OCBC Business Banking [2025]: Review of Corporate Accounts for SMEs in Singapore

If you have a business entity here in Singapore — or if you’re a Singapore resident with a foreign incorporated business, you might be interested in OCBC business banking¹. There’s a full suite of OCBC business account options available, including SGD and foreign currency accounts, depending on your needs and entity type.

This article covers all you need to know about OCBC corporate account products. We’ll also look at a non-bank alternative for comparison. The Wise Business account is a flexible multi-currency account that supports 40+ currencies and offers low-cost international payments at mid-market rates with low, transparent conversion fees.

Table of contents
Overview of OCBC Business Banking Singapore dollar accounts OCBC multi-currency business accounts: comparison Wise Business: A non-bank alternative for international companies OCBC Business Account fees and rates What should you look out for when choosing a startup business bank account? OCBC Business Account opening process

Overview of OCBC Business Banking Singapore dollar accounts

OCBC has a full range of business banking options, including ways to manage your money in Singapore dollars and foreign currencies, ways to save, credit cards, and more. As a starting point, let's explore some of the popular OCBC SGD accounts for business.

OCBC Business Growth Account

The OCBC Business Growth Account² charges no monthly fee for the first 2 months. There’s then a SGD10 monthly charge, but no fall-below fee to pay as long as you maintain a balance of SGD1,000 or more. The account includes 80 free FAST and 80 free GIRO transfers per month. After that, FAST transfers are charged at SGD0.50 each, and GIRO transactions at SGD0.20 each³. You can open an account as long as your business is registered in Singapore, and if your business is owned by one or two Singapore citizens or PRs, you may even be able to get everything organised and your account opened digitally.

• 80 free FAST and 80 free GIRO payments per month
• Up to 1% cash back on spending with a linked card
• Get a free multi-currency account alongside this account
• SGD10 monthly fee, SGD15 fall below fee
• Online opening for eligible Singapore and PR owned business entities (subject to approval)

Business Entrepreneur Account Plus

The OCBC Business Entrepreneur Account Plus⁴ doesn’t have a fixed monthly fee, but you’ll need to keep a balance of at least SGD30,000 to avoid fall-below charges. There’s a SGD50 fall-below fee if your balance slips under this amount. You’ll also need a SGD30,000 initial deposit to get started. With this account, you’ll get access to OCBC’s full suite of digital banking tools to help you manage cash flow and track performance, alongside the option to apply for services like cards, loans, and overdrafts. Fees apply for these extras.

• No monthly account fee
• Business digital tools to monitor performance and cash flow
• SGD30,000 minimum initial deposit; fall-below fee of SGD50/month if balance is not maintained
• Available to all Singapore-registered businesses

OCBC multi-currency business accounts: comparison

If you have a business which trades internationally, or if you’re planning to grow your business across borders in future, the OCBC Multi-Currency Business Account⁵ may appeal. This account lets you hold a balance in a range of global currencies and access flexible online and mobile banking services. We’ll dive into the details of this account in just a moment — but first, a comparison to help you decide if the OCBC Multi-Currency Business Account is right for you.

Let’s look at the key costs and features of the OCBC Multi-Currency Business Account, DBS Business Multi-Currency Account⁶, and a non-bank alternative — Wise Business — side by side.

	OCBC Multi-Currency Business Account⁵	DBS Business Multi-Currency Account⁷	Wise Business⁸
Eligibility	Businesses registered in Singapore (local or foreign-incorporated)	Singapore-registered businesses	Can be opened by Singapore residents, and people resident in many other countries Available for registered businesses and freelancers
Account opening fee	No fee	No clear one-time opening fee specified; rather annual fees apply (SGD50/year)	S$ 99 one-time fee opening fee
Minimum opening deposit	None required	None required	None required
Fall-below fee	None	None	None
Maintenance fee	SGD10/month unless paired with OCBC Business Growth Account (then waived)	SGD40/month (waived if average daily balance above SGD10,000)	None
Supported currencies for holding and exchange	13 currencies supported	13 currencies supported	40+ currencies supported for holding and exchanging Local bank details provided for up to 8+ currencies
International transfers	Via OCBC Velocity, Business App, Host-to-Host, or API³: From Singapore Dollar account – flat SGD30; from foreign currency account without foreign exchange – 1/8% commission (minimum SGD10, maximum SGD120) Via branch or manual instruction³: From Singapore Dollar account – 1/8% commission (minimum SGD10, maximum SGD100) plus SGD40; from foreign currency account without foreign exchange – 1/8% commission (minimum SGD10, maximum SGD120); from foreign currency account with foreign exchange – 1/8% commission (minimum SGD25, maximum SGD120)	DBS IDEAL (Electronic Banking): SGD30 preferential flat rate per outward Telegraphic Transfer DBS Branches or Manual instructions: Commission: 1/8% (minimum SGD10, max SGD120) In lieu of exchange (not involving Foreign Exchange: 1/8% (minimum SGD10, maximum SGD120) Cable Charges: SGD35	From 0.26%
Closure fee	No fee	SGD50 (<6 months from date of opening)	No fee

