Having a business bank account is the easiest way to manage your company’s finances. Choosing the best business bank account in Singapore to suit your company’s needs can help to streamline processes and payments.
Opening a business account will make it easier to keep track of your expenses and earnings. This keeps things neat, making accounting, managing your expenses, and analysing business goals more efficient.
But how do you know which business bank account is the best for your company?
With so many options, it’s easy to get overwhelmed. To help you make a more informed decision, we’ve compiled a rundown of the most popular bank accounts for companies in Singapore.
DBS offers a few different business bank accounts depending on your company type and goals. With a low initial deposit of S$1,00 0and no minimum balance, the DBS Business Digital Account is their most popular business bank account. Opening an account at DBS also has a pretty fast turnaround rate—the account will be ready to use by the next business day. To track your expenses, simply log into DBS IBanking, or head to one of the many DBS branches and ATMs located around the island.
However, opening a business bank account with DBS costs S$18 a month—the highest amongst all the business bank accounts in this article. On top of that, the DBS Business Digital Account also charges upwards of S$30 for the handling and processing for foreign transfers. If you’re just dipping your toes into the start-up industry, these fees could quickly add up to your company expenses.
Like DBS, OCBC has a variety of business bank accounts tailored for businesses of varying scales. The OCBC Business Growth Account caters to smaller companies such as start-ups. With no initial minimum deposit or balance required, the OCBC Business Growth Account offers fuss-free and no-cost set-ups. Accounts can be opened on the OCBC website, through their IBanking service.
It also charges a lower monthly fee of S$10, as compared to the DBS Business Digital Account. This monthly fee is waived for the first two months if you choose to set up your business bank account in Singapore with OCBC. Although OCBC has a lower cost-average than DBS, take note that they do charge similar rates for the handling and processing of foreign transfers.
In terms of initial minimum deposit, UOB’s Business Current Account is on par with the DBS Business Digital Account. You’re required to have a minimum deposit of S$1,000 when you set up an account. Unlike DBS and OCBC, setting up a business bank account in Singapore with UOB will require a minimum daily balance of S$10,000. Which means that falling below the minimum balance required incurs a fee of S$35.
These high maintenance costs might not be the most ideal situation for young entrepreneurs. Running a start-up requires a high number of transactions and capital. Incurring unnecessary costs from your business bank account might not be very advisable for smaller companies.
Another contender is the Maybank Flexibiz Account. Popular with companies that are working on a tight budget, this business bank account in Singapore offers a similar minimum initial deposit of S$1,000 as DBS. With no monthly maintenance fees, the Maybank Flexibiz Account offers smaller companies more space to focus on their business needs.
However, Maybank also charges the highest Forex mark-up rate at 0.91%. If your company deals with many foreign transactions in its daily operations, this might be a deal-breaker when choosing it as the business account for you.
Even though the banks mentioned offer online applications, there might be times that you’ll have to head down to a branch for paperwork. That’s where Aspire comes in! No more long waits, branch visits or answering machines.
Here’s why Aspire is the best business account in Singapore:
We’ve got your back. Aspire helps business owners like yourself focus entirely on growing their business strategy, all with an efficient and convenient way to track expenses.
Slice through roadblocks when it comes to opening a business bank account in Singapore. Join Aspire today.