Top 7 Business Bank Accounts in Singapore for 2025 (Compare & Save)
Have you been looking into business bank accounts Singapore for ways to optimize your finances in 2025? Whether you’re a startup founder, an SME owner, or part of a growing finance team, finding the right corporate account can make a big difference in transaction costs, multi-currency management, and cash flow.
For those who need more insight, this curated list of top accounts aims to simplify your decision process. If you want an in-depth look at existing options, check out our top business bank accounts in Singapore comparison as a starting point.
Why They Matter to Your Business
Singapore is known for its strong financial sector. According to data from the Monetary Authority of Singapore (2024), about 78% of businesses in Singapore engage in cross-border transactions, making multi-currency capabilities a top priority. Additionally, a separate 2024 survey found that 87% of SMEs regularly use digital banking features to streamline daily tasks like payments and reconciliation.
These trends mean banks compete to offer robust online and mobile platforms, specialized account tiers, and cost-saving perks. When you compare fees, transaction capabilities, and multi-currency support, you’ll see how the right bank account can simplify everything from local payroll to international vendor payments.
Where to Start
Before we highlight the top seven accounts, it’s worth noting the differences between banks operating in Singapore. Some are legacy institutions that offer a wide suite of services, while others focus on digital-first experiences. If you need a condensed overview of other typical banking options, here’s a helpful resource on types of banks and who they’re best for. Understanding what each bank category can do helps you decide which might suit your operational style and transaction volume.
Below, we break down the top 7 business bank accounts in Singapore for 2025, covering special features, fee structures, and who might benefit most.
1. DBS Business Multi-Currency Account
Key Features
Multi-currency support: Holds up to 13 currencies.
Digital capabilities: Strong mobile app with real-time tracking.
AI-driven insights: Tools for forecasting and cash flow analysis.
Advantages
Ideal if you send and receive multiple currencies often.
Access to DBS’s extensive local ATM network.
Access to preferential FX rates (saving up to 0.5%, according to a 2024 industry report).
Potential Downsides
Higher monthly fees for some tiers.
Can have a fairly large minimum balance requirement for premium tiers.
Comparison Note
Compared to UOB, DBS leans heavily into multi-currency tools, which is a boon for exporters. However, if you prioritize lower minimum balances, check out CIMB or digital-only options.
2. OCBC Business Growth Account
Key Features
Unlimited FAST/GIRO transactions: Great for businesses making many local transfers.
AI-based Clara assistant: Helps address common queries 24/7.
Tailored SME packages: Reduced fees for younger startups.
Advantages
Competitively priced for small businesses wanting to keep overhead low.
Strong local presence for in-branch services and consultations.
Potential Downsides
Some fees apply if you exceed certain monthly transaction limits.
Multicurrency coverage is good (11 currencies) but narrower than DBS’s list.
Comparison Note
OCBC stands out for unlimited local transfers, whereas Maybank or Aspire might be more appealing if you need zero-fall-below requirements.
3. UOB eBusiness Account
Key Features
All-in digital banking suite: Known as BizSmart, includes inventory, HR, and accounting add-ons.
Foreign exchange specialist team: Potentially beneficial if you frequently handle large FX volumes.
Automation tools: Payroll integration and real-time transaction alerts.
Advantages
Highly rated mobile banking interface for on-the-go approvals.
Streamlined account opening process, often completed within a week.
Potential Downsides
Fees can add up if you exceed monthly free transactions.
Minimum average balance might be higher than some digital challengers.
Comparison Note
Compared to OCBC’s unlimited local transactions, UOB’s advantage lies in advanced integration with accounting systems. If you want a one-stop solution for day-to-day financing and add-on business apps, this is a top contender.
4. CIMB SME Account
Key Features
Competitive interest rates: Attracts businesses looking to earn a bit more on idle balances.
Lower initial deposits: Encouraging for smaller companies.
Dedicated Relationship Managers (RM): Available even for moderate-sized businesses.
Advantages
Straightforward fee structure, with fewer hidden charges.
Known to waive fall-below fees if you meet certain transaction counts.
Potential Downsides
Not as many online platform integrations as UOB or digital challengers.
May require a visit to a physical branch for certain procedures.
Comparison Note
If you rarely need complex digital tools but want decent yields on your balance, CIMB may outshine the more tech-centric accounts. However, larger corporations might prefer the broad multi-currency coverage of DBS or OCBC.