Details correct at time of writing — 02 Sep 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

OCBC Multi-Currency Business account

The OCBC Multi-Currency Business Account⁵ allows you to receive, hold and send 13 major currencies. There’s no minimum balance or fall below fee, but you’ll pay a SGD10 monthly charge unless you also hold an OCBC SGD business account. However, if you do, there are no fixed monthly costs for this account making it an interesting option if you need to hold a selection of currencies and want to stick with an account from a major bank.

• Supports 13 currencies
• Get a linked corporate card if you want one
• No opening deposit requirement and no fall below fee — a SGD10/month fee applies if you don’t also hold an eligible SGD business account with OCBC
• Cost effective ways to send and receive international payments

💡Looking for an alternative business account that helps you save on international transactions? See how Axpara saved more than SGD50K in annual costs and scaled to new markets with Wise Business. ➡️Read Axpara's full case study here.

Renminbi Business Account

OCBC has a Renminbi Business Account⁹ which can be opened in CNY (onshore renminbi) if you have a business actively trading in China, or in CNH (offshore renminbi) if not. You’ll get the online and mobile banking perks from OCBC that you would with any other business account, but this also lets you maximise your trade opportunity and efficiency in renminbi. That makes it a good account option for businesses which need to manage currency risk and exposure across SGD and CNY or CNH.

• Reduce currency exchange risk and cost if you actively trade with China
• Both CNY and CNH account options, depending on whether your business actively trades in China or not
• No minimum deposit and no monthly fee to pay
• Eligibility requirements apply

Business Foreign Account

OCBC’s Business Foreign Account¹⁰ is tailored for companies incorporated outside Singapore. It is offered in two variants: SGD Checking Account and Multi-Currency Business Account (supporting additional currencies). There is a one-time account set-up fee of USD1,200. Monthly fees vary: SGD50 for the SGD Checking Account or USD50 for the Multi-Currency Account, and these fees are waived for the first two months.

• Offered for all businesses incorporated outside of Singapore
• Available in SGD and various other currencies
• USD2,000 initial set up fee, monthly charge of SGD50 for the SGD Checking Account or USD50 for the Multi-Currency Account (waived for the first 2 months)

Wise Business: A non-bank alternative for international companies

💡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 foreign currency bills and ad-hoc business travel expenses 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

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

---

OCBC Velocity

OCBC Velocity¹¹ is OCBC’s flagship digital banking platform for business customers, designed to go beyond conventional internet banking:

• Manage multiple accounts and transactions from one centralized dashboard (both local and international transfers are supported)
• Forecast cash flow and monitor income and expenses, enabling better financial planning and control
• Access trade finance services online, with options to submit applications, track statuses, and upload documents digitally
• Secure your activity with continuous anti‑fraud protection, and access learning resources like video guides and webinars
• Available in English and Mandarin, it integrates smoothly with the OCBC Business App for mobile access via biometric login, instant alerts, QR code payments, and business updates on the go

OCBC business account fees and rates

Each OCBC business account has its own fees, which are detailed in the account terms and conditions and can be viewed before you open an account. To build a picture of what to look out for let’s look at the costs associated with the OCBC multi-currency business account in a little more detail:

Service	OCBC Multi-Currency Account fee³
Account opening fee	No fee
Monthly fee	SGD10 per month, waived if your company has an OCBC SGD account
Outward MEPS payments	SGD20
Inward international transfers	SGD10
International transfers	Online (via Velocity, app, host-to-host or API): • From SGD account: SGD30 flat fee • From foreign currency account (no FX): 1/8% commission (min SGD10, max SGD120) + agent fees + cable charge (SGD20) From branch/manual: • From SGD account: 1/8% commission (min SGD10, max SGD100) + agent fee + SGD20 cable • From foreign currency account without FX: 1/8% commission (min SGD10, max SGD120) + agent fee + cable • From foreign currency account with FX: 1/8% commission in lieu (min SGD25, max SGD120) + agent fee + cable
Overdraft fee	AUD : Minimum AUD10 or AUD Prime Rate + 4% p.a. CAD : Minimum CAD8 + CAD Prime Rate + 4% p.a. CHF : Minimum CHF8 or CHF Prime Rate + 4% p.a. DKK : Minimum DKK42 or DKK Prime Rate + 4% p.a. EUR : Minimum EUR6 or EUR Prime Rate + 4% p.a. GBP : Minimum GBP4 + GBP Prime Rate + 4% p.a. HKD : Minimum HKD40 or HKD Prime Rate + 4% p.a. JPY : Minimum JPY750 + JPY Prime Rate + 4% p.a. NZD : Minimum NZD12 or NZD Prime Rate + 4% p.a. NOK : Minimum NOK45 or NOK Prime Rate + 4% p.a. SEK : Minimum SEK53 or SEK Prime Rate + 4% p.a. USD : Minimum USD10 or USD Prime Rate + 4% p.a.
Closure fee	No fee

