Opening the right business bank account in Singapore affects everything from daily payments to cross-border collections and FX costs. This guide explains account types, onboarding expectations, and how SMEs can avoid hidden charges without locking themselves into products they won’t fully use.

1. Account types and who they fit

  • Basic current accounts: Good for new entities that primarily need local SGD payments (FAST, GIRO, PayNow for Business). Low frills, usually lower minimum balances.
  • Multi-currency accounts (MCA): Useful if you invoice or pay in USD/EUR/GBP/JPY. Consolidates balances and reduces frequent conversions.
  • Premium/relationship packages: Bundles that add trade finance, FX facilities, and preferential service—but often require higher minimum balances.
  • Digital/SME-focused tiers: Streamlined onboarding, app-first experience, simple fee schedules. Ideal for lean teams.

2. What fees actually matter

Rather than chasing the “lowest everything,” focus on all-in monthly cost based on your pattern:

  • Minimum balance & fall-below fee: If you keep small balances early on, a modest minimum target matters more than the headline monthly fee.
  • Payments pricing: How many FAST/PayNow transfers per month? Are international wires frequent?
  • FX conversion spread: If you collect in USD/EUR and convert to SGD, FX spread usually dwarfs a few dollars of transfer fees.
  • Integration & cards: Bookkeeping integrations (Xero/QuickBooks), virtual cards, and corporate card rebates can offset fees.

3. Quick comparison snapshot (features vary by bank and tier; check current schedules)


Bank (example)Entry Account FocusIndicative Min BalanceTypical Fall-BelowLocal Payments (FAST/PayNow Biz)Multi-CurrencyNotes
Bank ABasic SGD currentLow–ModerateLowLow cost, generous monthly free quotaOptional add-onGood for early-stage with mainly local payments
Bank BSME digital tierLowLowApp-centric, simple bundlesBuilt-in MCAStrong online onboarding, limited branch needs
Bank CRelationship packageModerate–HighModerate–HighPreferential pricing at higher volumesYesBetter if you need trade/FX facilities soon
Bank DInternational bankModerateModerateRobust cross-border railsYes (wide)Smooth if you bank across regions
Tip: Model 3 scenarios (low/med/high volumes) for the next 12 months and back-solve the cheapest total cost per scenario.

4. Onboarding checklist (local vs foreign-owned)

Have documents complete and consistent. Small mismatches (e.g., different business descriptions on corp docs vs website) trigger extra queries.


Entity TypeCore Docs (Typical)Extras Often Requested
Local Pte Ltd (SG directors)Biz Profile (ACRA), Constitution, Board Resolution, NRIC/Passport of directors/UBOs, Address proofsWebsite/screenshots, sample invoices/contracts, brief business plan
Pte Ltd (foreign-owned)Above + notarized/translated corporate docs of parent, group chartBank statements of parent, supplier/customer letters, proof of operating presence in SG
LLP / Sole-PropRegistration proof, NRIC/Passport, business address proofLicenses if regulated activity, rental/utility bill for place of business

Timing: Simple local cases can complete within days; foreign-owned or cross-border models often take longer due to enhanced KYC.

5. Avoid common rejection triggers

  • Vague or mismatched business description. Align your ACRA activity, website copy, and invoices.
  • No evidence of real activity. Provide pipeline emails/LOIs, sample contracts, supplier quotes.
  • High-risk geographies or sanctioned sectors. Prepare clear compliance narratives and screening tools.

Mitigation table


Risk FlagWhat Banks Worry AboutYour Mitigation
Cross-border revenueSource of funds, counterpartiesProvide KYC on key customers, contract samples, payment corridors
Rapid movement in/outMoney-laundering patternsForecast cash cycles, explain working capital rhythm
Crypto/fintech adjacencyLicensing, AML controlsClarify scope (no custody/exchange), show compliance stack

6. Local rails you’ll actually use

  • FAST: Instant SGD credit transfers between banks; ideal for vendor payments.
  • PayNow for Business: Customers pay via UEN/QR; reconcile faster than manual bank transfers.
  • GIRO: Good for recurring bills (utilities, payroll with lead time).

7. If you need USD/EUR collection

Prefer an MCA with named IBAN/US routing details, not pooled references. This improves payer confidence and reconciliation. Negotiate FX with a tiered spread: the goal is a declining spread as monthly volumes grow.

8. A 15-minute cost sanity check (monthly)

  1. Estimate FAST/PayNow volume; 2) Estimate international wires; 3) Estimate FX conversions; 4) Add possible fall-below fee. Compare two banks across low/med/high volume. Choose the cheapest in your likely range, not the absolute cheapest in a single metric.


business bank account Singapore, SME banking, startup account, corporate account opening, multi currency account, PayNow for Business, FAST transfer, fall below fees

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.