Guide to opening a corporate bank account in Singapore

It’s always a good idea to have a dedicated bank account for your business. From better segregation of funds to easy reconciliation, it’s good practice for businesses operating in Singapore to get a corporate bank account.

Opening a corporate bank account in Singapore is the best way to ensure that your business is ready to start making transactions. With many banks offering easy application processes, corporate bank accounts are a no-brainer for any business.

What is a corporate bank account?

As the name suggests, a corporate bank account is a bank account for your company’s funds and business activities. When you open a corporate bank account, the account will be attributed to the company and will have the company’s name instead of an individual’s name, such as the owner or director of the company. In short, it keeps your business finances separate from your personal account. 

In addition to that, using a corporate bank account for your business transactions also gives you access to features that you won’t get with a personal account. From easy international transfers to wallets, opening a corporate bank account in Singapore is a good idea for businesses to streamline their finances.

How does a corporate bank account work?

Corporate bank account Vs personal bank account

Requirements for opening a corporate bank account in Singapore

Proof of business registration

Opening a corporate bank account in Singapore requires you to have a registered entity in Singapore. This means that you’ll likely need a Certificate of Incorporation, which legally states that your company is fully registered in Singapore.

Ensure that you have finished the registrations with ACRA before applying for a bank account.

Proof of identification

Although your corporate bank account will be under the same name as your business, an important thing about how to open a corporate bank account in Singapore is that you’ll need proof of the company directors’ identities.

This usually comes in the form of their ID cards, but passports can also be used. Directors will also have to provide their Tax Identification Number.

Supporting company documents

The proof of business registration alone is not enough. You’ll be asked to provide other company documents, such as your company profile and share certificate.

If your brand name is different from your company name, then you’ll also need documentation that states this.

Partnership agreements

The bank will want to know if you have partnerships or other entities that have controlling shares within your business. Legal documents for these agreements must be submitted to the bank when opening a corporate bank account in Singapore.

This helps the bank determine who is funding the business and controlling its money.

Credit score history

While you don’t have to have an existing business credit score when you open a corporate bank account, Singapore requires you to submit any that you already have. This will be taken into consideration if you are looking to get a loan or credit under your new account. 

If you want to apply for a credit line immediately after opening your corporate bank account, your personal credit score may be required too.

Simplify your business finances with the Volopay business account

Step-by-step guide to open a corporate bank account in Singapore

Research your options

There are so many banking partners for a corporate bank account Singapore has to offer. While this means that you have plenty of options to choose from, you also want to research them thoroughly.

It’s unwise to go with the first banking institution you come across. Instead, make sure that you know what you’re looking for from a corporate bank account provider and see which of the available options are the best suited for your purposes.

Suggested read: Best business bank accounts in Singapore in 2024

Decide which benefits you want to prioritize

Although many of the corporate bank account Singapore providers will have similar features available to you, there may still be some key differences. A particular bank might be able to offer better integration capabilities, while another will have additional features for budgeting and forecasting.

Decide which of the features offered are the most useful for you. When you prioritize what your goals are, you’ll find it easier to pinpoint a banking institution that will benefit you.

Decide which type of account to open

Most banking institutions will have several account types available to you. Two common ones that you may need to choose from are checking or savings. The best way to decide which account(s) you want to open is to first pick a bank that suits you.

This way, you’ll be able to communicate your business needs more clearly with the bank. They may be able to help you decide which account type is best for you.

Gather the documentation

Each bank or financial institution will have its own requirements for opening a corporate bank account in Singapore. These will typically be similar across the board, but make sure you double-check with your bank to see if you’ll need anything specific.

Generally, you’ll want to prepare documents such as the director’s proof of identity, the company’s proof of registration in Singapore, proof of residential address, and other business-related details.

Fill out the application form

Once your documents are ready, you’ll want to start filling in the application form as soon as possible. If you know how to open a corporate bank account in Singapore, you may already know that this particular step of the process can be lengthy.

To avoid delays, make sure that you have all your documents. Complete, detailed, and in-depth information about your business can help expedite the process.

