Online business accounts and neobanks in Singapore

How neobanks differ from the local banks

Neobanks onboard online, hold multiple currencies, and start with low or no monthly fees, which makes them quick to open and cheap to run for a company that banks mostly in Singapore dollars or needs foreign exchange. They are payment service providers rather than full banks, so they may not handle cash or cheques, may not lend, and hold customer funds in a safeguarded form or at partner banks rather than under the SDIC deposit insurance scheme. The local banks DBS, OCBC, and UOB offer the opposite balance, with branches, cash, and lending but more onboarding friction and a monthly or fall below fee. As of 11 October 2026.

The main online providers

Aspire lists a Basic plan at no monthly fee with no minimum balance, free local transfers, and a paid Premium plan at 15 Singapore dollars a month. Airwallex lists a free Explore plan, Grow at 79 Singapore dollars a month and Accelerate from 399 Singapore dollars a month before GST, and holds 20 or more currencies. Wise Business charges a one time setup fee of 99 Singapore dollars for account details in 22 currencies, then runs on a pay per use basis with no monthly fee. Statrys and Currenxie also serve Singapore business customers with multi currency accounts. As of 11 October 2026. Confirm current pricing and features with each provider.

What you give up

The convenience comes with limits. Most neobanks do not take cash or cheques, so a business that handles physical money still needs a bank account. Lending is limited or absent, so a company that wants an overdraft or a loan usually turns to the local banks. Because funds are not covered by the SDIC deposit insurance scheme, some firms keep a bank account alongside a neobank account. As of 11 October 2026. Verify how each provider holds and protects your money.

What to check before opening an online account

These points decide whether a neobank fits your business. Amounts vary by provider. Verify with the provider

• Whether you need cash handling, cheques, or lending, which most neobanks do not provide.
• The foreign exchange markup and any SWIFT charge, which drive the cost for cross border firms.
• How customer funds are held and protected, since neobank funds are not covered by the SDIC deposit insurance scheme.

How to choose between a neobank and a local bank

1. Decide whether you need branch access, cash handling, or lending, which point toward a local bank.
2. If you bank mostly online and use foreign exchange, compare the neobank plans on markup and monthly fee.
3. Confirm the services, the fees, and how funds are held with each provider before you open or fund the account.