SME bank accounts support business payments, cash flow and everyday banking. Take a look at this side-by-side comparison of five Singapore accounts for SMEs
Key takeaways
- SME bank accounts help businesses manage income, payments, cash flow and everyday banking separately from personal finances.
- Minimum balance requirements of SME accounts can range from zero to S$10,000 across the five featured accounts, while account fees and transaction allowances also vary
- The World Account supports cross-border operations with local currency receiving accounts in 20+ currencies and multi-currency payments
With more than 350,000 SMEs in Singapore, businesses need banking solutions to manage payments, receive income, pay suppliers and track cash flow. A business bank account in Singapore also helps separate business and personal finances, with features such as digital banking, business cards and local transfers.
For businesses working with overseas customers or suppliers, a multi-currency account can help receive, hold and send funds in different currencies. This guide compares five Singapore SME bank accounts and a multi-currency option, the World Account by WorldFirst for cross-border operations.
Top SME bank accounts in Singapore
1. UOB Corporate Current Account
The UOB Corporate Current Account supports everyday business banking, with a S$1,000 initial deposit and corporate ATM card for NETS payments and cash withdrawals at UOB business banking Singapore ATMs.1 SMEs can manage accounts through UOB Infinity and the UOB SME app, with UOB eAlerts for account activity.1 The account supports cheque transactions and over-the-counter cash deposits and withdrawals.1 A S$10,000 minimum average daily balance applies, with a monthly fall-below fee when the balance is not maintained.1
| Fee type | UOB Corporate Current Account fees1 |
| Initial deposit | S$1,000 |
| Minimum average daily balance | S$10,000 |
| Fall-below fee | S$35/month |
| Account fee | S$35 |
*Fees checked in August 2026
→ See how the UOB business debit card works for SME spending and everyday business payments
2. CIMB SME Account
The CIMB SME Account is designed for start-ups and growing SMEs, with zero initial deposit, minimum balance and fall-below fees.2 It supports unlimited PayNow, FAST and GIRO transactions under the small business bank account terms, while BizChannel@CIMB provides online and mobile banking access.2 Businesses can also use e-Alerts to monitor account activity.2 The account fee is zero for the first year and S$8 per month thereafter.2
| Fee type | CIMB SME Account fees2 |
| Initial deposit | Zero |
| Minimum balance | Zero |
| Fall-below fee | Zero |
| Account fee | Zero for first year, then S$8/month |
*Fees checked in August 2026
3. OCBC Business Growth Account
The OCBC Business Growth Account combines everyday business banking with digital cash management.3 It requires a S$1,000 initial deposit and includes 80 FAST and 80 GIRO transactions each month at no cost.3
SMEs can track balances, transactions and cash flow through the OCBC Business app and access an OCBC Business Debit Card.3 A Multi-Currency Business Account supporting 13 currencies is also available when opening a Business Growth Account.3 The account fee is S$10 per month after the initial waiver period.3
| Fee | OCBC Business Growth Account fees3 |
| Initial deposit | S$1,000 |
| Minimum balance | Not specified |
| Fall-below fee | S$20/month below S$1,000 |
| Account fee | S$10/month |
*Fees checked in August 2026
→ Here are some OCBC bank alternatives you can read about
4. Maybank FlexiBiz Account
The Maybank FlexiBiz Account is available to sole proprietors, partnerships, LLPs, SMEs, and incorporated companies.4 It requires a S$1,000 initial deposit and provides access to Maybank Business Internet Banking for online account management.4
SME business account holders receive an all-in-one business debit card, while FAST transfers cost S$0.50 per transaction.4 The account also supports cheque deposits and issuance. A S$10 monthly fee applies when the average daily balance falls below S$1,000.4
| Fee | Maybank FlexiBiz Account fees4 |
| Initial deposit | S$1,000 |
| Minimum balance | S$1,000 |
| Fall-below fee | S$10/month |
| Account fee | Not specified |
*Fees checked in August 2026
5. DBS Business Multi-Currency Account
The DBS Business Multi-Currency Account is designed for SMEs that need to manage multiple currencies alongside everyday business banking.5 It supports 13 currencies, including SGD, USD, EUR, GBP, JPY, HKD and CNH.5
Businesses operating for less than three years can use the Starter Bundle, which has a S$10 monthly account fee and no monthly service charge.5 Businesses operating for more than three years pay S$50 annually, plus a S$40 monthly service charge that can be waived when the average daily balance reaches S$10,000.5 The account also comes with a DBS multi-currency debit card.5
| Fee | DBS Business Multi-Currency Account fees5 |
| Starter account fee | S$10/month |
| Established account fee | S$50/year |
| Monthly service charge |
|
*Fees checked in August 2026
SME bank account comparison
| Feature | UOB Corporate Current | CIMB SME | OCBC Business Growth | Maybank FlexiBiz | DBS Business Multi-Currency |
| Initial deposit | S$1,000 | Zero | S$1,000 | S$1,000 | Zero |
| Account fee | S$35 | Zero for first year | S$10 | Zero | S$10 |
| Minimum balance | S$10,000 | Zero | S$1,000 | S$1,000 | Not specified |
| Multi-currency | No | No | Yes, available separately | No | Yes |
| Card availability | Yes | No | Yes | Yes | Yes |
*Fees checked in August 2026
WorldFirst: Multi-currency account for global SMEs
WorldFirst is an international payments provider offering the World Account, a multi-currency account for businesses handling cross-border payments. Singapore SMEs can open local currency accounts in 20+ currencies, including SGD, USD, GBP, EUR, CNH, AUD, NZD, JPY and HKD. This allows a business to receive funds using local currency account details, hold balances in multiple currencies and make international payments without relying solely on an SGD bank account.
The World Account also supports payments in 100+ currencies across 200+ countries and regions and collections from 130+ marketplaces and payment gateways. It is linked to a multi-currency card, the World Card, a Mastercard-powered card that supports payments in 150+ currencies. Up to 20 business virtual cards can be issued at no additional cost, while eligible spending may qualify for cashback, subject to terms and conditions.
Additional World Account features include:
- No cost and instant transfers between World Account holders
- Forward contracts for eligible Singapore businesses to lock in an exchange rate for eligible future currency payments
- When paying via the World Card in 15 supported currencies, no fee applies (with sufficient balance held in that currency)
- World Pay (the authorised international payment provider for paying to Chinese suppliers on 1688.com). Learn how to find suppliers in China
- Xero and NetSuite integrations
- Get account access for multiple users, with spending controls available for individual World Cards
| Fee type | World Account |
| Account opening | Zero |
| Monthly account fee | Zero |
| Local currency account opening | Zero |
| Receiving payments | Zero |
| Holding multiple currencies | Zero |
| World Account-to-World Account transfers | Zero |
| Local transfers | US$1 |
| International transfers | From US$5 |
| Currency conversion | Up to 0.6% |
| World Card issuance | Zero for up to 20 cards |
*Fees checked in August 2026. Terms and Conditions Apply
FAQs
1. Which bank is best for a business account in Singapore?
The five accounts covered here differ in fees, balance requirements, transaction allowances, digital banking features and eligibility. The right account depends on factors such as business structure, transaction volume, cash balances and international payment requirements.
2. Can a business have multiple business accounts?
Yes. A business can maintain multiple business accounts, subject to the banks’ eligibility and account terms. Businesses may use separate accounts for different operating needs, such as domestic transactions, payroll or international payments.
Sources
- https://www.uob.com.sg/business/accounts/corporate-current-account.page
- https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html
- https://www.ocbc.com/business-banking/smes/accounts/business-growth-account
- https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page
- https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account
