Best company bank accounts in Singapore
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Looking for a company bank account in Singapore to simplify your day to day business banking? Compare six top options for businesses
Power your global growth with one account
Get local currency accounts, fast payments and competitive FX – all in one place.
Key takeaways
- A company bank account in Singapore lets your business receive payments, pay suppliers, and separate business finances from personal finances
- DBS business multi-currency account supports 13 currencies and a debit card. It charges S$40/month unless S$10,000 balance is maintained
- OCBC business growth account offers a multi-currency account with 80 free FAST and GIRO transfers, but has a S$20 fall-below fee under S$1,000 balance
- UOB eBusiness account includes FAST, PayNow and GIRO rebates. It requires S$5,000 balance to avoid a S$15 monthly fee after year one
- Maybank FlexiBiz has no monthly fee, but charges S$0.50 per transaction for FAST transfers
- CIMB SME account has no minimum balance and does not come with a business debit card
- World Account by WorldFirst supports 20+ currencies across 200+ countries along with a virtual business card
Every SME in Singapore needs a company bank account to receive payments, pay suppliers and keep business finances separate from personal ones. The right business account depends on a number of factors that shape your day to day banking including monthly fees, card availability, and international transfer costs.
This guide compares six company bank accounts in Singapore on the features that matter most to SMEs. We also take a look at where a multi-currency account like the World Account can complement your setup, especially if your business handles frequent overseas payments.
What to look for in a company bank account in Singapore
Compare these key features before choosing a company bank account:
- Fees: Check monthly charges, minimum balance requirements, initial deposits and fall-below fees
- Local and international payments: Ensure the account supports FAST, GIRO, PayNow and SWIFT, and compare international transfer fees and foreign exchange costs
- Multi-currency support/international payments: If you trade overseas, look for an SME business account that lets you send, receive, and hold foreign currencies instead of converting every payment automatically. Compare supported currencies, FX rates, and international transfer fees
- Business cards: Compare whether a business debit or virtual card is included, along with any annual, FX or transaction fees
- Online banking and account opening: Choose an account that supports online application, mobile banking and accounting integrations to simplify everyday banking and reconciliation
Top company bank accounts in Singapore
1. DBS business multi-currency account
The DBS business multi-currency account can be used by businesses in Singapore for both local banking and international transfers.1
It is available as a Starter Bundle for businesses operating for less than three years and a standard account for companies operating for more than three years.1
- Starter Bundle customers receive unlimited free FAST (Singapore’s instant bank transfer network) and GIRO (for recurring or scheduled payments) transfers1
- The standard account includes 50 no-cost FAST and GIRO transfers each month1
The account supports 13 currencies, including SGD, USD, EUR, GBP, JPY, and more.1
Businesses can receive, hold and manage multiple currencies from one account.1
Users can also get access to the DBS Business Advance+ Debit Card, which has no annual fee and charges no FX fees on overseas card spending.1
| Fee type | DBS Business Starter bundle1 | DBS Business Standard account1 |
|---|---|---|
| Account opening fee | Zero | Zero |
| Monthly account fee | S$10 | S$40 monthly service charge, waived if the average daily balance is at least S$10,000 |
| Minimum initial deposit | Not specified | Not specified |
| Minimum balance requirement | Not specified | Not specified |
| Card | Supported; fee not specified | Supported; fee not specified |
*Fees checked in June 2026
→ Learn more about DBS bank alternatives
2. OCBC business growth account
The OCBC business growth account is built for Singapore businesses that want an everyday operating account with access to multi-currency banking.2 Opening the account also includes a multi-currency account that supports 13 currencies, allowing businesses to hold, receive and send foreign currency payments without opening a separate account, but the supported currencies are not specified.2
