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

best SME bank account Singapore, business banking comparison, multi currency account, PayNow for Business, FAST transfer, fall below fees, FX spread, corporate card

Four-Column Snapshot

DimensionBank A (SME Digital)Bank B (Low-Min + MCA)Bank C (Relationship)Bank D (International)
Minimum BalanceLowLow–ModerateModerate–HighModerate
Fall-Below FeeLowLowModerate–HighModerate
FAST/PayNow Biz (Monthly Free Quota)GenerousGenerousHigh-volume friendlyAdequate
PayNow Fee After QuotaLow per creditLowTiered/waived with bundleTiered
International Wires (Outbound)Flat/low midFlat + FX spreadPreferential at scaleWide corridor coverage
Multi-Currency Account (MCA)Built-in (core majors)Built-in (wider set)Full suiteWide + exotic pairs
Named USD/EUR/GBP CollectionYes (selected)YesYes (multi-book)Yes (strong)
Indicative FX Spread (Tiered)Competitive at SME tiersCompetitive; good tiersTight with volumesCompetitive; depends on corridor
Virtual/Physical Corporate CardsVirtual first; per-card capsVirtual + physicalFull program & rebatesGlobal issuance options
IntegrationsXero/QuickBooks + CSV/APISame + webhookDeep reporting + RM supportAPI + regional reporting
Onboarding SpeedFast eKYCFast; extra checks if foreign-ownedLonger but white-gloveModerate; strong cross-border KYC
Best ForNew/lean SMEsSMEs with USD/EUR flowsHigher volumes, FX/trade needsMulti-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

ItemQty/MonthUnit CostEst. Monthly
FAST transfers (beyond free quota)400.5020.00
PayNow credits (beyond free quota)600.3018.00
International transfers (outbound)815.00120.00
FX conversion volume (apply spread)SGD 150,0000.35%525.00
Fall-below fee (if applicable)118.0018.00
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)

SectionProvideLooks Good When…
Corporate basicsACRA Biz Profile, Constitution, Board ResolutionNames/addresses match; signing mandate is clear
People/UBOIDs & address proofs (>25%), signatory detailsUBO chain is clear down to natural persons
Activity proofFirst invoices/POs/LOIs, supplier quotesIndustry wording is consistent across site and docs
Online presenceWebsite, domain WHOIS, LinkedInContactable and aligned with business model
Compliance noteSanctions/PEP screening, AML statementConcise (5–8 lines), specific to your model
Banking planVolumes/currencies, cards, integrationsProvide 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”

Related FAQs

Sophia Tan

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.