A clear, bank-by-bank comparison of SME account costs in Singapore—including minimum balances, fall-below fees, FAST/PayNow quotas and fees, international transfer charges, and indicative FX considerations.
Singapore SME Banking — Fees & Minimums (2025)
Use this page to estimate your all-in monthly cost. Replace neutral labels (Bank A–D) with your target institutions when you’re ready. Numbers and features vary by tier; confirm your final pricing with the bank you choose.
Quick Reading Guide (what really moves your cost)
- Minimum balance & fall-below: Matters most for early-stage SMEs that keep lean balances.
- Local transfers (FAST/PayNow): Free quotas help; beyond-quota fees add up for frequent payers.
- International wires: Flat fees are visible, but FX spread often dominates total cost.
- FX spreads: Ask for tiered pricing; a 0.15–0.20% improvement can beat any transfer fee discount.
Summary Snapshot
| Dimension | Bank A (SME Digital) | Bank B (Low-Min + MCA) | Bank C (Relationship) | Bank D (International) |
|---|---|---|---|---|
| Minimum Balance | Low | Low–Moderate | Moderate–High | Moderate |
| Fall-Below Fee (Monthly) | Low | Low | Moderate–High | Moderate |
| FAST/PayNow Free Quota | Generous | Generous | High-volume friendly | Adequate |
| FAST/PayNow After Quota | Low per item | Low per item | Tiered/waived in bundles | Tiered |
| International Outbound Wire | Flat/low mid | Flat + corridor fees possible | Preferential with volumes | Wide corridor coverage |
| Named USD/EUR/GBP Collection | Yes (selected) | Yes (strong) | Yes (multi-book) | Yes (regional strength) |
| FX Pricing | Competitive SME tiers | Competitive with decent tiers | Tight with committed volume | Competitive; corridor-dependent |
| Best For | New/lean SMEs | SMEs with USD/EUR flows | Higher volumes and FX/trade | Multi-region operations |
Bank-Grouped Details
Bank A — SME Digital Focus
| Item | Policy / Indicative Structure | Notes |
|---|---|---|
| Minimum Balance | Low | Entry-level SME current account |
| Fall-Below Fee | Low monthly charge if below min | Waivers sometimes offered for new accounts |
| FAST/PayNow Free Quota | Generous monthly quota | Good for frequent local payers |
| FAST/PayNow Beyond Quota | Low per item | Check per-credit vs per-debit pricing |
| International Outbound Wire | Flat/low-mid fee | Add potential lifting/beneficiary bank fees |
| Inbound International | Often free/low | Payer’s bank may deduct fees |
| Multi-Currency Account (MCA) | Built-in (core majors) | Set separate sub-wallets |
| Named USD/EUR/GBP Collection | Available on selected tiers | Eases reconciliation for overseas clients |
| FX Spread (Indicative) | Competitive at SME tiers | Request tiered quotes by monthly volume |
| Corporate Cards | Virtual-first; per-card limits | Issue one card per vendor for control |
| Integrations | Xero/QuickBooks export + CSV/API | Check webhook availability |
Bank B — Low-Minimum + Strong MCA
| Item | Policy / Indicative Structure | Notes |
|---|---|---|
| Minimum Balance | Low–Moderate | Slightly higher than A but still startup-friendly |
| Fall-Below Fee | Low | Sometimes waived in bundles |
| FAST/PayNow Free Quota | Generous | Mix of free credits/debits |
| FAST/PayNow Beyond Quota | Low per item | Tiered beyond thresholds |
| International Outbound Wire | Flat | FX margin applies if converting |
| Inbound International | Low | Named details reduce payer friction |
| Multi-Currency Account | Included (wider set) | Useful for USD/EUR/GBP flows |
| Named Collection | Yes (USD/EUR/GBP) | Good for marketplaces/agency invoices |
| FX Spread (Indicative) | Competitive with decent tiers | Negotiate once volumes are visible |
| Corporate Cards | Virtual + physical | Department budgets + category blocks |
| Integrations | Exports + webhook | Solid for app-first workflows |
Bank C — Relationship / Higher Volume
