How to open a business bank account online in Singapore (4 options)
Last update: 19 May 2025
If you’re business owner and you want to open a bank account online, you’re probably:
- Tired of losing time to setting up and managing accounts in person or over the phone when you’d rather be running your business
- Struggling with visibility over your accounting, attribution and payment activities as you have to manage separate accounts for different channels and currencies
- Dealing with slow payment processing times when paying international suppliers
- Spending too much on account fees, business transaction fees and FX fees
In this article, we’ll share what to look for in the right online business account with low fees and help you compare options. We’ll also introduce you to WorldFirst, the business account that allows you to manage everything online while handling payments in 20+ currencies.
We’ll cover:
- The best online business account options at a glance
- How a World Account helps you save time, reduce FX fees and scale globally as a Singapore business
- How to open a World Account online
- Three extra online business bank account options
- What to look for in a business bank account
Sign up to WorldFirst online to improve the way you manage your payments, handle funds in multiple currencies and help your business grow across borders.
The best online business account options at a glance
| Provider | WorldFirst | OCBC | Airwallex | Revolut |
|---|---|---|---|---|
| Minimum deposit fee | Zero | $1,000 | Zero | Zero |
| Monthly fees | Zero | $15 | Zero, but there’s a $5 monthly charge for Airwallex’s expense management services | Basic plan: $0 Grow plan: $15 Scale plan: $84 Enterprise plan: $417 |
| Minimum balance requirements (if your account balance falls below a certain threshold) | Zero | $15 per month charge if your account falls below $1,000 | Zero | Zero |
| How many currencies can you handle? | 22+ | 13 | 20+ | 25+ |
How WorldFirst can help save you time, reduce FX fees and scale globally as a Singapore business
WorldFirst is a multi-currency account designed to help businesses grow beyond borders.
Since 2004, over $300 billion has been sent through WorldFirst and its partner brands, helping businesses like yours expand internationally while saving on FX costs.
For Singaporean businesses looking to grow overseas, WorldFirst allows you to receive money in 20+ currencies for free and caps exchange rates in major currencies at 0.6%.
Here are three reasons businesses pick WorldFirst as their main account.
1. Set up your account easily and manage multiple currencies from one easy-to-use online dashboard
Many conventional banking providers require you to set up your account in person or by telephone, which takes up valuable business time and resources.
With WorldFirst, you can register for a multi-currency account online and get started as soon as you’re approved.
Once verified, you can set up 20+ currency accounts with local account details to receive payments from over 100 global marketplaces – as well as businesses – using one intuitive online dashboard. This gives you full transparency over your budgets and spending across your expenses, currencies and suppliers.
You can also add external users and assign customised access levels, and integrate with Xero or NetSuite to improve your accounting and attribution.
2. Make payments in 100+ currencies to 210+ countries while saving on FX costs
Traditional banks often rely on legacy systems such as SWIFT, leading to high international transfer and FX fees. Many business account providers also lack fee transparency, so you don’t know what you’re paying for maintenance, currency conversion and transactions.
Plus, if you want to pay in local currency, you often have to set up local accounts in each country, which takes up additional time and resources.
The benefits of WorldFirst are:
- You can set up a World Account online for free with no initial deposit. Start your account application here
- All fees are available to check and we don’t charge hidden maintenance costs, banking fees or fall-below fees
- You can get local account details in 20+ currencies including GBP, USD, EUR, CNH, AUD, NZD, SGD and HKD – and see your balances from one dashboard
Handling payments with local bank details also translates to faster international payments as you’ll be using domestic payment networks. For example, you can pay a supplier in the US within 24 hours instead of up to six days (via SWIFT). Faster payments mean smoother procurement processes, keeping your suppliers happy and helping you build better relationships with them.
You can also lock in foreign exchange rates for up to 24 months with a forward contract or exchange funds when they’re more favourable to maximise your budgets. WorldFirst’s firm orders allow you to set a target exchange rate. When that rate is reached, we automatically transact on your behalf so you don’t have to constantly monitor the markets.
3. Use virtual cards to pay business expenses and ads in several currencies
As a business, you’re likely paying marketing expenses, shipping costs and supplier invoices in multiple currencies and with traditional business credit or debit cards, which can come with high transaction and FX fees.
With a World Account, you can register for a virtual World Card, a multi-currency card that you can use to make business purchases anywhere Mastercard is accepted. There are zero fees on 15 global currencies, including GBP, USD, EUR, CNH, AUD, NZD, SGD and HKD.
