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.
Aspire Business Account
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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
Transfer Fee
Low, transparent fee
From $30
From $35
From $30
From $40
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
Processing Fee
$0
$20
$25
$30
$20
Inbound Fee
$0
$10
$10
$10
$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 Fees
0.7% on Visa rates
3.72%
3.71%
3.73%
3.66%
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 bank accounts. Banks or neobanks' pricing can vary by a factor of two. Business owners should also pay attention to the pricing structure and to the potential hidden costs (such as interchange fees or turnover commissions).

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.

What are the banking solutions offered

Entrepreneurs should consider their financial needs through the various company development stages. Some financial institutions also offer other services that an entrepreneur might want to take into account, such as business insurances, credit, or cards.

Quality of customer service

Traditional banks usually require users to physically come to the bank to open an account, while a neobank is more convenient as the account opening can be done online. Traditional banks often leave business owners hanging for hours via answering machines, even while business owners prefer direct and real-time customer support.

Do business with confidence

Your funds are fully safeguarded

Your funds are held securely in a strictly segregated trust account with a tier-1 bank, which is safeguarded in accordance with the Payment Services Act, following MAS guidelines on the same.

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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Business banking 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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Consumer advisory - Aspire FT Pte. Ltd. is currently exempted from holding a licence to provide payment services under the Payment Services Act (No. 2 of 2019). You can find the list of exempted entities here. Credit lines to businesses are issued by Aspire Financial Technologies Pte. Ltd, which is an exempted moneylender under the Moneylenders Act (Cap. 188). Visa cards are issued and powered by NIUM Pte Ltd. Consumers and cardholders are advised to read all terms and conditions which can be found here.
If you wish to discuss data protection matters, please contact our Data Protection Officer at singapore-dpo@aspireapp.com