Bank charges in Singapore 2026 – Types and comparisons

What are bank charges?

Bank charges are fees that financial institutions levy for the services they provide. When you transfer money, withdraw cash from an ATM or maintain an account, the bank charges a fee. These charges vary significantly between banks and account types. Some banks offer fee waivers for specific services, such as a limited number of free monthly transfers or waived account opening fees during promotional periods.

Different types of bank charges

Bank charges fall into several categories, each covering different aspects of business banking operations:

Account and administrative charges

These fees cover account setup and maintenance:

• Account setup fee: One-time charge when opening an account (often waived)
• Account fee: Monthly or annual maintenance charge
• Fall-below fee: A charge applied when an account's balance falls below the bank's required minimum
• Excess fee: Incurred when payments exceed available balance
• Early closure fee: Applied if account closed within 6-12 months
• Inactivity fee: Monthly charge for dormant accounts
• Premature withdrawal fee: For fixed deposits withdrawn before maturity

Note: Some business accounts waive the fall-below fee if you maintain a specified average daily or monthly balance, so check the account's balance requirements before opening it.

Transaction charges

Transaction fees vary by transfer method. Understanding these differences helps your business choose the most cost-effective payment options:

Note: Wire transfers (TT) typically incur higher charges, averaging around SGD 20, plus applicable handling and agent fees. FAST, GIRO, and PayNow are generally more cost-effective for domestic transactions, while MEPS may cost more than FAST or GIRO.

Additional considerations: Foreign currency card transactions may incur a 3.25% conversion fee. Standing instructions for recurring payments and any amendments to these instructions also attract charges.

Cheque-related charges

Cheque-related charges can include cheque book issuance, replacement, processing, stop-payment requests and returned cheques. Singapore businesses should also consider the transition away from corporate cheques: from 1 January 2026, banks stopped issuing new SGD corporate cheque books and related services, shifting to electronic payment methods.

Existing SGD corporate cheques can still be processed during 2026, but banks will stop processing them from 1 January 2027. Businesses can use FAST, GIRO, PayNow, and EDP/EDP+ as alternatives. If your business still uses cheques, check the bank's current fee schedule for applicable issuance, processing and returned-cheque charges.

Card-related charges

Card-related costs can vary depending on how the card is used:

• Business debit/corporate card fees: May include card issuance, annual fees, replacement charges and ATM withdrawal fees, particularly when using ATMs outside your bank’s network.
• Foreign-currency card transaction fees: May apply when cards are used for purchases or payments in a foreign currency, including foreign-exchange conversion charges.
• Merchant/acquiring fees: Apply to businesses that accept card payments and typically include transaction or merchant service fees charged by the acquiring bank or payment provider.

Merchant and card payment fees

Accepting card payments can incur merchant or acquiring fees in addition to your business bank account charges. These costs are generally associated with processing customer card payments and can vary by payment method, transaction volume, and provider. If your business accepts cards regularly, compare these local acquiring fees alongside your account and transaction charges to find the total cost of receiving payments.

Say your business processes SGD 50,000 in card payments every month. A 0.5 percentage-point difference in your effective processing cost would mean SGD 250 more each month, or SGD 3,000 a year. So, compare the effective cost, not just the advertised rate, before choosing a provider.

Digital services charges

Electronic account alerts and trade finance information services may carry monthly fees, though initial periods are often waived.

Document-related charges

Physical statements, balance certificates, reference letters and audit confirmations are available for per-document fees, with charges increasing for older records.

Cross-border and telegraphic transfer fees

Businesses that send or receive money internationally may pay outbound or inbound telegraphic transfer (TT) and other cross-border payment fees. The total cost can include the bank’s processing fee, SWIFT or cable charges, correspondent bank fees, and foreign exchange costs.

• Outbound international transfers: Fees may apply when sending money overseas, including the bank’s transfer fee, intermediary charges, and any foreign exchange markup.
• Inbound international transfers: Fees may apply when receiving money from overseas, including incoming transfer or handling charges and deductions by correspondent or receiving banks.

When comparing telegraphic transfer fees, don’t look only at the upfront transfer charge. A bank with a lower TT fee may still be more expensive if it applies a wider foreign exchange markup or higher intermediary charges. For frequent international payments, compare the total cost of sending or receiving a specific amount in the required currency.

Overdraft and insufficient-funds fees

You may incur bank overdraft fees or excess charges when you make payments that exceed the available balance or agreed overdraft limit. Depending on the account, the bank may apply a minimum fee, interest or both.

These charges can be significantly higher than ordinary transaction fees, so if you operate a business with fluctuating cash flow, check the account's overdraft terms and maintain an appropriate cash buffer.

Why do banks charge fees?

Banks charge fees to cover the costs of providing account, payment, branch, technology, and other banking services. The amount depends on the service, account type, and the bank's pricing structure.

What are business bank charges like in Singapore in 2026?

Singapore's banking sector includes both global and local institutions. The major domestic banks are DBS Bank, United Overseas Bank (UOB), Oversea-Chinese Banking Corporation (OCBC), Maybank, CIMB, and Hong Leong Bank. Each offers distinct fee structures and service packages.

