Free business accounts in Singapore

What a free business account means in Singapore

Free in Singapore business banking usually means no monthly account fee at a neobank. The account costs nothing to hold each month, but the provider can still charge for how you use it, especially for sending money abroad or converting currency. A company that moves money mainly in Singapore dollars over FAST and PayNow can run a neobank account at very low cost, while a firm that makes frequent SWIFT payments may pay more than the headline suggests. The sensible test is to map your real usage against each fee rather than the monthly figure alone. As of 4 May 2026.

Free plans from neobanks

Aspire lists a Basic plan at no monthly fee with no minimum balance and no setup fee, with free local transfers over FAST, PayNow, and GIRO, and a paid Premium plan reported at about 15 Singapore dollars a month for businesses that send international transfers often. Airwallex lists a free Explore plan with paid Grow and Accelerate tiers reported at about 79 and 399 Singapore dollars a month. Wise Business charges a one time setup fee reported at about 99 Singapore dollars to activate local account details in several currencies, then no monthly fee on a pay per use basis. These providers are payment service firms rather than full banks, so customer funds are safeguarded or held at partner banks rather than covered by the SDIC deposit insurance scheme. As of 4 May 2026. Confirm current pricing and how your money is held with each provider.

The local banks rarely run a free account

DBS, OCBC, and UOB serve businesses of every size, but their accounts usually carry a small monthly fee or a fall below fee if the balance drops under a set figure. OCBC lists a Business Growth Account with a monthly fee reported at about 10 Singapore dollars after an initial period and no fall below fee while the balance stays at or above about 1,000 Singapore dollars, while its Business Entrepreneur Account Plus is reported to apply a fall below fee of about 50 Singapore dollars under a higher balance. DBS is reported to apply a fall below fee of about 50 Singapore dollars under a monthly average balance of about 30,000 Singapore dollars. UOB is reported to charge a monthly fee of about 10 Singapore dollars after an initial period with a minimum balance of about 1,000 Singapore dollars. As of 4 May 2026. Verify the current pricing with each bank.

Charges to check before you call an account free

Even with no monthly fee, these charges decide the real cost. Amounts vary by provider. Verify with the provider

• Foreign exchange markup on currency conversion, which matters most for firms that pay or get paid abroad.
• SWIFT charges to send or receive international wires, often a flat fee per transfer.
• Per item charges on some plans once a set number of free transfers is used.

How to compare free accounts in Singapore

1. List the ways you will actually use the account, including local transfers, currency conversion, and international wires.
2. Match a free plan to that usage, since a free account with foreign exchange and SWIFT charges can cost more than a low paid plan for some firms.
3. Confirm the current published fees and how your money is held with each provider before you open or fund the account.