Best business accounts in Singapore (banks and non‑bank providers)

This guide will cover both how to open a business account online and which banks or providers are best for expats and non-residents.

We’ll cover some major Singapore bank options as well as specialist providers like Wise Business which has multi-currency account features with no monthly fees, mid-market exchange rates and perks like accounting integrations to cut down on admin.

Wise Business Account — key features:

Wise Business lets you hold 40+ currencies in one place, and get paid in 20+ currencies to allow you to connect easily with customers globally. When you need to send transfers to suppliers or contractors, you get the mid-market rate with low, transparent fees (from 0.26%; fees vary by route, amount and payment method—see Wise Fees & Pricing for details) on payments to 140+ countries which can arrive quickly, and in some cases instantly—delivery times vary by route and other factors. Plus you can order the Wise card for yourself and your team to make business spending and expense management effortless. Want more? To help you reduce admin time, Wise Business also has accounting integrations, batch transfer features for running international payroll, and access to an API to streamline workflow. And if you need to send high value payments you could get fee reductions and support from a dedicated large amount transfer team.

Can non-residents open a business bank account in Singapore?

Yes. Foreigners and non-residents can open a business account in Singapore.

If you have a Singapore registered business you can choose to open a business account with a bank, or a specialist provider like Wise or Revolut.

Not all Singapore banks allow non-resident account opening for small businesses, so you’ll need to check the rules in place with the bank you select. Even where non-resident account opening is supported you may not be able to open an account online or in an app, requiring a conversation with a dedicated advisor and a visit to a branch in person.

That said, there are options. In this guide we’ll focus on the business accounts available for non-residents of Singapore so you can decide which is best for your specific needs.

Best business bank accounts in Singapore:

Singapore has a developed financial sector, with a large range of local, regional and international banks available for Singapore based individual and business customers.

All major Singapore banks offer business services, which are often split by business size or stage to allow customers to access appropriate features without incurring excessive fees. You’ll come across free business bank accounts for start ups and sole traders, for example which have an emphasis on low costs and app-based transactions for convenience. Business accounts for established companies may be split out by company turnover or feature requirements. And corporate services from global banks like HSBC are also usually available to serve businesses with broad and complex financial needs.

This means that no matter whether you’re launching a new TikTok small business or running a multi-national company there’s something out there for you.

This variety makes it important to pick your business account carefully. This guide looks at some bank business accounts and also some from specialists which aren’t banks, which can offer more accessible and flexible accounts for non-residents.

Methodology: We’ve picked low fee accounts which support applications from Singapore business owners, and looked at international features and fees including supported currencies and transfer costs, to help the owners of Singapore based businesses trading globally find a good fit. Where possible we’ve focused on providers which can support non-resident applications, depending on the individual circumstances.

Business accounts in Singapore comparison

To help you select the best business bank accounts in Singapore for your specific needs, we’ve compared a range of account options from specialist providers, alongside major Singapore banks.

We’ve used Wise, Revolut and Statrys as specialist providers which are not banks, as well as DBS and UOB to give an idea of the bank features offered.

Here’s a comparison on important features and fees, with more detail on each option right after.

Provider/Bank	Eligibility	Key fees	Supported currencies	International transfer fees
Wise Business Account	Business owners in Singapore and many other countries	99 SGD account opening fee for full feature access No monthly fee	40+ currencies supported to hold Receive 8+ currencies with local account details, and 20+ with SWIFT details	Low, transparent fee from 0.26%
Revolut Business Account	Business owners in Singapore with a current legal home address located in the UK, the EEA, Switzerland, Australia, Singapore, or the US.	No account opening fee Monthly fees from 0 SGD – 417 SGD/month	25+ currencies supported to hold Receive SGD with local details, and all other supported currencies with SWIFT details	No‑fee allowances vary by plan (no‑fee international transfers: 0 on Basic / 5 on Grow / 25 on Scale / 50 on Enterprise). Fees apply after allowances. Currency conversion fees of 0.6% apply when plan limit is exceeded 1% weekend exchange fee applies
Statrys Business Account	Companies registered in Hong Kong, Singapore, and the BVI can apply.	No account opening fee, no monthly fee	11 currencies supported to receive and hold	4 SGD – 20 SGD depending on currency and route Currency conversion fees from 0.1% for major currencies; from 0.15% for other currencies.
DBS Business Banking Account	Singapore business owners	No account opening fee Starter Bundle: 10 SGD monthly account fee. Business Multi‑Currency Account: 50 SGD annual account fee + 40 SGD monthly service charge (waived with average daily balance ≥ S$10,000).	13 currencies supported to receive and hold	30 SGD transfer fee Currency conversion uses the bank’s exchange rate (see the bank’s published rates and fees for details).
UOB Business Bank Account	Singapore business owners	35 SGD annual fee, 15 SGD monthly fall below fee if minimum balance not maintained	SGD	10 SGD – 100 SGD depending on payment value and transfer method Currency conversion uses the bank’s exchange rate (see the bank’s published rates and fees for details).

