2024 Guide to Business Bank Accounts in Singapore

Your SME business is gaining volume in sales and transactions, and using your personal bank account is messy especially when filing taxes. But with so many choices to choose from, how do you pick the right business bank account for your business?

Key Considerations for Your Business Bank Account

1. Compliance: Consider features such as Know Your Customer (KYC) checks or Anti-Money Laundering (AML) monitoring to help ensure adherence to regulations and legal requirements.
2. Easy Audit and Bookkeeping: Opt for accounts that facilitate seamless data integration with accounting software, allowing you to view your cashflow easily.
3. Account Fees: Compare the monthly service fees, transaction fees, fall below fees and chequebook charges. The list is non-exhaustive, so be sure to read the terms and conditions carefully.
4. Features: Consider what features are important for your business. These may include the ability to accept international payments, high number of monthly transactions, or even earning interest on your account balance.

Traditional Brick & Mortar Banks

With a long-standing and established history, it is an easy decision to look at traditional banks for your business. Here's a quick look at the different business account offerings:

Digital Business Bank Accounts

Beyond traditional banks, digital business bank accounts are emerging as a popular option for startups and SMEs in Singapore. These accounts are usually offered by fintech companies and come with competitive fee structures, user-friendly online interfaces and a quicker account opening process.?

Both traditional and digital banks offer unique advantages for SMEs in Singapore. Traditional banks provide established trust and a wide network of physical branches, while digital banks often come with streamlined processes, lower fees and innovative features.

Ultimately, the best business bank account is the one that fits your specific needs and priorities.

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Originally posted on Poss Capital blog.