The Best SME Bank Accounts in Singapore in 2025

If you have an SME (Small or Medium-sized Enterprise), you’ll need to find the best business account to allow you to manage your company finances without unnecessary admin or fees.

SMEs tend to have different requirements compared to very large enterprises, which may mean you’re looking for:

• An account which has low or no ongoing costs,
• but which still comes with all the flexibility you need to send, spend and receive funds globally.

This guide to Singapore’s best SME bank accounts covers popular options from banks like DBS, and non bank providers such as Wise Business. We’ll look at a head to head comparison based on features and fees, and explore each in a bit more in depth to help you discover the best SME bank account in Singapore based on your unique needs.

We'll cover:

The best SME bank account in Singapore: Head to head

Before we get into the details about the best SME bank accounts in Singapore, let’s kick off with a head to head comparison. We’ve selected bank and non-bank specialist provider accounts from several different providers, which all have a focus on providing features and services which will suit small, medium and growing businesses.

*Details correct at time of writing - 16th December 2024

If you're seeking bank accounts tailored for larger enterprises,

Factors to consider for your SME business account

When you’re picking an SME business account you’ll need to think about the features you’ll need now - but also in the future. This means it’s crucial to think carefully about what transactions you’ll need to make when you research your options, as well as thinking about minimising fixed costs and accessing all the features which matter to you.

Banks frequently offer new customer deals for business customers, which may waive some ongoing fees or offer extra perks for a fixed period. When you select an account, be sure to consider the costs once these deals expire, to make sure you’re really getting a good deal for the long run.

Here are a few factors to consider when you’re picking a business account:

• Minimum balance requirements and fall below fees- you may find you need to retain a fixed balance in your account, tying up valuable funds and damaging your cash flow
• Initial deposit requirement- it’s common to have a minimum required deposit amount which you’ll need to set aside in advance, and transfer in to activate your account
• Monthly fees- fixed monthly fees can apply to business accounts, which may be waived for new customers for a period of up to 1 year
• Transaction fees- look carefully at the fees for the types of transactions you make frequently, particularly for overseas payments and any in-branch transactions, as these can be fairly costly
• Multi-currency support- businesses frequently need ways to send and receive foreign currency payments, when working with overseas suppliers, contractors or customers. Multi-currency features aren’t always available on business account products which can be a drawback
• Digital banking features- being able to manage your money on the move is crucial when you’re busy running a business. Make sure your preferred bank or provider has an intuitive digital banking service to make this easier

Let’s move on, to a more detailed look at the business accounts we've picked out for this guide, so you can start your research and choose the right one for your unique needs.

DBS Business Multi Currency Account - Starter Bundle

The DBS Business Multi Currency Account supports 13 currencies, and can be opened as a starter bundle if your company has been incorporated in the last 3 years. Choosing the starter bundle means you pay a reduced monthly fee of 10 SGD - instead of 50 SGD for the standard account - and you’ll also have the service charge of 40 SGD a month waived.

Having lower fixed costs can be a big boost to a newer business but it’s also important to consider the transaction fees you’ll incur with this account. Local payments made digitally through FAST and GIRO are free, but fixed fees apply for telegraphic transfers and bulk payments. This can mean that transacting internationally comes with extra costs.

OCBC Business Growth Account

The OCBC Business Growth Account is available for Singapore registered businesses, and offers a fairly low minimum deposit requirement of 1,000 SGD. Fall below fees apply if your account balance is lower than this, but the account also comes with all you can use FAST, GIRO and Paynow transfers.

The OCBC Business Growth Account can be a good pick for SMEs looking to transact locally, but does not support foreign currencies for holding and exchange, and has a fixed fee of 30 SGD for telegraphic transfers.

CIMB SME Account

The CIMB SME Account is aimed at newer Singapore businesses, and has no initial deposit requirement and no minimum average balance required. The account operates in SGD only, but has free digital transactions using FAST, GIRO and Paynow, as well as preferential rates on telegraphic transfers to other countries.

The CIMB SME Account has a fixed monthly fee of 28 SGD which is on the high side - but the fee is waived for the first 12 months, giving you a chance to decide if this is the right account for your needs without needing to pay ongoing fees.

