Best business bank account for eCommerce in Singapore

The eCommerce industry has grown by leaps and bounds within a short span of time. This rapid growth makes it easy for banks to catch up and provide matching services. 


As a successful eCommerce business owner, you must be careful while picking the right solution provider. In high-growth economies like Singapore, there are plenty of banks that offer bank accounts for eCommerce businesses.


But which bank has the best business bank account for eCommerce whose solutions are relevant to your industry and needs? 

Detailed analysis of best business bank account for eCommerce


We have compiled a list of seven banks with the best business bank account for eCommerce in Singapore.




1. OCBC business bank account


Having the prestigious status of the oldest bank formed in Singapore (1932) out of the merger of three banks. With so many banking plans to choose from, they are one of the high-rated banks in the Southeast Asia region.



Requirements


• Singpass logins to apply online


• Online Signature



Eligibility


• Must be a Singapore-incorporated business


• Foreign businesses should apply for a foreign business account.



Features and Benefits


1. All-in-one business account for SMEs


2. Free unlimited GIRO and FAST transactions, telegraphic transfer available for international remittances


3. Lowest initial deposit. For certain accounts, the lowest initial deposit value is lesser than SGD 1000.


4. Online account opening where you can cut the queue and paperwork and get an instant account number.


5. Access to an application called OCBC velocity with advanced banking and analytics tools for invoicing, cashflow management, etc.



Fees


• SGD 10 of the monthly maintenance fee with a fee waiver for the first two months.




2. DBS business bank account


DBS falls under one of the top multinational banks that offer eCommerce-friendly banking services. They have both banking products that cater to big corporates and growing SMEs.


This makes them preferable in Southeast Asian countries for all types of banking needs. They offer tailor-made solutions to all industries and have the best business bank account for eCommerce sector.



➼ Requirements


• Resolution of the board of directors


• Passport and address proof of all directors


• Filled and signed FATCA and CRS form


• LLP agreement/partnership agreement


• UEN number



➼ Eligibility


• Businesses incorporated in Singapore are eligible to apply.



➼ Features and Benefits


1. Platinum and world business card


2. Internet banking account 


3. Multi-currency accounts


4. Guaranteed free FAST and GIRO transactions based on the bundle chosen


5. The hassle-free online application process


6. Easy accessibility to account statements through their application ‘IDEAL’.



➼ Fees


• No annual fees for account maintenance and no minimum balance



3. Maybank business bank account


From consumer banking to small business and corporate banking, May bank has it all. Headquartered in Kuala Lumpur, Malaysia, this has over 2600 branches across Southeast Asian countries. This gives perfect accessibility for a small business situated anywhere in Singapore.



Requirements


• To obtain the Maybank Flexibiz account, you will need


• Incorporation documents


• Copies of the memorandum and articles


• Digital signature



Eligibility


• Sole proprietors, partnerships, LLPs incorporated organizations, charities, and associations are eligible to apply here.



Features and Benefits


1. Mobile banking services are available, which is crucial for eCommerce businesses.


2. Insurance coverage to protect your money online


3. Instant account creation online via MyInfo app.


4. An eCommerce business will have a higher range of transactions. This is best for them as it offers more rebates for more transactions you make. Receive interest from the bank up to 0.038% for the balances you maintain in your account.



Fees


• No monthly maintenance fee. An initial deposit of SGD 1000 will be required. No minimum balance maintenance fee.


Suggested read: 7 benefits of opening a business bank account



4. UOB bank business account


United Overseas Bank is a leading bank in Asia with a diversified range of business and commercial banking accounts. They have one of the best business bank account for eCommerce, as their solutions are cut out for different business sizes and industries. As rated by their customers, their products are fast and convenient to use.



Requirements


• ACRA business profile search


• Passports of applicants and directors


• Online application form


• FATCA self-certification

 

• Account opening resolution


• True copy of the partnership deed



Eligibility


• Allowed only for Singapore-registered businesses (Sole proprietorship, partnerships, private limited, LLPs). And the applicant or PR must be from Singapore.



