Citibank Business Account Singapore: Guide to Fees and Features

If you’re running a company — or about to set one up — you need a simple, low-cost way to manage money across currencies. Singapore offers plenty of options, from established banks to newer fintech providers. This guide focuses on Citibank corporate banking in Singapore and what to expect if you want a business account, so you can compare what’s on offer and decide what fits your workflow.

Citibank’s been in Singapore for 100+ years. Today, corporate solutions are delivered mainly through Citi Commercial Bank for mid-market firms and Citi’s institutional franchise. We’ll explain how those segments work in practice, where legacy product names still show up, and what you can check publicly on fees and features.

In this article, you’ll find a quick tour of Citibank corporate banking account offerings, the current fee picture, how to open a Citibank business account, and an overview of Citi corporate cards. We’ll also compare a modern alternative — the Wise Business account — to help you manage, receive, and send multiple currencies from one place.

Table of contents
Citibank business account offerings in Singapore Citi Commercial Bank — for mid-market companies International Personal Bank (IPB) — business transaction accounts What are the Citibank corporate banking fees in Singapore? The process of opening a Citibank business account in Singapore Citibank corporate card Wise Business: The smart way to save on international payments

Citibank business account offerings in Singapore

If you’re exploring Citibank corporate banking in Singapore today, there are 2 main routes to follow.

Citi Commercial Bank — for mid-market companies

Citi Commercial Bank offers SGD and multi-currency business accounts with cash management, FX, and trade in CitiDirect¹. If you’re growing across borders and need clear permissions and approvals, start here. Your Citi team sets product names and pricing during onboarding.

Here’s what you can open:

• Operating SGD and multi-currency accounts — manage everything in CitiDirect
• Set up payments, receivables, and foreign exchange to match your team and volumes¹

International Personal Bank (IPB) — business transaction accounts

For selected business profiles, including some international structures and non-profits, IPB Singapore offers business-labeled transaction accounts with published minimums:

• SGD checking account — minimum initial deposit 30,000 SGD
• USD checking account — minimum initial deposit 20,000 USD
• Foreign currency checking accounts (AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, ZAR) — minimum initial deposit 20,000 USD or equivalent
• USD interest checking account — minimum balance to earn interest 20,000 USD
• MaxiSave — SGD interest checking — 100,000 SGD minimum, available to nonprofit organizations only

IPB charges 50 USD per month if your total balance is under 200,000 USD. Citi assesses eligibility and suitability².

Quick note: Citi’s legacy “CitiBusiness” SME accounts stopped accepting new customers in August 2021. If you see those names online, treat them as legacy references rather than open offers⁷ ⁸.

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What are the Citibank corporate banking fees in Singapore?

Before you decide whether a Citibank corporate banking account will work best for your business, check the full range of charges. The table below highlights the most important fees, and you can find the complete listings online.

In Citi Commercial Bank, you and your relationship manager set pricing during signup. For business-labeled transaction accounts offered via IPB Singapore, Citi publishes clear minimums and a monthly service fee.

Citi Commercial Bank fees (corporate relationship accounts)

These accounts are used by mid-market companies with cross-border needs.

Service	How it’s priced	What to expect	Where to confirm
Minimum opening balance/deposits	Relationship-based	Agreed per package and usage	Citi Commercial Bank overview: speak to the relationship manager.
Monthly account service fee	Relationship-based	Waivers or tiers may apply with higher volumes and balances	Citi Commercial Bank overview: speak to the relationship manager.
Cross-border payments (TT)	Relationship-based	Transfers may include commission, cable, and third-party fees	Confirm during onboarding; retail guide — for reference only — shows 1/8% commission. 20-200 in account currency plus cable fees³

*Details are accurate as of 9 November 2025

IPB Singapore fees (business transaction accounts)

For selected profiles, IPB offers business-labeled checking options with published minimum deposits and a transparent monthly fee if your total relationship balance (TRB) is below the threshold.

