Corporate bank account in Singapore: 5 options compared
Last update: 8 May 2025
If you’re looking for a corporate bank account in Singapore, you may have found yourself coming up against certain challenges:
- You typically need to set up a business account in-person or over the phone
- You may not have an online platform where you can manage all your business finances – meaning it’s difficult to track budgets
- You want to manage money in multiple currencies, but international transfers are slow and expensive
- You’re surprised by expensive fee structures that bring unexpected additional costs.
The good news is that there are business bank account options available that solve these issues. In this article, we explore and compare 5 options, along with the questions you should be asking to ensure you get the right account for your business needs.
Read on for a breakdown of:
- What to look for in a Singaporean corporate bank account
- 5 top options for corporate accounts in Singapore
- WorldFirst
- DBS
- OCBC
- UOB
- Wise
Ready to set up a corporate account? Apply for a World Account for free today.
What to look for in a Singaporean corporate bank account
Corporate bank accounts in Singapore are typically offered by two main types of institution:
- Traditional banks: These are historic institutions that have been serving Singaporean businesses for decades. They’re a reliable option, but they tend to have less flexibility and modern technology, such as digital banking, in their offering.
- Neobanks or challengers: These are newer tech-driven financial services that focus on offering quality digital experiences, international usage, and low fees.
Whichever you choose, as a business – and particularly as an e-commerce brand with international ambitions – you should ask yourself the following questions.
How easy is it to run your financial operations online?
To set up a corporate account, you don’t want to have to make multiple trips to a branch or wait for business hours in order to speak to someone.
Instead, you need an account which allows you to get set up, access your funds, make salary payments, or transfer to suppliers all digitally. Being able to set up and manage a corporate bank account online gives you real-time visibility over your finances and cuts the hassle of in-person branch visits.
Plus, if you’re an e-commerce SME operating in many regions, it’s easier to have a single account where you can manage all your different currencies. This saves the inconvenience of using one provider to receive funds in Singapore dollar (SGD), and another to convert those funds to a different foreign currency.
How easy is it to expand internationally?
If you’re selling overseas you’ll need the ability to accept payment in different currencies. You may even need to pay out in other currencies to cover costs such as shipping or taxes.
For this reason, it can also be useful to have a corporate account that provides you with local account details – so you can accept payment in those locations.
The bigger your global ambition, the more currencies your corporate bank account will need to support. You should consider not just where you want to operate tomorrow, but where you might want to sell in five years’ time. This will alleviate the need to switch your account when you grow to a certain size.
How are the account fees structured?
As an e-commerce business, your margins are extremely tight as it is. If you’re using a corporate account with high transaction fees or foreign exchange costs, these will be eating further into your profits.
Here are some common costs relating to corporate accounts that you should look into before committing:
- Minimum deposit and minimum balances
- Monthly account fees
- ‘Fall-below-fee’ – fee charged if your balance is lower than the minimum
- Cost of domestic business transactions
- Cost of international transactions
- FX pricing structure and options
It’s important to note that not all providers give all of this information upfront. When choosing a corporate bank account, look for institutions that are fully transparent with their pricing and be sure to ask those that aren’t for a comprehensive breakdown of costs.
Will your account support you selling on international marketplaces?
If you’re looking to sell on marketplaces like Amazon, TikTok Shop or Etsy, you may need to open an account in each region in which you sell. For instance, Amazon US requires you to have local account details in USD.
Certain corporate banking options will provide you with those details, making it easy for you to create merchant accounts on these marketplaces, but the majority won’t. If you want the option of selling through marketplaces, this is something you’ll need to consider.
A detailed comparison of 5 different corporate accounts
Below, we give you a comprehensive breakdown of the features and fees for each of these five corporate bank account providers and challengers. But first, here’s some headline information at a glance.
| Name | WorldFirst | DBS¹ | OCBC² | UOB³ | Wise⁴ |
|---|---|---|---|---|---|
| Number of currencies available | 20+ | 12 | 13 | 13 | 40 |
| Minimum balance requirement | No minimum balance | S$10,000 or extra fees are incurred | S$1,000 | S$5,000 | No minimum balance |
| Designed specifically for e-commerce businesses | Yes | No | No | No | No |
| Marketplace integrations | Yes | No | No | No | No |
| Fully online | Yes | No | No | No | Yes |
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
1. WorldFirst: Corporate accounts for Singaporean businesses with global ambitions
WorldFirst provides corporate accounts to businesses all over the world. Its World Account is a multi-currency account that empowers businesses to grow beyond borders.
It’s designed specifically for e-commerce businesses, offering local account details for marketplace collections and a single platform where you can manage all of your business finances.
