the final score.

Equal weighting

There are five categories in all – Features, Pricing Transparency and FX, Global Payments, Ease of Onboarding, and Support and Ecosystem – and each category carries equal weightage, ensuring a balanced and unbiased score.

Data sources

We use a combination of official documentation, publicly available pricing and feature details, third-party reviews, and verified user feedback.

Interpretation caveat

While this method provides a fair and objective benchmark, it does not reflect individual business priorities.

Intended use

The final score is designed as a general performance indicator, useful for making comparisons and informing decision-making. However, it should be considered alongside your business’ specific needs.

[Table:1]

Green Link Digital Bank key features

Green Link Digital Bank is one of five digital banks licensed by the Monetary Authority of Singapore. It holds a 'digital wholesale bank' licence, which allows it to offer business accounts and other business banking services. It is backed by Greenland Holdings, a Chinese state-owned real estate company, and Linklogis, a tech solutions provider for supply chain finance.

The bank, which commenced operations in 2022, offers three types of business accounts along with other financial solutions such as trade finance and loans specifically aimed at small businesses.

These are the highlights of banking with GLDB:

Access to wide range of products

While most digital banks focus on a singular business account, Green Link Digital Bank Singapore offers a diverse range of products and services for businesses. These include:

• Business accounts: Companies can choose between a current account, multi-currency account, and fixed deposit account.
  
• Payments: The bank supports local and overseas transfers, scheduled payments for fixed-amount recurring payments, and MEPS (MAS Electronic Payment System) payments that are suitable for high-value same-day payments within Singapore.
  
• Overdrafts: Businesses can avail of this short-term line of credit to boost their cash flow.
  
• Trade finance: Offerings in this segment include payables financing, which is a loan for buyers against 100% of their purchase invoices payable directly to their suppliers, and receivables financing, a loan for suppliers against 90% of their sales invoices.
  
• Supply chain finance: These funding solutions are aimed at helping small firms free up cash flow tied up in supply chains.
  

Interest on deposit

The current account and multi-currency account pay interest at the rate of 0.10% for a deposit balance of up to SGD $50,000, 0.20% for SGD $50,001-$500,000, 0.30% for SGD $500,001-$1,000,000, and 0.50% for anything above.²

Fixed deposit accounts come with tenures of one, three, six, nine, and 12 months. Interest rates for SGD deposits are 1.50% for one-month and six-month tenures and 1.60% for all others.

Holders of USD fixed deposit accounts earn interest at the rate of 3.90% for one, three, and six-month tenures, 3.60% for nine months, and 3.20% for 12 months.

Zero account maintenance fees

The bank charges no monthly fees. There is also no service fee if the account balance falls below the stipulated threshold.

Fully digital account opening

Being a fully digital bank with no physical branches, account opening and all other processes are 100% online. Users may use the bank's digital platform to open an account or make a transaction.

Currency support

At present, GLDB supports only SGD and USD for deposits, holdings, and transactions. However, it facilitates international wire transfers in various other currencies, making it easy to pay overseas suppliers and fund foreign financial operations.

Green Link Digital Bank fees and exchange rates

Here are the fees and charges to be aware of before opening a GLDB account:

Account fees

While there are no monthly or fall below fees, there are other account-related fees. If a customer closes their GLDB account within six months of opening it, they are liable for an SGD $50 early account closure fee. The bank also charges an SGD $50 audit confirmation fee per financial year. Then there is a reference letter preparation fee of SGD $30 (standard letter) or SGD $50 (customised letter).

Transfer fees

For transfers within Singapore, a book transfer (between GLDB accounts) is free whereas an MEPS transfer costs SGD $20.

For international transfers, the bank charges 1/12% of the transaction amount for both SGD and foreign currency transfers with a minimum fee of SGD $40/USD $40 and a maximum of SGD $150/USD $150.³

Correspondent bank charges imposed by agent, intermediary, or overseas banks are additional. Customers are advised to check each element of the transfer fee to avoid steep charges and shocks.

Exchange rates

The bank uses what it calls 'prevailing competitive FX rates', which is shown at the time of making a transfer. However, there isn't any information about actual exchange rates.

How to open a Green Link Digital Bank account

Who can open a GLDB account and what do they need to do? Here's what you need to know:

Eligibility

All MSME business owners or corporate customers may open an account with GLDB on behalf of their company. Sole proprietors and partnerships incorporated in Singapore or outside it are eligible.

Documents required

Applicants must submit supporting documents at the time of account opening. These include proof of identity and address for the business entity and/or directors/signatories and corporate documents such as certificate of incorporation or certificate of good standing. Singapore incorporated companies are exempt from submitting some of these documents.

GLDB account opening - step-by-step guide

To open a GLDB business account, head to the 'Open Account/Apply Loan' page on its website.⁴ This page has three options – new applicant, resuming applicant, or existing customer. After choosing the right option, you can follow the prompts and submit your documents. The entire process reportedly takes between 15 and 30 minutes while approval might take a few days.

