OCBC business banking: Review of business accounts offered for SMEs in Singapore

If you have a business entity here in Singapore - or if you’re a Singapore resident with a foreign incorporated business, you might be interested in OCBC business banking¹. There’s a full suite of OCBC business account options available, including SGD and foreign currency accounts, depending on your needs and entity type.

This article covers all you need to know about OCBC corporate account products. We’ll also look at a non-bank alternative for comparison. The Wise Business account is a flexible multi-currency account which supports 40+ currencies and offers low cost international payments with mid-market rates and low fees. But more about this later. Read on.

Table of contents
OCBC business dollar accounts: overview and benefits OCBC multi-currency business accounts: comparison Multi-Currency Business account Renminbi Business Account Business Foreign Account A non-bank alternative - Wise Business account Time deposits Fees and rates Business account opening process Summary

OCBC business banking Singapore dollar accounts: overview and benefits

OCBC has a full range of business banking options, including ways to manage your money in Singapore dollars and foreign currencies, ways to save, credit cards and more. As a starting point let's explore some of the popular OCBC SGD accounts for business.

OCBC Business Growth Account

The OCBC Business Growth Account² has unlimited free FAST and GIRO transaction options, with no monthly fee for the first 2 months. There’s then a 10 SGD monthly charge, but no fall below fee to pay as long as you maintain a balance of 1,000 SGD or more. You can open an account as long as your business is registered in Singapore - and if your business is owned by one or two Singapore citizens or PRs, you may even be able to get everything organised and your account opened digitally.

Free FAST and GIRO payments Up to 1% cash back on spending with a linked card Get a free multi-currency account alongside this account 10 SGD monthly fee, 15 SGD fall below fee Online opening for eligible Singapore and PR owned business entities (subject to approval)

Business Entrepreneur Account Plus

The Business Entrepreneur Account Plus³ has no fixed monthly fee, which can make it a good option as long as you’re happy to maintain a 30,000 SGD or more balance to avoid a fall below fee. You’ll be able to access helpful OCBC tools to view your business performance, as well as their full range of optional services like cards, loans and overdrafts - fees apply for these additional services.

No monthly account fee Business analytics tools so you can see how you’re doing easily 30,000 SGD minimum initial deposit - fall below fee of 50 SGD/month if you don’t maintain this balance Offered to all Singapore registered businesses

OCBC multi-currency business accounts: comparison

If you have a business which trades internationally, or if you’re planning to grow your business across borders in future, the OCBC Multi-Currency Business Account⁴ may appeal. This account lets you hold a balance in a range of global currencies and access flexible online and mobile banking services. We’ll dive into the details of this account in just a moment - but first, a comparison to help you decide if the OCBC Multi-Currency Business Account is right for you.

Let’s look at the key costs and features of the OCBC Multi-Currency Business Account, DBS Business Multi-Currency Account⁵, and a non-bank alternative - Wise Business - side by side.

	OCBC Multi-Currency Business Account6	DBS Business Multi-Currency Account7	Wise Business8
Eligibility	Singapore residents with locally or foreign registered businesses	Singapore residents with locally or foreign registered businesses	Can be opened by Singapore residents, and people resident in many other countries Available for registered businesses and freelancers
Account opening fee	No fee	50 SGD annual fee	54 SGD one time fee
Minimum opening deposit	No minimum opening deposit	Not applicable - but a balance of 10,000 SGD is needed to avoid fall below fees	Not applicable
Fall below fee	Not applicable	40 SGD fee applies if you hold a balance of 10,000 SGD	Not applicable
Maintenance fee	10 SGD/month unless you also have another eligible OCBC Business account	Not applicable	Not applicable
Supported currencies for holding and exchange	13 currencies supported	12 currencies supported	40+ currencies supported for holding and exchange Local bank details provided for up to 9 currencies
International transfers	1/8% (minimum 10 SGD, maximum 120 SGD) commission + agent fees if applicable + cable charge Commission in lieu of exchange applies if sending from a foreign currency with no exchange	30 SGD + agent charges Commission in lieu of exchange applies if sending from a foreign currency with no exchange	From 0.43%
Closure fee	No fee	50 SGD fee if closed within 6 months	No fee

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Multi-Currency Business account

The OCBC Multi-Currency Business Account⁴ allows you to receive, hold and send 13 major currencies. There’s no minimum balance or fall below fee, but you’ll pay a 10 SGD monthly charge unless you also hold an OCBC SGD business account. However, if you do, there are no fixed monthly costs for this account making it an interesting option if you need to hold a selection of currencies and want to stick with an account from a major bank.

Supports 13 currencies Get a linked corporate card if you want one No opening deposit requirement and no fall below fee - a 10 SGD/monthly fee applies if you don’t also hold an eligible SGD business account with OCBC Cost effective ways to send and receive international payments

Renminbi Business Account

OCBC has a Renminbi Business Account⁹ which can be opened in CNY (onshore renminbi) if you have a business actively trading in China, or in CNH (offshore renminbi) if not. You’ll get the online and mobile banking perks from OCBC that you would with any other business account, but this also lets you maximise your trade opportunity and efficiency in renminbi. That makes it a good account option for businesses which need to manage currency risk and exposure across SGD and CNY or CNH.

