5 Best business bank accounts in Singapore for UK Businesses to consider

If your UK-based business is stepping into Singapore, getting a business bank account should be one of the first tasks on your to-do list. It will be your key to handle local transactions, pay suppliers, and manage your company’s finances smoothly. Fortunately, Singapore has many strong banking options, from established local names to international banks with solid business services.

In this guide, we’ll look at some of the best business bank accounts in the country, compare their key features, fees, and eligibility requirements to help you choose what fits best.

That said, opening a traditional bank account can take time. If you want to hit the ground running, Wise Business can be a faster alternative. You can set up local account details in SGD (and other currencies), get paid like a local, and move money across borders at the real exchange rate.

Of course, if you relocate your business to Singapore entirely, you’ll likely still need a traditional bank account for certain local operations. But using Wise alongside it can make cross-currency transactions quick and cost-effective!

Best business bank accounts in Singapore: overview

Singapore is one of Southeast Asia’s strongest financial hubs, and its banking sector reflects that strength. For businesses, especially foreign or cross-border firms, the landscape offers a mix of traditional local banks (often with strong regional reach) and a handful of modern digital/currency-focused providers.

Broadly speaking, business account types you’ll see include:

• Transaction/current accounts (for everyday payments, payroll, vendor invoices)
• Foreign currency/multi-currency accounts (hold and pay in other currencies, valuable for cross-border trade)
• Savings/deposit accounts (including fixed deposits) for idle funds
• Specialist FX/trade/export/import tools (e.g., hedging, letters of credit, etc.)

As a UK small business or startup expanding into Singapore, you’ll likely need a traditional local account for domestic transactions like payroll and taxes and a multi-currency option for smooth cross-border payments.

Below are five key providers (four local/regional “big” banks + Wise as your digital alternative) and compared them across core business account features.

Provider	Business account options	Key features (core business account)	Fees	Opening/ongoing requirements
DBS Business Multi-Currency Account	SGD Current Account \ Multi-Currency Current Accounts	Holds 11-13 major currencies. Debit card. Free/discounted FAST, GIRO, and IDEAL transfers up to certain limits¹	Monthly service charges S$40 (unless you maintain an avg daily balance of S$10,000 in the account¹	Business registration, directors proof of address, and a min avg balance to waive fees²
OCBC – Business Growth Account	SGD business “Growth” account (transaction account) Other OCBC business/foreign currency options for larger businesses	80 free FAST + 80 free GIRO per month³ Cashback Local transfers are free up to specific volumes³.	Monthly fee S$10 (waived for the first 2 months).³ Fall-below fee S$15/month if average balance S$1,000⁴ Initial deposit of S$1,000⁴.	Registered in Singapore or abroad via a "Business Foreign Account." Minimum average daily balance³
UOB – eBusiness Account	SGD transaction/operating account (“eBusiness”) Bulk/GIRO/Payroll services; other UOB products for higher-scale or global use	Free rebates for many outgoing/collection FAST/PayNow/ GIRO/Payroll transactions up to monthly limits Online banking⁵.	Annual account fee S$35⁵ Fall-below fee: S$15/month if avg daily balance is less than S$5,000⁵	Initial deposit S$1,000. Maintain an average daily balance of S$5,000 For foreign companies, setup costs or more documentation may apply⁵.
CIMB – SME/SME-i Account	CIMB SME (SGD current) SME-i (Shariah-compliant) For larger businesses: BusinessGo etc.	Unlimited free local transactions (FAST, GIRO, PayNow) via BizChannel⁶ Online banking Promotions are in play for zero TT for a time⁶.	The monthly fee is S$8 after the first year, which is free⁶. Telegraphic transfer fee S$0 under promotion (normally S$15 flat) via their BizChannel⁶. Early account closure fee: S$50⁶.	No min initial deposit in many cases Documents (business registration, IDs, proof of address) After first year some fees kick in e.g. chequebook fees, cheque-book request costs⁶
Wise Business Account	1 multi currency business account: hold, receive, send money in 40+ currencies.	Mid-market exchange rates and transparent fees Ability to get local account details in 8+ currencies Batch payments Debit cards Controls for team members.	Local currency account details for a one-time fee SGD 99⁸. Send: fees vary by currency pair, from 0.26%+. Card: free first card, additional are SGD 4 each⁹.	Standard KYC: business registration, director/owner identity + address No min balance or fall below fees. Some features (like cheaper international transfers) depend on volumes and currencies⁷.

Comparing business bank accounts in Singapore: criteria

When choosing the best business bank account in Singapore, comparing more than just the brand name or facility is essential. Each provider has different account types, requirements, and tools tailored to specific business needs (startups, SMEs, or international traders).

