Singapore bank account opening — DBS, OCBC, UOB, Wise, Aspire — Costs and fees breakdown

Opening a Singapore corporate bank account means choosing between the three local banks (DBS, OCBC, UOB) and digital alternatives such as Wise and Aspire. Traditional banks usually charge a fall-below fee of S$10 to S$50 a month if you miss a minimum balance of S$1,000 to S$30,000, while digital providers have low or no minimums but narrower banking services. This guide to singapore bank account opening sets out the practical detail.

Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.

What corporate bank account opening involves

Every operating Singapore company needs a bank account to receive revenue, pay suppliers and meet payroll. The market splits into two groups: the established local banks DBS, OCBC and UOB, which offer full banking including credit facilities, trade finance and multi-currency accounts; and digital platforms such as Wise (multi-currency accounts and cheap FX) and Aspire (a business account with cards and expense tools). Foreign-owned companies should plan account opening carefully, because bank due diligence on overseas shareholders and directors is the slowest part of setting up.

For a closely related perspective, see our guide on EntrePass Singapore 2026: A Founder’s Complete Walkthrough.

Who each option suits

Local banks suit companies that need credit lines, trade finance, SGD cheque facilities and a long banking relationship. Wise suits companies with cross-border invoicing and foreign-currency receipts that want low FX cost. Aspire and similar fintechs suit early-stage and digital-first companies that want fast online onboarding and expense management. Many founders open a fintech account first for speed, then add a local-bank account once operations stabilise.

Refer to the official guidance from the relevant Singapore authority for the latest position.

Fees and minimums compared (numerical)

Indicative figures:

  • DBS business account: minimum balance around S$10,000, fall-below fee about S$40 a month; initial deposit from S$1,000 to S$3,000.
  • OCBC business account: minimum balance around S$1,000 to S$30,000 depending on the tier, fall-below fee about S$10 to S$35.
  • UOB business account: minimum balance around S$1,000 to S$10,000, fall-below fee about S$15 to S$35.
  • Wise Business: one-off setup fee of about S$59, no minimum balance, FX at the mid-market rate plus a small fee.
  • Aspire: no minimum balance and no monthly fee on the base plan, with FX and card features included.

Fees change frequently, so confirm current pricing with each provider before deciding.

Documents and eligibility

Banks require the company’s BizFile+ business profile, constitution, directors’ and shareholders’ identification and proof of address, and often a board resolution authorising the account. For foreign-owned companies, banks apply enhanced due diligence and may ask for source-of-funds evidence and a business plan. Some local banks require at least one director to attend in person or via video; fintechs typically allow fully remote onboarding.

See also the published material at this official source.

Step-by-step account-opening process and timeline

1. Incorporate the company and obtain the BizFile+ profile. 2. Choose the bank or fintech and the account type. 3. Pass the board resolution authorising the account and signatories. 4. Complete the application and upload due-diligence documents. 5. Attend any required verification call or branch meeting. 6. Receive account approval and activate online banking. Digital providers can approve in 1 to 5 business days; local banks typically take 2 to 6 weeks, longer for complex foreign ownership.

Common mistakes and gotchas

Foreign founders routinely underestimate due-diligence timelines and the chance of rejection where the ownership structure is opaque. Incomplete source-of-funds documentation is the leading cause of delay. Another trap is leaving balances below the minimum and accumulating fall-below fees. Finally, relying solely on a fintech account can be limiting if you later need SGD cheque facilities or trade finance, so plan the banking stack around your actual cash-flow needs.

Why foreign-owned companies face longer onboarding

The difference in account-opening timelines between local and foreign-owned companies is almost entirely about due diligence. Singapore banks apply enhanced scrutiny where shareholders or directors are based overseas, where the ownership chain runs through several jurisdictions, or where the source of funds is not immediately clear. The bank must satisfy itself, under MAS anti-money-laundering rules, about the ultimate beneficial owners and the legitimacy of the funds. Founders can shorten the process dramatically by preparing a clean ownership chart, certified identification and address documents, a clear business plan, and source-of-funds evidence before they apply. Incomplete or inconsistent documentation is the single most common reason applications stall or are declined.

Building a sensible banking stack

Many Singapore companies end up using more than one provider. A common pattern is to open a fintech account such as Aspire or Wise first for speed and low-cost foreign exchange, then add a local-bank account with DBS, OCBC or UOB once operations are established and credit or trade-finance facilities are needed. This staged approach gives the company working banking within days while the slower local-bank onboarding runs in parallel. When designing the stack, match each provider to a real need: multi-currency receipts and cheap FX point to Wise, expense management and cards to Aspire, and SGD cheques, payroll, GIRO and credit lines to the local banks. Paying for capabilities the company will not use is a needless drag on cash.

Related guides on singapore bank account opening

Explore more across the Raffles group: Single Family Office (SFO) Singapore setup — Costs and fees breakdown, and our related article Singapore bank account opening — DBS, OCBC, UOB, Wise, Aspire — Step-by-step walkthrough.

FAQs

Which is fastest to open, a bank or a fintech account?
Fintech providers such as Wise and Aspire can approve in 1 to 5 business days, while DBS, OCBC and UOB typically take 2 to 6 weeks, longer for complex foreign ownership.

Do I need to be in Singapore to open an account?
Fintechs generally allow fully remote onboarding. Some local banks require a director to attend in person or via a verification call, though remote options have expanded.

What is a fall-below fee?
It is a monthly charge, typically S$10 to S$50, levied by traditional banks when your average balance drops below the account's minimum. Digital providers usually have no minimum.

What documents do banks need?
Typically the BizFile+ business profile, constitution, a board resolution, and identification and address proof for directors and shareholders, plus source-of-funds evidence for foreign owners.

Why was my account application declined?
The most common reasons are incomplete source-of-funds evidence, an opaque or multi-layered ownership structure, or inconsistent documentation. A clean ownership chart and clear fund history reduce the risk.

Can I run a company on a fintech account alone?
Yes for many early-stage companies, but you may later need a local-bank account for SGD cheques, GIRO payroll, or credit and trade-finance facilities that fintechs do not offer.

Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Raffles Corporate Services works with a panel of corporate and employment law firms; this article is general information, not legal advice.