You can also add up to 20 virtual cards to your account for free and allocate each card to a specific merchant, expense category or even currency. That means you can:
- Stay on top of your expenses by managing your spending limits across accounts in real-time
- Reconcile your business expenses across channels and territories faster and more accurately
Having a unified view of your virtual card payments across channels or campaigns also means you can track spending easily. For instance, if you’re paying for digital ads for your UK TikTok Shop and Google Ads accounts, you can set spending limits for each to see how much you’ve spent at a glance.
As an added bonus, World Card holders get 1.2% cashback on all their monthly card purchases.
How to open a World Account online
Are you ready to set up a World Account and manage your global payments more effectively? Follow these steps:
- Visit our Signup page and get started
- Fill out basic details about you and your business including your residential address
- Provide all of the necessary documents including a certified true copy of your identification
- Choose your World Account requirements
- Start managing payments across accounts and currencies online.
Note: you can use our official Help Centre guide if you need any extra information.
- 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
Three extra online business bank account options
If you want to compare other online business bank accounts and see how they stack up against a World Account, here are three additional options.
1. OCBC
OCBC is a trusted Singaporean financial institution that provides a range of products and banking services for businesses and personal consumers.
The bank’s Business Growth Account is a corporate bank account that includes an intuitive online dashboard, a dedicated mobile digital banking app and helpful tools for invoicing and cash management.
You can open a separate OCBC Multi-Currency Business Account and handle payments in 13 currencies without incurring processing fees if you also have an OCBC Business Growth Account.
It’s worth noting that there’s a minimum deposit of $1,000 and monthly account maintenance fee of $10 which waived for the first two months. A $15 monthly charge applies if your account balance falls below $1,000.
2. Airwallex
Airwallex is a multinational fintech company trusted by 150,000 businesses around the world. You can access local account details in 20+ currencies with Airwallex’s global online business account and manage all your payment activities online.
You can set up an Airwallex account for free, and there are no minimum balance charges or maintenance fees.
It’s worth noting that Airwallex charges additional fees for add-on services, including its expense management tool, which costs $5 per month. FX fees of between 0.4% (for handling payments in AUD, USD, HKD, CNY, JPY, EUR, GBP, CAD, CHF and NZD) and 0.6% (for all other currencies) above interbank exchange rates apply.
3. Revolut
Revolut is a respected online banking provider that was founded in 2015. The Revolut business account is quick to set up and offers features for managing your payment online.
You can set up a Basic plan for free. There are three additional plans to choose from (Grow, Scale and Enterprise), with subscriptions ranging from $15 to $417 a month. Each paid plan includes extra account features such as money management tools and higher currency exchange limits.
You can hold funds in 25+ global currencies, but if you’re exchanging currencies, Revolut’s interbank rate applies. The specific costs or percentages of this rate is unclear. Revolut also offers a virtual card option to pay for business expenses in multiple currencies.
What to look for in an online business bank account
As Know Your Client (KYC) regulations are strict in Singapore, most banks require you to set up an account in person or via telephone. But the good news is that the right fintech payment solutions will let you set up your account online.
Here’s what to look for when choosing an online business account that will save you time, streamline payments and support global trading while reducing FX fees.
- It’s free and easy to set up your business account online. The best online accounts for businesses are quick to set up online. You can typically register, complete verification checks and start using your account in a matter of hours without having to make a phone call or visit a physical bank branch.
- You can manage all of your payment activities from one online dashboard. Look for online business account providers that can support your day-to-day payment activities, like receiving funds, paying suppliers and other business needs. You should also be able to track your spending across channels, campaigns and regions from a central dashboard.
- There are no hidden banking or annual fees to cover. Look for reputable account providers that will tell you about any ongoing fees, payment processing fees, FX fees or managed service fees from the very start.
- You can accept payments and pay suppliers in different currencies fast. Running a business in Singapore often means dealing with overseas customers or suppliers. To accept payments and pay suppliers in multiple currencies, without cutting into your profit margins, you should look for an account that allows you to:
- Set up local account details to receive payments faster in major currencies while avoiding fees. You can hold funds in the currency you receive, then use those same funds to pay overseas suppliers
- Send payments in several currencies within a day rather than up to six working days (via SWIFT), to improve your cash flow
- It offers extra tools to help you run your business. The best online business accounts simplify payments and provide tools to help you stay on top of important business processes. For instance, some providers offer multi-currency virtual cards so you can pay in local currencies and reduce fees on global business expenses.
Improve your business’s online banking activities with WorldFirst
Many conventional business accounts have long-winded set-up processes and limited online features that make accounting difficult and end up costing a lot in fees.
If you want an online payment account that gives you full transparency across channels and currencies, try World Account.
With a World Account, there are no setup or maintenance fees and you can manage all of your payment activities online through one easy-to-use dashboard. Make payments in 100+ currencies across 210+ countries – while saving on FX costs and scaling with confidence.
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- Your money is safeguarded with leading financial institutions