The account also allows local business payments through FAST and GIRO, with 80 free transfers each month before standard transaction charges starting at S$0.20 apply.2,3 Businesses can also get an OCBC business debit card for day-to-day spending directly from held balances.2
Pricing
| Fee type | OCBC business growth account2 |
|---|---|
| Account opening fee | Not specified |
| Monthly account fee | S$10, waived for the first two months |
| Minimum initial deposit | S$1,000 |
| Minimum balance requirement | Average monthly balance of S$1,000 to avoid a S$20 monthly fall-below fee |
| Card | Supported; fee not specified |
*Fees checked in June 2026
3. UOB eBusiness Account
The UOB eBusiness account is a digital business bank account designed for Singapore SMEs.4 The account includes rebates on up to 60 FAST and PayNow FAST transactions, along with rebates on all GIRO payments and collections made through UOB’s digital banking platforms.4 Businesses can also add the UOB business world debit card, which charges no FX fees on overseas card spending but costs S$36.67 per year (waived for first three years).4,5
Pricing
| Fee type | UOB eBusiness Account4 |
|---|---|
| Account opening fee | None for eligible Singapore businesses applying online |
| Monthly account fee | Zero but S$35 annual account fee |
| Minimum initial deposit | S$1,000 |
| Minimum balance requirement | Average daily balance of S$5,000. A S$15 monthly fall-below fee applies after the first 12 months |
| Card | Supported; fee not specified |
*Fees checked in June 2026
→ Take a look at the top UOB alternatives
4. Maybank FlexiBiz account
The Maybank FlexiBiz account is suited for startups and smaller businesses looking for a company account that focuses on local banking.6 The account has no monthly account fee and allows businesses to make FAST transfers at S$0.50 per transaction, issue cheques and send/receive funds daily through online banking.6 The account also comes with a Maybank business debit card for business purchases.6 The account comes with an early account closure fee of S$50 if account is closed within 6 months of opening.6
Pricing
| Fee type | Maybank FlexiBiz account6 |
|---|---|
| Account opening fee | Not specified |
| Monthly account fee | Zero |
| Minimum initial deposit | S$1,000 |
| Minimum balance requirement | Average daily balance of S$1,000. A S$10 monthly fall-below fee applies if the balance falls below this amount |
| Card | Supported; fee not specified |
*Fees checked in June 2026
5. CIMB SME account
The CIMB SME account can be used by SMEs in Singapore.7 It comes with no initial deposit requirement, no minimum balance requirement and no fall-below fee.7 Businesses receive unlimited FAST, GIRO and PayNow transactions.7 CIMB also offers promotional telegraphic transfer fee waivers for online international transfers (until December 2026), although intermediary bank charges may still apply.7 The account does not include a business debit card.
Pricing
| Fee type | CIMB SME account7 |
|---|---|
| Account opening fee | Not specified |
| Monthly account fee | Zero for the first year, then S$8 per month |
| Minimum initial deposit | Zero |
| Minimum balance requirement | Zero |
| Card | Not supported |
*Fees checked in June 2026
World Account is a multi-currency account built for global businesses
WorldFirst is a global payments provider that helps businesses manage cross-border payments through the World Account. The account lets you open local currency accounts in 20+ currencies, including SGD, USD, GBP, EUR, AUD, NZD, CNH, HKD, JPY and CAD. You can also send payments in 100+ currencies across 200+ countries and regions.
The World Account lets you collect payments from 130+ global marketplaces and payment gateways, including Amazon, Lazada, Shopee, and Etsy. International transactions are processed at competitive exchange rates, with no fees for opening a World Account or receiving funds into it.
To simplify global spending, the account includes the World Card, a Mastercard-powered virtual business payment card that supports payments in 150+ currencies. When paying in one of the 15 major supported currencies, you pay zero foreign exchange fees, as long as there is a sufficient balance in that currency. You can issue up to 20 World Cards for your business at no extra cost.
Cashback on eligible World Card spending is available, terms and conditions apply.
