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

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

Minimum Deposit

$1,000

Minimum Balance

$10,000

Fall-Below Fees

$35

LOCAL TRANSFERS

FAST Transfer Fee

$0.50

$0.20

Standing Instruction

$10

FOREIGN TRANSFERS

Transfer Fee

Low, Transparent Fee

From $30

From $35

From $40

FX Rate

Mid-Market Rate

0.47% markup

0.46% markup

0.48% markup

0.91% markup

CARDS

Card Type

Virtual 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

Customer Support

Phone, Email, Chat response in 15 minutes

Phone, Email

Want a more in-depth business account comparison?

Unlock our comprehensive comparison across 17 business accounts like the DBS Corporate Account, OCBC Corporate Account, UOB Business Account, Maybank Corporate Account, in Singapore so you can make the best choice for your business.

	Aspire	DBS		OCBC			UOB			Maybank		Standard Chartered		CIMB		Citibank
	Business Account	Business Digital Account	Multi-Currency Account	Business Growth Account	Business Entrepreneur Account Plus	Multi-Currency Business Account	SGD Current Account	eBusiness Account	BizTransact Account	FlexiBiz Account	PremierBiz Account	BusinessOne Account	Business$aver Account	SGD Current Account	BusinessGo	CitiBusiness High Yield Account	MaxiSave Account
Account	Account Fees	No charges	$18 per month	$40 per year	$10	$0	$10 per month	$35 per year	$35 per year	$0	$0	$0	$0	$0	$0	$0	Nil	No longer available to new customers.
	Minimum Deposit	$0	$1,000	$3,000	$0	$30,000	$0	$1,000	$1,000	$1,000	$1,000	$1,000	$30,000	$50,000	$8,000	$30,000	$100,000
	Minimum Balance	$0	$0	$10,000	$0	$30,000	$0	$10,000	$5,000	$80,000	$0	$30,000	$30,000	$50,000	$8,000	$30,000	$50,000
	Fall-below Fees	$0	$0	$35	$0	$50	$0	$35	$15	$80	$0	$35	$50	$50	$35	$88	$100
Local Transfers	FAST Transfer	Free	$0.50 Fine print: For commercial payments. S$5 will apply for non-commercial payments		Free	$0.50		$0.50			$0.20		$1		$2		$0.40
Foreign Transfers	Outward Telegraphic Transfer (Handling Fee)	Fixed fee depending on currency	1/8% (min S$10, max S$120)		1/8% (min S$10, max S$100)			1/8% (min S$10, max S$100)			0.125% (min S$20, max S$100)		0.125% (min S$30, max S$100)		0.0625% (min S$10, max S$50)		1/8% (min S$20)
	Outward Telegraphic Transfer (Processing Fee)	Fixed fee depending on currency	$20		$25			$30			$20		$20		$30		$20
	Inward Telegraphic Transfer (International Transfer)	$0	$10		$10			$10			$10		$10		$5		?
	Markup on FX (Average Spread)	0.46%	0.4722%		0.4579%			0.4793%			0.9137%		?		0.9350%		?
Others	Tracer/Investigations	$0	$20		$25			$30			?		$20		$30		$30
	Standing Instruction	$0	Set-up: $10 Amendment: $5		Set-up: $10 Amendment: $10			Set-up: Waived Amendment: $5			$10		Set-up: $10 Amendment: $10		$0.20		Set-up: $10 Amendment: $10
	Account Closure Fee (6 months)	$0	$50		$50		N.A.	$30		$200 (12 months)	$50		$500		$40		$100
Account Opening	Account Opening Procedure	24/7, approval within 2 working hours	1) Singpass (SG incorporated companies fully owned by SG citizens/PR): Open instantly for applications submitted between 6am - 11pm 2) Online: > 1 business day, < 7-9 business days?, have to sign physical documents which a courier will pick up 3) Walk-in: 7-9 business days		1) Singpass (SG companies owned by 1/2 SG citizens/PR): Open instantly 2) Others: Can apply online & OCBC will follow up	Have to arrange for an appointment	1) Singpass (SG companies owned by 1/2 SG citizens/PR): Open instantly 2) Others: Can apply online & OCBC will follow up	1) Singpass: Open instantly for applications submitted between 8.30am to 9pm 2) Walk-in: Varies?			Have to make an appointment		Have to make an appointment		Have to make an appointment		Have to make an appointment

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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.

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

DBS Business Digital Account

OCBC Business Growth Account

UOB Business SGD Current Account

Maybank FlexiBiz Account

ACCOUNT

Monthly Fees

Minimum Deposit

Minimum Balance

Fall-Below Fees

LOCAL TRANSFERS

FAST Transfer Fee

Standing Instruction

FOREIGN TRANSFERS

Transfer Fee

Processing Fee

Inbound Fee

FX Rate

CARDS

Card Type

Cashback

FX Fees

FX Markup (on visa rates)

ACCOUNT FEATURES

Payment Acceptance

Customer Support

Want a more in-depth business account comparison?

Unlock our comprehensive comparison across 17 business accounts like the DBS Corporate Account, OCBC Corporate Account, UOB Business Account, Maybank Corporate Account, in Singapore so you can make the best choice for your business.

Unlock this chart by subscribing to our newsletter

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

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

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Chat with us in-app, or via call or email

No branch visits, long waits, or answering machines

We're passionate and invested in growing your business

Do business with confidence

Your funds are safeguarded in trust

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

Secure and private

We implement the highest digital security encryption and access protocols. Customer privacy is central to our build and we never share your data

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