Make the required deposits and payments

Most, if not all banking institutions will require you to make a deposit before you can open and activate your corporate bank account. This ensures that you meet the minimum account balance requirement and have enough money in your account to cover any bank fees.

For a corporate account, expect a deposit of SGD 1,000 or larger. You can also get additional features by making additional payments or deposits, such as for insurance premiums.

Activate the account

Ensure that you stay in communication with your bank of choice when you fill out your application form and make your deposits. If there are any issues that must be addressed, the bank will let you know and assist you in rectifying them.

Once all the conditions have been met and your deposit is received, the last step in opening a corporate bank account in Singapore is to activate it.

Organize a KT and training session for your team

Every team member involved in managing and accessing your corporate bank account, such as your finance team, will need to have thorough knowledge and training sessions to familiarize themselves with the account. Allow your team to have access to the bank modules and set them up to use all the relevant features.

Walk your employees through the process before they start using the account. This is key to getting optimum usage of your corporate bank account.

Things to consider when opening a corporate bank account in Singapore


The first thing you have to find out to know how to open a corporate bank account in Singapore is whether or not you are eligible to do so. Corporate bank accounts are only available for Singaporean businesses that can prove that they operate in Singapore. Most banks will also only provide a corporate bank account for registered companies, as opposed to freelancers or sole proprietors.

There may also be additional requirements that you have to meet. Try to find a banking institution that doesn’t require you to jump through hoops to open an account.

Ease of opening/set up

Different banking institutions will have different application processes. Even if you have discovered that you are eligible to open a corporate bank account with multiple banking partners, you’ll want to consider how easy and convenient it would be to apply for and open each one. 

Some of the best modern banking solutions offer an online application process. Filling it out will take no time. If you can find a bank that guarantees timely application reviews, that’s even better. You want an account that isn’t a hassle to set up and start using.

Suggested read: How to register a company in Singapore

Administrative and maintenance fees

Not every corporate bank account provider will have the same administrative fees. While you may discover that many charge you at SGD 10 per month, this is not always the case. Often banking providers that offer more features will charge a higher fee, especially if you get access to international transfer aspects like multi-currency wallets.

It’s not impossible to open a corporate bank account with a lower monthly administration fee while still having access to more advanced features. This is why it’s important to do your research and consider these fees, along with any payment fees for transfers.

Minimum initial deposit

Most corporate bank accounts in Singapore will require a minimum initial deposit of SGD 1,000. This means that you have to make sure you have that amount of money in cash before you can open a corporate bank account. Some banks may also require a higher deposit, such as above SGD 3,000.

With the rise of the fintech industry, however, you may find that many fintech institutions will offer corporate bank accounts with a lower initial deposit requirement. This could be preferable for smaller and newer companies looking to create a bank account.

Minimum balance requirement

Most banking institutions will require you to meet a minimum monthly balance requirement. If you have less than the amount stated, the bank will charge you a fee to make up for it. That fee doesn’t get added to your balance.

The last thing you want is to pay more than you have to when opening a corporate bank account in Singapore. Make sure that you take into account what your business operations look like and pick a bank account that has a minimum balance requirement that suits your business.


Card issuance

Depending on your banking partner, you may be able to issue more than just one card under your corporate bank account. When you have hundreds of expense items to make each month, the ability to generate and issue unlimited virtual cards could save you hours otherwise spent on trying to manage your business spending.

Online banking features

In the modern era, having to go to a bank branch or ATM for every business transaction is no longer sufficient. To speed up your finance processes, it’s important that you have access to online banking features. Although most if not all baking providers offer online banking, you want to consider which features are a priority for your business. 

If you need to make transactions in large volumes daily, for example, ensure that you partner with a bank or financial institution that allows an unlimited number of daily transfers.

Account facilities

Basic banking functions like transfers and deposits aren’t the only features that you can get with a corporate bank account. Many banking providers offer additional features and facilities, such as securities investments and insurance premiums. If any facilities interest you, try to research a bank that offers them.

Some banks will let you open a checking and savings account under the same account name, eliminating the need to fill out another application form. You can also open an investment account to diversify your business risk and assets.

