Startup Bank Accounts in Singapore: Complete Guide to Business Banking Options [2025]

Starting a business in Singapore is exciting, but choosing the right startup bank account is not likely to be at the top of your list of priorities. In reality, the account you choose sets the foundation for all future growth - so getting it right is essential. The banking landscape has transformed dramatically in recent years, giving Singapore startups far more options than traditional corporate accounts from established banks.

Today's entrepreneurs can choose between legacy banks with digital upgrades and modern fintech providers designed specifically for digital-native, cross-border businesses. Whether you're a tech startup preparing for global expansion or a local service business looking for straightforward banking, the right account can significantly impact your cash flow, operational efficiency, and growth potential.

This guide compares the most popular business banking options for startups in Singapore, examining everything from fees and features to multi-currency capabilities and integration options. We'll also explore how Wise Business serves as an excellent banking alternative for startups looking to receive and collect payments from business customers both locally and internationally.

Top choices for startup banking and alternative financial services in Singapore

Opening a bank account is one of the key steps to starting a business in Singapore. Singapore startups have access to both traditional corporate bank accounts and non-traditional banking solutions, each designed to meet different business needs and growth stages. Here's how the leading options compare:

Details accurate as of 20 August 2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Things to look out for when choosing a startup business account

Startups in Singapore face unique challenges when selecting business accounts. Many need to get operational quickly without jumping through extensive bureaucratic hoops, while others require digital-native solutions that can scale internationally from day one.

Initial deposit and minimum balance requirements

Traditional banks typically require substantial upfront deposits, with OCBC and Maybank demanding SGD 1,000 to open accounts. This can strain early-stage startups operating with limited capital. Modern alternatives like Wise Business, Aspire, and Airwallex usually allow you to open accounts digitally with no initial deposit.

Fall-below fees are another potential drain on startup resources. OCBC charges SGD 15 if your balance drops below SGD 1,000, while Maybank applies a SGD 10 penalty - these fees can quickly accumulate for young businesses with fluctuating cash flow.

Fees and costs

Monthly fees vary dramatically across providers. Traditional banks charge SGD 10-28 monthly, though some offer promotional waivers. Maybank FlexiBiz stands out among traditional options by eliminating monthly fees entirely, whilst digital alternatives consistently offer fee-free account maintenance.

Transaction costs matter more as your business grows. Local payments through FAST, GIRO, and PayNow are typically free or low-cost across all providers. However, telegraphic transfer fees differ significantly - traditional banks charge SGD 20-35 per international transfer, while alternative providers tend to offer transparent, mid-market rates with much lower conversion fees.

Digital banking and mobile app functionality

The quality of digital banking infrastructure can make or break your startup's daily operations. Legacy banks have invested heavily in digital capabilities, with DBS IDEAL offering full functionality across web and mobile platforms, including digital token security for enhanced protection. OCBC Velocity provides comprehensive online banking with strong regional connectivity, though mobile app functionality is limited to viewing accounts and basic transactions.

Traditional banks still face limitations when dealing with international directors or complex account setups, often requiring physical branch visits that can delay your business launch. Some banks also restrict certain features - for instance, Maybank's mobile platform primarily focuses on balance viewing rather than full transaction management.

Digital-first providers excel in this area, offering 100% online onboarding and comprehensive mobile management from day one. Wise Business, Aspire, and Airwallex all provide full-featured mobile apps that allow multiple users across different departments to collaborate effectively. This multi-user capability proves particularly valuable for growing startups where different team members need access to specific financial functions without compromising security.

The difference becomes stark when considering international operations. While a traditional bank might require you to visit a branch to set up foreign currency transfers, many digital platforms enable immediate multi-currency transactions through intuitive mobile interfaces.

Scalability and growth potential

As your startup grows, transparent and predictable fee structures become crucial for financial planning. Avoid banks with complex or hidden fees that could become burdensome as transaction volumes increase - these fees can take the form of charges for cheque issuance and deposit, telegraphic transfers, and early account closure.

Multi-currency support is essential for startups planning international expansion further down the line.

While traditional banks like DBS offer multi-currency capabilities, they often include markup on exchange rates. Fintech alternatives, like Wise Business, provide mid-market rates without hidden spreads, making them more cost-effective for cross-border operations.

When expanding to foreign markets, consider how you'll collect payments from customers in different countries. Will you open new accounts for every locale? Multi-currency account support with local receiving details can eliminate this complexity entirely.

