Best business bank accounts for SMEs in Singapore
Best business bank accounts for SMEs in Singapore
Registering your business with ACRA is typically the first step to officially starting operations in Singapore. The second essential step? Opening an SME business bank account to receive payments and manage your finances professionally.
Whether you are a startup, SME, small business owner, entrepreneur or solopreneur, choosing the best SME bank account makes a big difference. This guide compares business bank accounts in Singapore, explains what to look for and highlights OCBC options designed for businesses at different growth stages.
Why a business bank account is essential for SMEs
Without a business bank account, you would not be able to access payment solutions like PayNow Corporate, InvoiceNow, or even apply for point-of-sale terminals to accept card payments. Given the growing preference of consumers for easier payment solutions, offering these cashless and seamless payment methods is essential for a business to thrive.
Having a business bank account is not just advantageous; it lets you operate your business in a professional manner. Given the many different choices of business bank accounts, here are some tips on how to select the best Singapore business bank account based on your needs.
What to look for in a business account
When comparing SME business bank accounts, pay attention to fees, features and suitability for your business stage. Here are the key factors:
Minimum initial deposit
Some business accounts require thousands or tens of thousands in initial deposits, which can be challenging for startups. Look for startup bank accounts with lower entry requirements.
Minimum monthly balance & fall-below fees
Failing to maintain the required balance often triggers fees. The best SME bank account for your business will have realistic balance requirements you can meet consistently.
Monthly service fees
Understand fixed monthly charges and waiver conditions. Accounts with transparent, low fees help startups and small businesses preserve cash flow.
Transaction limits & digital features
Check free transaction allowances (FAST, GIRO) and access to tools like mobile banking, payroll and cash flow dashboards through platforms like OCBC Digital Business Banking.
OCBC's Business Growth Account, for example, offers 80 free FAST and 80 free GIRO transactions monthly, plus e-invoicing tools that are ideal for growing SMEs.
Comparing OCBC SME Business Bank Accounts
OCBC offers SME bank accounts tailored to different business needs and stages. Here's how they compare:
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| Business Growth Account | Multi-Currency Account | |||
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Best for |
All types of businesses - startups, solopreneurs, small businesses to large enterprises |
Businesses with overseas transactions |
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Minimum initial deposit |
S$1,000 |
S$0 |
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Minimum balance |
S$1,000 |
S$0 |
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Fall below fees |
S$15 |
S$0 |
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Monthly account fees |
S$10 |
S$10 (waived if you have an SGD Business Account) |
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Transactions |
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Online banking features/in-app digital tools |
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Others |
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N.A. |
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Apply here | Apply here | ||
*Agent fee may apply. Please refer to our Business Banking Pricing Guide
OCBC Business Growth Account
The Business Growth Account is OCBC's all-in-one startup bank account for SMEs. Key benefits include:
- Instant online opening using Singpass (no paperwork for eligible businesses)
- Low entry barriers: S$1,000 initial deposit and minimum balance
- S$10 monthly fee (waived first 2 months)
- 80 free FAST + 80 free GIRO transactions monthly
- Full access to OCBC Velocity for e-invoicing, cash flow tracking and payroll
- Insured up to S$100k by SDIC
Through Digital Business Banking, you can monitor cash flow, manage trade finance and consolidate multiple accounts in one dashboard.
OCBC Multi-Currency Business Account
SMEs working with overseas partners should consider the Multi-Currency Business Account, supporting 13 major currencies (USD, EUR, AUD, JPY, GBP, etc.).
Pair it with your main SME business bank account (no initial deposit or minimum balance required) to:
- Receive payments in foreign currencies
- Make international transfers efficiently
- Minimise currency conversion losses
The S$10 monthly fee is waived when paired with an OCBC SGD business account.
Getting started with an SME business bank account
Opening an OCBC SME business bank account in Singapore can be completed fully online, depending on the account type and business profile. Singapore citizens and Permanent Residents who are ACRA-registered owners or directors may apply for selected OCBC business accounts using Singpass or CorpPass, with instant approval available in eligible cases.
Choosing a suitable business bank account supports day-to-day operations such as payments, collections and cash flow management. As your business grows, having an established banking relationship can also make it easier to explore additional financing options, such as SME business loans, to support expansion or working capital needs.
For detailed eligibility requirements and application steps, visit the relevant business account pages.
Disclaimer
You may be directed to third-party websites. OCBC Bank shall not be liable for any loss suffered or incurred by any party for accessing such third-party websites or in relation to any product and/or service provided by any provider under such third-party websites.
Any opinions or views of third parties expressed in this article are those of the third parties identified, and not those of OCBC Bank. The information provided herein is intended for general circulation and/or discussion purposes only. Before making any decision, please seek independent advice from professional advisors.
No representation or warranty whatsoever in respect of any information provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same.
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