Features and Benefits


1. A fee waiver is available for maintaining a minimum balance for the first 12 months.


2. Rebates are available for a limited number of FAST transactions.


3 Unified and interactive platform to maintain all accounting and financing solutions like invoicing, payments, cash flow management, etc.


4 Foreign remittance services like FX spot and FX Forward are available where customers can lock the FX price and transfer internationally.



Fees


• A minimum deposit of SGD 1000 is required.


• SGD 15 charge every time the account balance goes below the minimum requirement.


• An annual maintenance fee of SGD 35 is applicable.




5. CIMB business bank account


Another best business bank account for eCommerce is CIMB business Go Lite. they have no initial deposit requirement and fall-below fees. Hence, eCommerce owners can maintain their accounts without stressing about balance in the accounts. 



➼ Requirements


• UEN number


• Business registration number


• Certified true copy M&AA documents


• Passport copies of directors and authorized signatories


• Image holding the passport/NRIC



➼ Eligibility


• All Singapore-registered businesses can apply.



➼ Features and Benefits


1. Free e-alerts to your phone on every account activity.


2. Internet and mobile banking availability (Bizchannel).


3. Custom support offered by FX specialists on foreign transactions


4. Can open the account online using Myinfo details within 15 minutes


5. FAST, GIRO, and payroll transactions available



➼ Fees


• SGD 28 monthly maintenance fee


• No check-clearing fee 


• No minimum balance fee or initial deposit




6. Standard chartered business bank account


Ever since the first branch of SC came into operation in Singapore in 1859, Standard Chartered has been servicing nothing but excellence. It offers a comprehensive range of services to both business and personal users.


Under business accounts, they have three variants, business, commercial, and corporate solutions. Their minutely curated products make them best fit bank accounts for eCommerce businesses.



Requirements


• Account opening form


• Copies of NRIC or passports of at least two directors and all authorized signatories.


• Constitution and M&A.



Eligibility


• Must be aware of the minimum balance requirements and initial deposit before opening. All Singapore-based and registered companies are welcome to apply.



Features and benefits


1. Small business loans and credit facilities up to SGD 4.5 million.


2. Their smart business plan offers a 75% rebate on telegraphic transfers.


3. Monthly e-statements sent to the registered email address.


4. Up to 30 free FAST transactions.


5. You can earn up to 2.28% interest per annum with smart business saver accounts.



Fees


• Monthly average balance to be maintained - SGD 50,000


• Fall-below fee of SGD 50 is applicable


• If the account is closed within 6 months of opening - SGD 500


Interesting read: Guide to starting a business in Singapore in 2022

How can Volopay help your eCommerce business?


While there are so many banking options available for eCommerce businesses, their flexible payment needs are fulfilled fully by digital bank accounts only. 


Like how the business runs online, your business bank account can be too. And you get plenty of payment tools required to handle your local and international payments.


One such digital payment application that is a lot more convenient to maintain and has better affordability is Volopay.


We understand that you have a lot of vendors who you must pay from time to time. That’s why Volopay has an outstanding vendor management system.


Schedule and make vendor payments on time and store all your payment information in one place.


Another best feature that beats other eCommerce-friendly bank accounts is corporate cards. This is ideal for scheduling and making online payments or sharing with employees to meet their travel needs.


The best part is you can create as many cards as possible. All cards are related to budgets through which you can control how much a card can transact.


To meet your inconsistent fund needs, Volopay has an in-built credit system. Borrow up to SGD 500k with no collateral credit and pay at the end of the cycle.


No more stressing about maintaining the minimum balance or making fall-below payments. No matter how diverse your outgoing payment categories are, maintain them all in one place and have higher power over your budget.


Related read: Benefits of opening a local currency account

FAQ's

Pay and hold multiple currencies in a single business account