Key Takeaways

• A corporate bank account is opened under your business name to manage company funds and keep business and personal finances separate.
• Key factors include eligibility, monthly fees, transfer costs, multi-currency support, FX rates, online banking, cards and more.
• Some non-bank providers are Wise, Aspire, Revolut Business, Airwallex, and Youbiz.
• Traditional bank providers that provide corporate bank accounts are DBS, OCBC, Maybank, UOB, and CIMB.
• Most banks require your company documents, identification for directors and signatories, proof of address for foreign directors, and a board resolution for Private Limited companies.

Opening a corporate or business bank account is one of the first and most important steps in establishing your company in Singapore, as it helps you manage cash flow, receive payments from customers, and pay suppliers efficiently.

Singapore’s banking landscape has evolved. Today, you can choose between traditional banks with full-service offerings and non-bank FinTech providers that specialise in multi-currency transactions and seamless digital experiences.

In this guide, we compare the top corporate banking accounts for 2026 to help you find the best fit for your business.

Understanding Corporate Bank Accounts

A corporate bank account is an account opened in the name of a registered business entity. It is used to hold company funds, execute transactions, and separate business finances from the owner’s personal assets.

Key Features of Corporate Banking Accounts

While features vary, most accounts offer:

• SGD Current Account for daily operations
• Online Banking for payments (FAST, GIRO, PayNow)
• International Transfer capabilities (SWIFT or local payment rails)
• Corporate Cards (debit or credit) for business expenses
• Integration with accounting software like Xero or QuickBooks

Importance of a Corporate Bank Account

A dedicated corporate bank account is essential for maintaining clean financial records, building credibility with clients and suppliers, and simplifying annual tax filing with IRAS.

11 Key Factors to Consider When Choosing a Business Bank Account

1. Eligibility: Does your business structure (Sole Proprietor, Pte Ltd, LLP, etc.) and age meet the bank’s requirements?
2. Minimum Balance: Is there a minimum daily/monthly balance? Falling below incurs fees.
3. Monthly Fees: Are there fixed monthly maintenance fees? Are they waivable?
4. Local Transfer Costs: Are FAST, GIRO, and PayNow transactions free or chargeable?
5. International Transfer Fees: What are the SWIFT fees, agent charges, and FX markups?
6. Multi-Currency Support: Can you hold, receive, and pay in USD, EUR, GBP, etc., without forced conversion?
7. Foreign Exchange (FX) Rates: Does the bank offer interbank rates with low margins, or do they mark up significantly?
8. Online Banking Experience: Is the app user-friendly? Does it support batch payments and approvals?
9. Corporate Cards: Does the account come with physical/virtual cards for team spending?
10. Integrations: Does it connect with your accounting or e-commerce platforms?
11. Scalability: Can the account grow with your business, offering higher limits or more features later?

Best Corporate Banking Accounts From Non-Bank Providers

FinTech platforms offer flexibility, speed, and excellent multi-currency features, often with no minimum balance. They are ideal for digital-native businesses and those with international operations.

1. Wise Business

Wise is a specialist in low-cost international transfers. It allows you to hold and convert over 40 currencies at the real mid-market exchange rate. Conversion fees vary, but they are competitive. You get local bank details in 8+ currencies (e.g., USD, GBP, EUR) to receive payments like a local.

Pros:

• True mid-market FX rates, no hidden margins.
• Supports 40+ currencies.
• No monthly fees or minimum balance.

Cons:

• One-time S$99 account fee to unlock full features.
• No branch network; online only.

2. Aspire Business Account

A popular digital business bank account for startups and SMEs, Aspire offers a smooth interface and local account details in SGD, USD, GBP, and EUR. It provides cashback on some digital spending (like SaaS and marketing) and integrates well with accounting tools.

Pros:

• No monthly fees or minimum deposit.
• Free local transfers.
• Simple card controls and expense management.

Cons:

• International transfers start at US$8 and rely more on SWIFT.
• Narrower currency list than competitors.

3. Revolut Business

Revolut offers scalable plans (from free to various enterprise rates). You can hold and exchange 25+ currencies, with some free monthly transactions depending on your plan.

Pros:

• Flexible account tiers to suit different business sizes.
• Supports 25+ currencies with physical and virtual cards.
• Some no-fee currency conversion within plan limits.

Cons:

• Fees for top-tier plans and out-of-hours/weekend FX.
• Cannot deposit or pay in cash.

4. Airwallex Business Account

Airwallex is a global payment platform built for borderless businesses. You can hold 20+ currencies and accept customer card payments. It offers cost-effective local transfers that avoid high SWIFT fees to 120+ markets, such as the United States, Malaysia.

Pros:

• Transparent, market-leading FX rates.
• Integrated tools: corporate cards, bill payment, and expense management.
• Local receiving accounts in 20+ currencies.
• No account opening fees, monthly maintenance charges, or minimum transaction requirements.

Cons:

• Not a bank (funds safeguarded, not SDIC insured).
• Best suited for digital businesses, less for cash-heavy workflows.

5. Youbiz

Youbiz, a product of YouTrip, offers a nine-currency wallet with virtual and physical corporate cards. It’s a solid choice for teams needing no-fuss overseas card spending.

Pros:

• No monthly fees and free local transfers.
• Supports 9 major currencies (SGD, USD, EUR, GBP, JPY, HKD, AUD, CHF, THB).
• Unlimited 1% cashback on eligible spending.
• No FX fees.
• Integrated, seamless team expense management capabilities.

Cons:

• No physical cash deposit.
• Limited to Singapore-registered companies only.

