{"id":13445,"date":"2023-11-22T10:57:54","date_gmt":"2023-11-22T03:57:54","guid":{"rendered":"https:\/\/fazz.com\/?p=13445"},"modified":"2024-02-21T11:22:36","modified_gmt":"2024-02-21T04:22:36","slug":"5-best-business-accounts-in-singapore","status":"publish","type":"post","link":"https:\/\/fazz.com\/newsroom\/business\/5-best-business-accounts-in-singapore\/","title":{"rendered":"5 Best Business Accounts in Singapore 2024"},"content":{"rendered":"\n
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Opening a business account is a crucial step in starting and growing your business. When starting a business, the first step should be to separate your business and personal finances. Having a business account<\/a> will make it easier to manage business finances, especially for accounting and tax purposes. In addition, it goes a long way in enhancing your company’s reputation and improving your chances of getting a loan. <\/p>\n\n\n\n Singaporean companies need a banking partner for seamless financial transactions and secure capital management. In Singapore, all companies must have separate business accounts for financial transactions. This system simplifies keeping track of expenses, taxes, and revenues, giving you more time to grow your business.<\/p>\n\n\n\n Singapore is home to a variety of banks. With fintechs and neobanks<\/a> entering the Singapore market, there are now endless account options to choose from, including SME accounts from local, regional, and international banks, as well as non-bank providers with varying features, price ranges, and services.<\/p>\n\n\n\n In this blog, we have compared the 5 best business accounts in Singapore to help you find the perfect option that suits your business needs. Let’s delve into the details!<\/p>\n\n\n\n When opening a business account in Singapore, here are essential factors companies should consider and compare between business account providers to choose the best option.<\/p>\n\n\n\n Eligibility: <\/strong>Most banking institutions set eligibility criteria for opening a business account. This may include having a legally registered business in Singapore. So, first, check the eligibility rules of a financial institution.<\/p>\n\n\n\n Usability and Ease of Access: <\/strong>It’s important to assess how easy it will be to access the bank services, which may include ATM cash withdrawal features and mobile banking. Make sure to choose the bank that offers an intuitive platform with several ways to access your business account.<\/p>\n\n\n\n Minimum Initial Deposit and Balance: <\/strong>Check the minimum initial deposit or balance requirements and make sure the deposit amount is within your financial means. <\/p>\n\n\n\n Monthly Maintenance Fee: <\/strong>Check out how much fee the bank charges you to keep your account running and whether this monthly fee includes some perks like lower payment costs or free transfers.<\/p>\n\n\n\n Online Banking Features:<\/strong> Make sure to choose a business account with simple access to online banking to reduce your admin time. Online banking features include interbank online transfers, account access anywhere, paying bills online, viewing transactions online, account alerts, and more.<\/p>\n\n\n\n Customer Support: <\/strong>It is worth checking that you have easy access to excellent customer support. If something goes wrong or you have any queries, the bank must have a great service team that can respond promptly and resolve issues efficiently.<\/p>\n\n\n\n With the above factors in mind, here are the best business accounts in Singapore you can consider for your company.<\/p>\n\n\n\n The OCBC Business Growth Account<\/a> provides an appealing, low-cost setup for new businesses and entrepreneurs with a relatively lower minimum deposit of $1,000. You’ll benefit because there are no fall-below fees, minimum balance requirement, and a low monthly maintenance fee of $10. <\/p>\n\n\n\n Additionally, sending local transfers via an OCBC business account is usually free. The account offers many useful tools for startups and growing companies. You can open an account online via MyInfo Business, and you will receive your account number instantly.<\/p>\n\n\n\n Features:<\/strong><\/p>\n\n\n\n The DBS Business Multi-currency Account<\/a> is a popular business account in Singapore that is a suitable option for smaller businesses. The account allows you to make transactions in Singapore dollars and 12 other foreign currencies. DBS charges a low $10 monthly fee, no minimum balance, and no fall-below fees.<\/p>\n\n\n\n If you sign up under the Starter Bundle, you will get exciting benefits like unlimited free FAST and GIRO transactions (except payroll and bulk payments). Moreover, you will have simple access to online banking solutions, but there may be extra fees if you use branch services.<\/p>\n\n\n\n Features:<\/strong><\/p>\n\n\n\n The UOB eBusiness Account<\/a> is the perfect option for startups and new businesses. You can manage all finances online on a single platform through UOB Bizsmart Digital Solution. This account has a $5,000 minimum daily balance and only a $35 annual fee. With UOB BizSmart, you can provide rapid payment options to customers like NETS PayCollect or PayNow QR.<\/p>\n\n\n\n Features:<\/strong><\/p>\n\n\n\n The Maybank FlexiBiz Account<\/a> is another low-cost business account that charges 0 monthly maintenance fee and a $1,000 minimum initial deposit, which is reasonable for newer businesses. This bank account is beneficial to companies in the early stages of growth. <\/p>\n\n\n\n Furthermore, the Maybank FlexiBiz Account is notable for being one of the few business accounts that pay interest on balances, although a minimal: 0.018% for the first $50,000, 0.028% for the next $450,000, and 0.038% for balances above $500,000.<\/p>\n\n\n\n Features:<\/strong><\/p>\n\n\n\n The Fazz Business Account<\/a> is one of the best business accounts in Singapore that is inexpensive and hassle-free to maintain. This account is a suitable option for startups and web3 companies. Business owners in Southeast Asia can use Fazz Business Account to grow their business and seamlessly manage their finances. <\/p>\n\n\n\n Unlike traditional banks, there’s no minimum balance required, no subscription fees, and no hidden bank fees. Customers can securely deposit both SGD and USD funds without any minimum balance requirements. If business owners ever need a loan to run and grow their business, Fazz offers a working capital loan<\/a> that can be approved within days.<\/p>\n\n\n\n Features:<\/strong><\/p>\n\n\n\nKey Factors to Consider When Choosing the Best Business Account in Singapore<\/h2>\n\n\n\n
1. OCBC Business Growth Account<\/h2>\n\n\n\n
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2. DBS Business Multi-currency Account<\/h3>\n\n\n\n
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3. UOB eBusiness Account<\/h3>\n\n\n\n
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4. Maybank Flexibiz Account<\/h3>\n\n\n\n
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5. Fazz Business Account<\/h3>\n\n\n\n
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