Selecting the best business account in Singapore

Choosing the right business account is an important choice that deserves a thorough analysis. We've made it easy for you by consolidating the research in one place.
Business Account
Business Digital Account
Business Growth Account
SGD Current Account
FlexiBiz Account
ACCOUNT
Monthly Fees
No Charges
$18
$10
$35 / year
$0
Minimum Deposit
$0
$1,000
$0
$1,000
$1,000
Minimum Balance
$0
$0
$0
$10,000
$0
Fall-Below Fees
$0
$0
$0
$35
$0
LOCAL TRANSFERS
FAST Transfer Fee
$0
$0.50
$0
$0.50
$0.20
Standing Instruction
$0
$10
$10
$5
$10
FOREIGN TRANSFERS
Transfer Fee
From $30
From $35
From $40
From $40
Processing Fee
$0
$20
$25
$30
$20
Inbound Fee
$0
$10
$10
$10
$10
FX Rate
0.47% markup
0.46% markup
0.48% markup
0.91% markup
CARDS
Card Type
Virtual Visa Debit
Visa Debit
Visa Debit
Visa Debit
Visa Debit
Cashback
1.0%*
0.3%
0.2%
0.3%
N/A
FX Fees
0.7% on Visa rates
3.72%
3.71%
3.73%
3.66%
FX Markup (on visa rates)
0.7%
0.47%
0.46%
0.48%
0.91%
ACCOUNT FEATURES
Payment Acceptance
FAST, GIRO, PayNow (on roadmap)
FAST, GIRO, Cheque, PayNow
FAST, GIRO, Cheque, PayNow
FAST, GIRO, Cheque, PayNow
FAST, GIRO, Cheque, PayNow
Customer Support
Phone, Email, Chat response in 15 minutes
Phone, Email
Phone, Email
Phone, Email
Phone, Email

Want a more in-depth business account comparison?

Unlock our comprehensive comparison across 17 business banking accounts in Singapore so you can make the best choice for your business.
Aspire DBS OCBC UOB Maybank Standard Chartered CIMB Citibank
Business Account Business Digital Account Multi-Currency Account Business Growth Account Business Entrepreneur Account Plus Multi-Currency Business Account SGD Current Account eBusiness Account BizTransact Account FlexiBiz Account PremierBiz Account BusinessOne Account Business$aver Account SGD Current Account BusinessGo CitiBusiness High Yield Account MaxiSave Account
Account Account Fees No charges $18 per month $40 per year $10 $0 $10 per month $35 per year $35 per year $0 $0 $0 $0 $0 $0 $0 Nil No longer available to new customers.
Minimum Deposit $0 $1,000 $3,000 $0 $30,000 $0 $1,000 $1,000 $1,000 $1,000 $1,000 $30,000 $50,000 $8,000 $30,000 $100,000
Minimum Balance $0 $0 $10,000 $0 $30,000 $0 $10,000 $5,000 $80,000 $0 $30,000 $30,000 $50,000 $8,000 $30,000 $50,000
Fall-below Fees $0 $0 $35 $0 $50 $0 $35 $15 $80 $0 $35 $50 $50 $35 $88 $100
Local Transfers FAST Transfer Free $0.50
Fine print: For commercial payments. S$5 will apply for non-commercial payments
Free $0.50 $0.50 $0.20 $1 $2 $0.40
Foreign Transfers Outward Telegraphic Transfer (Handling Fee) Fixed fee depending on currency 1/8%
(min S$10, max S$120)
1/8%
(min S$10, max S$100)
1/8%
(min S$10, max S$100)
0.125% (min S$20, max S$100) 0.125% (min S$30, max S$100) 0.0625% (min S$10, max S$50) 1/8% (min S$20)
Outward Telegraphic Transfer (Processing Fee) $20 $25 $30 $20 $20 $30 $20
Inward Telegraphic Transfer (International Transfer) $0 $10 $10 $10 $10 $10 $5 ?
Markup on FX (Average Spread) 0.46% 0.4722% 0.4579% 0.4793% 0.9137% ? 0.9350% ?
Others Tracer/Investigations $0 $20 $25 $30 ? $20 $30 $30
Standing Instruction $0 Set-up: $10
Amendment: $5
Set-up: $10
Amendment: $10
Set-up: Waived
Amendment: $5
$10 Set-up: $10
Amendment: $10
$0.20 Set-up: $10
Amendment: $10
Account Closure Fee (6 months) $0 $50 $50 N.A. $30
$200 (12 months)
$50 $500 $40 $100
Account Opening Account Opening Procedure 24/7, approval within 2 working hours 1) Singpass (SG incorporated companies fully owned by SG citizens/PR): Open instantly for applications submitted between 6am - 11pm

2) Online: > 1 business day, < 7-9 business days?, have to sign physical documents which a courier will pick up

3) Walk-in: 7-9 business days
1) Singpass (SG companies owned by 1/2 SG citizens/PR): Open instantly

2) Others: Can apply online & OCBC will follow up
Have to arrange for an appointment 1) Singpass (SG companies owned by 1/2 SG citizens/PR): Open instantly

2) Others: Can apply online & OCBC will follow up
1) Singpass: Open instantly for applications submitted between 8.30am to 9pm

2) Walk-in: Varies?
Have to make an appointment Have to make an appointment Have to make an appointment Have to make an appointment

Unlock this chart by subscribing to our newsletter

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

What are the important factors to consider when choosing a business account?

We highlight the top factors business owners consider when choosing their business account.

Compare business accounts pricing

Price is often the main criterion when comparing business bank accounts. Banks or neobanks' pricing can vary by a factor of two. Business owners should also pay attention to the pricing structure (is it flexible enough to fit their needs?) and to the potential hidden costs (such as interchange fees or turnover commissions).

Study accessibility and integration options

How easy is the account to use, is financial information displayed clearly with no hidden prices? Is there a mobile app, and an integration to your accounting software? As a business owner, time is your most valuable asset and you want to be investing your time in growing your business, not behind a pile of paperwork.

What are the banking solutions offered

Entrepreneurs should consider their financial needs through the various company development stages. Some financial institutions also offer other services that an entrepreneur might want to take into account, such as business insurances, credit, or cards.

Quality of customer service

Traditional banks usually require users to physically come to the bank to open an account, while a neobank is more convenient as the account opening can be done online. Traditional banks often leave business owners hanging for hours via answering machines, even while business owners prefer direct and real-time customer support.

We're here to help - reach us directly

Chat with us in-app, or via call or email

No branch visits, long waits, or answering machines

We're passionate and invested in growing your business

Do business with confidence

Your funds are safeguarded in trust

Your funds are kept strictly segregated in a trust account with a tier-1 partner bank, who is guaranteed by the Singapore Deposit Insurance Scheme (SDIC). This is as prescribed by the Payment Services Act, following MAS guidelines on the same.

Secure and private

We implement the highest digital security encryption and access protocols. Customer privacy is central to our build and we never share your data.

Get started with an Aspire Account

Fast and simple. Aspire gives over 10,000 business owners their money and time back.
Open Account