Best Corporate Banking Accounts From Traditional Banks

Traditional banks offer stability, a full range of business loans (similar to those offered by Holistic Enterprise), and services like trade financing. They are essential if you need in-person support or complex financial products.

1. DBS Business Multi-currency Account Starter bundle

The DBS Business Multi-Currency Account is an entry-level account for businesses incorporated within the past3 years. It supports 13 currencies and offers unlimited free local FAST and GIRO payments. S$10 monthly fee.

Pros:

• No minimum balance.
• Unlimited free local FAST and GIRO.
• Multi-currency support.

Cons:

• S$30 international transfer fee, apart from agent bank fees.

2. OCBC Business Growth Account

Designed for startups, the OCBC Business Growth Account requires a S$1,000 minimum deposit and offers a bundle of free local transactions. Its monthly fee is S$10 monthly, but will be waived for the first two months. Telegraphic transfer fees of S$10 incoming and S$30 outgoing.

Pros:

• 80 free FAST and 80 free GIRO transactions per month.
• Instant online opening with Singpass.
• Cashback through card spending.
• Complimentary Multi-Currency Account.

Cons:

• Only supports SGD.
• Fall below fee of S$15 per month.

3. Maybank FlexiBiz Account

The Maybank FlexiBiz Account is tailored for startups and new businesses, offering a simple, low-cost entry point for local banking. Businesses with expansion plans or activities in Malaysia should consider this account, as Maybank offers instant and 24/7 payment services between Singapore and Malaysia.

Pros:

• No monthly fees.
• The bank has branches and partners throughout Southeast Asia.
• Interest rates of up to 0.038% p.a. on account balances.

Cons:

• S$1,000 minimum balance.
• S$10 fall-below monthly fee if the average daily balance is less than S$1000.
• International transfer fees: 0.125% commission (min S$20) + agent bank fees + cable fees.

4. UOB eBusiness Account

A digital business bank account in Singapore that rewards transaction volume. The UOB eBusiness Account’s annual fee is S$35, and it features rebates on bulk payroll and local transfers.

Pros:

• Earn cashback on qualifying online transactions.
• Free FAST, PayNow, and GIRO transactions (with rebates).
• Fall-below fee waived for the first 12 months.

Cons:

• S$5,000 minimum balance required; otherwise, a fall-below fee of S$15 per month will apply after the first 12 months.

5. CIMB SME Account

CIMB’s SME account is highly competitive, offering no initial deposit and no monthly fees for the first year, and S$8 monthly thereafter. Transactions are also free and unlimited as well.

Pros:

• No initial deposit and monthly fees for the first year.
• No fall below fees.
• Flat US$15 international transfer fee via BizChannel.
• Unlimited free FAST, GIRO, and payroll transactions.

Cons:

• S$50 early account closure fee within 6 months.

Overview: Compare Bank Accounts for Businesses at a Glance

It’s essential to compare the best business bank accounts in Singapore to find the best fit for your business’s needs—every business is unique. For example, if your business is largely global instead of local, a multi-currency business bank account in Singapore may be more suitable.

To give you a leg–up, here’s a handy comparison table for your perusal:

 

How to Open a Corporate Bank Account in Singapore

The process has become significantly easier, with most providers offering online applications.

Requirements and Documentation

Typically, you will need :

• Company documents: ACRA Business Profile, Certificate of Incorporation, and Company Constitution.
• Identification: NRIC (for Singaporeans/PRs) or Passport (for foreigners) of directors and authorised signatories.
• Proof of residence: For foreign directors.
• Board resolution: To approve the account opening (for Private Limited companies).

Step-by-Step Guide to Opening an Account

1. Choose a Provider: Based on the comparison above, select the account that aligns with your business model.
2. Prepare Documents: Gather all required paperwork. Ensure your ACRA profile is up-to-date.
3. Apply Online: Most banks and FinTechs offer fully digital applications. For Singaporeans/PRs, using Singpass (MyInfo Business) can auto-fill company details and speed up the process.
4. Verification: The provider will conduct compliance checks (KYC/AML). This can take from minutes to a few days.
5. Activation: Once approved, you will receive your account number and can start banking. Some providers issue virtual cards instantly.

Opening Your Corporate Bank Account Online and In-Person

• FinTechs (Wise, Aspire, Airwallex, Youbiz): Entirely online. Quick and seamless.
• Traditional Banks (DBS, OCBC, UOB, CIMB): In-person at branches, but also largely online now, especially for simpler structures. Foreign-owned companies may require additional steps or in-person visits to the bank.

Conclusion – Finding the Best Corporate Business Bank Account

Choosing the right business bank account in Singapore is a strategic decision based on what best fits your business’s needs.

If you run a digital agency with clients in the US and Europe, a multi-currency account from Wise or Airwallex will save you significantly on FX fees. If you are a local F&B business, the free local transfers from a DBS or OCBC corporate bank account might be all you need. Startups looking to earn on idle cash could consider leveraging promotional interest rates.

Once your corporate bank account is set up and your cash flow starts moving, you might find yourself exploring ways to fund growth. If you need capital for expansion, understanding the reasons for a business loan can be your next step. Many businesses also utilise the top SME grants in Singapore to offset costs as much as possible—a savvy financial move.

For those just starting, learning about business loans for startups provides a solid foundation. And when you do consider financing, familiarising yourself with business loan interest rates will help you make informed decisions, and if you’re looking to acquire equipment, a guide on hire purchase can explain alternative financing structures.

Ultimately, bank accounts for businesses are tools. Pick the one that best supports your company’s day-to-day operations and long-term vision.