Hidden charges and unclear fee structures can hurt small businesses. Here’s a breakdown of typical fees for Singapore business bank accounts and how to avoid unnecessary costs.
Common Fee Types
- Monthly account maintenance
- FAST/GIRO transfer fees
- Overseas SWIFT payment fees
- Cheque processing (becoming obsolete)
How to Minimize Banking Costs
- Choose banks with no minimum balance
- Use PayNow and FAST over SWIFT
- Avoid unnecessary paper statements
Sample Monthly Fees (as of 2025)
| Bank | Monthly Fee | FAST Transfers | Min. Balance |
|---|---|---|---|
| DBS | $0–18 | Free up to limit | $1,000 |
| OCBC | $10 | Free | $1,000 |
| UOB | $15 | Limited free | $5,000 |
FAQ:
Q1: Are there free business accounts in Singapore?
A: Yes, but usually with usage limits or time-bound promotions.
Q2: Do banks charge for online banking?
A: Not for basic use, but some add fees for bulk payment tools.
User Comments:
“Once I switched to PayNow, our fees dropped dramatically.” — James H.
“DBS waived our fees for the first year—huge help for startups.” — Helena Z.
Editor’s Note:
Always read the fine print. A “free” account can become costly if it doesn’t fit your transaction habits.
Tags: banking-fees, singapore-business-costs, hidden-charges, bank-comparison