Finding the most suitable fit between your business goals and a business account that meets them can be a pain. We’ve put together the info you need to sign up for the right business account – read on to learn more.
Compare these features between business accounts
| Feature | ANEXT Bank | DBS Business Multi-Currency Account | OCBC Business Growth Account | UOB eBusiness Account | Aspire Business Account |
|---|---|---|---|---|---|
| Initial deposit | None | None | S$1,000 | S$1,000 | None |
| Account opening or setup fee | Free | Free | Free | Free for Singapore-incorporated companies; S$500 for foreign-incorporated companies | Free |
| Account fee | None | S$50 annual account fee S$40 monthly service charge (waived if the average daily balance is at least S$10,000 or equivalent) | S$38 annual account fee | S$35 annual fee | S$9 monthly fee per user |
| Fall-below fee | None | None | 6-month fee waiver. After which, S$35 if average daily balance falls below S$3,000 | 12-month fee waiver. After which, S$15 if average daily balance falls below S$5,000 | None |
| Interest | 1% p.a. daily interest | None | None | None | None |
| Transfer fees (per transaction) |
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| Multi-Currency account | Yes | Yes | No | No | Yes |
| Currencies held | SGD, USD, CNH, EUR | 13 currencies | SGD only | SGD only | SGD, USD, IDR |
| Bulk payments | Yes | Yes | No | Yes | Yes |
ANEXT Business Account
Opening and maintaining requirements: No opening fees, annual fees, or fall-below fees. Plus, the account yields daily interest of up to 1% p.a.
Local and international transfers: Account holders enjoy unlimited free local SGD transfers and inward overseas telegraphic transfers, with the ability to send payments overseas in nine currencies at competitive flat fees for outgoing telegraphic transfers.
Opening requirements: The ANEXT Business Account can be opened online with MyInfo Business data using a Singpass login. The business must be incorporated in Singapore with an active Corppass account. Non-Singapore citizens and non-PRs may be asked to present additional physical documentation.
Aspire Business Account
Opening and maintaining requirements: The account charges no monthly service fee, and requires no minimum maintaining balance.
Local and international transfers: Account holders enjoy free local FAST transfers, with the ability to receive and send funds via PayNow. International transfers incur fees, though the bank claims their FX rates are 3x cheaper compared to traditional banks.
DBS Business Multi-Currency Account
Opening and maintaining requirements: DBS’s business account package is specifically targeted at new entrepreneurs; only companies that have been incorporated in the last three years may apply. No initial deposit required, but recurring fees include a S$50 annual account fee and a S$40 monthly service charge (waived if the average daily balance is at least S$10,000 or equivalent).
Local and international transfers: Account holders enjoy 50 FAST and 50 GIRO free monthly transactions for payments made via DBS IDEAL. A S$30 flat fee for outward telegraphic transfer will also be charged.
OCBC Business Growth Account
Opening and maintaining requirements: OCBC’s business account imposes an initial deposit requirement of S$1,000, and a S$10 monthly maintenance fee that’s waived for the first two months.
Local and international transfers: Account holders enjoy free FAST, GIRO, and PayNow transactions.
UOB eBusiness Account
Opening and maintaining requirements: Initial deposit of S$1,000, and S$5,000 minimum daily balance per user. New accounts will incur no annual fee or fall-below fee for the first 12 months after opening; S$35 annual account fee and fall-below fee of S$15/month to be charged after 12 months.
Local and international transfers: Account holders enjoy a $0.50 rebate per transaction on up to 60 outgoing FAST/PayNow FAST transactions per month via UOB Infinity.
