Free Online Business Checking Account No Opening Deposit – The first step for many new business owners, the self-employed and freelancers is to separate their business bank account from their personal account. This will simplify accounting and tax records in the long run.
Even for established businesses, switching to the right bank account can make all the difference to your financial operations. There are business bank accounts that can add value to your business growth and digital movement, including customer payments, e-invoicing, cash flow tracking and business finance options.
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Here are the top 7 factors businesses should consider when opening a business bank account in Singapore, which you can compare between banks.
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Services include interbank transfers, the ability to view your transactions and account history online, unattended bill payments, account notifications and reminders on your phone, and electronic statements.
What type of business do you do (B2B or B2C) and how many transactions does your company do per month
Based on the above factors, these are some of the best business bank accounts in Singapore based on cost, flexibility, scalability and features.
With a low minimum deposit of $1,000, the OCBC Business Growth Account offers an attractive low-cost structure. Accounts can be opened online and applicants can get their account numbers instantly.
Do I Need To Open A Business Bank Account?
This account has access to OCBC Velocity, its digital business banking platform where you can manage your accounts, initiate payments and collections, manage cash flow and create e-statements for free.
The OCBC Business Growth Account charges a monthly fee of $10. You can also set up an OCBC Multi-Currency Business Account alongside your OCBC Account for business growth. It allows you to transact in 13 foreign currencies, including US Dollars, Euros, Australian Dollars, Hong Kong Dollars and CNH (Chinese Yuan). As a special promotion, both accounts will be charged $10 per month with the same commission.
If you have an OCBC Business Growth Account, open a separate OCBC Multi-Currency Business Account (13 currencies) for free.
EAlerts: $25 per month for cash alerts or trade finance alerts; $35 per month (discount for first 3 months) for both cash and trade finance statements
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How to open: Instant online account opening for Singapore registered companies. Applicants must be from Singapore or PR to apply for instant account opening. You can open your OCBC Business Development account online here.
If you already have a POSB or DBS account, like many Singaporeans, using the DBS Business Multi-Currency Account – Starter Package should be intuitive for you as a business owner.
Every entrepreneur in the current environment needs to think about preparing their company for global business from day one. As the name suggests, this bank account company offers domestic and international payments and collections from the same account. You can transact in Singapore Dollars and 12 foreign currencies including Australian Dollar, Canadian Dollar, CHN (Chinese Yuan), Hong Kong Dollar, Japanese Yen and US Dollar.
However, the TBS Business Multi-Currency Account – Starter Kit is only applicable to businesses less than 3 years old from the date of application. Otherwise, you’ll need to sign up for a standard multi-currency business account, which comes with higher costs and fees.
Can I Open A Business Bank Account With Just An Ein?
The main advantages of this account are that you will get unlimited free FAST and GIRO transactions (excluding cash and wages) when you sign up for the starter package. A separate charge for this account is a check clearing fee of $3 per check, which discourages the use of checks.
– Unlimited Free FAST & GIRO Transactions (Starter Package Only) with DBS IDEAL (Excludes Bulk Transactions & Payrolls from Q4 2022)
How to open: Apply within 5 minutes on the TPS website. When registering, you must provide UEN information about your company and all account users to reduce registration time and hassle. You can open your TBS Business Multi-Currency Account – Starter Bundle here. Companies established for more than 3 years can apply for a standard DBS Business Multi-Currency Account, which has some differences from the starter package.
The Maybank Flekibis account is another hassle-free business bank account that is cheaper to maintain. The minimum initial deposit of $1000 is very affordable even for new businesses. If your monthly balance is less than $1,000, the fee is only $10, but there is no monthly maintenance fee, making it an affordable business bank account.
Novel Business Banking
This bank account can be useful for companies in the initial stages of growth. The Maybank FlekiBiz account stands out as one of the few business bank accounts that pays interest on your balances, albeit nominally: 0.018% on the first $50,000; 0.028% on the next $450,000 and 0.038% on balances over $500,000.
$0.75 per check (total check fee will be refunded to your account if average daily balance exceeds $30,000 per month
How to open: You can open your Maibank FlekiBiz account online through MiInfo. You will need a photograph of your signature and a certified copy of the Company’s Memorandum and Articles of Association/Articles of Association/Articles of Association or a certified copy of the Lifelong Learning Partnership Agreement.
The UOB eBusiness account has a minimum average daily balance of $5,000 and an annual account fee of $35 (or about $3 per month).
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Manage your finances in one platform with UOB BizSmart digital solution that supports key processes such as invoicing, HR and accounting. With UOB BizSmart, you can import bank account flows for automatic reconciliation and offer customers quick payment options via PayNov KR or NETS PayCollect.
To facilitate cross-border transactions, UOB also has a team of foreign exchange specialists who can assist you with foreign exchange services such as FX Spot and FX Forward. When sending money from Singapore to Malaysia, you can lock in fixed exchange rates. You can also enjoy zero money transfer fees for Vietnamese Dong, Taiwan Dollar, Burmese Kyat and Korean Won.
– GIRO Transaction Fee: USD 0.20 off for 60 GIRO payments and collections per month with UOB Infinity
– Fast Transaction Fee: USD 0.50 off per transaction (Get discount on first 60 outgoing FAST/PayNov FAST transactions per month via UOB Infinity)
Powerfully Simple Business Banking
How to open: Instant online account opening for Singapore registered companies. Applicants must also be from Singapore or PR to apply for instant account opening. Open your UOB eBusiness account online.
Another option for small and medium business owners is the CIMB BusinessGo Lite account. With zero low fees, there’s little stress about maintaining a minimum balance. The account can also be used for free express, GIRO and payment transactions.
Unlike many other business bank accounts, you get free e-alerts to seamlessly monitor new transactions in your account. At $25 per checkbook, the check-writing fee is waived.
How to open: CIMB BusinessCo Lite account has an online application feature that can be completed within 15 minutes. Businesses can use Miinfo Business to enter their business information. You must have your UEN number and company registration number with you when you apply. You can also opt for the Sharia alternative BusinessGo-i Lite
Open A Business Bank Account Online
As a small business owner, you are responsible for choosing the best bank account for your small business. Above are some of the options available in Singapore and other business bank accounts that business owners should consider.
The criteria above also give you an idea of what to look for when choosing the best business bank account for your needs.
Enjoy fast access to funds and instant loan approval status when you apply online with OCBC.
Secure up to S$100,000 with OCBC Business’ first SME loan, which runs for just six months. If your SME is more than two years old, secure up to S$500,000 with an OCBC working capital loan, suitable for business financing or expansion. Terms apply.
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PayNov is not only for people, but also for businesses. First, it will help reduce the risk of infection by offering contactless payment. At Valpole krajbanka, we know that every business is different – and the way you create your accounting system has its own specifics. With our simple, low-fee business checking accounts, you’ll enjoy a bonus—your first 250 checks are free and easily adaptable to your accounting system.
For more information on our great suite of business checking and other business banking products, visit us or call (603) 352-1822.
Plus, here’s an overview of our low-reward business checking accounts so you can decide which one is right for you.
Opening A Personal Checking Account
A simple and convenient account designed for those who want to use the additional services of a business bank.
No matter which checking account you choose, you’ll have free online banking and mobile banking (including free mobile check deposit using your smartphone or tablet). In addition, you get access to a valuable package of preferred business e-banking services.
A real local bank and savings bank
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