Best Banks in Singapore for your E-commerce Business

Best Banks in Singapore for your E-commerce Business

20 Dec 2023 | Business

5mins read



Banks for your E-commerce in Singapore

All budding entrepreneurs will know that setting up your own e-commerce business in Singapore involves more than creating a product and selling it. Among all the administrative and accounting issues you will have to handle, creating a bank account for your business is one of the first things you will have to do.

But which bank to choose, you may ask. If you’ve been thinking about these questions, we’ll go through what each bank has to offer in the following sections. By the end of this article, you should have an idea of which bank will be the most suited for you and your business.

1. DBS

Image credit: DBS

Most Singaporeans would be familiar with DBS – a Singaporean multinational banking and financial services corporation with a multitude of accolades under its belt. It is one of the largest banks in Southeast Asia and was recently declared the Best Bank in the World 2020 by Global Finance.

One of the best offerings is their short set-up time. According to them, it only takes 5 minutes to create an account with them. The DBS Business Digital Account is especially suited for e-commerce businesses.

This account gives you free access to IDEAL, DBS’s online banking platform. It also only requires a low initial deposit of $1000 for you to start your account, which is ideal for those who have small capital. Viewing and downloading your account statements can also be done easily by logging onto DBS IDEAL.

Aside from the initial deposit, you will also need to pay a monthly account fee of $18. Over-the-counter transactions are charged at $20 per transaction and cheque books are $25 each.

To register with DBS, all you will need is your ACRA Business Registration number and your personal iBanking login or Debit/ATM Card and PIN details. After application, your account will be open the next business day.

You can find out more about DBS Business Digital Account here.


OCBC Bank connects to Singapore Government's identity platform - FinTech Futures

Image credit: FinTech Futures

OCBC was created after three local banks in Singapore merged in 1932. It is the oldest established bank in Singapore and is one of the most highly-rated banks in the world.

The OCBC Business Growth Account will be ideal as you can easily set up your business account online and get your account number immediately. This will allow you to start receiving payments for your e-commerce business immediately. 

With this account, no initial deposit or minimum balance is required. You will also be able to enjoy free unlimited FAST and GIRO transactions, which make it cost-effective for your business.

To apply, you will have to be a Singaporean or PR who is either the owner, director or partner of the e-commerce business. Your company should also be already registered with ACRA.

To apply and find out more about the OCBC Business Growth account, click here.


3. UOB

Singapore's UOB imposes hiring freeze amid Covid-19 pandemic

Image credit: Retail Banker International 

UOB’s eBusiness Account offers a low minimum average daily balance of $5000 after 12 months of opening a new account. You can also use their UOB BizSmart platform to manage your business and provide faster payment options to your customers such as PayNow QR or NETS PayCollect.

If you have plans to expand your business overseas, UOB also supports cross-border transactions with their FX specialists who will help manage foreign exchange risk.

However, this account requires an annual account fee of $35, with a minimum initial deposit of $1000 and a minimum monthly balance of $5000. The $15 monthly fall-below fee will also be waived for the first 12 months after setting up your account.

To be eligible for the eBusiness Account, you must be registered as a Sole Proprietor, Partnership, Private Limited Company or Private Limited Company.

For more information about the UOB eBusiness account, click here.


4. Standard Chartered

Standard Chartered celebrates 160 years in Singapore, Banking & Finance - THE BUSINESS TIMES

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Standard Chartered opened its first branch in Singapore in 1859, making it one of the oldest banks in continuous operation in Singapore today. They were also one of the first foreign banks to qualify for the Qualifying Full Bank license in 1999.

They offer a full range of financial services for both personal use and corporate clients. If you are looking to open a bank account for your business, their Smart Business$aver Account will be suitable for you

This account will give you 30 free outgoing FAST transactions per month and up to 75% rebate on Outward Telegraphic Transfer if you have a Smart Business Plan. It also allows you to use PayNow Corporate UEN numbers and SGQR labels. Incoming PayNow transactions are waived and SGQR labels can be registered and generated for free.

You will need to have a monthly average balance of $50,000, with a fall-below fee of $50 per month. If you close your account within 6 months, you will be charged $500. Given its high monthly average balance, this account would be ideal for you if you have high capital.

Private limited companies, partnerships, limited partnerships, or limited liability partnerships that have a partnership agreement are eligible to apply.

To find out more about Standard Chartered’s Smart Business$aver Account, click here.


5. Maybank

12 things you need to know about Maybank before you invest

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Maybank is one of Southeast Asia’s largest leading banks, with many services provided such as investment, corporate, insurance and consumer banking. For start-ups and young businesses, Maybank’s FlexiBiz would be ideal with no monthly fees and no minimum balance.

Besides being able to save on monthly fees and minimum monthly balance, you also have round-the-clock service with their Business Internet Banking. Rebate benefits are also available to you – the more transactions you have, the more you will save.

An initial deposit of $1000 is required to open this account, with no fall-below fee. Sole proprietors, Partnerships, Limited Liability Partnerships (LLP), Incorporated Companies, Charities, Societies and Associations are eligible to apply.

To find out more about the Maybank FlexiBiz account, click here.



HSBC Singapore moves into new digs with hybrid model, Banking & Finance - THE BUSINESS TIMES

Image credit: The Business Times

HSBC Commercial Banking is one of the largest banks in the world with an international network spread over 54 markets, serving 1.4 million customers. With regards to e-commerce, their Business Account will be suited to those looking for something more personal.

When you open this account with HSBC, you will be assigned an HSBC Relationship Manager and Relationship Associate to assist you when it comes to all your banking needs and business growth. This account also gives you access to Cash, Trade, and FX specialists to help you discover more business opportunities.

You will also be able to access HSBC Global Research easily for first-hand insights into the market, as well as research on macroeconomics and currency.

This account requires a minimum average balance of $30,000, with a fall below fee of $50. A monthly account service fee of $100 per company is also in place. All businesses registered in Singapore are eligible for this account.

If you are looking for someone to help you with your business, HSBC’s Business Account will be ideal for you. Find out more here.


7. Aspire

Aspire Corporate Bank Account Review

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Aspire is an all-in-one financing operating system for growing businesses. Created by entrepreneurs for entrepreneurs, they help companies pay, manage and earn smarter by providing them with financial tools.

In particular, their Digital Business Account is tailored to SMEs and Startups’ needs that facilitates them to send and receive money for their business operations. This account can be easily opened online in 5 minutes and managed through the Aspire app. This app has functions such as auto-spend categorization, scheduled and bulk payments, and integration with Xerox

If you are looking to cut down on costs, this bank account will be for you. If you sign up through Margin Wheeler’s exclusive signup link, you’ll be able to enjoy zero monthly feesno minimum deposits and no transfer fees on top of everything else.

All entities registered in Singapore with ACRA are eligible to apply for an Aspire Digital Business account. Though the applicant does not need to be a Singaporean, they need to be the director of the business. 

To find out more about the Aspire Business Account, click here.

Choosing the right bank for your e-commerce

The fast-paced nature of e-commerce businesses makes it important to have a bank that can keep up with them. When it comes to choosing a bank for your business, be sure that the bank you choose meets your needs. This will help you not only make finances and accounting easier but allow you to track the growth of your business.