Customer service

No bank is immune to system interferences and scheduled maintenance interruptions. However, while this is true, it’s also important that you look for a reputable banking partner with minimal issues. When you open your corporate bank account, ensure that you do it with an institution that you know you can trust. 

Customer service is often an overlooked aspect when you’re researching how to open a corporate bank account in Singapore, but customer service can make or break your decision when choosing a bank. You want an institution that has a reputation for having good customer service.

Rewards and upgrades

Rewards aren’t necessarily a make-or-break criterion for most people when it comes to corporate bank accounts, but you still want to see if the rewards program with a particular banking provider is good or not. Some banks will reward you for making transactions with them. The more transactions are made, the higher the rewards.

If you choose to apply for a bank account with a credit card offering attached, rewards also become more important. Consider how much you want to prioritize rewards and upgrades before choosing a banking partner.

Loans and credit

While your short-term concern may be simply figuring out how to open a corporate bank account in Singapore with ease, it’s a good idea to think about what your business plans are in the long term. This helps you get a general idea of how much money you will need, as well as whether or not you want to take out a loan or apply for credit. 

Given how helpful loans and credit can be with the right providers, make sure that you take them into consideration before picking a bank for your corporate bank account.

Explore how Volopay business account can revolutionize your finances

Benefits of a corporate bank account in Singapore

1. Separation of personal and business finances

Keeping your personal and business finances separate is important for many reasons. You’ll have a clearer picture of what your business’ financial health looks like when you keep its income and expenses separate from your personal ones.

It helps with different processes such as budgeting, reviewing performances, and reconciliation. Most importantly, it also allows you to be legally protected and separated from your business funds. You have limited liability over funds in a corporate bank account.

2. Ease in acquiring finances

When you decide to grow your business and start approaching investors, they will ask about what your finances look like. Not only is it difficult to tell when your business finances are mixed with your personal income and expenses, but it also looks unreliable to investors.

Having a dedicated corporate bank account makes the process of acquiring funds easier. The same idea applies to bank loans, should you decide to apply for a loan.

3. Professionalism and credibility

Business credibility builds trust with your customers. Similar to how it’s professional to get a company email ID, having a bank account under the company name will also make you appear more legitimate, professional, and trustworthy.

Customers are more inclined to pay to an account that clearly states what business it belongs to. The same concept applies to your supplier payments. Allow your suppliers to identify who you are based on the corporate bank account name.

4. Acceptance of different payment methods

There are several payment methods that are only available to a corporate bank account. With a corporate bank account, it’s possible to start receiving credit card payments from customers.

Linking your account with some of these payment methods will streamline your processes greatly. As a paying customer of your vendors’, a corporate bank account also provides you with access to additional features like virtual cards, which are flexible, quick, and secure payment tools.

5. Improved budgeting and forecast

Not only are you not mixing business and personal funds, but opening a corporate bank account in Singapore is also beneficial for the other budgeting tools you may get. For example, you could get the ability to open more than one checking account under the same main corporate bank account.

Some institutions will also let you create wallets to segregate your funds. This way, you can ensure all expenses are budgeted for.

6. Accessibility to employees and partners

When you open a personal bank account, you’ll be the only person who is authorized to access that account and make purchases through it. If you understand how to open a corporate bank account in Singapore.

However, you’ll know that many business banking institutions allow you to add multiple users to the account—provided they have been authorized by you. It simplifies collaboration, while still maintaining the security of your funds.

7. Building of credit score

Using your personal bank account can help build your personal credit score, but it is not helpful for your business. As the account is opened under your personal name, it is not part of the consideration when you are looking for loans for your business.

This is true even if you open a new personal bank account. To build a better credit score, a corporate bank account needs to be attributed to your business.

8. Easier accounting

Accounting for a business is difficult enough as it is, but it gets much more complicated when you mix personal and business expenses. The last thing you want is to waste your time sorting through your transactions to determine which are personal purchases and which need to be recorded in your business’ books.

With a corporate bank account, you can also get integration capabilities with your accounting software, automating the entire process.

