The three local banks in Singapore are DBS, OCBC and UOB. If you are thinking of which bank to open for your business, you can consider the following options:
What are some of the considerations in choosing a bank account?
At Number Vision, we have identified the top 8 factors that you should consider when you are choosing a bank account.
- Minimum deposit. Initial deposit is $1000 for DBS Digital Business Account and UOB eBusiness Account; $500 for OCBC Business Growth Account; $3000 for OCBC Business Entrepreneur Account
- Minimum balance. No minimum balance for DBS Digital Business Account; $5000 for OCBC Business Entrepreneur Account and UOB eBusiness Account
- Currencies available. The above bank accounts are for SGD transactions. If you need to open a foreign currency bank account, you will need to open a multi-currency account which is offered by DBS, OCBC and UOB.
- Internet banking and user-friendliness. All 3 local banks offer Internet banking and have easy-to-use interfaces for you to make payments and generate cash reports.
- Cheque books. You will be charged fees (around $25 per cheque book or $0.50 per cheque) if you require a cheque book to make payments.
- Account maintenance fees. Maintenance fee for DBS is $18 per month for DBS; $38 annual fee for OCBC Business Growth Account; $38 per month for OCBC Business Entrepreneur Account
- Transaction fees. Transaction fees may vary, depending on whether you are sending money to a local bank via FAST or doing an outward telegraphic transfer (TT) payment.
- Ability to integrate with accounting software. Currently, Xero can be integrated with DBS and UOB, i.e. direct bank feeds from bank to Xero and ability to send payment instructions from bank to Xero. The Xero Team is still working on integration between Xero and OCBC Bank. We will update in time to come!