Business Bank Account Singapore

Banks here have more requirements on opening bank accounts for foreign owned companies.

Business bank account singapore. Instant account opening is only applicable for singapore incorporated companies opening its first ocbc business banking account owned by one or two singaporeans and prs only and will be subjected to approval by ocbc bank. Unfortunately setting a corporate bank account was not exactly a seamless process endless paperwork demands for branch visits ridiculously high fx rates and fees until aspire came in. Most of the banks in singapore offer attractive features such as multi currency accounts internet banking credit cards trade financing freedom to move funds across countries and more.

Business accounts in singapore are most notorious for reinforcing their minimum balances which rage from s 5000 to s 10000 depending on which bank you choose with fall below fees that can be up to s 50. Monthly fall below fee. S 15 waived for the month of account opening and the subsequent month uob infinity digital banking for business with bulk functionalities.

Free fast transaction fee. Free transaction alerts on email ealerts. For others you can still apply online and we will follow up with you on your application.

With more than 200 banks present in singapore it can get a little confusing to choose one that suit your business the most. Singapore companies have plenty of options when it comes to opening a corporate bank account. The accounting and corporate regulatory authority acra requires all businesses with some exceptions in singapore set up a bank account.

Opening a corporate bank account in singapore is a relatively simple and straight forward procedure. Many business banking accounts in singapore charge an early account closure fee if you decide to close it within 6 months of opening the account. Opening any bank account comes with a wide range of standard fees.

35 wef 1 jan 2020 minimum initial deposit. Watch out for convenient features such as access to both a mobile and web app extra integrations the ability to make bulk payments and expense management. Rebates for up to 60.