Reduce currency exchange risk and cost if you actively trade with China Both CNY and CNH account options, depending on whether your business actively trades in China or not No minimum deposit and no monthly fee to pay Eligibility requirements apply

Business Foreign Account

The OCBC Business Foreign Account¹⁰ is OCBC’s business banking solution for companies incorporated outside of Singapore. While Singapore registered businesses can choose many of the other account types, this is the product that’s recommended for people running a business based elsewhere. There’s a one time fee of 2,000 USD to get your account and an ongoing monthly charge depending on the currency you choose to use.

Offered for all businesses incorporated outside of Singapore Available in SGD and various other currencies 2000 USD initial set up fee, monthly charge of 50 USD for multi-currency account options

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A non-bank alternative for international companies - manage 40+ currencies easily with Wise Business

If you want something more flexible, which can be opened for your Singapore business - or if you’ve registered a business elsewhere in the world - check out Wise Business.

Open a Wise Business account online or in the Wise app to hold and manage 40+ currencies in the same place, receive payments like a local with bank details for up to 9 currencies, and spend in 150+ countries with Wise debit and expense cards.

Powerful multi-currency features make it easy to manage your business finances across currencies - and you can also connect your account with your favourite cloud based accounting software to save admin time, too.

Wise can be a perfect partner to businesses that need to hold, send, spend or receive foreign currencies. Whenever you need to exchange one currency to another you’ll get the mid-market exchange rate and low fees from 0.43%. This applies when you spend with your card - and also when you send payments abroad. Wise can cut the costs of international payments compared to banks, by using its own payment network of local accounts instead of SWIFT. That means no middle man, lower overall cost, and a faster transfer too.

Wise isn’t a bank, but it’s regulated by Singapore authorities and safe to use, as well as being overseen by regulators in a whole range of other countries globally. See if a Wise Business account can help your business grow, today.

Learn more about Wise Business

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

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OCBC time deposits in SGD and foreign currency

If you have excess funds which you want to use to earn interest, you might also consider an OCBC time deposit for business, which are available in both Singapore dollars and a selection of foreign currencies. As with any time deposit, you’ll not be able to access your funds for the duration of the agreed term without losing out - but if you’re able to lock your money away for a while you could access preferential rates based on the currency you save.

OCBC business account fees and rates

Each OCBC business account has its own fees, which are detailed in the account terms and conditions and can be viewed before you open an account. To build a picture of what to look out for let’s look at the costs associated with the OCBC multi-currency business account in a little more detail:

Service	OCBC Multi-Currency Account fee6
Account opening fee	No fee
Monthly fee	10 SGD/month - waived if you have an eligible OCBC SGD business account
Outward MEPS payments	20 SGD
Inward international transfers	10 SGD
International transfers	1/8% (minimum 10 SGD, maximum 120 SGD) commission + agent fees if applicable + cable charge Commission in lieu of exchange applies if sending from a foreign currency with no exchange
Overdraft fee	Prime lending rate + 4%
Closure fee	No fee

OCBC business account opening process

Each of the different OCBC business banking account products has a slightly different process for opening. The type of company you run might also change the documents and evidence you must present to get your account up and running.

Eligible customers will be able to open the Business Growth Account and Business Entrepreneur Account online instantly, and without needing to provide any extra paperwork. You’ll just need to log in using your existing OCBC personal banking details, or if you log into MyInfo via SingPass.

If you’re eligible for online account opening, here are the steps you’ll need to take:

1. Navigate to the account you want, on the OCBC desktop site
2. Tap Apply now
3. Apply by prepopulating your information with Singpass
4. Follow the prompts to enter your company name, UEN and details
5. Upload your signature

If all goes well, your account will be instantly verified and you’ll get your account number on the spot.

Other account types will need you to collect some paperwork and visit your local branch. It’s a smart idea to call OCBC in advance to make sure you have everything you need. That’s because the documents and signatures required vary based on the business type you have.

The things you may be asked for can include:

• Account application form
• Certified true copies of either the NRIC or passport of all owners, partners or other relevant parties
• Minimum deposit amount
• Board resolution
• Certified copy of Memorandum and Articles of Association

Summary: is OCBC great for business banking?

OCBC is a huge banking brand in Singapore and beyond. It’s no surprise that they offer everything you might need to manage your business finances - whether you’re a startup, a scale up or an enterprise level customer. This guide covers the most important points about the key OCBC business banking account options - but you’ll need to also do a bit of your own research to make sure the account you’re interested in is best for you and your business.

Use the information covered here as a starting point, and remember to compare the account options, features and fees from OCBC against alternatives from major Singapore banks, and non-bank options like Wise Business. If you’re looking for a flexible and low cost account option that lets you conveniently hold, exchange, send, spend and receive a good selection of major foreign currencies, Wise may have everything you need - with no need to leave home to apply.

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Sources:

1. OCBC business banking
2. OCBC Business Growth Account
3. Business Entrepreneur Account Plus
4. OCBC Multi-Currency Business Account
5. DBS Business Multi-Currency Account
6. OCBC Business fees
7. DBS Business fees
8. Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
9. OCBC Renminbi Business Account
10. OCBC Business Foreign Account