Startups in Singapore usually want to open an account quickly, keep running costs low while they find traction, and handle money in more than one currency. Neobanks onboard fast online and cost little, while local banks add lending and a relationship that some investors expect.
Suits Startups best
Fast low cost neobank accounts, a local bank as the startup scales
Typical monthly fee
From no monthly fee on neobank entry plans, as of 23 April 2026
Non resident position
Possible for companies with local directors, varies, confirm with the provider
Providers that fit
Mainly neobanks early on, with local banks as you scale
Fees and features as of 23 April 2026Last reviewed 23 April 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
A startup in Singapore usually incorporates as a private limited company and then needs an account fast, without spending much while revenue is still small. As of 23 April 2026 neobanks such as Aspire and Airwallex onboard online in days, charge no monthly fee on entry plans, and hold several currencies, which suits early stage companies with international customers or suppliers. Local banks such as DBS run startup focused accounts and add lending and a relationship that some investors look for. The notes below state the trade offs plainly. This is information, not advice.
What Startups in Singapore need from a business account
Early stage companies care about speed and cost before anything else. The features that matter are quick online onboarding, no or low monthly fee, corporate cards with limits for a small team, multi currency where customers or suppliers are abroad, and a path to lending or richer services as the company grows. Neobanks lead on speed and cost but do not offer lending. Local banks add lending and a banking relationship that helps at fundraising. The shortlist below names providers that serve Singapore startups, with the trade offs stated plainly.
A
Aspire
Fast online onboarding with no monthly fee on the entry plan, corporate cards, expense tools, and multi currency receiving, built for early stage companies. It is an account service rather than a full bank, so it does not offer lending.
Best for
Fast low cost early stage banking
Monthly fee
No monthly fee on Basic, SGD 15 on Premium, as of 23 April 2026
Holds many currencies and runs international payments through local rails, useful for startups with overseas customers or suppliers. As a payments provider it is not a full bank, so check what it covers as you grow.
Best for
Cross border payments from day one
Monthly fee
No monthly fee on the standard account, as of 23 April 2026
A local bank that runs startup focused accounts and adds lending and a banking relationship that some investors expect. Entry digital accounts can avoid a minimum balance, while others carry a fall below fee, so check the specific account.
Best for
Lending and a banking relationship
Monthly fee
From no monthly fee on the digital starter account, as of 23 April 2026
These providers open accounts for startups in Singapore. Fees and eligibility shown as of 23 April 2026. Confirm current terms with the provider before applying.
How fast can a startup open a business account in Singapore?
As of 23 April 2026 neobanks such as Aspire and Airwallex can onboard an ACRA registered company online within days once documents are verified. Local banks can take longer. The exact timing depends on your documents and checks, so confirm with the provider.
What is the cheapest account for a startup?
Several neobank entry plans have no monthly fee as of 23 April 2026, though you still pay for transactions and currency conversion. The cheapest option depends on how you transact and whether you handle foreign currency. Confirm the current pricing with the provider.
Should a startup use a neobank or a local bank?
A neobank suits speed, low cost, and multi currency needs early on. A local bank adds lending and a relationship that helps at fundraising. Many startups use a neobank first and add a local bank later. Confirm what each provider covers.
Can a startup with a foreign founder open an account?
It is possible but varies by provider, and local banks often expect at least one locally resident director or a way to verify identity. Confirm the position with the provider before applying.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 23 April 2026. Confirm current terms with the provider before applying.