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Best Business Accounts for SMEs in Singapore 2023

27 January 2023

, posted by 

Aldean Moch Rafli


Having business accounts is essential for SME owners to manage their finances better. A business account is generally used to receive deposits from customers, make payments to employees and vendors, as well as for accounting and tax reporting.

In Singapore, there are many banks that offer business accounts. Ultimately, the business account you choose depends on your business type, size, and complexity. Since having a business account is central to your SME’s financial operations, here is a guide to the best business accounts for SMEs in Singapore.

OCBC Business Growth Account

The OCBC Business Growth Account is available to SME owners with a minimum deposit of S$1,000. Account holders also gain access to OCBC Velocity, OCBC’s Digital Business Banking platform to manage payments and cash flow as well as create e-invoices.

OCBC also states that it is the only bank that offers free unlimited FAST and GIRO transactions. For Over The Counter (OTC) transactions, there is a $20 charge. Take note that there is a monthly fee of S$10, and this account only serves SGD currency. Singapore-registered businesses can open an account instantly.

DBS Business Multi-Currency Account – Starter Bundle

The DBS Business Multi-Currency Account – Starter Bundle allows SME owners to make both local and international payments and collections in the same account. You can transact in Singapore Dollars and 12 other foreign currencies, including the US Dollar, Australian Dollar, and Canadian Dollar among others.

Since there is no minimum initial deposit, it’s a good choice for SMEs who do not have quite a huge deposit yet. Account holders can enjoy internet and mobile banking and digital token features. Just like the OCBC account, DBS’ account also offers unlimited free FAST and GIRO transactions and there is a monthly fee of S$10. For Over The Counter (OTC) transactions, there is a $40 charge. Applications can be done on the DBS website.

UOB eBusiness Account

With a minimum initial deposit of S$1,000, you can also open a UOB eBusiness Account. UOB lets eBusiness account holders manage finances in one platform with features such as invoicing, HR, and accounting. You can also conduct payment to customers with their PayNow QR or NETS PayCollect feature, as well as foreign payments with FX Spot and FX Forward.

Keep in mind that you need a minimum average daily balance of S$5,000 and there is an annual fee of S$35. For GIRO transactions, there is a $0.20 rebate for up to 60 payments, and a $0.50 rebate per FAST transaction. For Over The Counter (OTC) transactions, there is a $20 charge. UOB offers instant online account opening for SMEs registered in Singapore.

Fazz Business Account

SME owners can also look into Fazz Business Account to grow their business and manage their finances. Unlike most banks, there are no hidden bank fees to worry about. Both SGD and USD funds can be securely deposited without any minimum balance or lock-in period. Moreover, SME owners can earn a daily compounding interest of 2%.

Fazz also offers features such as limitless virtual and physical corporate cards with advanced fraud detection and no annual fees. Multi-user access is also available with flexible permissions and controls. Not only that, account holders can make payments across Southeast Asia seamlessly with lower exchange rates and no fees. Moreover, should SME owners ever need a loan as they run their business, Fazz also offers a working capital loan with approval within days.

Business Account FAQs

How to choose the most suitable business bank account?

Starting a business account is a personal decision and there are many factors that play a part in coming up with a decision. The procedure to open a corporate bank account in Singapore is relatively simple and straight-forward. When considering which business bank account to apply for, the most important things to consider are:

  • Initial capital you plan to deposit
  • Your expected volume of transactions
  • Other additional financial services your business may need
  • Minimum account balance requirements in the account
  • The type of currencies you will be transacting in
  • Ease of making transactions
  • Any monthly or annual fees

 How to open a business bank account in Singapore?

Most financial institutions allow business owners to apply for an account online on their website. Generally, the documents required to open a business account in Singapore are:

  • Completed Account Opening Forms
  • Identity Documents eg. NRIC(s) / Passport(s)
  • Proof of residential address
  • Account Opening Resolution
  • Proper documentation and proof of registration of the Singapore company
  • Detailed information of the company

Banks need detailed information and documents from business owners to better understand their business and risk profiles. Do note that most banks require business owners to be physically present in Singapore at the time of opening the business account.

How much do you need to open a small business bank account?

Depending on the bank, an opening deposit may range from $5 to $1,000. Some institutions such as Fazz Business have no minimum initial deposit requirement.

How long does it take to open a business bank account in Singapore?

It may take up to 1–4 weeks to open a business account in Singapore. During this period, banks will make a thorough assessment that includes the complexity of the business, the background of the business owners, nature of business activities, clients and suppliers profile, as well as transactional activity.

As long as you have completed the application form and submitted the required documents, the process of opening an account will be relatively easy. To avoid any delays, make sure you are physically present in Singapore.

Grow Fast with a High-Yield Fazz Business Account

Business owners, especially those who have just started running their SMEs, might worry that the minimum balance requirement and hidden fees from banks might interfere with their  finances. With Fazz, you can enjoy a business account that multiplies your capital effortlessly while allowing you to maximise your earnings by up to 2% APY with no minimum balance and zero hidden bank fees. 

Open a Fazz Business Account to build, run, and grow your business with peace of mind today!


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Fazz is a trading name for the following businesses that hold applicable payment business in Indonesia and Singapore.

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