Business Account

Best Business Account in Singapore Ranked

21 November 2023
Grof Writer
8 Minutes Read
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As a small business owner in Singapore, the foundation of your financial success rests heavily on selecting the right business account. Choosing the right business banking account isn't just a task on your to-do list. It's a strategic move that can significantly influence your operational efficiency and the growth trajectory of your business.

Selecting the right business account from many options is a crucial decision. In this guide, we aim to streamline this process for you. We'll outline the essential considerations for opening a business bank account in Singapore. Plus, we’ll light on some of the best accounts around — from the Grof Business Account to the Airwallex, the DBS Multi-Currency Account, and the Maybank Flexbiz Account.

Are you launching a new business or looking to switch to an account that better suits your evolving business needs? This article is the first step towards choosing an account that matches your business's financial health.

So, roll up your sleeves and let’s dive in. It's time to make your business banking as smooth as sailing in the calm waters of the Singapore Strait!

Why You Should Have a Business Account

Before we jump into the nuts and bolts of picking out a business bank account, let's pause to appreciate why setting up one is a non-negotiable in the business world.

  1. Legal and Tax Compliance: In Singapore, having a distinct account for financial transactions is mandatory for all business entities. This ensures compliance with legal and tax regulations, making it easier to track expenses, revenue, and taxes. A business account simplifies your financial management. It organises transactions, tracks expenses, and manages revenues with ease. Plus, it's a great tool for staying ahead with your taxes.
  2. Upholding Professionalism: A business banking account enhances your company's image and credibility. Customers and clients perceive businesses that use dedicated accounts as more professional and trustworthy.
  3. Ease of Bookkeeping: A business account simplifies financial management by providing a centralised platform to monitor and manage transactions. This streamlines bookkeeping, preparing financial statements, and filing taxes.
  4. Credit and Financing Prospects: Banks and lenders often assess a company's financial history. It includes cash flow analysis through the business account, when considering loan applications. Having a business account can improve your chances of securing loans or lines of credit.
  5. Financial Separation: Keeping personal and business finances separate makes it easier to manage business finances, track expenses and revenue, and maintain accurate financial records. It also simplifies tax filing and ensures compliance.

With these advantages in mind, let’s pivot to what you should look for when selecting a business bank account that aligns with your company's needs.

Factors to Consider While Choosing a Business Account

  1. Minimum Deposit: Some banks and financial platforms have various requirements for the initial amount needed to open an account. It's important to find one where the starting deposit fits comfortably within your budget without putting a strain on your finances.
  2. Account Maintenance Fees: Some banks and financial platforms usually charge a monthly fee to manage your business account. These fees aren't all the same. Thus, it pays to compare and find the best one that fits what you need and what you can afford.
  3. Online Banking Tools: Good online services are super important. You'll need an account that makes online money management easy. It should allow you to make payments and check your balance effortlessly on the web.
  4. Multi-currency: If you work with people in other countries, an account that lets you deal with different currencies can make things much simpler and more affordable.
  5. Customer Support: Good support is key. You'll want a bank or financial platform that's there for you all the time through phone, email, or chat.
  6. Reputation: Do some homework on the history and how stable it is. Choose a bank or financial platform with a strong reputation for excellent customer service – one that you can rely on.
  7. Additional Benefits and Perks: Look at the extra goodies they offer with their accounts. Things like cash back, special deals, or tools to help your business can be really helpful.

Selecting a business bank account is a crucial decision. Indeed, considering these factors will help steer you toward a choice that will solidify the financial foundation of your business.

Best Business Banking Accounts in Singapore

With so many options, it’s easy to get overwhelmed. To make things easier for you, we've put together a list of some of the most popular business accounts in Singapore.

Grof Business Account

Grof Business Account stands out for its user-friendly approach to managing your company’s finances. It removes the hassle with a smooth, free onboarding process that requires no monthly fees — a relief for any cost-conscious business owner. Plus, you don't need to step into a branch; a simple online submission of your company details gets the process rolling.

Grof offers a seamless experience for transferring funds internationally. With the ability to make transactions to over 190 destinations and the opportunity to slash up to 70% off traditional foreign exchange charges, Grof positions itself as a financially savvy choice for businesses dealing with global clients.

Beyond these cost-saving measures, Grof simplifies expense management. Their system is designed to digitally organise and track your spending, eliminating the tedious task of manual data entry. This modern approach to bookkeeping ensures that you can stay on top of your expenses without being bogged down by paperwork.