Maybank Flexibiz Account

Maybank’s Flexibiz Account has no monthly fee, making this a popular choice for new businesses looking to avoid ongoing costs. However, there’s a minimum balance requirement of 1,000 SGD and fall below fees if you fail to retain this amount in your balance, which can be a drawback.

Maybank has low fixed fees for local payments using FAST and GIRO, with variable fees for international transfers depending on where you’re sending money to. Generally sending payments to Malaysia can be cheaper than transferring funds to another country.

Wise Business

Wise Business is a fully digital provider offering powerful international accounts which can hold and exchange 40+ currencies. You can open your Wise Business account online or in the Wise app for free, and pay a one time fee of 99 SGD to get full feature access including ways to receive payments in 8+ currencies with local and SWIFT account details.

Airwallex

Airwallex offers accounts which can hold, send, receive and exchange 20+ currencies, with ways to take customer card payments also available for a fee. This makes Airwallex a popular provider for ecommerce businesses and online sellers trading locally and internationally. There are no ongoing fees to pay and there’s no minimum balance to worry about.

Airwallex offers currency conversion with fees of 0.4% or 0.6% depending on the currency in question, which can be very competitive. However, if you need to process an international payment using SWIFT, there’s a 20 to 35 SGD fee for the service.

YouBiz

YouBiz is the business account from the company behind popular local personal account provider Youtrip. There’s no fee to open a YouBiz account and no ongoing fees or minimum balance to worry about either. Accounts can support 9 currencies, making them handy for businesses trading overseas. There’s no fee to send a payment locally using FAST, with variable fees for international transfers which can depend on the destination and the value of the payment.

Aspire

Aspire offers a comprehensive financial platform tailored for small and medium-sized businesses, providing a range of services to streamline financial operations. They have a multi-currency business account with competitive currency exchange rates that lets businesses send and receive in 30+ currencies with low, transparent fees, no monthly fees, no initial deposit, and no minimum balance requirements, making it a great choice for companies operating both locally and internationally*. The platform also offers virtual and physical corporate cards to facilitate business spending. Companies can earn unlimited 1% cashback on qualified SaaS and digital marketing purchases when they spend with the Aspire corporate card.

Additionally, Aspire offers integration with popular accounting software, and has expense management features to enhance your financial management and reporting capabilities.

*Aspire’s fast and low-cost international payments are powered by Wise.

Conclusion

As an SME owner you’ve got a lot to think about when it comes to picking the right transaction account for your specific needs.
Many banks offer attractive deals for new business customers, which may mean you pay lower fees or get extra benefits for a fixed period of time. However, you’ll need to weigh up the costs once promotional offers and discounts end, to make sure the account you select is robust enough for the long run. You’ll also want to think carefully about your preferred provider’s digital banking services.
Being able to manage your money on the move is essential if you want to avoid standing in line in a bank branch, and paying a hefty over the counter fee to complete basic transactions.

Compare a few business bank accounts like those we've picked out for this guide, against non-bank providers like Wise Business. Non-bank services often focus their efforts on reducing the costs of transacting for your business, with smart features including international transfer and exchange services. As they are digital first providers, you’ll also usually find an intuitive online and mobile interface to allow you to manage your money easily no matter where you happen to be.

Use this guide to decide what the best business bank account solution is for your specific needs - and don’t forget to take a look at Wise Business, to manage international payments with low fees and transparent pricing, ensuring that you can handle cross-border transactions with no hidden fees eating into your profits.

• Obtain account details to receive payments in GBP, EUR, CAD, AUD and more for a one-time fee of S$ 99.
• Simply share your account details with customers or add them to invoices.
• Hold, send, and convert money at the mid-market rate in one account.
• Simplify customer payments with Wise request payment feature.
• Accept payments from customers and payment service providers (PSPs) like Stripe and Amazon.
• Generate payment links to request money in specific currencies.

➡️Get started with Wise Business today

1. DBS Business Multi Currency Account - Starter Bundle
2. OCBC Business Growth Account
3. CIMB SME Account
4. Maybank Flexibiz Account
5. Airwallex
6. YouBiz
7. Aspire