IntraConnect Singapore

Best Banks for Business in Singapore in 2026

Tips for opening a bank account for a Singapore company
Best banks in Singapore for business accounts

Singapore’s banking system remains one of the most developed and well-capitalised in Asia — the major domestic banking groups alone hold over S$1.9 trillion in combined assets. But “best” depends heavily on your situation: a traditional full bank, a MAS-licensed digital bank, and an international fintech account solve different problems. This guide compares all three so you can choose the right one — or combination — for your company.

How to Choose a Bank for Your Singapore Company

Before comparing individual providers, it helps to understand how banks evaluate you. Since roughly 2017, Singapore banks have raised KYC and AML standards considerably — particularly for non-resident directors and shareholders, companies with no physical Singapore presence, and “high-risk” industries like crypto or international trading.

The single biggest factor in approval is a genuine business connection to Singapore or the wider region — suppliers, customers, or key partners here, or at least in Southeast Asia or China. “Low taxes and a reliable banking system” is not, on its own, a reason banks will accept as sufficient justification for opening an account.

  • Have a clear, honest answer ready for why your business needs a Singapore account specifically
  • Prepare a business plan, cash flow projections, and evidence of real activity (contracts, website, existing clients) in advance
  • Having a local resident director on file meaningfully improves approval odds — a nominee director service can provide this if needed
  • If a traditional bank proves difficult, most foreign founders now start with a digital bank or fintech account and add a traditional bank later if needed

Types of Banks in Singapore

MAS (the Monetary Authority of Singapore) currently recognises five categories of licensed banks: full banks, qualifying full banks (QFBs), wholesale banks, offshore banks, and digital banks. As of 2026, this includes 20 full banks, 10 QFBs, 95 wholesale banks, 37 offshore banks, and 3 digital full banks.

Full banks (local)

DBS, OCBC, and UOB — Singapore’s three local banks, offering the complete range of retail and corporate banking, with branches across Singapore and the wider region. These are the default choice for businesses with an established local presence or large transaction volumes.

Qualifying full banks (foreign-owned)

Includes Standard Chartered, HSBC, Citibank, Maybank, CIMB, and others — full-service foreign banks operating in Singapore under fewer branch/ATM restrictions than in the past. They offer largely the same service range as local banks.

Wholesale, offshore, and merchant banks

These serve large corporate clients with an existing Singapore or regional footprint — typically not accessible to new small businesses without prior banking history with the same institution.

Digital Banks and Fintechs Compared

For most foreign founders, a MAS-licensed digital bank or regulated fintech offers the fastest, lowest-friction path to a working account — often opened fully online within days, versus 1–3 weeks or longer for a traditional bank.

Provider

Type

Currencies

Notable for

Aspire

MAS-regulated payment institution

SGD, USD, EUR, GBP, IDR + more

Fast SGD account setup, free local SGD payments, virtual Mastercard cards

Read our full Aspire review

Airwallex

MAS-regulated payment institution

50+ currencies

Broadest currency range, fast international transfers

ANEXT Bank

MAS-licensed Digital Wholesale Bank

SGD, USD

Built specifically for SMEs, no minimum deposit

Green Link Digital Bank (GLDB)

MAS-licensed Digital Wholesale Bank

SGD, USD

Working-capital and supply-chain finance focus, unsecured business lending

GXS Bank

MAS-licensed Digital Full Bank

SGD only

Sole proprietors only; no account fees; fast Singpass onboarding

Trust Bank

MAS-licensed Digital Full Bank

SGD only

Consumer-led but increasingly used by small founders for daily spend

Wise Business

MAS-regulated payment institution

USD, EUR, GBP + more

Transparent upfront FX pricing, no mandatory interview

Payoneer

International payment platform

USD, EUR, GBP, CNH, JPY, AUD, CAD, SGD, MXN

Strong for receiving payments from global marketplaces and clients

YouBiz

Fintech / payment institution

SGD, USD + 9 more

No setup fees, 1% cashback on SME corporate card spend

Deposits, Fees, and Balances

  • Minimum opening deposit at traditional banks: typically S$500–1,000 (OCBC, DBS, UOB, Maybank, CIMB) for local applicants; some banks require significantly more for offshore-owned companies — DBS’s Premium offshore tier, for example, requires a substantially higher initial deposit
  • Account opening fees vary widely — from no fee at most digital banks, up to several thousand dollars at some international banks for offshore clients
  • Minimum average balances typically range from S$5,000–50,000 at traditional banks; falling below triggers a monthly “fall-below” fee, usually S$50–100
  • International transfer fees average around 0.125% of the transaction, often capped at S$50–100; digital banks and fintechs are typically cheaper and more transparent on FX than traditional banks

Frequently Asked Questions

Which bank is best for a foreign-owned company in Singapore?

If you’re non-resident or operating remotely, Aspire, Airwallex, ANEXT, or Wise are generally the most accessible starting points. If you have a local presence or need full-service banking, DBS, UOB, or OCBC are the strongest traditional options.

Not for digital banks and fintechs — these support fully remote onboarding. Traditional banks typically still require at least one in-person meeting with a director or shareholder.

Digital banks: typically 1–3 business days. Traditional banks: 1–3 weeks or longer, sometimes more for offshore-owned companies.

Yes — many founders combine accounts, for example a digital bank or fintech for FX and international collections alongside a traditional SGD account for local payments and credibility.

Get Help Choosing and Opening the Right Account

We work directly with both traditional banks and licensed digital/fintech partners — including DBS, UOB, Aspire, Airwallex, and Payoneer — and can help match your company to the right option and manage the application. Get in touch to get started.

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