Who is Green Link Digital Bank Singapore best suited for?

It is specifically aimed at MSMEs, especially those requiring supply chain financing and trade financing. During GLDB's launch, Goh Soon Hong, who was its CEO then, said the bank intended to serve MSMEs with "digital solutions, connect them with partners across Asia, and enable them to embrace supply chain sustainability".⁵

Green Link Digital Bank is not a good fit for:

While GLDB products are available to companies regardless of size and revenue, its business accounts might not be suitable for large corporations with high-volume international transactions and wide multi-currency support requirements.

Similarly, it may not be a good fit for businesses requiring full banking services, corporate cards, or access to instant cash.

Green Link Digital Bank pros and cons

Banking with GLDB offers the following advantages:

• MSME focus, which bundles digital business banking convenience with trade-focused solutions such as supply chain financing, payables financing, receivables financing, and loans.
  
• Zero monthly and service charges
  
• Competitive interest rates on deposits
  
• Access to a variety of trade-focused financial solutions
  
• Security and trust associated with banking with a Monetary Authority of Singapore-licensed institution.
  

Meanwhile, the disadvantages of GLDB are:

• Limited currency support with business accounts capable of holding and transacting only in SGD and USD
  
• Unlike some of its competitors, GLDB charges for some local transfers
  
• Comparatively high transfer fees for sending and receiving money across international borders
  
• Longer approval time for account opening than competitors
  
• Heavy documentation requirement, which is said to be on par with traditional banks
  
• Cut-off dates and times for fund transfers and fixed deposit placement, which leads to inconvenience and can impacts rates
  
• No facility of corporate cards.
  

Green Link Digital Bank vs Aspire: A comparison

While GLDB specialises in supply chain financial solutions, its business accounts fall short when compared with, say, the Aspire business account.

Here's a quick comparison of the two providers' business accounts based on multiple factors:

[Table:2]

Other alternatives to Green Link Digital Bank

For customers exploring digital banks with an SME-focus in Singapore, here are some other options:

• MariBank: Another digital bank licensed by the Monetary Authority of Singapore, MariBank offers an SGD business account that can send funds to 41 countries in 20 major currencies. Account holders benefit from daily interest on balance as well as zero account and fall below charges. Unlike GLDB, MariBank has no documentation requirements for account opening. It also comes with rewarding integration for Shopee sellers.
  
• ANEXT Bank: The only other digital wholesale bank in Singapore besides GLDB, ANEXT Bank is backed by Alibaba's Ant Group and is also targeted at small businesses. Its business account can hold money in four currencies and transact in 10 currencies. Local transfers are free, and overseas transfer fees are relatively low. There is no account fee either.⁶
  
• GXS Bank: It is similar to GLDB as it offers a business account along with special loan products. However, unlike GLDB, it lacks global payments capability. Local transfers are free and there are no account maintenance charges. Like MariBank, the GXS Biz Account comes with a daily interest on deposit.
  

Conclusion

Green Link Digital Bank Singapore is undisputed when it comes to trade and supply chain-focused financing for small businesses. However, its limited currency support and transfer fees might discourage those who want more out of their business accounts. For them, Aspire's multi-currency business account comes with market-leading pricing and extensive features – starting with some of the lowest FX rates in the Singapore market. The Aspire business account allows you to send and receive money in 30+ currencies across 130+ countries. You can even make same-day transfers in 15+ currencies, ensuring all your suppliers are paid well in time. The account comes with unlimited virtual corporate cards with customisable spend limits and accounting integrations that facilitate seamless tracking and optimised financial management.

FAQs

What is Green Link Digital Bank?

It is a digital wholesale bank in Singapore that provides business banking as well as trade-focused financial services to MSMEs.

Who owns Green Link Digital Bank?

It is owned by Chinese real-estate company Greenland Holdings and fintech firm Linklogis.

Which is the best digital bank in Singapore?

It depends on each business' needs. Among Singapore's five digital banks, ANEXT Bank is best known for its multi-currency business account, GLDB for its supply chain financing, MariBank and GXS Bank for their daily interest crediting, and Trust Bank for everyday banking that serves individuals.

Are digital banks safe in Singapore?

Yes. They hold bank licences from and are regulated by the Monetary Authority of Singapore and are also subject to the same security and compliance standards as traditional banks. Some digital banks also offer an additional safeguard in the form of deposit insurance provided by the Singapore Deposit Insurance Corporation.

What is the difference between a digital bank and a normal one?

Digital banks only operate online via mobile apps and websites and have no physical branches like traditional banks. Being fully digital allows them to offer faster and round-the-clock service. Their rates are also comparatively lower. As traditional banks have brick and mortar addresses, they are capable of offering in-person service.

What are the five digital banks in Singapore?

They are MariBank, ANEXT Bank, GXS Bank, Trust Bank, and Green Link Digital Bank.