9. Clean audit trail for compliance

Audits can be daunting, especially if you’re not prepared for them. Getting a clean audit trail is one big advantage of having a corporate bank account. Singapore has many regulations that may require you to provide proof of your company funds.

You won’t need to sift through years of bank records if your business income and expenses are all already separate from your personal finances. When auditors come knocking, you’ll have everything ready.

Fees and charges for corporate bank accounts

Administrative fees

Often referred to as monthly fees or monthly admin fees, most banking institutions will require some form of administrative fees when opening a corporate bank account in Singapore. This fee is incurred monthly or annually and is typically around SGD 10/month

Payment fees

Most banking institutions will have a small payment fee. While there are certain conditions where transactions can be made for free, typically a charge of SGD 0.50 to 1 will be incurred during a money transfer, deposit, or withdrawal.

Additional services

The fees for additional services with your banking partner will greatly depend on what services are. These could be anything ranging from insurance premiums to custom report fees. Make sure that you know what the fee scheme of any additional features looks like.

International transactions

Unfortunately, international transfers can be expensive, as most banks will have fees for initiating them. They can be either a flat fee or a percentage of the transfer amount. If you do a lot of international transfers, pick a bank with fees that suit you.

Overdraft facilities

Many people may already have an inkling of how to open a corporate bank account in Singapore, but not everyone knows of the overdraft facilities that you may be able to get. If you need to make a payment but the account doesn’t have enough funds, you can utilize overdraft facilities.

Minimum balance charges

Banks want you to have the minimum balance required in order to keep your account open. To incentivize businesses to meet the minimum balance, most banks will charge a fee if you go under it. If you maintain the minimum balance each month, however, your bank will waive this fee.

Interest payments

If you apply for a business loan, you can expect interest when you pay back the loan. The same applies to credit cards you apply for under the same account, especially if your bills are not paid in full. Be sure you know how much interest you’ll have to pay.

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Best corporate accounts in Singapore

1. Volopay business account


A Volopay business account is the one-stop shop solution for all your payment needs. You get a secure account to not only hold your funds but also make business payments hassle-free. Businesses of all sizes are guaranteed to find it beneficial.


The features you get on a Volopay business account are endless. From local and international online transactions to an automated payroll ledger, all your finance processes can be managed through one account. Allow employees and the finance team to process vendor payouts, reimbursements, and salaries in just a few clicks. You also get bulk transactions and accounting integration capabilities.

Account opening process:

There’s no need to go to a physical bank location to get started with Volopay. Complete the entire application process online and get your account approved in just a few days.


You won’t need to create multiple corporate bank accounts or fuss over other finance management solutions when you can do it all with your Volopay business account. Volopay offers multi-currency wallets for you to easily send, hold, and receive money from overseas. With user access roles, you can also allow employees access to the dashboard to create reimbursement claims.


Without a physical branch, all Volopay business account transactions are made online. This is something that businesses must keep in mind when opening a corporate bank account in Singapore.

Targeted customers:

As a fintech institution, Volopay offers more than just a bank account. Businesses looking for a smart banking solution that has additional features such as easy reimbursement claims and automatic expense categorization can take advantage of Volopay.

Volopay also provides virtual account. To learn more, read our article on: What is a virtual account, its working and benefits

2. OCBC business growth account


The OCBC business growth account is a good corporate bank account for small Singaporean businesses looking to settle in with a bank account under the name while growing their business.


This corporate bank account allows you to do your day-to-day finance processes, like managing transactions, with ease through a digital business banking platform. FAST and GIRO transactions can be made for free, while over-the-counter transactions incur a fee of SGD 20. You can also create free e-invoices with the OCBC business growth account.

Account opening process:

Open your OCBC business growth account by applying online through OCBC’s MyInfo business. You can get a corporate bank account instantly after the application review. An initial deposit of SGD 1,000 is required to open the account.


While the minimum initial deposit is a standard amount, the OCBC business growth account offers a cheaper monthly fee of only SGD 10/month, making it perfect for smaller businesses not looking to break the bank on monthly fees. As the only Singaporean bank with unlimited free FAST & GIRO transfers, businesses can easily take advantage of the low costs.