DBS fees and charges

DBS offers multi-currency and SGD accounts, including options for small businesses:

• Account fee:
  • S$50 annually for the Business Multi-Currency Account
  • S$40 annually for the Corporate Multi-Currency Account and SGD Current Account
  • S$10 monthly for the Business Multi-Currency Account – Starter Bundle
• Monthly service charge:
  • S$40 monthly, waived if the average daily balance is at least S$10,000 or equivalent
  • The fee is waived for the Starter Bundle
• Early closure: S$50 if the account is closed within six months
• Overdraft: S$30 minimum for SGD overdrafts
• Local transfers: Up to 50 free FAST and 50 free GIRO payments via DBS IDEAL for the standard account; Starter Bundle offers unlimited free FAST and GIRO payments
• International telegraphic transfers: S$30 per outward TT via DBS IDEAL, excluding agent-bank fees

UOB service charges

• Account fee: SGD $35 annually (all types of business account)
• Fall-below fee: SGD $15–50, depending on account type
• Excess fee: SGD $10 minimum
• Early closure: SGD $50 within 12 months
• Transactions: SGD $0.20 for GIRO; SGD $0.50 for FAST

OCBC bank charges

• Account fee:
  • Business Growth Account: SGD $10 monthly (waived for first two months)
  • Business Entrepreneur Account Plus: n/a
• Fall-below fee:
  • Business Growth Account: SGD $15 per month (if monthly average balance falls below SGD $1,000)
  • Business Entrepreneur Account Plus: SGD $50 per month (if monthly average balance falls below SGD $30,000)
• Excess fee: SGD $30 or Prime + 4.75% p.a.
• Early closure: SGD $50 for SGD accounts
• Transactions:
  • Free 80 GIRO and FAST transactions per month; standard charges 81st onwards.
  • GIRO: SGD $0.20 (outward)
  • FAST: SGD $0.50 (payment and collection)

Maybank bank charges

• Account fee: None
• Fall-below fee:
  • FlexiBiz Account: SGD $10 (if average daily balance below SGD $1,000)
  • PremierBiz Account: SGD $35 (if average daily balance below SGD $30,000)
• Excess fee: SGD $20 minimum
• Early closure: SGD $50 within six months
• Transactions: Free FAST and GIRO; SGD 20-30 for TT processing

CIMB bank charges

• Account fee:
  • BusinessGo Account: SGD $0
  • SME-i Account: SGD $8 per month
  • TransactPlus/TransactPlus-i Account: SGD $28 per month
• Fall-below fee:
  • SGD BusinessGo Account: SGD $88 (if the monthly average balance falls below SGD $30,000)
  • SME-i/TransactPlus/TransactPlus-i Account: SGD $0
• Excess fee: (SGDPrime Rate + 5%) or min. SGD $20, whichever is higher
• Early closure: SGD $50 within six months
• Transactions: Free FAST, GIRO. TT charges are SGD $30 + cable charges (if applicable) + Upfront Agent fee

Hong Leong bank charges

• Account fee: None
• Fall-below fee: SGD $10
• Excess fee: Prime + 4% p.a. or min SGD $20, whichever is higher
• Early closure: SGD 30-200 for SGD accounts
• Transactions: Free FAST; SGD 15-40 for MEPS

Important: All fee information is based on 2026 public disclosures and is subject to change. Fees may vary or be negotiated based on transaction volume, account type or banking relationship. Always verify the latest rates and charges directly with your bank.

Comparison of Singapore bank charges – Administrative fees (2026)

Comparison of Singapore bank charges – Transaction fees (2026)

Transaction fees vary by account type and service bundle. The figures below represent typical charges; specific rates depend on your account package.

Note: Both tables present a general overview of bank fees, which might differ for each business account. Additional commissions and currency conversion rates apply, especially for telegraphic transfers.

FAST vs GIRO vs PayNow: which should businesses use?

FAST is generally suited to fast, one-off local transfers between participating Singapore banks. GIRO is useful for recurring or scheduled payments, while PayNow enables instant transfers using identifiers such as a mobile number, Singapore NRIC/FIN or Virtual Payment Address, depending on the service used.

The cheapest option depends on your business account and the bank's fee schedule. So compare both the per-transaction charge and any free transaction allowance included with your account.

Same service, different bank charges

Banks use different fee structures for the same services, and charges can also vary between business account types within the same bank. When comparing accounts, look at the complete fee schedule rather than one headline charge. A bank with a low account fee may still cost more if it charges higher transaction, international transfer, or conditional fees.

Regulatory policies on bank fees

Singapore’s banking and payment-services framework is shaped by regulations and legislation administered by the Monetary Authority of Singapore (MAS), including the Payment Services Act 2019, as well as industry standards such as the Association of Banks in Singapore (ABS) Code of Consumer Banking Practice, which includes provisions on fees and charges. While MAS doesn’t specify individual charges, it ensures banks maintain fair, transparent and customer-oriented fee structures. Banks set their own charges based on market conditions, provided they comply with regulatory frameworks.

