Personal and corporate bank accounts serve different purposes and have distinct requirements, fee structures, and features in Singapore.
Opening the right type of bank account is essential depending on whether you’re managing personal finances or running a business.
Personal bank accounts are meant for everyday use — receiving salary, paying bills, and saving money. These accounts typically include features such as:
- Debit cards
- Online/mobile banking
- Access to ATMs
- Minimal monthly fees
- Option for multi-currency holdings
Corporate (business) bank accounts, on the other hand, are tailored for companies and include:
- Multiple signatory access
- Business internet banking tools
- Invoicing and payroll features
- Cross-border transaction support
- Higher maintenance fees and stricter KYC checks
In Singapore, you cannot use a personal account for business operations legally. MAS regulations require that all companies operating locally or from abroad use a business account for transparency and taxation purposes.
Choosing the right type not only ensures compliance but also improves your company’s credibility with clients and partners.
Tags: Business Account, Personal Account, Singapore, Account Comparison, Corporate Banking