5. Maybank FlexiBiz Account
Key Features
Flexible minimum balance: Lenient policies for SMEs.
Smart Business Rewards: Potential cashback for local transactions.
Digital Onboarding (Partial): Some steps can be done online before finalizing in-branch.
Advantages
One of the lowest minimum balance requirements among traditional players.
Periodic promotions that waive monthly fees for a set duration.
Potential Downsides
Limited multi-currency options if you want more than just a handful of foreign currencies.
Customer service lines may have slower response times during peak hours.
Comparison Note
Maybank competes with OCBC in terms of SME-friendly promotions. Yet if you are a heavy user of cross-border transactions, you might prefer the advanced multi-currency offerings from DBS or digital solutions like Airwallex.
6. Aspire Business Account
Key Features
Digital-first approach: Fully online application and account management.
Transparent fee structure: Often no monthly or fall-below fees for standard usage.
Integration-friendly: Syncs with leading e-commerce and accounting platforms.
Advantages
Quick approval times—commonly within days for standard compliance checks.
Great for e-commerce sellers and freelance teams who value convenience.
Potential Downsides
May lack a full range of loan facilities that established banks offer.
Requires a purely digital approach; in-person services are absent.
Comparison Note
Aspire is often compared to Airwallex, another digital player, in terms of multi-currency transactions. If your priority is cost savings and rapid online onboarding, Aspire shines. However, if you want an immediate line of credit or a wide physical branch network, a traditional bank might serve you better.
7. Airwallex Multi-Currency Account
Key Features
Robust multi-currency wallet: Supports over 10 currencies.
Competitive FX rates: Helpful for global businesses aiming to reduce conversion fees.
API integration: Great for tech-savvy companies wanting to automate transfers.
Advantages
Scalable solution for companies dealing with frequent cross-border invoicing.
Low or zero monthly fees, depending on transaction volumes.
Potential Downsides
Limited brand presence if you desire extensive in-person support.
Some advanced features might require extra fees or a specific plan tier.
Comparison Note
Airwallex mirrors Aspire’s digital approach but focuses more on enterprises needing advanced FX management. If you regularly pay overseas vendors or freelancers, Airwallex’s integrated workflow might give you a lower total cost than typical bank telegraphic transfers.
How They Compare
Each of these accounts differs mainly in cost structure, level of digital sophistication, and currency support. For instance, DBS covers a wide range of currencies with a longstanding reputation, while OCBC excels at local transfers. UOB offers advanced integration for daily finances, and Aspire or Airwallex may cut your monthly fees significantly if you don’t need a physical branch.
If you’re primarily focused on interest yields, CIMB stands out. For flexible minimum balance terms, Maybank has some of the lowest thresholds. Smaller ventures or online-first businesses often lean toward digital offerings like Aspire to reduce overhead.
Going Beyond a Traditional Bank Account
For some overseas payments, high-volume contractor payouts, or stablecoin on/off-ramps, a traditional bank account might be only part of the solution. New platforms have emerged to address specific global payment challenges. Mural Pay is a prime example: it supports advanced features that many standard bank accounts do not, such as virtual accounts to handle multiple currencies in over 40 countries and real-time cross-border payouts.
If currency conversion is a core pain point, consider Mural Pay’s currency conversion services. With instant settlements and competitive exchange rates, it differs from typical banking solutions. While you would likely keep a local account (like one of the seven we’ve covered) for daily Singapore-dollar operations, Mural Pay’s focus on global transfers, compliance (KYB/KYC), and international vendor payments can be a valuable addition.
Wrapping Up
Selecting a bank account always feels like a juggling act: you’re balancing monthly fees, transaction limits, digital capabilities, and multi-currency coverage. Decide whether local or international operations are your highest priority, then weigh how each provider’s perks align with your needs. If you crave an even deeper dive into comparing fee structures across the globe, our Top Global Banks for Worldwide Banking might be an interesting read.
Whatever your choice, plan ahead for how your account will support not just your immediate transactions but your business growth in 2025 and beyond. And if you find yourself processing substantial cross-border payments or needing advanced currency tools, pairing your new bank account with a specialized service like Mural Pay can help deliver the flexibility and global reach that standard banking might not cover.
References
Monetary Authority of Singapore. (2024). Banking Sector Data.
S&P Global. (2024). Singapore Banks Face Margin Pressures.
MAS Digital Readiness Survey. (2024). SME Banking Insights in Singapore.