Multi-currency accessibility is not available with the OCBC business growth account. Your account will be SGD only, requiring a separate OCBC multi-currency account to hold money in other currencies.

Targeted customers:

New Singaporean companies looking to grow their business will benefit from having an easy-to-open OCBC business growth account, especially with its low fees. The only caveat is that you must be a Singaporean or a permanent resident to open the account.

3. DBS business multi-currency account


As one of Singapore’s leading banks, it’s no surprise that DBS has a top corporate bank account offering. Conduct business transactions in multiple currencies with ease, requiring only one bank account for all your local and international transfers.


DBS offers a plan called a Starter Bundle for businesses that are under 3 years old at the time of application. With this, you get unlimited FAST and GIRO transactions, as well as an account that can send, receive, and hold up to 12 currencies.

Account opening process:

If you open the DBS Business Multi-Currency Account in the early stages of your business, there is no minimum deposit involved. The account can be opened for free by filling out an online application on the DBS website.


If your business is younger than 3 years, the DBS Business Multi-Currency Account has the best deposit and minimum balance requirements. You get unlimited free FAST and GIRO transactions with DBS IDEAL as a ‘starter business’ and can use your account for transactions in up to 12 different currencies.


Without meeting the ‘starter’ business requirement, you won’t get access to the unlimited free FAST and GIRO transfers. Not to mention that regardless of whether or not you fall under the Starter Bundle, bulk transactions and payroll are not free to do through the DBS Business Multi-Currency Account.

Targeted customers:

Touted as a good starter corporate account for entrepreneurs preparing to start their businesses, the DBS Business Multi-Currency Account is targeted to companies that are in their early stages. Any company can apply for a DBS Business Multi-Currency Account, but companies younger than 3 years get perks like cheaper fees.

4. UOB eBusiness account


Opening a UOB eBusiness account allows you to centralize your business’ finance processes. With a multi-currency wallet and many advanced banking features, you’re set with this account. It does, however, require a high average daily balance.


Process local and international transactions easily with the UOB eBusiness account. You get internet and mobile banking access and UOB FX specialists to help you with international remittance. Transaction and cheque fees are under SGD 1 each, with over-the-counter transactions being SGD 20.

Account opening process:

Any Singapore-registered business can apply for a UOB eBusiness account online. The account opening process can happen instantly as long as you are a Singaporean or a permanent resident of Singapore.


The UOB eBusiness account has some of the cheapest administrative fees. Maintaining your account only costs SGD 35 annually, coming out to around SGD 3/month. With this, you get access to the UOB BizSmart digital solution, which allows you to manage all finance processes, such as invoicing, HR, and accounting, through one platform.


While the minimum deposit required is a standard amount, the UOB eBusiness account has a high minimum average daily balance requirement of SGD 5,000 and may be unsuitable for smaller businesses. After the first 12 months, there’s a fee of SGD 15/month if you fall below this, which can be steep.

Targeted customers:

The UOB eBusiness account is suited for medium-sized businesses trying to amplify their international growth. With FX support for remittances in Asia, businesses that meet the minimum account balance threshold with ease can take advantage of this account.

5. Maybank flexibiz account


The Maybank flexibiz account is the perfect choice for those who want a cheap option when opening a corporate bank account in Singapore. It’s not hard to start using your account, with a minimum initial deposit of SGD 1,000 and no monthly fees. For businesses that operate locally, the Maybank flexibiz account could be the right choice.


Get access to easy internet banking and instant transfers with Maybank. You can make fund transfers with FAST for SGD 0.50 per transaction. While the Maybank flexibiz account is SGD-only, doing business locally is hassle-free using its internet banking features.

Account opening process:

A Maybank flexibiz account can be opened through the MyInfo portal online. You will need to upload required documents such as your LLP partnership agreement, along with your signature image during the application process.


Not many corporate bank account providers have a zero monthly maintenance fee. You could save a significant amount of money with the Maybank flexibiz account. Making a corporate bank account with Maybank also nets you a small interest on your balance.


