Best virtual bank accounts in Singapore

Discover the top virtual bank accounts in Singapore to simplify domestic and international banking for your business

Key takeaways

• A virtual bank account is a business account you can open and manage entirely online, without visiting a branch
• This guide covers two types of providers: digital banks and international payment providers
• Digital banks focus on everyday banking needs like local payments, deposits and, in some cases, international transfers
• International payment providers offer multi-currency accounts built for businesses that receive, hold, convert and send foreign currencies
• The WorldFirst World Account supports 20+ held currencies, payments in 100+ currencies to 200+ countries and regions

Virtual bank accounts have made business banking in Singapore fast and more flexible. Businesses can open an account online, manage payments through a mobile app or web portal, and handle day-to-day banking without stepping into a branch.

In Singapore, virtual accounts come from two types of providers:

• Licensed digital banks offer fully digital business banking.
• International payment providers offer multi-currency accounts built for businesses handling international payments and foreign currencies.

This guide compares both categories, covering fees, features and account capabilities, so you can see which option, or combination, fits your business.

What is a virtual bank account?

A virtual bank account is a business account that is opened and accessed entirely online, without the need to visit a physical bank branch. Businesses can use it to receive payments, send money, monitor transactions and view their finances through a web portal or mobile app.

Top virtual bank accounts in Singapore

Let’s compare the top banks offering virtual accounts for businesses:

1. ANEXT Bank

The ANEXT bank is a fully digital bank account offering multi-currency business accounts.¹ Businesses can hold funds in four currencies (SGD, USD, EUR and CNH) and receive payments in six additional currencies, including GBP, HKD, JPY, KRW, MYR and THB^.1  Payments received in these additional currencies are automatically converted into USD.¹

The account supports local transfers through FAST, PayNow, GIRO and MEPS, and international payments via SWIFT.¹ Businesses can also send selected USD and EUR payments to supported destinations within one working day.¹

*Fees checked in June 2026

2. GXS Bank

The GXS Bank is a digital-only bank offering a business account that supports everyday banking by allowing businesses to receive unlimited payments through PayNow and make local transfers via FAST and PayNow without transaction fees.⁴ Outgoing GIRO payments are not currently supported.⁵ All account activity can be tracked in real time through the GXS mobile app.⁴

GXS also offers the GXS FlexiCard, a separate business credit card with a S$500 credit limit.⁷ Foreign currency card transactions are converted into Singapore Dollars using Mastercard’s prevailing exchange rate.⁸

Pricing for GXS virtual bank account

*Fees checked in June 2026

3. MariBank

MariBank is a digital bank for personal usage and SMEs.⁹ It offers a virtual business bank account through which users can make local transfers through PayNow and bank transfers at no cost.⁹ While incoming GIRO payments are supported, outgoing GIRO transfers are not currently available.¹⁰

For international payments, businesses can send funds to 40+ destinations in over 20 currencies, including USD, EUR, GBP, AUD, CAD and CNY, using local payment networks, wire transfers, ACH and selected country-specific payment rails.¹¹ The account can receive overseas transfers in Singapore Dollars through SWIFT and MEPS but does not currently support receiving foreign currencies directly.¹² MariBank also provides business debit and credit cards, with overseas card transactions subject to Mastercard’s currency conversion charges of 1%.^13,14,15,16

*Fees checked in June 2026

4. Green Link Digital Bank

Green Link Digital Bank (GLDB) is a digital bank catering to MSMEs.¹⁷ It offers digital business banking through its current account and multi-currency account.¹⁷

• The current account supports day-to-day business banking, allowing businesses to make and receive payments, access balances and transactions through GLDB’s online platform. Eligible balances may also earn credit interest¹⁷
• For businesses operating internationally, the GLDB multi-currency account enables companies to hold, send and receive funds in multiple currencies from a single account, although GLDB does not publicly specify the number of supported currencies¹⁷

Businesses can make domestic SGD payments via MEPS and international transfers with FX conversion where required.¹⁷ Overseas transfers are charged based on 1/12th% of the transfer value, and an early account closure fee of S$50 applies if the account is closed within the first six months.¹⁸ GLDB does not currently support a business payment card.

