Best business bank accounts for small businesses in Singapore

A detailed comparison of four Singapore small business bank accounts, covering fees, balances, digital banking and where a multi-currency account fits in for businesses with international operations

Key takeaways

• CIMB SME Account has no minimum balance requirement, no fall-below fee, and a waived monthly account fee for the first 12 months
• OCBC Business Growth Account provides 80 FAST and 80 outward GIRO transactions per month, but standard transaction fees apply
• UOB eBusiness Account offers rebates on up to 60 FAST/PayNow FAST and 60 GIRO transactions per month instead of a fixed free transaction allowance
• Maybank FlexiBiz Account has no monthly account fee, although it requires a minimum average daily balance of S$1,000 to avoid fall-below charges
• The World Account by WorldFirst is a multi-currency account for global businesses in Singapore, allowing you to manage foreign currency funds alongside your SGD domestic bank accounts

Choosing a small business bank account in Singapore usually comes down to comparing fees, balance requirements, transaction allowances and digital banking access across a handful of providers. This article covers four accounts from Singapore banks: the OCBC Business Growth Account, Maybank FlexiBiz Account, UOB eBusiness Account and CIMB SME Account, along with a head-to-head comparison table and a walkthrough of how to open a small business bank account.

The article also covers the World Account by WorldFirst, a multi-currency account that can sit alongside a Singapore bank account rather than replace it and help global businesses receive, hold or send funds in multiple currencies

What is a small business bank account?

A small business bank account is a dedicated banking account for registered businesses, separate from a personal account, which can be used for:

• Receiving customer payments
• Paying suppliers and staff
• Managing day-to-day transactions

In Singapore, businesses generally need to be registered with ACRA before opening a corporate bank account. ACRA states that businesses can open a corporate bank account after completing Bizfile registration.1 Most Singapore business accounts are SGD-denominated and connect to local payment rails such as PayNow, FAST (Fast And Secure Transfers) and GIRO (General Interbank Recurring Order).

Factors to consider for your small business bank account in Singapore

• Monthly account fee: Some accounts carry a fixed monthly fee, while others waive it for an introductory period or under ongoing conditions
• Minimum balance requirements: Accounts often set a minimum average balance, with a fall-below fee charged if the balance drops under this threshold
• Transaction limits and fees: Local transfers through FAST, GIRO and PayNow may be bundled into a monthly allowance, charged per transaction, or offered as a rebate up to a set number of transactions
• Digital banking access: Each bank provides its own online or mobile platform for transfers, approvals and reporting
• Cheque book access: Cheque issuance and deposit fees vary by bank, and Singapore banks are set to stop processing SGD corporate cheques from 1 January 2027.
• Multi-user access: Some accounts support multiple authorised users or signatories with different payment and approval permissions
• Card availability: A business debit card in Singapore is offered by some banks as a standard or complimentary addition, while others do not specify card availability on their reference pricing pages
• Foreign currency handling: Singapore business accounts are typically SGD-denominated, so businesses that receive or hold foreign currencies may need a separate multi-currency account.
• International transfer capabilities: Telegraphic transfer or SWIFT (Society for Worldwide Interbank Financial Telecommunication) fees and promotional rates differ by bank, and not every reference pricing page discloses a fixed international transfer fee
• Accounting integrations: Some banks list direct integrations with accounting platforms; UOB, for example, integrates with Xero, Info-Tech Accounting and AutoCount
• Eligibility: Online account opening eligibility depends on factors such as entity type, number of directors or owners, and whether owners are Singapore citizens or permanent residents

Top small business bank accounts in Singapore

1. OCBC Business Growth Account

The OCBC Business Growth Account is a business account for Singapore-registered businesses, with digital banking access through OCBC Velocity and the OCBC Business app.² It includes 80 free FAST transfers and 80 free GIRO transactions a month.²

*Pricing: The account carries a monthly fee of S$10, waived for the first two months, and requires an initial deposit of S$1,000. A fall-below fee of S$20 a month applies if the average balance drops under S$1,000.^2,3

*Fees checked in September 2026

→ Take a look at the complete OCBC Business Growth Account review and OCBC bank alternatives

2. Maybank FlexiBiz Account

The Maybank FlexiBiz Account is a SGD current account which provides 24/7 access through Maybank Business Internet Banking and includes an all-in-one business debit card.

*Pricing: There is no monthly account fee. An initial deposit of S$1,000 is required, along with a minimum average daily balance of S$1,000. A fall-below fee of S$10 a month applies below this balance. FAST transfers cost S$0.50 per transaction, while cheque issuance and deposit cost S$0.75 per cheque.⁴

*Fees checked in September 2026

3. UOB eBusiness Account

The UOB eBusiness Account is a business account for startups and SMEs, with digital banking access through UOB Infinity and the UOB SME App. Rather than a fixed included bundle, it structures FAST and PayNow FAST transactions as a rebate of S$0.50 each on up to 60 a month. GIRO transactions come with a rebate of S$0.20 each on up to 60 a month, alongside a 100% rebate on bulk GIRO payroll transaction charges.⁵ UOB eBusiness Account also accepts foreign-incorporated companies.