Pros of opening a World Account
- Open local currency accounts in 20+ currencies, including SGD, USD, GBP, EUR, AUD, NZD, CNH, HKD and JPY
- Send payments in 100+ currencies across 200+ countries and regions
- Collect payments from 130+ global marketplaces and payment gateways at no cost
- Pay 1688.com suppliers directly through World Pay, the authorised international payment provider for 1688.com
- Make free and instant transfers between World Account holders
- Lock in exchange rates with forward contracts, available for eligible Singapore businesses
- Connect with Xero to simplify accounting and reconciliation
- Issue up to 20 virtual World Cards from a single account at no extra cost
- No minimum balance required
| Fee type | World Account |
|---|---|
| Account opening fee | Zero |
| Monthly account fee | Zero |
| Opening local currency accounts | Zero |
| Receiving payments | Zero |
| Holding funds in multiple currencies | Zero |
| Sending payments to other World Account holders | Zero |
| Sending payments to other accounts | US$1 for local transfers, US$5 for international transfers |
| Currency conversion | Up to 0.6% |
| World Card issuance | Zero for up to 20 cards |
| Payments to 1688.com suppliers via World Pay | Up to 0.8% currency conversion fee |
*Fees checked in June 2026. Terms and Conditions Apply
Power your global growth with one account
Get local currency accounts, fast payments and competitive FX – all in one place.
How to open a company bank account in Singapore
1. Choose the right account
Compare fees, payment features, currency support and eligibility. If your business trades internationally, consider a multi-currency account alongside a traditional SME business account.
2. Prepare your documents
Most providers require your ACRA Business Profile, NRIC or passport of directors and signatories, proof of business address where applicable, source of funds documents, and a board resolution or letter for opening a bank account for the company if required.
3. Submit your application
Many banks let eligible businesses open a digital business bank account in Singapore online through MyInfo Business. Others may require a branch visit or additional documentation.
4. Complete KYC checks
The bank verifies your business, directors and ownership before approving the account. Foreign-incorporated businesses should check each bank’s eligibility requirements, as some require a local director or in-person identity verification for directors or authorised signatories.
5. Activate your account
Once approved, your account is activated and ready to use. Depending on the provider, this can take from a few business days to several weeks.
Power your global growth with one account
Get local currency accounts, fast payments and competitive FX – all in one place.
FAQ
What is the best company bank account in Singapore?
The best company bank account depends on your business needs. If you mainly make local SGD payments, a traditional business bank account may be sufficient. If you regularly receive or send international payments, a multi-currency account like the World Account is designed for businesses that regularly receive or send international payments and hold foreign currencies.
How do I open a company bank account in Singapore?
To open a company bank account in Singapore, choose a provider, prepare your company documents, complete the application and pass the bank’s identity verification checks. Many banks allow eligible Singapore companies to apply online, while others may require an in-person appointment.
Can a foreign company open a bank account in Singapore?
Yes, a foreign company can open a bank account in Singapore, although eligibility varies by provider. Some banks require a Singapore-based director or an in-person verification meeting, while others accept foreign-owned companies subject to additional compliance checks and documentation.
What is the minimum balance for a company bank account in Singapore?
Minimum balance requirements differ between providers. Some traditional banks require businesses to maintain an average monthly or daily balance to avoid fall-below fees, while others have no minimum balance requirement.
Do I need a Singapore business bank account if I have a multi-currency account?
It depends on your business. If you mainly operate internationally, a multi-currency account may cover your payment and collection needs. However, businesses paying local suppliers, salaries or statutory payments in Singapore may still want to maintain a local company bank account alongside a multi-currency account.
Sources:
- https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account
- https://www.ocbc.com/business-banking/smes/accounts/business-growth-account
- https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide
- https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page
- https://www.uob.com.sg/business/transact/cards/uob-business-world-debit-card.page
- https://www.maybank2u.com.sg/en/business/local-enterprise/sme/manage-day-to-day/deposits/flexibiz.page
- 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.
Joan Poon leads marketing across Southeast Asia at WorldFirst, driving growth and brand leadership in key markets including Singapore, Malaysia and the Philippines.
Joan Poon
Author
Head of Marketing SEA, WorldFirst Singapore
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