Business account fees vary widely in Singapore. Traditional banks often require minimum deposits ranging from SGD 1,000 to SGD 30,000, while digital banks may have no minimums at all.
Monthly account maintenance fees, inward/outward remittance costs, and ATM access charges also differ. DBS and OCBC offer bundled packages for new SMEs, while digital banks focus on low-cost, tech-savvy users.
Currency conversion rates and FX spread transparency are important for businesses with international operations.
FAQs:
Q: Are digital banks regulated?
A: Yes, licensed digital banks in Singapore operate under the Monetary Authority of Singapore (MAS).
User Comments:
- “DBS had a higher monthly fee, but the services and network made it worthwhile.”
- “We use a digital bank for day-to-day and a traditional one for large transfers.”
Editor’s Note:
Don’t just compare headline fees—look at total cost based on your actual usage pattern.
About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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