Our top 5 picks for business accounts in Singapore [2026]

Let’s dive a little deeper to look at details of the 5 best business bank accounts we’ve picked out for Singapore business owners.

Wise Business Account

💡 Great for: No monthly account fee, with 40+ supported currencies, and mid-market rate currency conversions

Use a Wise Business Account to hold 40+ currencies, and set up account details for your business in 20+ currencies, allowing customers to pay you in their preferred currency conveniently. If you need to send payments overseas, transfers are quick, and in some cases instant—delivery times vary by route and other factors. Wise uses the mid-market rate with fees from just 0.26%, making this a great option for Singapore businesses which trade internationally.

Plus get business friendly perks like business debit and expense cards to use overseas without foreign currency transaction fees, batch transfers and integrations with your favourite accounting software and save time on admin. Choose from Xero, QuickBooks, FreeAgent and more.

Revolut Business Account

💡 Great for: Select between different account plans depending on your transaction needs, with 25+ supported currencies and some no fee transactions monthly

Revolut Business has 4 different account plans, to allow companies of different sizes to access the features that matter to them. All accounts offer business debit and expense cards, and ways to receive and hold 25+ currencies.

There are some no fee transactions included in all account plans, which vary depending on the plan selected. Pick a plan with a higher monthly fee to secure more no fee transactions, or stick with the Basic plan for more of a pay as you go model offering only a small number of no fee transactions.

Statrys Business Account

💡 Great for: Digital multi-currency account with dedicated account manager service

The Statrys Business Account lets you hold and exchange 11 currencies, with low cost currency exchange that uses FX fees starting from 0.1%. There’s no monthly fee, no minimum deposit and no maximum transaction amount to worry about, and you can open and manage your account online for convenience.

This account may appeal in particular to digital business owners taking payments in foreign currencies from overseas customers. Fees of up to 20 SGD apply to send international transfers, so look carefully at the costs if you need to pay overseas suppliers.

DBS Business Account

💡 Great for: Multi-currency account with flexible package options for Singapore businesses, with ways to get add ons like loans and credit

DBS offers several different account options and packages for new businesses in Singapore, including the DBS Business Multi-Currency Account and the Business Multi-Currency Account Starter Bundle. The bundle offer cuts some costs and allows you to minimise fees while your business is still growing.

Accounts support 13 major currencies and offer a linked card to earn unlimited 1% cashback on business transactions. (source: DBS website; see Useful resources)

UOB Business Account

💡 Great for: SGD account from a major bank which has a low minimum deposit and waived monthly fees with a balance of 5,000 SGD

If you’ll need to deposit cash or transact over the counter, a business account from a local bank like UOB might appeal. You can open your account easily online or in person, depending on your situation and where your company is registered.

Accounts are designed to hold SGD only, making this a good option for people trading in Singapore primarily, with limited needs to take or send foreign currency payments.

How to choose the right account for your business

It’s important to choose the right account for your business to cut the costs of financial transactions and make sure you have access to all the services your business might need right now and in the future.

Singapore banks tend to offer accounts which are split by business size, with some tailored to new companies and startups, and others more for growing and established organizations. When you decide which account is best for your needs, you’ll need to consider the following points:

• Ongoing account fees: Ongoing fees can eat into your profits. Singapore banks and specialist providers may offer accounts with no monthly charges, or with ways to waive fees.
• Account transaction fees: Other costs apply to most accounts, depending on how you transact. Look at the fees for common transactions carefully to make sure you know what to expect.
• Feature availability: Check the account has all the features you need. Digital accounts may not support cash deposits for example, while Singapore banks don’t always offer multi-currency features.
• Eligibility: Some banks make it easier to apply for accounts for people with Singapore residence. If you or a business owner lives abroad, you may need to set up your account through a dedicated banker, while digital providers may be more flexible.
• Currency options: If you need to hold, send or receive foreign currencies you may benefit from a multi-currency account with ways to get paid in foreign currency without converting back to SGD – options like Wise and Revolut can be a good pick.
• International payments: Paying contractors, suppliers and overseas employees can be costly. Choose a provider which supports low cost transfers with good exchange rates to save on fees.

