Setting Up A Business Bank Account in Singapore

The first thing after incorporating my company, was to set up a Business Bank Account.

Every business will have their own needs. These are the criteria I’m looking for :

Low minimum balance

I’m frankly not interested in any bank that requires me to leave 10K sitting there so as not to incur fall-below fee. The lower the required amount, the better.

Low or no monthly subscription

Since I already have to put a sum of money there to meet the minimum daily balance, paying a high monthly fee simply does not make any sense.

Free cheque book and free cheque deposit

I will be needing this to reimburse my business spendings done on my personal credit card.

Free transaction alerts

This is a no brainer. I would like to keep track of any movement of cash from my account for obvious reasons.

Free internet banking

This is again a no brainer. I do almost all my banking online. If I have to pay for this, it’s definitely a minus.

Looked into a few options, and these are the ones I was looking at. I ruled out the ones that require more than 5K minimum daily balance. Take note that this table is based only on my own needs and preferences. Your needs may differ 🙂

Pricing Guide for DBS can be found here.

Pricing Guide for OCBC can be found here.

Pricing Guide for UOB, I got them from enquiry email I sent them.

Conclusion

We have an obvious winner here. In my opinion, UOB eBusiness Account is the best business account in Singapore 🙂 But that’s me 😉

Please follow and like us:

Related posts

Leave a Reply