Integrations

Manual data entry becomes inefficient and error-prone as businesses grow. Accounts that automatically sync with accounting platforms like Xero and QuickBooks save time, streamline bookkeeping, and provide real-time financial visibility.

Modern providers target these problem areas, with Wise Business offering native Xero and QuickBooks integration plus CSV export capabilities for custom accounting workflows - allowing you to process 1,000 transactions simultaneously. Aspire provides deep integration with Xero, QuickBooks, SAP, and even marketplace platforms like Shopee, making it particularly attractive for e-commerce startups. Airwallex goes further with robust APIs for custom payroll, billing, and e-commerce integrations, appealing to tech-savvy startups building their own financial workflows.

Traditional banks provide integration through business banking portals and accounting partners, but functionality often feels more like an afterthought than a core feature. DBS offers good integration with major accounting tools and payroll systems through its business banking platform, while OCBC provides basic connectivity that may require additional manual reconciliation.

Additional considerations for Singapore startups

The above factors might take the top spots on your list of priorities, but it’s important to also consider the following:

• Regulatory compliance and licensing: Traditional banks operate under full MAS banking licenses, providing deposit insurance and comprehensive oversight but with associated bureaucracy and costs. Digital alternatives like Wise Business hold Major Payment Institution licenses, offering regulatory protection with greater flexibility, though they aren't technically banks.
• Documentation requirements: Traditional banks typically require comprehensive documentation including business plans, financial projections, and relationship manager meetings. Digital providers streamline this with standard ACRA documentation - DBS offers digital onboarding for eligible 3-year-old startups, while Wise Business, Aspire, and Airwallex provide fully digital processes.
• Account opening speed: Traditional banks may require 2-3 weeks for approval and activation, potentially delaying business launches. Digital alternatives typically approve accounts within 1-3 business days, with some offering immediate provisional access - crucial for startups needing immediate payment processing.
• Compliance and reporting: Proper financial management becomes crucial for grant compliance and reporting requirements. Modern banking platforms with automated accounting integration significantly simplify these processes for funded startups.

How do the startup business accounts compare?

Pricing and fees

DBS charges a fixed monthly fee with surcharges for over-the-counter transactions, making it predictable but potentially expensive for high-volume users. OCBC applies fall below fees to balances below SGD 1000. Maybank offers excellent initial value with no monthly fees, though limitations around currency support and digital functionality may constrain growth. Airwallex and Aspire also offer zero balance fees and international transfers that convert money at the mid-market rate, while Wise Business combines this with a wide range of currencies.

Corporate bank alternatives generally offer competitive fees compared to traditional options. However, if you're just starting out without many vendors or payroll obligations, and your primary need is collecting payments from customers, examine each provider's receiving fees carefully.

Account capabilities

The daily user experience varies dramatically between traditional and digital banking platforms. DBS IDEAL provides full functionality across web and mobile platforms, including digital token security, but the interface can feel overwhelming for startup founders focused on rapid growth rather than banking complexity. The platform excels for businesses requiring comprehensive features but may overcomplicate simple transactions.

OCBC's platform offers strong regional connectivity and efficient processing, but mobile app functionality remains limited to account viewing and basic transactions. This restriction can frustrate teams needing mobile-first financial management, particularly for remote or distributed startups.

Maybank restricts mobile features primarily to balance viewing and basic transactions, making it less suitable for digitally-native startups expecting comprehensive mobile banking capabilities.

In contrast, digital alternatives provide intuitive, mobile-first experiences designed around startup workflows.

Aspire, Airwallex, and Wise Business all enable multiple users across web and mobile apps with granular permission controls, allowing different departments to collaborate effectively without compromising security. The difference becomes even more pronounced when we look at international transactions. Traditional banking interfaces often treat foreign transactions as exceptions requiring special procedures, while digital platforms integrate them seamlessly into everyday workflows.

Choose a startup business account that can grow with you long term

Selecting the right banking partner involves balancing immediate needs with long-term growth plans. Be aware of seemingly sweet promotional offers that may seem attractive initially but could make way for expensive hidden costs later.

• 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

Sources:

1 - DBS Business Starter Bundle Account

2 - OCBC Business Growth Account

3 - Maybank FlexiBiz Account

4 - Aspire Business Account

5 - Airwallex Business Account

Sources checked on 20 August 2025