MariBank Singapore review: Business account features, fees, and benefits

Rating

Overall rating: 4/5

Methodology

Our evaluation of MariBank's business account is based on the following rating framework, which has been designed to provide an objective overview of the product's overall quality and performance. Here's how we calculate the final score:

Arithmetic mean approach

To arrive at the final score, we calculate the arithmetic mean by adding each individual category score and dividing that result by the total number of categories.

Equal weighting

We use five categories – Features, Pricing Transparency and FX, Global Payments, Ease of Onboarding, and Support and Ecosystem. Each category is assigned 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 to arrive at our rating.

Interpretation caveat

It must be noted that while our methodology results in a fair and objective benchmark, it does not reflect individual business priorities.

Intended use

The final score/rating serves as a general performance indicator and is useful for making comparisons and informing decisions. However, it should be considered alongside your business’ specific needs and priorities.

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MariBank key features

MariBank Singapore is a wholly-owned subsidiary of Sea Limited, the parent company of e-commerce platform Shopee. It received its digital bank licence from the Monetary Authority of Singapore in 2020.

MariBank offers a range of personal banking products, including the Mari Savings Account, Mari Debit Card, Mari Credit Card, Mari Fixed Deposit, and various investment instruments under the Mari Invest brand. Its corporate banking offerings include the Mari Business Account and Mari Business Loan. The focus of this article is the Mari Business Account, an SGD account targeted at small businesses, start-ups, and e-commerce platforms operating in Singapore, especially Shopee sellers.

To start off, these are the Mari Business Account's key features:

Fast, fuss-free onboarding

The account opening process is fully digital and must be done on the MariBank mobile app. There is no documentation submission requirement (as they retrieve business documentations via Myinfo business with Singpass). Approval takes one or two days, though it may be provided instantly in some cases.

App-only account

MariBank's business account is only accessible on the MariBank app. Users can monitor their transfer status, check their account balance in real time, download e-statements, and access up to two years of transaction history all on the app.

Zero account fees

The account comes with SGD $0 account fees and SGD $0 fall below fees. No minimum deposit or minimum balance is required.

Free local transfers

Local payments made using the Mari Business Account or PayNow are free.

Overseas transfers to 41 countries in 20 currencies

Account holders can transfer money to 41 countries in 20 currencies, with transfers typically taking between one and three business days. A SGD $0 transfer fee promotion is on till June 30 on overseas transfers.¹

Instant transfers

Instant transfers to China and India available.

Interest on balance

MariBank offers interest on the full account balance at the rate of 1%. Interest earnings are credited daily and calculated based on the previous day's balance.

Shopee integration

Shopee Sellers can link their Shopee accounts with their Mari Business Accounts during onboarding. This entitles them to one free daily Seller Balance withdrawal, which can help boost their cash flow.

MariBank fees and exchange rates

Before opening a business account with MariBank, know what you'll be paying in fees and exchange rates:

Account fees

There are no charges for opening and maintaining the account.

Transfer fees

Local payments are free. Service charges on overseas transfers are currently waived under the previously mentioned promotion but are typically SGD $3 per transaction. An additional agent bank fee (up to SGD $25) may apply along with currency conversion charges.²

All transfers come with transaction limits. For local payments, the transaction limit is SGD $500-$10,000,000 to MariBank accounts and SGD $500-$200,000 to other bank/PayNow accounts. The transaction limit on international transfers is SGD $500-$200,000.

MariBank doesn't charge any cancellation fee.

Exchange rates

Exchange rates fluctuate and are not disclosed in advance on the MariBank website or app. Account holders can check the real-time rate on the app before confirming an international payment.

How to open a MariBank business account

Opening a business account with MariBank is fairly simple, but strict eligibility rules apply.

Eligibility

MariBank business account are open to sole proprietorships, private limited companies with no corporate shareholders, partnerships with no corporate partners, or limited liability partnerships with no corporate partners.

Furthermore, all owners, directors, partners, and major shareholders with 25% or more shareholding must be citizens or permanent residents of Singapore.

Finally, the principal applicant must hold a valid Singpass account.

Documents required

There is no need to upload any documents. MariBank automatically retrieves required company details from the Myinfo business platform via Singpass for a paperless verification.

Mari business account opening – step-by-step guide

• Download the MariBank app from Apple App Store, Google Play Store, or Huawei AppGallery
  
• Register for a MariBank account with a valid Singapore mobile number
  
• On the app, follow the steps to open a Mari Business Account using Singpass.
  

For business entities already holding a MariBank savings account, they can:

1. Log in to the MariBank app

2. On the home screen, tap on 'Me'

3. Tap on 'Apply for a new product'

4. Go to 'Business Banking' and follow the account opening procedure.

Applicants can check their application status on the app. Once the process is completed, applicants will be notified of the outcome via a notification on the app, text message, or email (whichever is preferred). This usually takes one to three days but instant approval is possible at times.

Who is MariBank business account Singapore best suited for?

Opening a Mari Business Account makes sense if you are a:

• Singapore-based business sending and receiving payments in Singapore dollars. MariBank fulfils your requirement of an SGD business account that offers free local transfers.
  
• Start-up or SME. You'll not only save money thanks to MariBank's SGD $0 account fees and free local transfers but also make a small earning from its daily interest credit.
  
• Shopee seller. By integrating your business account with your Shopee account, you'll earn one free daily seller balance withdrawal, helping you cover your daily expenses.
  

