How do free quotas for FAST/PayNow work?
Quotas reduce per-item costs, but after-quota pricing applies.
FAQ
What is a minimum balance and fall-below fee, and when do they matter?
They matter when balances are lean; choose low-min early.
Which costs impact SMEs the most: fees or FX?
FX spread often dominates total cost at moderate volumes.
How should foreign ownership be documented?
Provide certified parent docs, translations, and look-through to natural persons.
Do sole proprietors and LLPs face different requirements?
Requirements are similar but with simpler governance.
What are common reasons applications get delayed or rejected?
Inconsistency, missing proofs, and unclear risk are typical.
What is the best way to present my business to the bank?
Use a one-page profile and low/base/high forecasts.
How long does opening a business account usually take?
Straightforward local cases take days to a couple of weeks; cross-border or complex models take longer.
Can I open a business account remotely if directors live overseas?
Yes in many cases, but expect enhanced KYC and certified documents.
What documents do I need to open a Singapore business bank account as a local Pte Ltd?
Prepare identity/control, evidence of real activity, and a simple banking plan.