What's The Best Bank Account For A Singapore-based Sole Proprietorship?

Owned and operated by only one person, a sole proprietorship is considered Singapore's “simplest” business structure. While it’s not legally required in Singapore, sole proprietors should still maintain a separate business bank account to reap many short- and long-term financial benefits (more specifics to follow in a bit).

This article reviews some of the best business bank account options available for Singapore-based sole proprietorships to help you choose one that is best suited to your needs. We’ll also touch on some non-bank providers, including Wise Business, as an alternative way for sole proprietorships and growing small and midsize enterprises (SMEs) here to manage international payments efficiently.

Table of contents

Benefits of maintaining a separate business account for your sole proprietorship Business account options for Singapore-based sole proprietorships Aspire Business Account OCBC Business Growth Account Wise Business DBS Business Multi-Currency Account (Starter Bundle) Maybank FlexiBiz Account Airwallex UOB eBusiness Account GXS Biz Account What to look for in a business account for sole proprietorships

Benefits of maintaining a separate business account for your sole proprietorship

There are 4 main business entity types in Singapore¹：

1. Sole proprietorship
2. Limited Partnership (LP)
3. Limited Liability Partnership (LLP)
4. Private Limited Company (Pte Ltd)

➡️ Learn more about Singapore's different business entity types ⬅️

While it’s not legally required for Singapore-based sole proprietorships to maintain separate business bank accounts, doing so still presents a few benefits for your business, including:

• Financial clarity: It’s easier to track your business income and expenses.
• Easier auditing and tax filing: Providing accurate financial records during audits or when filing taxes becomes easier and more time-efficient.
• Professionalism: Presenting business bank account details to customers enhances your company’s image and credibility.
• Access to business loans: An existing business banking relationship could make securing business loans or lines of credit easier and quicker.

Did you know that Wise offers both personal and business accounts?
➡️ Learn more about the differences between the Wise Personal and Business accounts here

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Business account options for Singapore-based sole proprietorships

Here’s an overview of the accounts we’ll review — there’s more detail coming up later on each.

Business account	Minimum balance	Monthly account fees	Currencies supported	Payment options	Digital banking features
Aspire Business Account²	No minimum balance	No monthly account fee	30+ currencies supported	Free local transfers; International payments from 8 USD; Conversion fees from 0.4% apply to forex transfers	Fully digital provider
OCBC Business Growth Account³	1,000 SGD	10 SGD (waived for first 2 months)	SGD	80 free FAST and 80 free GIRO per month; 30 SGD flat fee for telegraphic transfers	OCBC Velocity digital banking service available
Wise Business⁴	No minimum balance	No monthly account fee; One-time 99 SGD fee for full account services	40+ currencies supported	Free local transfers; Conversion fees from 0.26% apply for forex transfers	Fully digital provider; Set up in minutes
DBS Business Multi-Currency Account (Starter Bundle) ⁵	No minimum balance	10 SGD	13 currencies supported	Unlimited free FAST and GIRO for payments made via DBS IDEAL; 30 SGD flat-fee for outward telegraphic transfers	DBS IDEAL online and mobile banking services available
Maybank FlexiBiz Account⁶	1,000 SGD	No monthly account fee	SGD	0.5 SGD FAST payments; 0.2 SGD GIRO payments; Variable fees for outward telegraphic transfers	Business Internet banking (BIB) service available
Airwallex⁷	No minimum balance	No monthly fees	20+ currencies supported	Payments using local transfer methods are free; SWIFT payments are 20-35 SGD Conversion fees from 0.4% apply to forex transfers	Fully digital provider
UOB eBusiness Account⁸	5,000 SGD	2.92 SGD (35 SGD annual account fee)	SGD	Up to 60 free FAST and 60 free GIRO payments per month	UOB Infinity or UOB SME digital banking service available
GXS Biz Account⁹	No minimum balance	No monthly account fee	Information not available online — contact GXS for more information	Free local FAST and PayNow transfers; No hidden fees for international transfers	Fully digital provider

*Details accurate as of 20 February 2025

**Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information

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Aspire Business Account

The Aspire Business Account² has no minimum balance and no monthly fee, making this a popular choice for new businesses looking to avoid ongoing costs.

Local transfers are free.

It supports 30+ currencies, with international payments from US$8 and forex conversion fees from 0.4% — a potentially good pick if you have overseas customers, contractors, and/or suppliers (e.g., retail business that sources goods from overseas).

➡️ Check out our Aspire Business Account Review here

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OCBC Business Growth Account

The OCBC Business Growth Account³ has a relatively low minimum deposit requirement of S$1,000 (a S$15 fall-below fee applies if your monthly average balance is lower than this). It charges an account fee of S$10 monthly, which is waived for the first 2 months.

The account operates in SGD only, and the first 80 FAST payments and the first 80 GIRO payments monthly are free; the 81st FAST payment onwards is charged at S$0.50 per transaction, while the 81st GIRO payment onwards is charged at S$0.20 per transaction¹⁰.

The OCBC Aspire Business Account may make sense if your sole proprietorship only transacts locally and in relatively small volumes (e.g., home-based bakery).

➡️ Check out our review of the different business accounts OCBC offers

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Wise Business

Illustration of Wise Business products

Wise Business⁴ is a fully digital provider offering international accounts that can hold and exchange 40+ currencies.

You can open your Wise Business account online or in the Wise app for free and pay a one-time fee of 99 SGD to get full feature access, including making fast and secure international payments with conversion fees from 0.26%.

🚀 This can make choosing Wise Business a no-brainer if your sole proprietorship handles large and/or frequent cross-border payments (e.g., you’re a service provider, like a digital marketing agency, with a global client base). Best of all, there is no minimum balance or ongoing charges to worry about — just low, transparent fees for the services you use.

