Top Four Banks for Singaporean Business
Setting up a business bank account is essential for every business, regardless of the size or age of one’s company. A company as established as Coca-Cola or a startup with a year under its belt can benefit from having a business account. It gives you complete visibility of your business’s financial operations as it is the central repository to track deposits received from customers or withdrawals to pay for employees and vendors.
Having a separate business bank account from your personal one makes it easier to do proper bookkeeping. Doing so will allow you to comply with various legal requirements, such as tax and accounting reporting. Not only that, but if someone decided to sue your business, they would only be able to scrutinize and access your business bank records, not your personal ones.
Such a principle is universal for all businesses worldwide, including Singapore, which has been declared the
This account can be opened without an initial minimum deposit or minimum balance, making it one of the best banks for small business with limited funds. Additionally, you can set up the account online and receive the account numbers almost instantly, eliminating the need to queue in a branch and fill up complex paperwork.
The service comes with DBS’s digital banking platform, the OCBC Velocity, allowing you to manage your account and cash flow, initiate payment and collection, and create e-invoices. To get a clear view of your daily operations, applications like Xero and Shopify can be integrated into the OCBC Digital Business Dashboard, a platform’s feature.
You will be charged with a S$10 monthly service fee that will be waived for the first two months. With that fee, you are also entitled to the OCBC Multi-Currency Business Account. This enables you to do transactions in foreign currencies such as the US Dollar, Euro, Australian Dollar, and Hong Kong Dollar.
Established in 1968 by the Singaporean government, DBS has become the largest bank in Southeast Asia with US$491 billion in total assets. No wonder it is the go-to bank for most Singaporeans. Naturally, it would be easier to set up with a bank that you have existing relationships with than moving to a new bank.
Opening this account is pretty straightforward; everything is done online, with the process lasting approximately five minutes. An initial minimum deposit of S$1000 is required with a monthly maintenance fee of S$18. If you burn through your initial deposit, you will not incur a fall-below fee as no minimum monthly balance is needed. The service connects you to its mobile and internet banking applications along with the PayNow Corporate.
Another contender for the best business account in Singapore is the Maybank FlexBiz Account since it is affordable to maintain. There are no maintenance fees or minimum monthly balance required, making it an ideal business account for startups and young companies. However, it’s important to keep in mind that opening this account requires a minimum initial deposit of S$1000.
Similar to DBS and Maybank, UOB requires a minimum initial deposit of S$1000. However, unlike the three banks mentioned above, the account requires an average daily balance of S$ 5,000. If this minimum is not reached, you will be charged a S$15 fee*. Moreover, they also set an annual account fee of S$35.
With the requirements mentioned above, you are entitled to access UOB BizSmart Digital Solution, a single platform that helps you in invoicing, HR, and accounting processes. The platform lets you import bank account feeds that can be reconciled automatically. It also gives you faster payment options to customers using PayNow QR or NETS PayCollect.
*Minimum balance waived for the first 12 months of account opening (Applicable to new accounts opened from 1 April 2021 onwards).
Having the right business bank account is crucial for every business looking to dip its toes in Singapore’s vast and unique business environment. It gives you the ability to track your business financial health in real-time and helps with cash management. We hope that this article can help you decide which are the best banks for business accounts in Singapore.
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