Singapore business bank account comparison: banks vs digital accounts

A Singapore Pte Ltd can bank with a local bank, a digital business account or both. Local banks give you the full relationship and FAST and GIRO; digital accounts are faster to open and usually cheaper across currencies.

Alexia M.Comparisons and market guides editor

Published: 21 June 2026
Reading time: 2 min read

"Singapore business bank account comparison" is one of Google's first suggestions for local searches, and the people asking are usually setting up a Pte Ltd. The question is less which bank is best than which mix of accounts you need.

The two kinds of account

	Local bank (DBS, OCBC, UOB and others)	Digital business account
Local payments	FAST, GIRO, PayNow Corporate	FAST and PayNow on most; GIRO on some
Opening time	Often weeks for foreign-owned companies	Often days
Minimum balance	Common, with a fee below it	Usually none
Foreign currencies	Available, often as separate accounts	Built in, usually cheaper FX
Credit and trade finance	Yes	Limited

What decides approval

Singapore banks follow MAS anti-money-laundering rules closely. A company with a Singapore director, an office and local customers opens quickly. A company owned and run from abroad, invoicing clients in other countries, gets more questions: why Singapore, who the customers are, what the expected monthly flows look like. Have a short business summary, invoices or contracts, and the source of the initial capital ready.

The common setup

Most small Singapore companies end up with two accounts:

A local bank account for GIRO deductions, IRAS and CPF payments, payroll and any local loan.
A multi-currency account for USD, EUR and regional currencies, used to receive from overseas clients and pay suppliers abroad without converting through SGD each time.

Paying into Singapore: the local rail

What	Detail
Local rail	FAST and PayNow
Run by	Banking Computer Services, under the Association of Banks in Singapore
Settlement	Seconds, 24/7, up to S$200,000 per FAST transfer

Source: Association of Banks in Singapore: FAST. Checked when this guide was last updated; the scheme's own page has the current figures.

Where Rivet fits

Rivet gives registered companies account details in their own name in USD on the free Starter plan, EUR and GBP on Growth, and HKD, CAD and 25 more currencies on Scale, with payouts to 120+ countries. KYB returns a verdict in 3 business days. Check the eligibility list on our site for Singapore companies. Rivet is not a bank; regulated partner institutions hold the funds. See SGD business payments and Accounts.

Questions people ask

Can a foreigner open a business bank account in Singapore?

A Singapore company owned by foreigners can, but banks look harder at companies with no local director or local operations. Expect questions about where the business operates, who the customers are and where the money comes from.

Which bank is best for a Singapore small business?

It depends on what you need. For GIRO payments to IRAS and CPF and for local lending, a local bank matters. For receiving and paying in USD, EUR and other currencies, a digital multi-currency account is often cheaper.

What documents do Singapore banks ask for?

Usually the ACRA business profile, the company constitution, IDs and proof of address for directors and shareholders with 25% or more, and a description of the business and its expected transactions.

Is my money protected?

Singapore dollar deposits at member banks are covered by the Singapore Deposit Insurance Corporation up to S$100,000 per depositor per member. Non-bank providers safeguard funds under MAS rules instead.

Sources

Written by

Alexia M.

Comparisons and market guides editor

Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.