Setting up business banking in Singapore? Here is a look at the OCBC Business Growth Account’s features, and fees
Key takeaways
- The OCBC Business Growth Account is an SGD business account that supports everyday banking for Singapore SME
- Account holders can open the OCBC Multi Currency Business Account separately at no additional cost
- The account requires an initial deposit of S$1,000 and applies a S$20 monthly fall-below fee if the average monthly balance falls below this threshold
- The World Account by WorldFirst is a multi-currency account that supports 20+ currencies and outbound payments to 200+ countries, with the World Card available for spending directly from foreign currency balances
The OCBC Business Growth Account is a Singapore business account designed for SMEs that need an account for everyday SGD transactions, with options to add international payment capability through a separate multi-currency account.
The account comes with a business debit card and the ability to open an OCBC Multi Currency Business Account at no additional cost. On the other side, the account requires an initial deposit of S$1,000 and applies a S$20 monthly fall-below fee if the average monthly balance drops below the required threshold.
This OCBC Business Growth Account review walks through the account’s features, fees, eligibility, application process
What is the OCBC Business Growth Account?
OCBC supports businesses through a two-account setup: the Business Growth Account for everyday SGD banking.
For Singapore businesses that also need to receive, hold, or send funds in foreign currencies, OCBC offers a separate OCBC Multi Currency Business Account that supports 13 major currencies. This account can be opened at no additional cost when you open the Business Growth Account, allowing you to manage both SGD operations and international payments through OCBC.1
Together, they let businesses manage SGD operations and international payments through a single banking relationship.1 You can apply online and access your account through the OCBC business banking app.1 The account also comes with an OCBC business debit card, offering up to 1% cashback on eligible spending categories.1
Quick look: Pros and cons of OCBC Business Growth Account
| Pros |
Cons |
- Includes 80 free FAST transfers and 80 free GIRO transfers every month for local payments1
- Monthly account fee of S$10 is waived for the first two months1
|
- An initial deposit of S$1,000 is required to open the account1
- Fall below fees from S$20 apply if the average monthly balance does not meet the required threshold1
|
Key features of the OCBC Business Growth Account
Local payments
The account supports everyday business payments through FAST (Singapore’s instant bank transfer network) and GIRO (used for scheduled or recurring bank payments).¹ Users receive 80 free FAST transfers and 80 free GIRO transfers each month.¹ Once the free monthly quota has been used²:
- Additional FAST transfers cost S$0.20 per transaction
- Additional outward GIRO transfers cost S$0.20 per transaction
Business debit card
The OCBC business debit card comes at no additional cost and lets you make business purchases directly from your account balance.¹,³ Eligible spending can earn up to 1% cashback in selected categories. Terms and Conditions Apply.¹,³
Multi-currency banking
Opening the OCBC Business Growth Account allows you to open the OCBC Multi Currency Business Account at no additional cost.¹ The Multi Currency Business Account is a separate OCBC product that supports 13 major currencies for receiving, holding, and sending foreign currency funds.¹ The full list of supported currencies is not specified on OCBC’s published materials.¹
OCBC Business Growth Account fees: the breakdown
| Fee type |
Amount |
| Initial deposit |
S$1,0001 |
| Monthly account fee |
S$10, waived for the first two months1 |
| Fall below fee |
- S$20 per month if the average monthly balance falls below S$1,0001
- S$50 per month if the interest promotion is activated and the average monthly balance falls below S$50,0001
|
| FAST and GIRO transfers |
80 free FAST transfers and 80 free GIRO transfers each month.1 Standard transaction charges apply after the free monthly quota starting at S$0.2/transaction2 |
| Business debit card |
Supported, at no additional cost1 |
*Fees checked in July 2026
Who can open an OCBC Business Growth Account?
The account is available to businesses registered in Singapore.1 Instant online account opening is available for first-time OCBC business account applicants whose businesses are wholly owned by Singapore citizens or permanent residents.1
How to apply for an OCBC Business Growth Account
Opening an OCBC growth account is completed online1:
- Log in with your Singpass account and apply through Myinfo Business
- Confirm your company details using your business name and Unique Entity Number (UEN)
- Upload your authorised signature
- Submit your application
If your application is approved through the instant onboarding process, your account number is issued immediately after completion.
World Account by WorldFirst is a multi-currency account built for global businesses
The World Account is a multi-currency account by WorldFirst that lets businesses send, receive, hold and convert funds in 20+ currencies, including SGD, USD, EUR, GBP, AUD, JPY, HKD, and CNH. Each supported currency comes with local receiving account details, enabling businesses to collect payments like a local business.
Businesses can also send payments in 100+ currencies to over 200 countries and regions, and receive funds from more than 130+ global marketplaces and payment gateways, including Amazon, Shopify, Shopee, Lazada, and Stripe. The account includes the World Card, a Mastercard-powered virtual business payment card, and supports up to 20 virtual cards at no additional cost. With this card, payments can be made directly from supported currency balances without foreign exchange conversion fees.
Key features of the World Account
- Hold funds in 20+ currencies including USD, GBP, EUR, AUD, NZD, CNH, HKD, JPY, SGD and more
- end payments in 100+ currencies across 200+ countries and regions
- Collect payments from 130+ global marketplaces and payment gateways
- Transfers between World Account holders are free and instant
- Forward contracts available for Singapore businesses
- Xero integration for automated accounting and reconciliation
- Up to 20 World cards from a single account at no extra cost
- Cashback is available on eligible World Card spending. Terms and Conditions Apply
Main fees
| 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 |
FAQ
What is the OCBC Business Growth Account’s minimum balance?
You need an initial deposit of S$1,000 to open the account. A monthly fall-below fee of S$20 applies if your average monthly balance falls below S$1,000.¹
How do I open an OCBC Business Growth Account?
You can apply online through MyInfo Business using your Singpass login. Eligible Singapore businesses may receive instant account opening after confirming company details and uploading an authorised signature.¹
Can I hold foreign currencies in the OCBC Business Growth Account?
Not directly. The OCBC Business Growth Account is an SGD-only account.¹ However, when you open the Business Growth Account, you can also open the OCBC Multi Currency Business Account at no additional cost, which supports 13 currencies for holding and transacting in major foreign currencies.¹
Does the OCBC Business Growth Account come with a debit card?
Yes. The OCBC business debit card is included at no additional cost and offers up to 1% cashback on eligible spending categories.¹,³ Terms and Conditions Apply.
Sources
- https://www.ocbc.com/business-banking/smes/accounts/business-growth-account?qualtric=faq#accounts
- https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide
- https://www.ocbc.com/business-banking/smes/transactions/business-debit-card