In this section, we’ll evaluate each provider based on five key criteria to help you make an informed choice:

• Business account options: The types of business accounts available, such as transaction, savings, or multi-currency accounts.
• Eligibility: The account opening requirements include business registration, residency, and documentation.
• Features and services: The tools and capabilities offered, such as digital banking, payment solutions, debit cards, and international transfer support.
• Fees: Monthly maintenance fees, transaction charges, FX or international transfer costs, and any hidden or add-on expenses.
• Integrations: Compatibility with accounting software, e-commerce platforms, or APIs that can streamline business operations.

Each provider below is assessed through these lenses to help you find the best business account in Singapore that fits your business goals just right!

DBS Business Multi-Currency Account

DBS’s Business Multi-Currency Account (MCA) lets companies hold and manage up to 13 currencies (SGD + 12 foreign) under one account. It’s suitable for SMEs handling both local and international transactions.

Key features¹	Fees¹⁰
Hold 13 currencies under one account 50 free FAST/GIRO transfers monthly Online banking via DBS IDEAL Access to DBS FX Online and corporate cards	Monthly fee: SGD 40, waived with SGD 10,000 average balance Outward telegraphic transfer: SGD 30 Branch transactions: SGD 20

Trustpilot score (DBS Bank): 1.5 (from 161 reviews)¹¹

Eligibility: Open to both Singapore-incorporated companies (with ACRA registration, directors’ NRIC or passport, and company constitution) and overseas-incorporated or foreign-owned companies. The latter may apply through a branch and are subject to additional documentation and review.

Best for: Established SMEs managing regular cross-border payments who want a trusted, local banking partner with multi-currency flexibility.

OCBC – Business Growth Account

OCBC’s Business Growth Account is designed for startups and SMEs in Singapore looking for a low-cost, digital-first business banking solution. It combines local and international banking features with simple online management through OCBC Velocity and the OCBC Business app.

Key features⁵

Fees⁵

80 free FAST and 80 free GIRO transactions per month Complimentary Multi-Currency Account (up to 13 currencies) Free Business Debit Card with up to 1% cashback on eligible spend Access to OCBC Velocity and OCBC Business app for online banking and insights FX services available via OCBC Velocity for international transfers at prevailing bank rates Digital tools like OneCollect for QR and PayNow collections

Monthly account fee: S$10, waived for the first 2 months Fall-below fee: S$15/month if balance < S$1,000 Initial deposit: S$1,000 Outward telegraphic transfers and foreign currency fees vary by currency

Trustpilot score (OCBC Bank): 2.0 out of 5 (from 14 reviews)

Eligibility: This is open to all registered Singapore businesses. To open an instant online account, Singapore Citizens or Permanent Residents must fully own the company and apply for its first OCBC business account. Businesses registered in other countries can apply for the Business Foreign Account.

Best for: Startups and small businesses that need affordable, digital banking with local and foreign currency support.

UOB – eBusiness Account

UOB’s eBusiness Account is aimed at startups and SMEs that want cost-efficient, digital banking for day-to-day local SGD transactions. It’s focused on making local payments easy (FAST, PayNow, GIRO), with rebates and waivers to help new businesses.

Key features⁵	Fees⁵
Rebates on outgoing FAST, PayNow, and GIRO transactions via UOB Infinity and SME App Free access to UOB Infinity online banking and the UOB SME App 100% rebate on bulk GIRO payroll transactions E-alerts, digital statements, and multi-user access FX and cross-border transfers are available via UOB Infinity at prevailing exchange rates Integrations with BizSmart tools for accounting and invoicing	Initial deposit: S$1,000 Monthly fall-below fee: S$15 (waived for first 12 months) Minimum average daily balance: S$5,000 Annual account fee: S$35 Cheque book fee: S$25 (effective April 2024) Early closure fee: S$50 if closed within 12 months

Trustpilot score: 1.5 out of 5.0 (of 134 reviews)¹³

Eligibility: The eBusiness Account is available to businesses incorporated in Singapore (sole-proprietor, partnership or private limited) with standard incorporation documents. Overseas‐incorporated companies may apply but will be subject to additional review and fees.

Best for: New or growing SMEs that mainly operate locally and want a reliable, low-maintenance digital business account.

CIMB – SME/SME-i Account

CIMB’s SME / SME-i Account is tailored for startups and small businesses that want low overhead and flexible, digital business banking in SGD, including a Shariah-compliant version (SME-i). It’s built to support frequent local transactions with minimal fees, especially in the first year.

Key features⁶	Fees⁶
No monthly fee for the first 12 months (new customers) Unlimited free local transfers (FAST, PayNow, GIRO, payroll) via BizChannel@CIMB Telegraphic transfers are free for 12 months via BizChannel, then ~S$15 flat (plus any agent fees) FX transfers available via BizChannel@CIMB; promotional TT fee waivers apply for the first 12 months No minimum balance or fall-below fees	Monthly fee: S$8/month after the first 12 months. Telegraphic transfer: ~S$15 via BizChannel after 12-month fee waiver. Cheque book: S$25 per book. Cheque processing: S$0.75 per SGD cheque/~USD1 per USD cheque. Early closure: S$50 if closed within 6 months.