Learn more about Wise Business

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DBS Business Multi-Currency Account (Starter Bundle)

The DBS Business Multi-Currency Account⁵ supports 13 currencies and can be opened as a starter bundle if your sole proprietorship has been incorporated in the last 3 years.

With the starter bundle, you’ll pay a reduced monthly account fee of S$10 and no service fee. There is also no minimum balance.

📝 While local payments made through FAST and GIRO are free, a 30 SGD flat fee applies for every telegraphic transfer, which means that this bank account will probably only make sense if your Singapore-based sole proprietorship only transacts locally (or handles very few international payments). An example is if you’re a freelance tutor.

➡️ Read more about the DBS Business Muti-Currency Account here

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Maybank FlexiBiz Account

Maybank’s Flexibiz Account⁶ has a minimum balance requirement of S$1,000 (a S$10 fall-below fee applies if your daily average balance falls below this). The account has no monthly fee and charges low fixed fees for local payments using FAST and GIRO, with variable fees for international transfers, depending on where you’re sending money.

As Maybank is a Malaysian bank, sending payments to Malaysia generally can be cheaper than transferring funds to another country. This means the Maybank Flexibiz Account could be a good choice if you mainly transact locally and in Malaysia (e.g., if you’re a home-based bakery that sources your ingredients and packaging materials from Malaysia).

➡️ Here’s everything you need to know about Maybank Singapore business banking products

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Airwallex

The Airwallex⁷ business account supports 20+ currencies with no minimum balance or monthly fee. It offers free local transfers, but processing international payments using SWIFT will cost S$20-35 per transaction¹¹. Conversion fees from 0.4% also apply to forex transfers.

Like the Aspire Business Account, this business account is worth considering if you have overseas customers, contractors, and/or suppliers (e.g., you run a retail store and ship your products internationally).

➡️ Check out our full review of the Airwallex business account

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UOB eBusiness Account

Of all the business bank accounts covered in this article, UOB’s eBusiness Account⁸ has the highest minimum balance requirement of S$5,000 with a fall-below charge of S$15 (waived for account opening month and subsequent 11 months).

• The account charges an annual account fee of S$35.
• It operates in SGD only, offering up to 60 free FAST and 60 free GIRO monthly — the 61st FAST payment onwards is charged at S$0.50 per transaction, while the 61st GIRO payment onwards is charged at S$0.20 per transaction.

📝 The UOB eBusiness Account can be a good pick if you only transact locally and are confident of maintaining a monthly balance of S$5,000.

➡️ Learn more about the many other UOB business bank accounts on offer here

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GXS Biz Account

The GXS Biz Account⁹ is a simple current business account aimed at sole proprietors.

• There are no fall below, domestic transfer, or annual fees.
• However, if you send payments in anything other than Singapore dollars, GXS will use its own foreign exchange rate to convert your transfer. You may not know exactly how much this will cost, and it’s likely to include a markup on the standard mid-market exchange rate.
• If GXS incurs any additional costs for your conversion, you’ll also be responsible for paying those fees to the provider.

Such unpredictable foreign transaction costs make the GXS Biz Account worth considering only if your business primarily transacts locally (e.g., you run a home-based craft business).

➡️ Check out our review of the GXS Biz Account here

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What to look for in a business account for sole proprietorships

As a sole proprietorship in Singapore, you may have limited access to capital and face tight cash flow; so, when choosing a business account, here are a few things you should keep in mind:

• Minimum balance: If your business has low starting capital, choose an account that does not require a high monthly minimum balance.
• Account fees: Low account fees reduce the cost of maintaining your business account, allowing you to “re-direct” the capital to other important areas (e.g., product R&D).
• Currencies supported: Choose a business account that aligns with your local and foreign transaction patterns.

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Conclusion

You can choose from many business account options (both bank and non-bank ones) as a sole proprietorship in Singapore.

When deciding between accounts, it’s essential to consider not only your limitations as a sole proprietorship but also

• Where your company is going and
• How the account can support that growth.

💡 Wise Business has several aspects that make it ideal for businesses just starting out — like your sole proprietorship — as well as those who’ve established their business model and are looking at growth now:

Thrive and Grow with Wise Business
🚀 Always Get the Mid-Market Rate No more hidden markup fees or foreign transaction fees - We give you the exact mid-market exchange rate + a transparent, low conversion fee.	🌍 Global Multi-Currency Account that Feels Local Send money to over 70 countries and manage multiple currencies without breaking a sweat. Get account details to receive payments in GBP, EUR, AUD and more currencies just like a local
💸 Pay Once, Unlock Forever Forget about monthly charges or annual fees. With Wise Business, you can unlock the full suite of features for a one-time fee of 99 SGD	💼 Batch Payments Brilliance Too many invoices? Power through up to 1,000 invoices in just one click with our Batch Payments Tool
💳 Command Your Cash Flow with Wise Business Cards Give your team their own corporate debit cards to keep expenses clean and easy to monitor. Need more control? Approve payments, set spending limits, and freeze your card if you've lost it.	📄 Free Invoicing Tool Level up your invoicing game with our free tool. Create and send professional invoices that not only get noticed but get paid.

Get Started with Wise Business

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Sources:

1. Comparisons of business entities
2. Aspire Business Account
3. OCBC Business Growth Account
4. Wise Business
5. DBS Business Multi-Currency Account
6. Maybank FlexiBiz Account
7. Airwallex
8. UOB eBusiness Account
9. GXS Biz Account
10. OCBC Business Banking Pricing Guide
11. Airwallex pricing

Sources checked on 20th February 2025