Setting up a bank account is a must for businesses in Singapore, as required by the Accounting and Corporate Regulatory Authority (ACRA). With over 200 banks in Singapore, choosing the right one for your business can be confusing. We’ve ranked the top banks for entrepreneurs and founders, with a standout solution: ASPIRE.
Which bank is the best in 2024?
When it comes to choosing the best bank, each has its pros and cons, offering different benefits. DBS has a straightforward account setup but limited options and monthly fees. UOB, despite its complex setup and high fees, stands out as one of Asia’s largest banks, making it a global consideration.
OCBC provides a diverse range of business accounts, with low initial deposits, although there’s an annual fee for growth accounts. It’s a solid choice for established companies with a minimum balance of $30,000, as they enjoy fee-free banking.
Maybank, with low initial deposits and a no-fee account, especially their FlexiBiz Account, is recommended for startup entrepreneurs.
Wise allows your company to handle multiple currencies, making it suitable for those dealing with payments or working in currencies other than SGD.
However, our recent findings and community feedback highlight ASPIRE as the BEST CORPORATE BANK in Singapore. It’s 100% digital, allowing you to open an account online in just 3 hours, making it the go-to solution for international entrepreneurs. ASPIRE also offers a great range of online credit.
Comparing each bank: DBS, Maybank, OCBC, UOB, Wise and the leader for new companies ASPIRE
DBS
Let’s begin with DBS, also known as The Development Bank of Singapore. While its main base is in Singapore, DBS has expanded with branches in China, South East Asia, and South Asia. Currently, DBS stands as the largest bank in Southeast Asia, boasting over 100 branches.
A standout feature with DBS is its swift setup process. DBS claims that opening a bank account takes just 5 minutes. Below, you’ll find a table detailing the business accounts offered by DBS, and reviews for DBS can be accessed here..
Examining the table, you’ll notice the initial deposits for DBS accounts, along with monthly and maintenance fees. For sole proprietors, setting up a digital banking account is particularly convenient. Simply link the account to your DBS personal account and provide your ACRA Business Registration Number. It’s truly that simple.
Maybank
Next up we have Maybank, one of Southeast Asia’s largest banks. They provide many services, such as investment banking, corporate banking, insurance, consumer banking, and stock broking, to name a few.
If you are looking to start a business account with them, there are four main options listed under the commercial banking section on their site.
- FlexiBiz Account – manage your business’ financial needs while incurring interest
- PremierBiz Account – also incurs interest and while you can conveniently check your funds plus up to .318% interest on your account
- Conveyancing Account – non-interest bearing account for law firms in Singapore.
- Foreign Currency Account – payments in your own foreign currency. Deposit or withdraw in local or foreign currency
You can read reviews for Maybank here.
It’s worth highlighting that they maintain a low minimum initial deposit requirement of $1,000. Furthermore, the FlexiBiz Account doesn’t incur any monthly fees, making it the preferred choice for many entrepreneurs, especially those navigating budget constraints.
OCBC
OCBC, short for Oversea-Chinese Banking Corporation, emerged from the merger of three local banks in Singapore and currently boasts the largest insurance holdings in the country through Great Eastern Holdings.
Like the other banks on our list, OCBC offers a diverse range of services encompassing corporate accounts, loans, consumer accounts, online banking, and more. They tailor their business accounts to suit various business stages. The Business Growth Account caters to new businesses, the Business Entrepreneur Account serves growing businesses with increased transaction needs, and the Business Entrepreneur Account Plus targets established businesses.
You can read reviews for OCBC Bank here.
Notably, only the Business Entrepreneur Account Plus doesn’t impose a monthly fee (unless the account balance falls below the hefty requirement of $30,000). While the other accounts tailored for smaller businesses have annual fees, the Business Entrepreneur Account stands out by offering numerous free transactions, a feature not commonly found in many other accounts.
UOB
Moving on to UOB, an abbreviation for United Overseas Bank, a prominent bank in Asia. With a robust presence spanning China, Singapore, Malaysia, Indonesia, and Thailand, UOB continues to strive for further regional expansion in Asia.
UOB’s Commercial Banking Accounts are categorized into three groups, each offering an account designed to meet specific business banking needs. Today, we’ll focus on the operating accounts, which are crafted for businesses and facilitate optimal cash flow.
You can read reviews for UOB here.
When it comes to opening an account with UOB, you still have to follow the standard process. This involves visiting your chosen branch, obtaining the necessary forms, filling out the required information, and then submitting it to a bank officer. This procedure is less convenient compared to the other three banks, which provide online account opening services.
WISE
Now, let’s delve into Wise! This innovative solution enables you to transfer funds from your SGD account in Singapore to EUR or USD (with more currencies in the pipeline) at a whopping 14 times cheaper than traditional banks or PayPal. Not only are Wise’s transfer rates more cost-effective, but the process is also significantly faster, making it an excellent choice for businesses operating in multiple locations and dealing with various currencies.
Signup here and receive a free international transfer of up to 800SGD!
ASPIRE
Finally, we introduce ASPIRE, our preferred modern solution. Opening an Aspire Account is not only free but also doesn’t demand any minimum deposit. The entire process can be completed online without the need to visit a physical bank branch. With no monthly fees, fall-below fees, or FAST transfer fees, Aspire ensures a hassle-free experience. Notably, Aspire boasts considerably lower foreign transfer fees compared to traditional banks, solidifying its position as a highly competitive option in the market.
You can find the full review here or try directly on their website
The verdict
We’ve developed a strong preference for ASPIRE, wishing that other banks could match its efficiency and service quality. Moreover, ASPIRE offers a solution for individuals abroad who couldn’t travel to Singapore for opening a bank account for their new Singapore company.
UOB stands out as the most inconvenient option due to its complex setup process and an unfriendly website. Navigating through their site to compare different accounts proves challenging. Coupled with high minimum balances and transaction fees, it presents notable drawbacks.
In contrast, DBS boasts the most convenient and time-efficient procedure, though their business account options lack diversity. Unless you opt for their fixed deposit account, monthly fees become unavoidable, restricting access to your funds.
For those seeking diversity, OCBC provides a wide range of business accounts with a user-friendly online platform for expense tracking. While they offer low initial deposits, annual fees apply to their business growth account. Opting for the business entrepreneur account plus, designed for established businesses, allows fee waivers and free services for the first 50 cheques with a minimum balance of $30,000. This makes it a recommended choice for established businesses expanding into Singapore.
Navigating Maybank’s diverse array of products may seem overwhelming, but the FlexiBiz Account stands out. With no fees and no minimum balance requirements, it becomes an attractive option, especially with a low initial deposit of $1000. This makes Maybank’s FlexiBiz Account the top recommendation for entrepreneurs just starting out, particularly those facing early cash flow challenges.
Wise is great help when it comes to sending multi-currencies to your account.
For a more comprehensive look at the reviews of these five banks, check out this link.
For other types of corporate services. you can find the best services recommended for you based on hundreds of companies reviewed on our platform.