*Pricing: The account carries an annual fee of S$35, with an initial deposit of S$1,000 and a minimum average daily balance of S$5,000.⁵ A monthly fall-below fee of S$15 applies below this balance, currently waived for the account-opening month and the following 11 months for qualifying new accounts.⁵

*Fees checked in September 2026

→ Take a look at our complete UOB eBusiness account review

4. CIMB SME Account

The CIMB SME Account is a SGD current account with access through BizChannel@CIMB, CIMB’s online and mobile business banking platform. It supports PayNow, FAST and GIRO payments, as well as single and bulk payroll transactions. PayNow FAST and FAST transfers have a transaction limit of S$200,000, while PayNow GIRO has no transaction limit.⁶ BizChannel@CIMB access includes three complimentary security tokens.⁶

*Pricing: There is no initial deposit, minimum balance or fall-below fee. The account fee is S$0 for the first 12 months and S$8 per month thereafter.

*Fees checked in September 2026

→ Take a look at the complete CIMB Business account review

Small business bank account comparison for Singapore businesses

*Fees checked in September 2026. Fields marked “not specified” or “not stated” mean the absence of a stated figure on the bank’s reference pricing page reviewed.

How to open a small business bank account in Singapore

1. Register the business with ACRA: Obtain the business profile (BizFile) confirming registration as a sole proprietorship, partnership or private limited company.
2. Prepare entity-specific documents and identity information: Requirements vary by bank and business structure, but may include identification for directors, owners or partners, proof of residential or business address, and constitutional or incorporation documents.
3. Check the bank’s eligibility requirements for online opening: Requirements differ between banks and applicant profiles.
4. Apply online or through a branch: Depending on the bank and your eligibility, you may be able to complete the application online or apply through a branch. Some banks may require additional verification or documents before opening the account.
5. Complete bank verification and provide any additional documents requested: Banks may verify the business, directors, authorised signatories and ultimate beneficial owners. Processing requirements and timelines vary by bank, entity type and applicant profile.
6. Meet the account’s initial deposit requirement, where applicable: Initial deposit requirements vary between accounts, with some requiring funding before the account can be activated.
7. Set up digital banking access: Register the relevant business banking platform and check user permissions, payment limits and authorisation workflows where available.

How documentation differs for foreign-owned businesses in Singapore

Foreign-owned or foreign-incorporated businesses may need to provide additional information about their ownership, ultimate beneficial owners and business activities during account opening. Businesses operating in regulated sectors like digital payment token services, may need additional compliance checks and documentation. Requirements vary by bank and business structure.

The World Account: Built for global businesses

The World Account by WorldFirst, an international payments provider, is a multi-currency account designed to sit alongside a Singapore bank account. It lets businesses send, receive and hold funds in 20+ currencies directly, without automatically converting funds into SGD.

Key features of WorldFirst:

• Send payments in 100+ currencies across 200+ countries and regions
• Receive payments from 130+ marketplaces and payment gateways, including Amazon, Shopify, Stripe and Etsy
• Transfer funds between World Account holders at zero cost and instantly
• Spend in 150+ currencies with the World Card, a Mastercard-powered virtual debit card. No FX fees when paying in any of the 15 supported currencies (with sufficient balance held in that currency)
• Lock in exchange rates through forward contracts
• Pay 1688.com suppliers through World Pay, the authorised international payment provider for 1688.com, at a 0.8% payment fee
• Integrate with Xero and NetSuite for reconciliation

FAQs

1. Which is the best small business bank account in Singapore?

There is no single account that suits every business. The four accounts covered here differ across monthly fees, minimum balance requirements, transaction allowances and digital banking platforms. You can compare the different options on factors such as expected transaction volume, average account balance and whether the business needs a business debit card or specific accounting integrations.

2. How do I compare small business bank accounts?

You can compare small business bank accounts by checking the monthly account fee, minimum balance and fall-below fee, including transaction allowances for FAST, GIRO and PayNow, international transfer fees, card availability and the digital banking platform provided.

3. Can I open a small business bank account online in Singapore?

Yes. Many Singapore banks offer online applications for small business accounts, although eligibility and documentation requirements vary by business structure, ownership and the bank you apply to. You will generally need your business registration details, identification documents for relevant directors or authorised persons, and information about the company’s ownership and activities.

4. Can a small business have multiple bank accounts?

Yes. A business can hold a Singapore bank account for domestic transactions alongside a separate multi-currency account, such as the World Account, for businesses that send, receive or hold funds in foreign currencies as part of their international operations.

Sources

1. https://www.acra.gov.sg/register/business/requirements-eligibility/
2. https://www.ocbc.com/business-banking/smes/accounts/business-growth-account
3. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide
4. https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page
5. https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page
6. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-sme-account.html

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.