How to open a business bank account in Singapore:

The exact process to open a business account in Singapore can depend on the provider or bank you select. However, the process is usually quite uniform.

Here’s how to open a business bank account in Singapore in a few simple steps.

Step 1: Understand the requirements

If you’re opening an account with a Singapore bank you’ll need to check that you’re eligible to apply, based on your residence and business type. Some banks do not offer all accounts to non-resident business owners, and in almost all cases there are restrictions on some business types.

Specialist providers like Wise and Revolut do have their own eligibility requirements, but these may be more flexible, depending on your personal situation.

Step 2: Gather your documents

All banks and specialist providers need to see some paperwork to support your application. This usually includes proof of ID and business registration documents – the requirements here vary according to your nationality, residence and entity type.

You may be able to apply using Singpass and Myinfo if you’re a Singapore resident and have an account, which can mean no identity or address documents are required. In some cases, business documents can also be found digitally through ACRA, which may mean the bank can get you fully verified with no additional paperwork needed.

If you’re a non-resident you’ll need to show a physical ID like your passport – a secondary ID document may also be needed to cover proof of address like a utility bill.

In most cases you also need to provide information and documents for beneficiary owners – anyone with a large stake in your business – and directors. Check with your preferred bank or provider directly so you know what’s needed.

Step 3: Submit your application

Banks often ask you and any co-applicants to visit a branch in person to submit your application, particularly if you can’t apply using Singpass. You can make an appointment in advance and a member of the team will take you through the application process. Take along your documents to show for verification.

If you choose a digital first provider, the application, verification and onboarding process is normally done online.

Step 4: Fund your account and start to transact

Once your account is verified – which may be instant or may take a few days – you can fund your account and start to transact. If you’ve applied online, your account materials like a debit card will be mailed to your registered address.

Conclusion

Singapore business owners have a good choice of account options depending on entity type and transaction requirements. You can choose an account from a Singapore bank or a specialist provider like Wise or Revolut. Ultimately, the best option for your business will depend on your specific business type and residency status.

If you’re a Singapore resident and need cash deposit services, a business account from a bank like UOB might be a good choice. Or if you’re running a company with a more international outlook, a provider like Wise Businesscould be an excellent pick for multi-currency payment solutions, low fees and the mid-market rate when you send, spend or exchange currencies.

Ready to open a business bank account in Singapore? Compare fees and features above, then start your application with your chosen provider today, such as Wise Business.

FAQ

Can a non-resident open a business bank account in Singapore?

Yes. A non-resident can open a business account in Singapore. If you have a Singapore registered business you may be able to open a business account with a bank, or a specialist provider like Wise or Revolut. Banks have their own eligibility rules, which may mean not all products are suited to non-resident applicants.

Is it a good idea to use a personal bank account for a business?

Some entity types must have a dedicated business account by law – but even if you’re a sole trader or freelancer, opening a business bank account can be an excellent option. Having a dedicated business account makes it easier to view and manage company transactions, track performance and access business friendly features.

What is the cheapest business bank account?

There’s no one single ‘cheapest’ account for businesses. The right one for you depends on the type of transaction you need to make, your company type and other factors. Compare a few options, looking at banks and specialist services, to help you decide which is the right one for you.

How much money is needed to open an account?

There are no charges to open a business bank account with most Singapore banks. However, you may find there’s a minimum deposit needed to open the account – plus monthly fees once your account is up and running

This article is for general information only and is not financial advice. Please verify details with each provider.

Useful resources

• Wise Business – Wise Business landing page
• Wise Business pricing – Wise Business pricing page for Singapore businesses
• Revolut Business – Revolut Business landing page
• Revolut Business pricing – Compare Revolut Business plan features and fees side by side
• Statrys – Business account landing page for Singapore
• Statrys – Business pricing page for Singapore
• DBS – Business landing page including links to all account types
• DBS – Business pricing page
• UOB – Business landing page, digital business account
• UOB – Business rates and fees page