How bank charges affect your business profits

Bank charges accumulate over time and can impact your business profitability. For businesses making frequent transactions, these costs require careful monitoring.

Consider a retail business making daily card payments, supplier transfers, and payroll payments. Monthly charges might include:

• Account maintenance: SGD $50
• Local transfers (30 at SGD 2 each): SGD $60
• International transfers (4 at SGD 25): SGD $100
• Cheque processing (10 at SGD 1.50): SGD $15

Total: SGD $225 monthly or SGD $2,700 annually. Add FX conversion fees and ATM charges, and costs increase further. This represents capital that could support business growth.

Note: This is an illustrative scenario.

How to reduce your business account fees in 2026

It’s not possible to bank for free, but there are certain charges you can avoid entirely while operating a business account in Singapore. Some tips:

Maintaining minimum balance

Avoid fall-below fees by maintaining required balances. Compare minimum balance requirements across banks and choose accounts suited to your cash flow patterns. SME-focused accounts often have lower or zero minimum balance requirements.

Compare total transaction costs

Don't compare business accounts based on the monthly or annual account fee alone. Add up the costs that are most relevant to your business, including local transfers, international payments, foreign exchange, card or merchant fees, and conditional charges such as fall-below or early closure fees. A slightly higher account fee may still be cheaper overall if it includes more free transactions or better international payment rates.

SME-friendly accounts

Banks offer tailored accounts for SMEs with reduced fees and lower balance requirements, recognising their importance to Singapore's economy.

Avoiding inactivity fees

Monitor account activity to prevent dormant account charges. If an account is no longer needed, close it to recover the balance.

Going paperless

Opt for digital statements and documents to eliminate physical document fees.

Bundling services

Service bundles may offer cost savings through flat monthly fees instead of per-transaction charges. Evaluate whether bundled packages suit your transaction patterns.

Digital business accounts

Digital banking providers offer an alternative with typically lower fees, no additional costs, and competitive rates. Account opening is faster compared to traditional bank verification processes. Features include unified financial platforms, real-time alerts, and accounting software integration.

How to choose the right business bank account

Selecting the right business bank account is a major decision. Given the sheer number of options available, making this choice becomes tricky. By considering the following criteria, selecting a business account ideal for your business’s banking needs becomes easier.

Eligibility

Verify eligibility requirements, including Unique Entity Number (UEN) registration. Foreign-owned businesses may face different criteria and charges.

Minimum balance and deposits

Review initial deposit and ongoing minimum balance requirements. These requirements impact businesses with limited capital or variable cash flow.

Administrative fees

Assess setup fees, maintenance charges, fall-below fees, excess charges, early closure costs, and inactivity fees.

Transaction limits

Ensure daily and monthly transaction limits align with your operational needs to avoid disruptions and unexpected charges.

Digital banking capabilities

Evaluate online transfer functionality, expense management tools, invoicing features, and accounting software integration.

Traditional or digital business account: which one should you choose

Singapore businesses now choose between traditional banks and digital-first providers, especially for cost-efficiency, and the right option depends on how your business operates.

Choose a digital business account if:

• Your customers mostly pay through bank transfers, QR codes, or online gateways
• You run an e-commerce, service, freelance, or remote business
• You want lower fees and minimal fall-below charges
• You need fast online account setup without branch visits
• You value integrations with accounting, invoicing, and expense tools
• You want virtual cards and real-time expense tracking
• Your operations are mostly cashless

If you’re using financial integrations, check whether corporate banking APIs or platform services carry separate subscription or per-transaction fees. These costs can apply to features such as real-time account information, payment initiation, and automated reconciliation.

Digital providers operate primarily online, which may reduce overhead costs and often results in cheaper pricing and faster processes.

Choose a traditional bank account if:

• Your business handles physical cash regularly
• You need to deposit cash or withdraw large amounts often
• You prefer face-to-face support or a relationship manager
• You want access to a full range of banking products under one institution
• You expect to apply for business loans or credit facilities and prefer established banking relationships
• You require branch access for documentation or transactions

Traditional banks are better suited for businesses with cash operations or those who prefer structured, in-person banking relationships.

Keep charges low with the Aspire business account

Digital banking providers like Aspire offer features designed to reduce banking costs for businesses. Aspire's Business Account has no initial deposit requirements and no minimum balance requirements.

The account includes multi-currency capabilities, global payment and receivable management , expense management tools, corporate cards , cashback programmes and multi-user access. It integrates with accounting software for streamlined financial operations.

Additionally, Aspire doesn’t charge for:

• Account opening
• Fall-below balance fees
• Local transfer transactions
• Corporate card issuance

The platform offers foreign exchange rates from 0.22% above the mid-market rate for international payments across 30+ currencies in 130+ countries. Cashback programmes are available on certain card spend categories.

For businesses incorporated in Singapore, Aspire provides services during the first year of incorporation. Detailed pricing information and fee comparisons with traditional banks (DBS, OCBC, Maybank) are available through Aspire's pricing page.