The Maybank flexibiz account is an SGD-only account. This means that you’ll have to open another account to get multi-currency capabilities. There are also fees for instant fund transfers and cheques.

Targeted customers:

Given the nonexistent monthly fees and low SGD 10/month cost if your balance falls under the SGD 1,000 average, this account is ideal for smaller businesses that operate solely in Singapore.

6. Aspire business account


Aspire offers a fully digital business banking solution, with all transactions and banking management processes done online. It allows you to make local and international payments fast with its multi-currency wallet function that is accessible via the Aspire dashboard.


The main feature that Aspire offers is a borderless business bank account for your organization. You can send and receive money in multiple currencies and conduct business seamlessly. The Aspire business account comes with additional features such as accounting integrations, multi-currency cards, and free domestic transfers.

Account opening process:

Your account can be opened in just a day or two by applying for it online. The process doesn’t require any physical bank visits.


If you have a lot of domestic transactions, the free transfer feature is a huge plus. All transfers you make will be recorded on your Aspire dashboard in real-time. With certain merchants, you can also gain a 1% cashback on your purchases, which could be lucrative for smaller businesses.


A digital account requires you and your staff to be well-versed in technology to use it appropriately. There is also no option to do transactions at a bank branch with your Aspire business account. It’s also important to keep in mind the administrative or service fees the account may have.

Targeted customers:

Modern businesses can leverage Aspire’s online banking management features. Aspire is best suited for startups or similar businesses that have the technological capacity to make the most of its bank account features.

7. CIMB SME account


As the name suggests, the CIMB SME account, or CIMB BusinessGo Lite account is a corporate bank account for SME businesses. One unique feature it has is the transaction eAlerts.


Receive free eAlerts to keep track of your transactions with the CIMB SME Account. For SGD 28 per month, you get a digital account that enables internet or mobile banking. Using BizChannel@CIMB, you can also get unlimited free FAST & GIRO transactions. Over-the-counter transactions will cost you SGD 15 each.

Account opening process:

There’s a high minimum deposit requirement for the CIMB SME account, at SGD 5,000. Make sure you have that ready before applying online. The application will require your business registration number.


Despite the high deposit, there is no minimum account balance requirement that you have to meet. This means that you won’t have to worry about paying fees if your account balance gets low. The SGD 25 fee on checkbooks could also help you save money by waiving cheque-clearing fees if you deal with many of those.


Not only is the minimum deposit required for a CIMB SME account high, but to be able to use its digital account functions, you’ll also have to pay SGD 28 per month. You’ll also need to open another account for multi-currency capabilities.

Targeted customers:

The high minimum deposit requirement along with the SGD 28 monthly fees for a digital account makes the CIMB SME account more suited for established businesses that have a higher budget for their banking management.

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Best time to open a bank account in Singapore

A key benefit of knowing how to open a corporate bank account in Singapore in the early stages of your business is that you can start as soon as possible. While there’s no deadline for opening a corporate bank account, Singapore has many businesses doing so even before the company grows into an enterprise.

It might be tempting to stick with a personal bank account when you’re first starting out, especially when you consider the higher banking fees often associated with corporate accounts. However, benefits such as a clean audit trail, bulk transactions, and accounting integrations are worthwhile. 

The best time for opening a corporate bank account in Singapore is at the beginning of your business operations, as it ensures that everything that follows goes smoothly. Consider your budgets carefully and pick a bank account that will suit you. If you’re on a low budget, steer clear of banks with higher banking fees. 

How Volopay is the best alternative to traditional bank account?

Global multi-currency account

Opening a corporate account in Singapore with Volopay opens up doors for your business. Multi-currency wallets are built into your Volopay account, enabling you to do business internationally without having to worry about expensive transfer fees.

Send, receive, and hold money in SGD, USD, GBP, EUR, and many other leading currencies in the world. Leverage exchange rates by holding money in one particular currency until the rates are in your favor.

Local money transfers

Make local transfers for free through your Volopay account. Regardless of which bank you’re initiating transfers to, there are no payment fees that you have to worry about. Your Volopay corporate bank account can be used to transfer money for vendor payouts, salaries, reimbursements, and many more.