Details correct at time of writing — 02 Sep 2025

What should you look out for when choosing a startup business bank account?

Starting a business is exciting, but the wrong corporate account can eat into your cash and slow you down. Choosing the right OCBC corporate account from the start helps you keep costs low, manage cash flow with ease, and focus on growing your business.

Here’s what to look out for¹²:

• Initial minimum deposit: Startup-friendly accounts typically require modest initial deposits ranging from about SGD500 to SGD30,000. OCBC’s Business Growth Account stands out with a relatively low deposit requirement of just SGD1,000, making it accessible even for businesses with limited capital.
• Waivable account fees: Keep an eye out for accounts where the account fees can be waived. OCBC’s Business Growth Account offers a SGD10 monthly fee, which is waived for the first two months, a helpful relief as you invest in other areas of your business.
• Minimum average monthly balance: Avoid hidden fees by selecting accounts with manageable balance requirements. The Business Growth Account only asks for a monthly average balance of SGD1,000, a level many startups can maintain comfortably.
• Value-added banking tools: Consider the digital tools that come with your account, such as cash flow analytics or transaction dashboards. OCBC’s Velocity platform. For example, offers at-a-glance summaries of inflows and outflows across multiple accounts.
• Instant digital account opening: Convenience matters. OCBC enables online account opening via Singpass, with approval granted instantly. You’ll receive your account number on the spot and can begin transacting immediately — no delays, no paperwork.
• Support beyond banking: Some business banking packages include wider SME ecosystem support. OCBC offers partnerships in areas like HR, cybersecurity, and digital marketing through its SME Go Digital initiative, as well as integrations with tools like Xero for accounting.

---

OCBC business account opening process

Each of the different OCBC business banking account products has a slightly different process for opening. The type of company you run might also change the documents and evidence you must present to get your account up and running.

Eligible customers will be able to open the Business Growth Account and Business Entrepreneur Account online instantly, and without needing to provide any extra paperwork. You’ll just need to log in using your existing OCBC personal banking details, or if you log into MyInfo via SingPass.

If you’re eligible for online account opening, here are the steps you’ll need to take:

1. Navigate to the account you want, on the OCBC desktop site
2. Tap Apply now
3. Apply by prepopulating your information with Singpass
4. Follow the prompts to enter your company name, UEN and other details
5. Upload your signature

If all goes well, your account will be instantly verified and you’ll get your account number on the spot.

Other account types will need you to collect some paperwork and visit your local branch. It’s a smart idea to call OCBC in advance to make sure you have everything you need. That’s because the documents and signatures required vary based on the business type you have.

The things you may be asked for can include:

• Account application form
• Certified true copies of either the NRIC or passport of all owners, partners or other relevant parties
• Minimum deposit amount
• Board resolution
• Certified copy of Memorandum and Articles of Association

---

Summary: is OCBC great for business banking?

OCBC is a huge banking brand in Singapore and beyond. It’s no surprise that they offer everything you might need to manage your business finances - whether you’re a startup, a scale up or an enterprise level customer. This guide covers the most important points about the key OCBC business banking account options - but you’ll need to also do a bit of your own research to make sure the account you’re interested in is best for you and your business.

Use the information covered here as a starting point, and remember to compare the account options, features and fees from OCBC against alternatives from major Singapore banks, and non-bank options like Wise Business. If you’re looking for a flexible and low cost account option that lets you conveniently hold, convert, send, spend and receive a good selection of major foreign currencies, Wise may have everything you need, with no need to leave home to apply.

➡️Get started with Wise Business today

---

Sources:

1. OCBC business banking
2. OCBC Business Growth Account
3. OCBC banking pricing guide
4. Business Entrepreneur Account Plus
5. OCBC Multi-Currency Business Account
6. DBS Business Multi-Currency Account
7. DBS Business fees
8. Wise Business pricing
9. OCBC Renminbi Business Account
10. OCBC Business Foreign Account
11. OCBC digital business banking
12. OCBC guide to opening a startup business bank account

Sources checked on: 02 Sep 2025