Account	Minimum initial deposit	Monthly service fee	Selected transfer fees
SGD checking	30,000 SGD	50 USD per month if TRB is below 200,000 USD	Outward TT: 1/8% commission, min 20 SGD + postage/cable where applicable
USD checking	20,000 USD	50 USD per month if TRB is below 200,000 USD	Same as above
Other foreign currency checking — AED, AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, NZD, SEK, ZAR	20,000 USD or equivalent	50 USD per month if TRB is below 200,000 USD	Same as above
USD interest checking — min balance to earn interest	20,000 USD current posted interest 0% p.a.	50 USD per month if TRB is below 200,000 USD	*Information unavailable
MaxiSave — SGD interest checking; non-profits only	100,000 SGD	50 USD per month if TRB is below 200,000 USD	*Information unavailable

*Details are accurate as of 9 November 2025

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The process of opening a Citibank business account in Singapore

Opening a Citibank corporate banking account depends on which track you fit:

Citi Commercial Bank: For operating companies with regional growth, treasury needs, and higher volumes. Pricing and product names are agreed during onboarding; you’ll use CitiDirect for cash management and approvals.

IPB Singapore: For specific business profiles, with published minimum deposits. Minimum deposits include 30,000 SGD for SGD checking and 20,000 USD, or the equivalent, for USD and other foreign currency checking. A 50 USD per month service fee applies if your total relationship balance is below 200,000 USD.

Make the first contact

You can call the commercial bank hotline to be routed to the right team⁴ or request contact via Citi’s Singapore site and indicate you’re enquiring about Citibank corporate banking in Singapore.

Complete eligibility and KYC checks

Standard KYC applies. Expect questions on ownership, business model, counterparties, and expected flows. Citi operates a unified global KYC program⁵ across its corporate businesses.

You’ll usually be asked for:

• ACRA business profile and constitution
• Board resolution and authorised signatory list
• Directors’ and ultimate beneficial owners’ IDs and proof of address
• Ownership chart and source-of-funds details
• Sector and geography coverage, with expected monthly activity

Submit your application and documents digitally.

Citi has digitized parts of the corporate account opening journey — including electronic KYC forms and e-signatures — to reduce re-keying and speed up processing. Your relationship team will confirm what’s done online vs in person.

Account approval, funding, and setup processes differ

For CCB: Once approved, you’ll receive account details and CitiDirect access. Set user entitlements, approval levels, and security tokens before you go live with payments.

For IPB: Fund the minimum initial deposit for your chosen currency account and confirm whether the 50 USD monthly service fee applies based on your relationship balance.

Lastly, you must discuss corporate cards, foreign currency setups, and connectivity during onboarding so limits and controls are ready on day one. With the account live, cards are usually next on the setup list.

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Citibank corporate card

Citi offers several commercial card options in Singapore to help you control spending and simplify expense reporting. The main products are Citi Corporate Card, Citi Business Card, Citi Purchasing Card, and Citi Travel Account⁶. Features vary by product, but you can expect the following across the range: up to 55 days of interest-free credit, expense data feeds, and complimentary insurance benefits.

We’ll highlight what most teams look for first:

• Cash-flow support: Up to 55 days interest-free to bridge supplier and invoicing cycles — product-specific
• Travel accident insurance: Complimentary cover up to 1,000,000 SGD per card member; Citi states current coverage ends 31 March 2026 — check the latest notice before you book
• Corporate liability waiver insurance: Protection against employee misuse — up to 25,000 USD per cardmember and 1,650,000 USD per company — limits depend on product
• Rewards and reporting: ThankYou Points on the Business Card or cash back on the Purchasing Card, plus program-level statements and data exports to your expense tools

If you already bank with Citi, your relationship team can set you up. Otherwise, start from Citi’s Commercial Cards page to choose the product and request contact.

Want a quick rundown of fees and perks before you decide?

➡️Check out our review of the Citi Corporate Card for a side-by-side comparison of features, and where costs may apply.

💡When you’re choosing a business account, you’ll want to compare a range of options to make sure you’re getting the best deal for your needs. It’s smart to look at the accounts on offer from large traditional business banks like Citibank, alongside modern non-bank alternatives, which can often come with convenient business-friendly perks and low fees. ➡️Check out our guide to the best corporate banking and non-bank alternative options in Singapore

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Wise Business: The smart way to save on international payments

Need to pay or get paid in foreign currencies? Wise Business could be a better alternative business account as you can hold, send, receive, and exchange 40++ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

• Hold and manage 40++ currencies for all your international transactions.
• Pay your bills and overseas suppliers using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today!

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Sources

1. CitiDirect — Homepage
2. IPB —- pricing guide
3. Citibank Singapore — global consumer banking pricing guide
4. Citibank Commercial Bank — hotline
5. Citi’s KYC Program
6. Citi Commercial Cards
7. Retail Banker International - Citi Singapore Shuts Down Small Business Banking Service
8. Business Times - Citi Singapore Shut Consumer Unit Serving Small Businesses

Sources checked on 9 November 2025