| Item | Policy / Indicative Structure | Notes |
|---|---|---|
| Minimum Balance | Moderate–High | Comes with dedicated RM |
| Fall-Below Fee | Moderate–High | Usually irrelevant if balances healthy |
| FAST/PayNow Free Quota | High-volume friendly | Bundled waivers possible |
| FAST/PayNow Beyond Quota | Tiered/waived | Depends on package level |
| International Outbound Wire | Preferential at scale | Fee/FX often negotiated together |
| Inbound International | Low | Multi-book options for regions |
| Multi-Currency Account | Full suite | Broader currency set |
| Named Collection | Yes (multi-book) | Regional collection rails |
| FX Spread (Indicative) | Tight with volume commitment | Ask for written tiers and breakpoints |
| Corporate Cards | Full program, rebates | Strong controls & reporting |
| Integrations | Deep reporting + RM support | Useful for audits & growth phases |
Bank D — International / Cross-Border Strength
| Item | Policy / Indicative Structure | Notes |
|---|---|---|
| Minimum Balance | Moderate | International presence |
| Fall-Below Fee | Moderate | Check country-specific terms |
| FAST/PayNow Free Quota | Adequate | Often sufficient for mid-volume |
| FAST/PayNow Beyond Quota | Tiered | Corridor-dependent pricing |
| International Outbound Wire | Wide corridor coverage | Competitive for multi-region payouts |
| Inbound International | Strong | Good for clients paying from abroad |
| Multi-Currency Account | Wide + exotics | For less common currency needs |
| Named Collection | Yes (strong) | Good payer confidence |
| FX Spread (Indicative) | Competitive; corridor-dependent | Ask for corridor-specific tiers |
| Corporate Cards | Global issuance options | Useful for travel-heavy teams |
| Integrations | API + regional reporting | Multi-entity consolidation support |
Cost Model You Can Reuse (spreadsheet-ready)
| Item | Qty/Month | Unit Cost | Est. Monthly |
|---|---|---|---|
| FAST transfers (beyond free quota) | 40 | 0.50 | 20.00 |
| PayNow credits (beyond free quota) | 60 | 0.30 | 18.00 |
| International transfers (outbound) | 8 | 15.00 | 120.00 |
| FX conversion volume (apply spread) | SGD 150,000 | 0.35% | 525.00 |
| Fall-below fee (if applicable) | 1 | 18.00 | 18.00 |
| Total (model) | 701.00 |
Why this matters: If a relationship package (Bank C) tightens your FX spread to 0.20%, your FX line drops to SGD 300 (saving ~SGD 225/month). That alone can outweigh higher monthly fees.
Onboarding Notes (avoid delays)
- Keep business description consistent across ACRA records, website, and invoices.
- Provide sample invoices/POs and supplier quotes to show real activity.
- If foreign-owned, prepare certified group docs and a simple one-pager explaining your cash-flow corridors.
- Ask upfront for FX tiering and free-quota details to avoid surprises.
FAQ
Q1: Which fee line is most important?
Often the FX spread. Once monthly FX exceeds ~SGD 100–200k, a better spread beats small transfer fee differences.
Q2: Are fall-below fees a deal-breaker?
Only if you routinely keep balances under the minimum. For early-stage SMEs, pick low minimums to avoid penalties.
Q3: Should I chase unlimited free FAST/PayNow?
Not necessarily. A reasonable quota + low per-item fee is usually enough; focus on your real monthly pattern.
Q4: Why do I need named USD/EUR/GBP collection?
It reduces payer friction and improves reconciliation—especially for agencies, exporters, and SaaS.
Q5: Can I negotiate FX spreads?
Yes—ask for tiered spreads with written breakpoints based on your monthly conversion volume.
Singapore business bank fees, SME banking minimum balance, fall-below fees, FAST transfer fees, PayNow Business fees, international wire fees, FX spread, corporate account
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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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