Compare Singapore’s top SME business bank accounts for 2025—minimum balances, fall-below fees, FAST/PayNow limits, FX spreads, multi-currency, cards, integrations, and onboarding. Includes a quick verdict card and a monthly cost model you can copy.
Best SME Business Bank Accounts in Singapore (2025)
This guide focuses on what impacts your monthly cost and workflow, not brochure features. Numbers vary by tier and may change—use our scenario-based cost model below to validate your choice.
Top Verdict Card
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Four-Column Snapshot
Dimension | Bank A (SME Digital) | Bank B (Low-Min + MCA) | Bank C (Relationship) | Bank D (International) |
---|---|---|---|---|
Minimum Balance | Low | Low–Moderate | Moderate–High | Moderate |
Fall-Below Fee | Low | Low | Moderate–High | Moderate |
FAST/PayNow Biz (Monthly Free Quota) | Generous | Generous | High-volume friendly | Adequate |
PayNow Fee After Quota | Low per credit | Low | Tiered/waived with bundle | Tiered |
International Wires (Outbound) | Flat/low mid | Flat + FX spread | Preferential at scale | Wide corridor coverage |
Multi-Currency Account (MCA) | Built-in (core majors) | Built-in (wider set) | Full suite | Wide + exotic pairs |
Named USD/EUR/GBP Collection | Yes (selected) | Yes | Yes (multi-book) | Yes (strong) |
Indicative FX Spread (Tiered) | Competitive at SME tiers | Competitive; good tiers | Tight with volumes | Competitive; depends on corridor |
Virtual/Physical Corporate Cards | Virtual first; per-card caps | Virtual + physical | Full program & rebates | Global issuance options |
Integrations | Xero/QuickBooks + CSV/API | Same + webhook | Deep reporting + RM support | API + regional reporting |
Onboarding Speed | Fast eKYC | Fast; extra checks if foreign-owned | Longer but white-glove | Moderate; strong cross-border KYC |
Best For | New/lean SMEs | SMEs with USD/EUR flows | Higher volumes, FX/trade needs | Multi-region operations |
How to Choose
- Mostly domestic SGD payments → Bank A (SME digital): higher free quotas, low fall-below, quick start.
- Receivables in USD/EUR/GBP → Bank B: MCA + named collection details for cleaner reconciliation and fewer double conversions.
- High scale (≥20 international wires/month, or FX ≥ SGD 200k/month) → Bank C: tighter FX spread and priority support often outweigh higher minimums.
- Multi-region teams/clients → Bank D: broader corridors and mature cross-border compliance.
Spreadsheet-Ready Monthly Cost Model
Item | Qty/Month | Unit Cost | Est. Monthly |
---|---|---|---|
FAST transfers (beyond free quota) | 40 | 0.50 | 20.00 |
PayNow credits (beyond free quota) | 60 | 0.30 | 18.00 |
International transfers (outbound) | 8 | 15.00 | 120.00 |
FX conversion volume (apply spread) | SGD 150,000 | 0.35% | 525.00 |
Fall-below fee (if applicable) | 1 | 18.00 | 18.00 |
Total (model) | 701.00 |
Interpretation: If Bank C tightens your FX spread from 0.35% → 0.20% at your volume, you save ~SGD 225/month. Even with a higher monthly fee, the total cost can still be lower.
Onboarding Checklist (what shortens approval)
Section | Provide | Looks Good When… |
---|---|---|
Corporate basics | ACRA Biz Profile, Constitution, Board Resolution | Names/addresses match; signing mandate is clear |
People/UBO | IDs & address proofs (>25%), signatory details | UBO chain is clear down to natural persons |
Activity proof | First invoices/POs/LOIs, supplier quotes | Industry wording is consistent across site and docs |
Online presence | Website, domain WHOIS, LinkedIn | Contactable and aligned with business model |
Compliance note | Sanctions/PEP screening, AML statement | Concise (5–8 lines), specific to your model |
Banking plan | Volumes/currencies, cards, integrations | Provide low/base/high ranges for 12 months |
Quick FAQ
Q1: What matters more than headline fees?
The all-in monthly cost across payments, FX, and fall-below fees. FX spread often dwarfs small transfer fee differences.
Q2: Do I need a multi-currency account from day one?
If you invoice or collect in USD/EUR/GBP, start with MCA + named collection details to avoid mismatches and double conversions.
Q3: When is a relationship package worth it?
When international wires exceed ~20/month or FX conversions exceed ~SGD 200k/month. Tighter spreads and support usually offset higher minimums.
Q4: Virtual cards vs one physical card?One virtual card per vendor improves security and reconciliation. Compromises are contained and replacements are instant.
Q5: How do I avoid onboarding delays?
Keep the business description consistent across ACRA records, website, and invoices; include verifiable sample contracts and contacts.
CTA Blocks
- “See fees & minimums”
- “Get named USD/EUR details”
- “Request FX tier quote”
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