All it requires is a single platform for all local transfers—complete with accounting integration capabilities to simplify your end-of-month account reconciliation.

Suggested read: Benefits of opening a local currency account

International money transfers

Do you have vendors, contractors, and employees situated all around the world? There’s no need to create multiple corporate bank accounts just to enable international transfers. Get a seamless international money transfer experience with Volopay.

Through the dashboard, you can easily initiate international payments in multiple currencies with low FX rates. With both SWIFT and non-SWIFT methods available to you, saving time and money is easy with a Volopay account.

Corporate cards

Don’t limit yourself to just bank transfers when it comes to payment methods. Volopay offers an all-in-one solution with corporate cards. Get corporate cards by filling out an online application and start using them in no time.

Every employee can be issued a physical card, while unlimited virtual cards can be generated for all purposes. Any transaction made on your Volopay cards will be automatically recorded in real-time on your dashboard.

Streamlined accounts payable

Managing your accounts payable well is key to ensuring smooth business operations. Your convenience is a priority to Volopay, hence why we introduce vendor, invoice, and payment management features for a more streamlined accounts payable process.

Vendors can send invoices directly to the Volopay platform, improving your communication and collaboration with your suppliers. With the help of Volopay’s integration features, even accounting for your accounts payable becomes simpler than ever.

Reimbursement module

Allow employees to create reimbursement claims, have approvers review them, and pay them all on a single platform. Your Volopay dashboard and mobile application have features that make it easy to process reimbursements.

Instead of sifting through stacks of paper claims and manually processing their corresponding payments, Volopay’s corporate bank account lets you view all your employees’ reimbursement claims and settle them in just a few clicks. No claim will go missing!

Payroll module

When you have hundreds or thousands of employees, the payroll process is undoubtedly complex and time-consuming. Using Volopay’s corporate bank account can simplify that, without even requiring additional tools.

Say goodbye to juggling multiple systems when you can use Volopay’s payroll module. The right personnel can be given access to the module while keeping the rest of the team out of it. Every payment made is automatically added to your ledger for simpler accounting.

Unlock financial success: Open your Volopay business account today


What does a corporate bank account do?

Put simply, a corporate bank account helps you separate your business finances from your personal account. It makes it easier to track how your company funds are being earned or spent with a corporate bank account.

What is the difference between a corporate bank account and a regular bank account?

A regular bank account is intended for personal use. Even if you create a new regular bank account for business purposes, you get limited features. With a corporate bank account, for example, you’ll be able to add authorized signers such as your finance team members.

Is a corporate bank account the same as a business bank account?

They have a lot of similarities and a corporate bank account is sometimes referred to as a business bank account, but the two are not always the same. Often, a corporate bank account refers to a more formalized account for corporations, while a business bank account has more flexibility and can be opened by freelancers.

Will opening a corporate bank account impact my credit score?

No. Regardless of whether you’re opening a personal or corporate bank account, your credit score will not be impacted. Opening a corporate bank account in Singapore has nothing to do with your credit score unless you apply for a loan or corporate credit card.

Do business bank accounts earn interest?

It depends on what type of account you have. For a checking or daily use account, you’re likely to earn little to no interest. Business savings accounts, however, will have higher rates of interest.

Does Volopay function as a bank?

No. As a fintech institution, Volopay offers many features similar to banks, but rather than functioning as a bank, we partner with other banks to ensure that we have the best security we can offer to our customers. This gives Volopay the ability to introduce more advanced features to help with all your banking needs.

Are my funds secure with Volopay?

Yes. Volopay has industry-standard certifications to guarantee that your data and funds are safe. We employ robust security measures and are licensed within Singapore.

What is the process of opening a corporate bank account with Volopay?

While opening a corporate bank account in Singapore can take some time, Volopay makes it easy for you. The entire process can be done online and only takes a maximum of 1-2 weeks. All you have to do is submit your business documentation like your proof of identity and business license. After the KYB process is complete, you can start using your account.