In this section we’ll explain its key features:
- Set up and manage your accounts completely online
- Hold 20+ currencies with local account details and pay in 100+ currencies
- Get full transparency on fees – so there are no nasty surprises
- Connect to global e-commerce marketplaces
Set up and manage your accounts completely online
With WorldFirst, there’s no need to visit a branch to set up a corporate account. Instead, you can open a World Account in a matter of minutes and start selling to customers in Singapore – and across the globe.
After account opening, you can do all of the following completely online:
- Open local receiving accounts
- Withdraw funds from marketplaces
- Convert currencies between your accounts
- Pay suppliers in local currency
- Integrate with Xero accounting software for easier bookkeeping
This cuts your operational overhead and gives you a full picture of all your finances in one easy-to-read display.
WorldFirst also assigns every business an account manager who’ll be there to answer any questions you may have and ensure you’re getting the most out of your account. As we have over 30 offices around the world, there’s always someone on hand to help.
Hold 20+ currencies with local account details and pay in 100+ currencies
The World Account enables you to hold 20+ currencies and pay out in 100+ more to 200+ locations. This prevents your business from being stung by high FX fees for selling in new areas, while being able to attract more suppliers by paying them in their own currency.
You’ll get local account details for each currency that you hold, so your customers can pay your business in exactly the same way as they would their local shop – even if you’re on the other side of the world. Same-currency payments are almost always faster than traditional international payments, and come at a fraction of the cost.
You can then convert money from that currency to SGD in seconds to keep all funds in a central account. Alternatively, you can keep these funds in the local currency to pay local suppliers. Again, as you’re paying them in their local currency, these transactions settle faster and are cheaper to make.
Get full transparency on fees – so there are no nasty surprises
WorldFirst is committed to a transparent fee structure so businesses always know what they will be charged.
When it comes to FX, you’ve got options. Set up rate alerts to get notified when your target currency hits the rate you’re after – ideal if you don’t want to watch the market every day. Or, lock in a rate for future transfers with a forward contract and protect your business from currency swings.. Over time, these steps can represent a huge saving to your overall cost and ensure you’re operating as efficiently as possible.
Here’s a full breakdown of the costs associated with opening a World Account in Singapore:
| Register for a World Account | Free |
|---|---|
| Currency accounts Get account details in 22 currencies, including USD, GBP, AUD, HKD, CAD, CNH and SGD |
Free |
| One multi-currency account Hold 10 currencies within 1 multi-currency account, based in Singapore |
Free |
| Monthly fees | Free |
| Local transfers (non-SWIFT) Pay in SGD |
Free |
| Local transfers (non-SWIFT) Pay in USD, EUR, GBP, CNH, HKD, MYR, THB, AUD, NZD |
USD 1 |
| International transfers (SWIFT) SWIFT transfers |
From USD 5 |
| Payments to other World Accounts Instant payments between World Accounts anywhere |
Free (available for 12 currencies) |
| Payments to sourcing platforms Make seamless and instant payments to 1688.com and TaoWorld |
0.80% |
| Currency conversion Exchange rates for all major currencies including USD, EUR, GBP, AUD, CAD, JPY, CNH |
Up to 0.6% |
| Open currency accounts with bank details in 20+ currencies to get paid | Free |
| Receive funds Collect payments from global businesses and over 130 marketplaces and payment gateways |
Free |
| Hold funds in multiple currencies Hold your funds and pay in 100+ different currencies |
Free |
Seamlessly connect to global e-commerce marketplaces
With a World Account, you can quickly get set up on marketplaces like Amazon, TikTok Shop and Etsy, so you can start selling and leveraging these profitable channels right away.
Alongside local account details in different regions, WorldFirst provides you with an account verification letter, enabling you to instantly verify your account ownership for these platforms.
Then, when you start receiving payments, they can be managed in the same place as you manage your direct sales, giving you a cohesive view of business operations. Sales made on Amazon and TikTok Shop are settled into your WorldFirst account the very same day, substantially improving cash flow.
As well as enhanced selling opportunities, WorldFirst also connects businesses to more suppliers. The World Account makes it easy to pay suppliers on the popular Chinese wholesale marketplace 1688.com – giving you direct access to an additional 10 million suppliers. This way, you’ll keep running costs down and bolster your product line with access to a wider pool of manufacturers.
How to create a corporate account with WorldFirst
Ready to open a corporate account with us? You can get up and running on the same day with a digital application process:
- Visit our account application portal and fill out the simple registration form. You’ll need standard paperwork like your company registration number, business address and the IDs of business owners, along with links to any marketplace storefronts you have.
- Have your phone nearby, as you’ll need to enter a six-digit verification code sent by SMS. In some cases, we may ask for copies of certain documents. As a financial services provider, our due diligence is what keeps all of our customers safe.
- Send that documentation to us, and you’re done! If there aren’t any difficulties in verifying your identity, we can often get your account set up that very same day. You can then choose the currencies you’d like to add to your account, and you’re ready to go.
