Singapore Business Bank Account
Opening any bank account comes with a wide range of standard fees.
Singapore business bank account. The three largest banks in singapore are development bank of singapore dbs overseas chinese banking corporation and united overseas bank uob. 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. We compared the most startup friendly banks and business accounts in singapore and found out what you need to open a corporate bank account for a local company.
Aspire is the 1st business neobank in singapore to offer a digital business account for smes where all processes and features including the. 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. 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.
You have a wide range of choices when deciding which business account will work best for you including simple products aimed at startups making limited transactions more complex accounts for established businesses savings and deposit accounts and. 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. Singapore companies have plenty of options when it comes to opening a corporate bank account.
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. As singapore is a financial hub there are some. With more than 200 banks present in singapore it can get a little confusing to choose one that suit your business the most.
With so many options choosing a corporate account for your business in singapore seems challenging. A corporate account is the best way to manage your company finances and keep your personal spending separate from your business profits.