MariBank is not a good fit for:

• Businesses with high-volume international transactions. While MariBank's global coverage extends to 41 countries and 20 currencies, it lacks a multi-currency account that can hold and receive foreign currencies. And while its SGD $3 service charge per transaction isn't high, the cost goes up considerably when you add agent bank fees and currency conversions.
  
• Companies that are foreign-owned or have non-resident directors. The eligibility rules state that owners, directors, partners, and major shareholders with 25% or more shareholding must be Singaporean or permanent residents.
  
• Businesses with corporate shareholders or partners. Only business entities without corporate shareholders or partners are eligible.
  
• Corporations requiring physical cash services. MariBank is a fully digital bank with no physical branches.
  
• Businesses that need other financial solutions such as expense management tools, corporate cards, and accounting integrations.
  

MariBank pros and cons

To sum up, the main advantages of opening a business account with MariBank are:

• No account fees or fall below fees
  
• Fast, easy, and wholly digital onboarding with zero documentation
  
• Free transfers within Singapore
  
• 1% interest rate on account balance, credited daily
  
• Adequate security features. MariBank is licensed by the Monetary Authority of Singapore, complies with local regulatory standards, and insures funds up to SGD $100,000 under the provisions of the Singapore Deposit Insurance Corporation
  

Meanwhile, the disadvantages are:

• It is not a multi-currency account
  
• Limited global payments support compared to its competitor
  
• International payments might incur high costs (although short-term promotions offer relief)
  
• Transaction limits on both local and international transfers
  
• No facility for incoming overseas payments
  
• No corporate cards with business account
  
• No integrations with accounting software or payment gateways
  
• No expense management or bulk payment facilities.
  

MariBank rating on Google Play

The MariBank app gets a score of 3.8 out of 5 with some negative reviews regarding overseas transfers.³

MariBank vs Aspire: A comparison

If the Mari Business Account falls short in some aspects, Aspire is a more well-rounded, one-stop financial solution. It offers a wide range of targeted financial products – including a multi-currency business account – with all the conveniences of modern digital banking and none of the bottlenecks of traditional banking.

Here's a quick comparison of MariBank and Aspire:

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Other alternatives to MariBank

How does MariBank compare with the competition? Here are some alternatives to the Mari Business account that businesses usually consider:

• Airwallex: This fintech platform offers multi-currency business accounts in more than 20 currencies and facilitates transfers to 150+ countries in 60+ currencies. Like MariBank, Airwallex is a good fit for start-ups and e-commerce businesses. Unlike MariBank, it offers corporate cards along with extended financial solutions such as spend management tools, bulk and automated payments, and accounting integrations.⁴
  
• ANEXT Bank: Another digital bank targeted at Singapore SMEs and start-ups, the ANEXT Bank business account can hold money in four major currencies and supports transactions in 10 currencies. It charges SGD $0 account fees and provides free local transfers. Transaction fees on international transfers are considered relatively low.
  
• Green Link Digital Bank: Green Link Digital Bank (GLDB) is yet another MAS-licensed digital bank targeted at SMEs, with a special focus on companies trading between China and Singapore. Its offerings include current accounts in SGD and USD as well as other business solutions such as payments, deposit accounts, overdraft facilities, loans, and trade finance.
  

Conclusion

MariBank offers a simple and straightforward business account for Singapore-incorporated small businesses with limited multi-currency dealings. It focuses on free SGD payments within Singapore while keeping costs low with SGD $0 account charges and no minimum deposit or monthly balance requirements.

Global businesses that need a multi-currency business account with enhanced features will find a stronger alternative in Aspire. With market-leading FX rates, low and transparent pricing, same-day transfers to 15+ currencies, and unlimited corporate cards, Aspire is designed to help businesses scale at speed while keeping things affordable. It provides all-round financial support with personalised expense management, budget management, and bulk payment features. In addition, its accounting and payment gateway integrations and automated workflows ensure all your financial data is synced and securely placed in a single ecosystem, making it easy to access and monitor.

If you're interested in opening an Aspire business account today, here's where to start.

FAQs

Is MariBank safe and trusted?

On the basis of FAQs on the bank's website and Reddit sentiment, we can say that MariBank is fairly safe. It is regulated by the Monetary Authority of Singapore, provides Singapore Deposit Insurance Corporation protection for funds up to SGD $100,000, and uses industry-standard encryption, fraud protection, and identity verification. Furthermore, its app comes with a Kill Switch, allowing users to freeze their account instantly if they suspect suspicious activity.

How much does MariBank business account cost?

The Mari Business Account has no account fee or fall below fee.

Is it safe to use MariBank in Singapore?

Yes, it is safe to use MariBank in Singapore due to the reasons mentioned in the first question.

Is MariBank approved by MAS?

Yes. The bank received its digital full bank licence from the Monetary Authrotiy of Singapore (MAS) in 2020.

How much does MariBank charge for transfers?

Local transfers are free. International payments incur an SGD $3 service charge plus conversion charge and, in some instances, an agent bank fee.

Which bank is best for a business account in Singapore?

All traditional banks (DBS, OCBC, Maybank, UOB, etc) as well as fintech platforms (Aspire, Wise, Airwallex, etc) offer business accounts with robust features. The verdict on which bank is best depends on each company's unique needs and what each bank offers.

To make an informed choice, read our article, 'How to choose the best business account in Singapore (2026)'.