Selecting the best business account in Singapore
Choosing the right business account is an important choice that deserves a thorough analysis. Compare Aspire with the DBS Business Account, OCBC Business Account, UOB Corporate Account, and Maybank Business Account.
DBS Business Digital Account
OCBC Business Growth Account
UOB Business SGD Current Account
Maybank FlexiBiz Account
ACCOUNT
Monthly Fees
No Charges
$18
$10
$2.91
$0
Minimum Deposit
$0
$1,000
$0
$1,000
$1,000
Minimum Balance
$0
$0
$0
$10,000
$0
Fall-Below Fees
$0
$0
$0
$35
$0
LOCAL TRANSFERS
FAST Transfer Fee
$0
$0.50
$0
$0.50
$0.20
Standing Instruction
$0
$10
$10
$5
$10
FOREIGN TRANSFERS*
Outbound
FX Rate
No markup, mid-market rate
0.47% avg. markup
0.46% avg. markup
0.48% avg. markup
0.91% markup
Inbound
FX Rate
No markup, reuters buy rates
1.14% avg. markup
1.59% avg. markup
1.64% avg. markup
1.93% avg. markup
Transfer Fee
Transparent 0.5% Fee
From $10
From $10
From $10
From $10
CARDS
Card Type
Virtual Visa Debit
Visa Debit
Visa Debit
Visa Debit
Visa Debit
Cashback
1.0%*
0.3%
0.2%
0.3%
N/A
FX Markup (on visa rates)
0.7%
0.47%
0.46%
0.48%
0.91%
ACCOUNT FEATURES
Payment Acceptance
FAST, GIRO, PayNow (on roadmap)
FAST, GIRO, Cheque, PayNow
FAST, GIRO, Cheque, PayNow
FAST, GIRO, Cheque, PayNow
FAST, GIRO, Cheque, PayNow
Customer Support
Phone, Email, Chat response in 15 minutes
Phone, Email
Phone, Email
Phone, Email
Phone, Email
What are the important factors to consider when choosing a business account?
We highlight the top factors business owners consider when choosing their business account.
Compare business accounts pricing
Price is often the main criterion when comparing business accounts. Business owners should pay attention to the pricing structure and to the potential hidden costs, such as fall-below fees, FX fees or holding fees. With Aspire, there are no monthly or fall below fees. International payment fees are always upfront and up to 7x cheaper when compared with traditional providers.
Study accessibility and integration options
How easy is the account to use, is financial information displayed clearly with no hidden prices? Is there a mobile app, and an integration to your accounting software? As a business owner, time is your most valuable asset and you want to be investing your time in growing your business, not behind a pile of paperwork.
Take into account the other solutions offered
Entrepreneurs should consider their financial needs through the various company development stages. Some financial providers also offer other services that an entrepreneur might want to take into account, such as business insurances, credit, or cards. With Aspire, you save time and money with borderless payments, corporate cards, expense management, and more - all in one account.
Quality of customer service
Traditional business accounts usually require users to be physically present at branches to open an account, while digital solutions are more convenient as the account opening can be done online. Traditional providers may also leave business owners hanging for hours via answering machines, even while business owners prefer direct and real-time customer support.
Do business with confidence
Authenticated
Your data is stored and protected behind multiple layers of authentication. Accounts are enabled with two factor authentication for added security.
Security is at our core
We implement the highest digital security encryption and access protocols. Customer privacy is central to our build and we never share your data.
Customer service is our priority
We’re here to help in whichever format you prefer. Search our FAQs, chat, call, or email us directly.
Get started today
Easy, fast, transparent. Aspire gives over 10,000 business owners their money and time back.
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Managing business finances doesn't have to be hard. At Aspire, we've made it easy, fast, and transparent. So you can focus on what matters — growing your business.
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