*Fees checked in June 2026

Top virtual business accounts in Singapore

Here are the top international payment providers that offer virtual business accounts in Singapore

1. WorldFirst

The World Account by WorldFirst is a multi-currency account designed for businesses that want to receive international payments, pay overseas suppliers, hold foreign currencies and convert them when required.

Businesses can hold funds in 20+ currencies, send payments in 100+ currencies to 200+ countries and regions, and collect payments from 130+ marketplaces using local receiving account details in major currencies including SGD, USD, GBP, EUR, AUD and CNH.

The account also includes the World Card, a Mastercard-powered virtual business payment card, with up to 20 virtual cards available from a single account at no extra cost. There are no fees when paying in any of the 15 supported currencies, as long as there’s sufficient balance held in that currency.

When businesses do not have sufficient balance in the payment currency, the required amount is converted from their available balances at competitive exchange rates. The World Card also offers cashback on eligible purchases, terms and conditions apply.

Additional business features include forward contracts for managing future foreign exchange exposure. Plus, the account also offers World Pay, which is the authorised international payment provider for 1688.com, allowing businesses to pay suppliers directly in CNH.

There are no account opening or monthly fees, while international transfer and currency conversion fees vary depending on the transaction.

Pricing for WorldFirst business account

*Fees checked in June 2026. Terms and Conditions apply

2. Wise

The Wise business account is a multi-currency account that helps businesses send, receive, hold and spend money internationally.²⁰ Businesses can receive payments in 22 currencies using local account details in major currencies including SGD, USD, EUR and GBP.²⁰  International transfers are available to countries worldwide.²⁰  Businesses can also use batch transfers to pay up to 1,000 recipients in a single transaction.²⁰ Volume discounts are available on monthly transfers exceeding GBP 20,000 (or the equivalent in other currencies).²⁰

Businesses can also issue multi-currency debit cards to spend across 231 countries and manage spending controls and sync transactions with accounting software like Xero and QuickBooks for reconciliation.²⁰ Additional business features include account controls for managing team spending, with custom spending permissions and configurable team access.²⁰ Businesses can also create invoices, send payment links, and accept card payments.²⁰

*Fees checked in June 2026

→ Take a look at our detailed Wise Singapore Review

3. Airwallex

Airwallex business account is a multi-currency business account designed for companies with international customers, suppliers or employees.²² Businesses can open local currency accounts to in 20+ currencies, transfer funds to 200+ countries and accept payments in 130+ currencies.²²

Businesses can convert currencies at interbank exchange rates plus any applicable markup, issue multi-currency company/employee cards for employee spending, and pay directly from available currency balances without international card transaction fees where supported.²²

*Fees checked in June 2026

→ Take a look at our Airwallex review along with the top Airwallex alternatives

4. Aspire

Aspire business account is a digital multi-currency account for startups and growing businesses that need to make both local and international payments.²⁴ Businesses can send and receive funds in 30+ currencies and hold balances in SGD, USD, EUR and IDR without balance limits.²⁴

Virtual corporate cards are also available with spending controls.²⁴

*Fees checked in June 2026

→ Take a look at our Aspire review along with the top Aspire alternatives

How to choose a virtual bank account in Singapore

When comparing virtual bank accounts and multi-currency business accounts, consider the following factors before opening an account:

• Regulatory status: Check whether the provider is a MAS-licensed digital bank or a regulated payment institution. Eligible Singapore Dollar deposits held with digital banks are protected under the Singapore Deposit Insurance Scheme (SDIC), while payment institutions protect customer funds through segregated accounts. Both are regulated, but they offer different forms of customer protection.
• Currency support: Consider the currencies your business uses most often. Businesses that mainly transact in SGD may only need a local business account, while those with international customers or suppliers may benefit from holding multiple currencies and receiving payments using local account details.
• Onboarding requirements: Compare eligibility criteria, required business documents and estimated application times. Some providers offer fully online applications, while others may require additional verification depending on your business structure.
• Fees: Instead of only focusing on monthly account fees, also compare receiving fees, transfer charges, foreign exchange costs and any card-related fees. Calculate the total cost based on your typical transaction volumes and currencies.
• Business cards: If your business needs to track employee spending, check whether the provider offers virtual or physical business cards, the number of cards available, spending controls and how foreign currency card payments are processed.
• Integrations and business tools: Consider whether the account integrates with your existing software, such as Xero, QuickBooks or NetSuite, as well as payment gateways, marketplaces, APIs or ERP systems.

FAQs

What is a virtual bank account?

A virtual bank account is a digital account that lets businesses send and receive payments online without visiting a physical branch. Depending on the provider, it may offer local banking services, multi-currency support or both.

Are virtual bank accounts in Singapore safe?

Yes. Digital banks in Singapore are licensed by the Monetary Authority of Singapore (MAS), while payment providers are regulated under Singapore’s payment services framework. However, the protections for customer funds differ depending on the provider’s licence.

Do virtual bank accounts in Singapore use IBAN?

Generally, no. Singapore does not use virtual bank accounts with IBAN for domestic bank accounts. Some payment providers may provide IBANs or equivalent local account details for receiving payments in supported overseas currencies.

Can I open a virtual business account in Singapore without visiting a branch?

Yes. Many digital banks and payment providers offer fully online applications, allowing eligible businesses to complete account opening and verification remotely.

What’s the difference between a virtual bank account and a multi-currency account?

A virtual bank account is offered by a licensed bank and provides digital banking services. A multi-currency account is offered by a regulated global payment provider and focuses on holding, receiving, converting and sending multiple currencies alongside a business bank account.

Sources

1. https://anext.com.sg/bank/business-account/
2. https://anext.com.sg/bank/faqs/overseas-transfers/?category=sending-money
3. https://anext.com.sg/bank/faqs/transfer-setup-and-processing?category=sending-money&slug=6372
4. https://www.business.gxs.com.sg/biz-account
5. https://help.gxs.com.sg/Payments/Send_Money/Can_I_send_funds_from_my_GXS_Savings_Account_via_GIRO%3F
6. https://help.gxs.com.sg/GXS_Savings_Account/Fund_Account/Are_my_deposits_with_GXS_protected_or_insured%3F
7. https://www.gxs.com.sg/flexicard
8. https://help.gxs.com.sg/GXS_FlexiCard/GXS_FlexiCard_Fees_and_Charges/How_are_exchange_rates_determined_for_transactions_in_foreign_currencies_on_my_GXS_FlexiCard%3F
9. https://www.maribank.sg/product/mari-business-account
10. https://www.maribank.sg/help-centre/article/10007-does-maribank-support-incoming-and-outgoing-giro-transfers
11. https://www.maribank.sg/help-centre/article/10424-what-are-the-supported-currencies-and-destinations-for-maribank-overseas-transfers
12. https://www.maribank.sg/help-centre/article/10441-does-maribank-support-incoming-overseas-transfers
13. https://www.maribank.sg/product/mari-credit-card
14. https://www.maribank.sg/product/mari-debit-card
15. https://www.maribank.sg/fees-rates/mari-credit-card
16. https://www.maribank.sg/fees-rates/mari-debit-card
17. https://www.glbank.com/solutions/cash
18. https://www.glbank.com/api/media/GLDB-Fees-Charges.pdf?path=%2Fwp-content%2Fuploads%2F2026%2F04%2FGLDB-Fees-Charges.pdf&inline=1
19. https://www.glbank.com/support#downloads-fees-rates
20. https://wise.com/sg/business/
21. https://wise.com/sg/pricing/business
22. https://www.airwallex.com/en-sg/business-account
23. https://www.airwallex.com/en-sg/pricing
24. https://aspireapp.com/business-account
25. https://aspireapp.com/pricing

Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.