Case study: How KeaBabies cut costs and improved efficiency with WorldFirst’s multi-currency account
KeaBabies is a Singapore-founded global baby and maternity brand now operating in over 10 countries. To support their international growth, the team turned to WorldFirst.
Their mission resonated globally: high quality products with an unwavering focus on building trust with their customers.
They began selling their products internationally, but were struck by the complexities of multi-currency management, as well as the high fees that came with cross-border payments. They were selling in high volumes and needed a corporate account which enabled them to accept payments and pay suppliers efficiently.
KeaBabies opened a World Account with WorldFirst. This enabled the company to take advantage of local account details for 20+ currencies, significantly reducing their transaction costs and improving their profit margins.
Managing all of their finances within a single account has also simplified their operations and allowed them to spend more time on higher-value areas of the business. KeaBabies also benefited from WorldFirst’s easily contactable support, due to its presence in Singapore.
Read the full case study: From baby steps to global strides
4 alternative corporate bank accounts in Singapore to consider
If WorldFirst is not what you’re looking for – for example, if your business is not e-commerce – below are four other banking solutions which offer corporate bank accounts in Singapore:
2. DBS (Development Bank of Singapore)
DBS is a longstanding bank in Singapore offering traditional banking services. They provide two versions of a corporate bank account: the DBS Business Multi-Currency Account and the Business Multi-Currency Account ‘Starter Bundle’.
Here’s a summary of their features and fees:
Business Multi-Currency Account
Features
- 50 free FAST and 50 free GIRO per month for payments made via DBS IDEAL (includes bulk transactions and payroll)
- S$30 flat fee for outward telegraphic transfers, excluding agent bank fees
- Competitive FX rates on FX Online
Fees
- S$50 annual account fee
- S$40 monthly service charge (waived if average daily balance is at least S$10,000 or equivalent)
- S$20 charge for over-the-counter transactions
- S$0.75 for every cheque issued
Business Multi-Currency Account Starter Bundle
Features
- No monthly service charge
- Unlimited free FAST and GIRO for payments made via DBS IDEAL (excludes bulk transactions and payroll)
- S$30 flat fee for outward telegraphic transfers, excluding agent bank fees
- Competitive FX rates on FX Online
Fees
- S$10 monthly account fee
- S$40 charge for over-the-counter transactions
- S$3 for every cheque issued
Accounts from DBS also come with a quick application process and instant availability once the account has been approved. They enable businesses to hold up to 13 currencies (SGD, AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD) and have physical branches for businesses that prefer to do their banking in person.
3. OCBC (Oversea-Chinese Banking Corporation)
OCBC is another of the most established banks in Singapore. The OCBC Business Growth Account is aimed at startups, entrepreneurs and small businesses, and has features to help businesses grow internationally.
Features
- 80 free FAST and 80 free GIRO transactions per month
- Up to 1% cashback on debit card expenditure
- An OCBC Business app containing business insights
- Hold and trade 13 currencies: SGD, USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK
Fees
- S$60 cashback when you open your account within 60 days of business registration and maintain a balance of S$1,000.
- No initial deposit
- No setup fee
- No fall-below fee
As well as an online application process, OCBC has a number of branches across Singapore. Fees are incurred if the account is closed within one year.
4. UOB (United Overseas Bank)
UOB is another traditional banking provider which caters to Singaporean e-commerce businesses.
Features
- Hold and manage 11 major currencies (SGD, USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF)
- Earn interest on selected currencies
- A purpose-built app for banking on the go
Fees
UOB has specific fees for each of the currencies your business wants to hold.
| Currency | Initial Deposit | Minimum Average Daily Balance | Monthly fees (where applicable) |
|---|---|---|---|
| USD | USD 1,000 | USD 8,000 | Fall-below Fee: USD 28 |
| GBP | GBP 650 | GBP 5,000 | Fall-below Fee: GBP 18 |
| EUR | EUR 900 | NA | Service Fee: EUR 20 |
5. Wise
Wise offers a fully online option for a corporate bank account in Singapore, specialising in FX.
Features
- Make payouts in 70+ currencies to suppliers or overseas staff
- Hold up to 40 currencies and convert between funds easily
- Benefit from quick international transfers
Fees
- An initial S$99 fee for account creation
- No monthly account charges
- No monthly minimum
Looking for a corporate account in Singapore designed for e-commerce? Speak to WorldFirst
There are a variety of corporate bank accounts available for businesses operating in Singapore, each with their own approach to pricing, multi-currency capabilities and online banking.
Consider WorldFirst if:
- You’re looking for an account with a proven track record in helping Singaporean e-commerce businesses grow internationally
- You want to sell on overseas marketplaces seamlessly
- You would prefer to do your banking online
- You want a transparent and competitive approach to fee structures
If that sounds like you, sign up for a World Account for free today.
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