Trustpilot Score: 3.5 out of 5.0 (of 2 reviews)¹⁴

Eligibility: Companies registered in Singapore can apply with standard incorporation documents. Overseas-incorporated companies must contact the bank for bespoke account opening and may not qualify for the standard online SME-i account process.

Best for: Small or young businesses that want minimal fees and strong digital/local transaction support. Especially good if you’re managing frequent local payments and wish to avoid fall-below penalties.

Wise Business Account

Wise’s Business Account is a digital, multi-currency platform that helps businesses handle cross-border payments. It allows companies to receive money internationally and manage expenses transparently, making it suitable for UK startups or SMEs that want to trade globally without being hit by hidden FX markups⁷.

Key features

Fees

Hold, send, receive, and convert in 40+ currencies at the mid-market exchange rate. Create and send professional invoices and payment links. Allows bulk/batch payments (up to 1,000 payments at once). Business debit card (physical & virtual) for you and team members, provides real-time spend controls⁷. Local account details in 8+ currencies (once you pay a one-time “unlock” fee) so you can receive funds like a local.

S$99 one-time to unlock local account details⁷. No monthly or annual maintenance fee⁷. From 0.26 % depending on currency pair & amount⁷. The first physical/virtual card is free; additional cards are S$4 one-time. Forging limits and replacing card fees are the same⁹. There are 2 free ATM withdrawals per month up to S$350. Beyond that, there is a fee of SGD 1.50 + 1.75% on excess⁹.

Trustpilot score: 4.4 out of 5.0 (of 272,394 reviews)¹⁵

Eligibility: Legally registered business (Pte Ltd, sole proprietorship, or partnership) in a country where Wise operates, including Singapore. Must provide business registration details (UEN), ID and address of directors/owners, business address, and proof of trading activity.

Best for: SMEs, startups, and e-commerce businesses managing regular international payments or multi-currency income. It suits remote service providers or UK companies expanding into Asia, seeking transparent FX rates and low-cost banking without needing credit or overdraft facilities.

Consider a non-banking alternative with Wise Business

If you’re a UK business looking to expand into Singapore, Wise Business is a modern alternative to traditional banks. Plus, it’s trusted by millions worldwide. Its high rating on platforms like Trustpilot (4.2 out of 5.0) speaks of this fact.

Unlike most banks, Wise focuses on keeping international payments fast, transparent, and low-cost. You can hold, send, and receive over 40+ currencies in one account, always converted at the real mid-market rate. There are no markups and no surprises at all.

You can open a Wise Business account in the UK and instantly get local account details in Singapore (SGD). This makes it easy to receive payments like locals and pay suppliers or freelancers without any hiccups.

Wise Business is usually a big step up compared to most major banks, making it a reliable, FX-friendly option for businesses that want to start trading in Singapore before setting up a full local presence.

How to choose the right bank account in Singapore

The best business bank accounts in Singapore depend on what your company needs the most. It could be flexibility, cost savings, or easy global reach. The checklist below may help you decide:

• Eligibility: Some banks require a local director.
• FX rates: Check for hidden markups.
• Fees: Compare monthly, transfer, and setup fees.
• Currencies: Go for multi-currency support if you deal overseas.
• Reputation: Trustpilot reviews say a lot.

Pick the one that fits your workflow, not just your location. The best choice saves you time, money, and FX headaches.

Grow your business in Singapore with Wise Business

When you compare business bank accounts in Singapore, you’ll see just how many great options are available, from traditional banks to flexible digital alternatives like Wise Business.

Opening a business account doesn’t only mean handling money matters. It also sets your business up for smooth growth and global opportunities. Look for an account that makes it easy to send, receive, and convert funds across borders without unnecessary fees.

With Wise Business, the setup can be pretty simple. Apply easily online from the UK with the required documents and you will be able to start trading in Singapore from the jump.

Register with Wise Business 💼

Sources:

1. DBS Business Multi-Currency Account
2. DBS Business Account Pricing
3. OCBC Business Growth Account
4. OCBC Business Pricing Guide
5. UOB eBusiness Account
6. CIMB SME Account
7. Wise Business Pricing
8. Wise Business Receive Account Details Pricing
9. Wise Business Card Fees
10. DBS Deposit Account and Transaction Fees
11. DBS Bank Trustpilot Reviews
12. OCBC Bank Trustpilot Reviews
13. UOB Bank Trustpilot Reviews
14. CIMB Bank Trustpilot Reviews
15. Wise Trustpilot Reviews

Sources checked on: 16/10/2025