How to open a Business Bank Account in Singapore
Written by Vanessa Cibelle Mura Caxias.
Did you know that Singapore is known for its business-friendly environment?
Singapore is often regarded as one of the cheapest and easiest countries for opening a business bank account, thanks to their streamlined processes and supportive banking environments. It offers a relatively easy process to open a bank account, with low fees and good online banking options.
Whether you’re starting a new venture or expanding an existing business, having a local bank account is essential for managing finances effectively.
Singapore is a global financial hub, offering many choices for opening a bank account. However, the process can be complex and expensive for non-residents and students. In this article we aim to guide you through this process making life a little bit more simple. We will explore the banking landscape in Singapore, providing insights into suitable account options and key considerations for each group.
We looked at the process to open a bank account as a:
- A national or permanent resident of that country;
- Student;
- A foreigner not residing in Singapore.
Singapore has many different choices of banks that offer business accounts. Find below some of them. But with so many choices, how to find the best one for you?
Worry no more! We made a comprehensive guide to help you make your decision.
OCBC Business Growth Account
The OCBC Business Growth Account is the easiest account for Nationals or Permanent Residents to open. Businesses registered in Singapore can open an account online instantly with a Singpass. The account is free for the first two months.
To open an account, you’ll need your business registration details (company name or UEN) and identification details for Singpass or CorpPass. You will also need to upload an image of your signature.
What I Like About OCBC Business Growth Account
● Free, unlimited FAST/GIRO transactions: Free FAST, GIRO, and PayNow transactions for local transfers.
● Up to 6% cashback with your free debit card: Spend $6,000 within the 3 months of card issuance and receive up to $300 cashback.
●Instant online account opening with Singpass.
●Cash reward of S$188 for eligible customers upon fulfilling specific transaction criteria.
What I Don’t Like About OCBC Business Growth Account
● Requires a Initial deposit: S$1,00010.
● The monthly account fee is S$10 after the first two months.
● There’s a fall-below fee of S$15 per month if the monthly average balance falls below S$1,000.
For more information, please access: https://www.ocbc.com/business-banking/smes/accounts/business-growth-account?pid=accounts%3ABusinessGrowth%3AAlwaysOn%3AAcquisition%3AApr%3A2021%3Ainternal%3ABusinessForeignAccount%3A
DBS Business Multi-Currency Account — Starter Bundle
The DBS Business Multi-Currency Account — Starter Bundle is the easiest for students and foreigners not residing in Singapore to open because there are no listed restrictions based on nationality. This account is only open to companies incorporated for less than three years. This account offers a cash reward of S$150 through October 31, 2024, for new businesses using promo code “FIRSTBANK”.
The Starter Bundle offers a comprehensive banking solution with multi-currency capabilities and attractive benefits.
The necessary documents to open this account are: your company’s UEN and the contact details of all account users.
The application can be completed online. If your company is newly registered, it will take two working days before your company details can be retrieved via ACRA search.
What I Like About DBS Business Multi-Currency Account — Starter Bundle
● No monthly service charge.
● Unlimited free FAST and GIRO for payments made via DBS IDEAL (excluding bulk transactions and payroll).
● S$30 flat fee for outward telegraphic transfers, excluding agent bank fees.
● Competitive FX rates on FX Online.
What I Don’t Like About DBS Business Multi-Currency Account — Starter Bundle12
● Monthly account fee: S$10.
● Over-the-counter transaction fee: S$40
● Cheque issuance fee: S$3 per cheque
For more information, please access: https://smeportal.dbs.com/sg/accounts/#/
OCBC Multi-Currency Business Account
The OCBC Multi-Currency Business Account is the cheapest account to open as there are no set-up fees. This account is open to businesses registered in Singapore.
Account opening is subject to bank approval, but the application process can be completed online.
Please find all the information needed along with the forms to apply for OCBC Business accounts: https://www.ocbc.com/assets/pdf/forms/account%20opening/business-account-application-forms.pdf
What I Like About OCBC Multi-Currency Business Account
● S$188 cash reward when you open an account and make two transactions totaling S$100/month for two months.
● Trade in 13 currencies: USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK.
● No initial deposit, no setup fee.
● No more waiting time: Foreign currency is automatically enabled when a deposit is made to you without further paperwork.
What I Don’t Like About OCBC Multi-Currency Business Account
● Monthly service fee: S$10 (waived if you open a Business Growth Account together with the OCBC Multi-Currency Business Account).
For more information please access: https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account
The OCBC Business Foreign Account
For foreign entrepreneurs looking to establish a business presence in Singapore, the OCBC Business Foreign Account stands out as a comprehensive solution. This specialized account caters to businesses registered outside of Singapore, offering a suite of features designed to simplify international transactions.
Here is the link for the online application: https://www.ocbc.com/business-banking/smes/accounts/business-foreign-account
Benefits:
●End-to-end online support: The entire account opening and management process can be completed online, eliminating the need for a physical presence in Singapore.
●Multi-currency capabilities: Handle transactions in various currencies, including USD, EUR, AUD, JPY, and more, making international trade easier.
●Low-cost international transfers: Benefit from competitive exchange rates on transfers in over 60 currencies, minimizing transaction costs.
●Strong regional network: Leverage OCBC’s expertise and connections across ASEAN and Greater China for business expansion.
Costs:
●Account Set-Up Fee: US$1,200 (one-time fee, debited in the equivalent foreign currency).
●Monthly Account Fee: S$50 per month (waived for the first two months, debited in the equivalent foreign currency).
A complete pricing guide is available for download: https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-foreign-accounts-pricing-guide
What I Like About This Account:
●Convenience: The fully online account opening process eliminates the hassle of traveling to Singapore.
●Flexibility: Support for multiple currencies simplifies international transactions and reduces reliance on currency conversions.
●Competitive Fees: The flat S$30 fee for international transfers is attractive compared to percentage-based charges offered by some other banks.
What I Don’t Like About This Account:
●Limited Information: The lack of a detailed document checklist might make the application process less straightforward.
●Additional eligibility criteria may apply: Contact OCBC to confirm you meet the specific requirements for this account type.
For more information, please access: https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-foreign-accounts-pricing-guide
Choosing the right bank account ultimately depends on your unique situation and needs.
For nationals or permanent residents of Singapore, the OCBC Business Growth Account is an excellent choice, especially with its enticing two-month trial period at no cost. If you’re a student or a foreigner not residing in Singapore, the DBS Business Multi-Currency Account — Starter Bundle provides a practical solution. For those seeking a budget-friendly option, the OCBC Multi-Currency Business Account stands out with no setup fees, making it an attractive choice for startups. Lastly, if you’re an overseas business looking to establish a foothold in Singapore, the OCBC Business Foreign Account is specifically designed to streamline international transactions and ensure a smooth banking experience
This story was written by a graduate student at NYU. Read stories about other 50 countries here