Which Bank Supports Online Business Banking in Singapore?
Gone are the days of waiting in a long queue at your neighbourhood bank branch. Nowadays, online business banking platforms have made it easy for business owners to manage their finances while on the go.
Through the years, online banking portals and the development of mobile applications has made both personal and business banking more accessible to consumers.
It’s no secret that Singapore is a fast-paced society. Coupled with an increasingly tech-savvy population, more business owners are taking to online platforms to manage their business processes.
As a business owner, you probably have a million and one things on your mind. Having your business bank account on hand is one way you can streamline your day to day tasks.
We know that you’re probably on the hunt for a business bank account that’s affordable, accessible, and convenient.
So here’s a list of banks that support business banking online in Singapore:
1. OCBC Bank
OCBC offers three different business accounts. Each account is tailored to the needs of various company sizes and types. These include:
- Business Growth Account: Best for startups and new businesses
- Multi-Currency Business Account: Best for companies dealing with overseas transactions and expenses
- Business Entrepreneur Account Plus: Best for more established companies with stable cash flow
As an OCBC Business Account holder, you’ll have access to OCBC’s Business Internet Banking platform, Velocity as well as the OCBC mobile banking app. This platform allows you to manage your payments, expense summaries and transaction activities.
You’ll also have a Digital Business Dashboard, which provides a consolidated view of your business data from your suite of apps. Integrated with Xero, Shopify, and more, having this dashboard helps consolidate business metrics, making it easier for planning and strategizing.
2. UOB Bank
Choose from three different UOB Business Accounts, according to your business needs.
If you’re just starting out, we recommend the UOB eBusiness Account. With the lowest minimum balance fee of the lot, this account is more manageable for new entrepreneurs. However, seasoned players in the field can opt for the UOB BizTransact Account. This account helps larger businesses save on financial costs by providing waivers on internal transactions and fees.
All three business accounts come with access to UOB Infinity, which allows you to take your business banking online. Features of UOB Infinity include having a personalised dashboard and easy visibility of all your transactions. You could also log into your account anywhere and anytime with the UOB Infinity app.
3. DBS Business Banking
DBS Bank is home to some of the most sought after business bank accounts in Singapore: The DBS Digital Account and DBS Corporate Multi-Currency Account.
Similar to the previous two banks, DBS also has its very own online business banking system. DBS IDEAL facilitates banking on the go, allowing business owners to track business expenses conveniently. You can even make and approve payments from anywhere and at any time.
The best part? DBS IDEAL is easily integrated with your existing accounting software, streamlining business operations and making business banking online a walk in the park.
4. Maybank Business Banking
For business owners looking to start a business account with Maybank, we recommend Maybank’s FlexiBiz Account. With a low minimum deposit of S$1,000 and no minimum balance, this account is ideal for startups looking to gain their footing.
With a Maybank business account, you’ll have access to Maybanks’s online business banking platform. Maybank's Business Internet Banking offers a range of features, including remittance management and payroll services.
5. Standard Chartered Business Banking
Standard Chartered Banks’ Business Accounts target more established companies. With a higher minimum deposit and balance to maintain, we recommend analysing your business cash flow before deciding whether these accounts are the best for your company. In terms of business banking online, Standard Chartered’s online banking system is home to a host of features.
One of the more unique features include a global link, which allows business owners to view balances across selected Standard Chartered accounts worldwide. This gives you a clear summary of all your account transactions at one glance, saving you the hassle of toggling between multiple accounts.
6. CIMB Business Banking
Business banking online is hassle free with CIMB’s digital banking solution—BizChannel@CIMB. As a CIMB Business Account holder, you’ll be able to view account balances, transaction history, manage payroll and recurring payments and more.
7. RBC Business Banking
RBC might be a relatively new player in a sea of local favourites, but they do have their own set of unique offerings. The RBS Digital Account Package helps business owners who do most of their business banking online save time and money.
With an ultra low account fee of $5, you’ll have access to unlimited electronic debit and credit transactions such as online bill payments, pre-authorised payments, and point of sale transactions. RBC’s online banking platform also has integrated payroll and tax payment services.
Find the best bank for all your online banking needs
Being a tech-savvy business owner is no easy feat. Prowling the financial services market for the best business banking online products might be frustrating at times. This is why Aspire is here to help.
Manage and control your business finances online the way they should be — easy, fast, and transparent. With round the clock customer service, real-time payment notifications, and fully-integrated Xero accounting services, you’ll never lose sight of your business finances.
Make smarter and faster business decisions with Aspire.
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