Moreover, a Grof business account is a comprehensive solution for handling the day-to-day financial operations of your business. It supports you in receiving payments from clients, paying out salaries, and meeting other transactional needs efficiently.

Setting up an account with Grof is straightforward, using a simple application form. While the approval of applications is subject to review, the process can be impressively quick, potentially having your account operational in as fast as two working days.

To get started, you'll need to provide:

  • Basic organisation details: Including your business name and Unique Entity Number (UEN).
  • Organisation detailed information: This covers your annual turnover, the number of full-time staff, the nature of your business activities, and the countries in which you operate.
  • Registered address and other business documentation such as Bizfile.
  • For verification purposes, Singaporean locals will need their NRIC, while foreigners are required to provide a passport, Power of Attorney (POA), and a selfie with their ID.


Airwallex offers a business account that caters to the pragmatic needs of business owners in Singapore. It's practical for setting up banking details across multiple currencies globally, reducing the sting of conversion and transaction fees. The feature that allows businesses to send money internationally without added costs can be a significant financial relief, especially when dealing with large sums.

The payment system of Airwallex is designed to be secure and user-friendly, aimed at streamlining the acceptance of international payments for businesses. Airwallex also ensures that expenses are easily monitored and managed all from one place. In other words, it gives businesses the ability to track their financial activity as it happens. Moreover, it integrates seamlessly with popular business software. This allows you to connect it to the accounting and other platforms you’re already using, streamlining your operations.

To join Airwallex, signing up is a breeze – a quick visit to their website, filling in your details, and your application is processed within just a few days.

DBS Multi-Currency Account

If you're scouting for a business bank account that aligns with your company's vision and structure, DBS should definitely be on your radar. Let's talk about the DBS Business Multi-Currency Account, particularly their Main Bundle.

This account is notable for its S$1,000 initial deposit, which is quite manageable. It also offers the flexibility to deal with 13 different currencies. This feature makes it appealing for businesses aiming to reach international markets.

What's more, DBS doesn't keep you waiting. Open an account, and you're set to go by the next business day, which is quite a swift affair. Tracking your finances is also a breeze—either through DBS iBanking or by visiting one of their numerous branches across Singapore.

Now, it's fair to mention that the account does come with fees: S$50 annually, plus charges for certain transactions, like over-the-counter transfers and telegraphic transfers, as well as a fall-below fee if your balance dips. For newer businesses, there's the Starter Bundle. It waives the fall-below fee at the cost of a higher annual fee of S$120, which could be a trade-off worth considering as you're establishing your foothold in the business world.

To get started with DBS, the process is streamlined and can be initiated on their website within five minutes. Just have your company’s UEN and account users’ names handy. If your business has been around the block for more than three years, the Starter Bundle might be the way to go.

Maybank Flexbiz Account

Shifting our focus to Maybank, their FlexiBiz Account is another solid choice, particularly for budget-conscious businesses. It matches DBS’s S$1,000 minimum initial deposit and sweetens the deal with zero monthly maintenance fees. It offers small businesses a little extra breathing room financially. But do keep an eye on the balance—fall below S$1,000, and you’ll encounter a S$10 charge.

Opening an account with Maybank is a smooth process as well. You can do it online via MyInfo. However, remember to have all the necessary digital copies of your company documents, such as by-laws and partnership agreements, to ensure a hiccup-free application.

Save More With Grof

Navigating the world of business banking can often feel like an endless maze of paperwork and hidden fees. If you're yearning for a financial experience that's as straightforward and agile as your business, Grof is your answer. Say goodbye to tedious business account opening processes and unwelcome monthly fees that chip away at your bottom line.

At Grof, we understand that time is money. That's why we've stripped away the complexities to offer you a quick, easy-to-set-up business account that's designed to keep pace with the modern entrepreneur. We're here to support your journey. Set up a free onboarding call to transition smoothly into simplified business banking. Sign up with Grof and start enjoying streamlined finance management today.

Your Ultimate Singapore Incorporation Checklist
Explore crucial dos and don'ts, along with essential tips for a successful company registration when establishing your foothold in Singapore!
Your Ultimate Singapore Incorporation Checklist
Explore crucial dos and don'ts, along with essential tips for a successful company registration when establishing your foothold in Singapore!
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