Source: https://rivet.global/blog/singapore-business-bank-account-comparison
Published: 2026-06-21 · Updated: 2026-06-21 · By Alexia M.

# Singapore business bank account comparison: banks vs digital accounts

Singapore business account options compared: DBS, OCBC, UOB and digital providers, on minimum balances, currencies and approval for foreign-owned companies.

## Key takeaways

- Singapore's big three banks (DBS, OCBC, UOB) offer business accounts with FAST, GIRO and PayNow Corporate, usually with a minimum balance or a monthly fee below it.
- Foreign-owned companies with no local director often face longer reviews and may be asked to meet the bankers in person.
- Digital business accounts open faster and price FX more cheaply, but some do not offer every local payment method.
- Many Singapore companies keep one local bank for GIRO, tax payments and payroll and a multi-currency account for international money.

"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:

1. A local bank account for GIRO deductions, IRAS and CPF payments, payroll and any local loan.
2. 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](https://abs.org.sg/consumer-banking/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](/blog/sgd-business-payments) and [Accounts](/accounts).

## Questions

### 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.