Best business accounts for Freelancers and Sole Traders in Singapore
Snapshot
Freelancers and sole proprietors in Singapore usually want a simple account with low running cost, a way to separate business money from personal money, and the option to receive payment from overseas clients. Low or no fee neobank accounts tend to fit, with a local bank as an option.
Suits Freelancers and Sole Traders best
Low or no fee neobank accounts for sole proprietors
Typical monthly fee
From no monthly fee on neobank entry plans, as of 6 May 2026
Non resident position
Possible but varies, confirm with the provider
Providers that fit
Mainly neobanks, with local banks as an option
Fees and features as of 6 May 2026Last reviewed 6 May 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
A freelancer or sole proprietor in Singapore usually wants three things from a business account: keep business money separate, pay as little as possible to run it, and get paid by clients at home and abroad. As of 6 May 2026 neobanks such as Aspire and Wise open accounts for sole proprietors with low or no monthly fee, and they support payments in several currencies. A local bank still helps where you want cash handling or a longer relationship. The notes below state the trade offs plainly. This is information, not advice.
What Freelancers and Sole Traders in Singapore need from a business account
A sole trader does not need a complex setup. The features that matter are a low running cost, a clean separation between business and personal money, fast local payments through PayNow and FAST, and the option to receive foreign currency from overseas clients without losing too much to conversion. Some providers onboard sole proprietors as easily as companies, while others focus on registered companies, so the entity type matters. The shortlist below names providers that serve Singapore sole traders, with the trade offs stated plainly.
A
Aspire
Opens accounts for sole proprietors as well as companies, with no monthly fee on the entry plan, cards, and multi currency receiving. It is an account service rather than a full bank, so it does not cover cash handling or lending.
Best for
Low cost everyday running
Monthly fee
No monthly fee on Basic, SGD 15 on Premium, as of 6 May 2026
Free to open with pay as you go transfers and clear conversion pricing, useful for freelancers with overseas clients. It does not offer lending or cash deposits, so pair it with a bank if you need those.
Best for
Overseas client payments
Monthly fee
Free to open, one time SGD 99 for account details, as of 6 May 2026
A local bank for sole traders who want cash handling, local payment access, and a longer banking relationship. Entry digital accounts can avoid a minimum balance, while others carry a fall below fee, so check the specific account.
Best for
Local banking and cash needs
Monthly fee
From no monthly fee on the digital starter account, as of 6 May 2026
Compare accounts for Freelancers and Sole Traders in Singapore
These providers accept sole proprietors and freelancers in Singapore. Fees and eligibility shown as of 6 May 2026. Confirm current terms with the provider before applying.
Questions about banking for Freelancers and Sole Traders in Singapore
Can a sole proprietor open a business account in Singapore?
Yes. As of 6 May 2026 neobanks such as Aspire and Wise onboard sole proprietors, and local banks open accounts for registered sole proprietorships. You usually need your business registration, identity documents, and proof of activity. Confirm the requirements with the provider.
Do freelancers in Singapore need a separate business account?
It is not always legally required for a sole proprietor, but a separate account keeps business and personal money apart, which helps with bookkeeping and tax. This is general information, not tax advice, so confirm your position with a qualified adviser.
What is the cheapest account for a freelancer?
Several neobank entry plans have no monthly fee as of 6 May 2026, though you still pay for transactions and currency conversion. The cheapest option depends on how often you transact and whether you receive foreign currency. Confirm the current pricing with the provider.
Can I get paid by overseas clients?
Yes. Providers such as Wise, Aspire, and Airwallex let a Singapore sole trader receive several currencies as of 6 May 2026, which helps when clients pay from abroad. The currencies and costs vary, so confirm with the provider.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 6 May 2026. Confirm current terms with the provider before applying.