Which bank account should you open for your Singapore company?

Choosing the right bank for your Singapore company is a crucial early decision. The landscape has evolved significantly with the rise of digital banks and neobanks alongside traditional institutions.

Traditional banks like DBS, OCBC, and UOB offer comprehensive services and strong local presence, but can have lengthy approval processes and higher fees. One key consideration is that traditional banks typically require a minimum balance (often $5,000 or more) and will charge monthly fees if your balance falls below this threshold - which can add up quickly for early-stage startups.

Digital banks and neobanks like Aspire, Wise Business, and Revolut provide faster onboarding, no minimum balance requirements, and competitive FX rates, making them attractive for international businesses and startups watching their burn rate.

Key factors to consider include: approval timeline, minimum balance requirements, transaction fees, multi-currency capabilities, and integration with accounting software like Xero.

Many founders choose to maintain accounts with both a traditional bank and a digital platform to get the best of both worlds. We partner with Aspire to help our clients get set up quickly with competitive rates and zero minimum balance requirements.