Banks With No Minimum Deposit To Open – The first step for many new entrepreneurs and even self-employed and freelancers is to separate the business bank account from the personal account. It will also facilitate long-term tax and accounting purposes.
Even for more established businesses, switching to a legitimate business bank account can affect their financial performance. There are business bank accounts that can add value to the growth and digital movement of your business, facilitating customer payments, sending emails, etc. accounts, monitoring cash flow and business transactions.
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Here are the top 7 factors that businesses should consider when opening a business bank account in Singapore and you can compare them across banks.
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Includes services such as interbank transfers, the ability to view transactions and account history online, unverified payroll payments, phone bill alerts and reminders, and account statements
What kind of business do you run (B2B or B2C) and how many transactions do you do per month?
Based on the above factors, these are some Singapore business bank accounts that you can consider based on price, convenience, size and features.
With a minimum deposit of $1,000, the OCBC Business Growth account offers an attractive and affordable structure. Accounts can be opened online and applicants can receive their account numbers almost instantly.
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The account includes quick access to OCBC, your digital business banking platform, where you can manage your accounts, initiate payments and collections, manage cash flow and create email accounts for free. the invoices.
The OCBC Business Growth Account charges a monthly fee of $10. An OCBC Plus Multi-Fund Trading Account can also be set up along with your OCBC Business Growth Account. It allows transactions in 13 foreign currencies including US Dollars, Euros, Australian Dollars, Hong Kong Dollars and CNH (Kannada Yuan). Both accounts will charge the same fee of $10 per month as an exclusive promotion.
Open a separate OCBC Multi-Currency Trading Account (13 currencies) with no additional fees if you also have an OCBC Business Growth Account.
EAlerts: $25 per month for financial alerts or business transaction alerts; $35 per month for BOTH financial and business expense alerts (first three months are waived)
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How to open: Instantly open an online account for Singapore registered companies. Applicants must be from Singapore or PR to apply for an immediate account opening. You can open your OCBC Business Growth account online here.
If you already have a POSB or DBS account like most Singaporeans, then using the DBS Multi Currency Business Account – Starter Packs should be intuitive for you as a business owner.
In today’s environment, every entrepreneur should think about preparing their business for international operations from day one. As its name suggests, this bank account allows businesses to make national and international payments and collections in the same account. You can trade in Singapore Dollars and 12 other foreign currencies including Australian Dollar, Canadian Dollar, CHN (Kannada Yuan), Hong Kong Dollar, Japanese Yen and US Dollar.
However, the DBS Multifund Account – Early Access is only applicable to companies registered less than 3 years from the application date. Otherwise, you will have to apply for a standard multi-currency account, which is more expensive and expensive.
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The main advantage of this account is that you get free FAST and GIRO transactions (no bulk payments and co-payments) if you subscribe to the Starter Plan. One of the costs of this account is that the check payment fee is $3 per check, which discourages using the check.
– Free FAST transactions and GIRO by DBS IDEAL (intro only) (no bulk transactions and payment from Q4 2022)
How to unlock: You can apply in just 5 minutes on the DBS website. When you sign up, have your company’s UEN information and all account users available to reduce sign-up time and hassle. You can open the DBBusiness Multicurrency Account – Starter Pack here. Businesses registered for more than 3 years can apply for a Standard DBS Business Account, which is slightly different from the starter package.
The Maybank FlexiBiz account is another cheaper maintenance business bank account. A minimum initial deposit of $1,000 is very affordable even for new businesses. There is a small $10 fee if your monthly balance is less than $1,000, but there is no monthly maintenance fee, making this an affordable business bank account.
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Such a bank account can be useful for companies in the early stages of development. The Maybank FlexiBiz account stands out as one of the few commercial bank accounts that pays interest on its balances, albeit nominally: 0.018% on the first $50,000; 0.028% on balances over $450,000 and 0.038% on balances over $500,000.
$0.75 per check (if your total daily balance exceeds $30,000 per month, all check fees will be returned to your account
How to open: You can open a Maybank FlexiBiz account online using MyInfo. You will need a photograph of your signature and certified copies of your company’s Memorandum and Articles/Articles/Articles or certified copies of the actual LLP partnership agreement.
The UOB eBusiness account has a minimum daily balance of $5,000 and an annual account fee of $35 (or about $3 per month).
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You can manage your finances on one platform with the UOB BizSmart digital solution, which helps with key processes such as payroll, HR and accounting. With UOB BizSmart, you can import bank account details to automatically reconcile and provide faster payment options to customers via PayNow QR or NETS PayCollect.
To facilitate international transactions, UOB also has a team of FX experts to help you with foreign exchange services such as FX Spot and FX Forward. When transferring money from Singapore to Malaysia, you can lock in fixed exchange rates. You can also take advantage of zero payout rates for Vietnamese Dong, Taiwan Dollar, Burmese Kyat and Korean Won.
– GIRO Transaction Fee: $0.20 off up to 60 GIRO payments and charges per month through UOB Infinity
– FAST Transaction Fee: $0.50 discount per transaction (receive a discount on the first 60 outbound FAST/PayNow FAST transactions per month through Infinity UOB)
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How to open: Instantly open an online account for Singapore registered companies. Applicants must also be from Singapore or PR to apply for immediate account opening. Open your UOB email account online.
Another option for SME business owners is the CIMB BusinessGo Lite account. With low fees, there isn’t much trouble maintaining a minimum balance. You can also make free FAST, GIRO and prepaid transactions with the account.
Unlike many other business bank accounts, you get free emails. alerts so you can track new transactions on your account seamlessly. Although checks are $25 each, check clearing fees are waived.
How to open: CIMB BusinessGo Liteaccount is an online application that can be completed in less than 15 minutes. Businesses can use Myinfo business to enter their company information. You must have your UEN number and business registration number with you when you apply. You can also opt for a Shariah-compliant alternative, BusinessGo-i Lite.
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As a small business owner, you are responsible for choosing the best business bank account for your small business. The above are some of the options available in Singapore, and business owners can also consider other business bank accounts.
The above questions also give you an idea of what to look for when choosing the best business bank account for your needs.
Enjoy quick access to funds and instant loan approval status when you apply online with OCBC.
For SMEs that have been in business for six months, secure up to S$100,000 with an OCBC First Business Loan. If your SME is more than two years old, secure up to S$500,000 with an OCBC working capital loan, a government guaranteed loan that is good for financing business activities or expansion. Conditions apply.
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Edition] 5 Best Business Bank Accounts In Singapore For New Business Owners
Name your account according to the reason for your decision. Easily switch via digibank and you’ll see your chosen nickname popping up everywhere, including your report.
Planning your next trip abroad? First, link your MyAccount to your Visa Debit Card and receive 5% cashback on your first exchange! Plus, earn 3% cashback on every foreign currency spend. Valid until December 31, 2022, subject to conditions. Find out more.
All Singaporeans, Permanent Residents and Foreigners (EP/SP/DP/Long Visit Pass/Student Pass) can instantly open a personal My Account on the Digibank app using Myinfo
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