{"id":13872,"date":"2025-09-08T20:40:23","date_gmt":"2025-09-08T12:40:23","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=13872"},"modified":"2025-09-15T15:10:48","modified_gmt":"2025-09-15T07:10:48","slug":"digital-bank-accounts-startups-sme","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/digital-bank-accounts-startups-sme\/","title":{"rendered":"8 Digital Bank Accounts For Startups And SMEs"},"content":{"rendered":"\n<p>A digital business bank account is a digital-only business bank account designed to support a company\u2019s financial activities. Digital business bank accounts are most appropriate for startups and small and medium enterprises (SMEs) due to their convenience and benefits offered. Many of them, for example, allow you manage your company finances without worrying about hidden fees or minimum balances.<\/p>\n\n\n\n<p>For startups and SMEs, it is important to look for a bank account that is cost-effective. That means there are ideally no monthly fees or minimum balance requirements. Perhaps the most crucial factor to consider when choosing a digital bank account, however, is the ability to receive payments from customers and to send payments to vendors. This includes whether a business account can execute transfers via the MAS Electronic Payment System (MEPS), Singapore&#8217;s real-time gross settlement system which handles online interbank payments and fund transfers.<\/p>\n\n\n\n<p>Here is a non-exhaustive list of 8 digital bank accounts currently offered in Singapore.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>Interest Rate (per annum)<\/strong><\/td><td><strong>Account Fees<\/strong><\/td><td><strong>Minimum Balance<\/strong><\/td><td><strong>Payment Options<\/strong><\/td><\/tr><tr><td><strong>GXS Biz Account<\/strong><\/td><td>1.68%<\/td><td>None<\/td><td>None<\/td><td>FAST and PayNow only<\/td><\/tr><tr><td><strong>Mari Business Account<\/strong><\/td><td>1.00%<\/td><td>None<\/td><td>None<\/td><td>FAST, PayNow, incoming MEPS and GIRO<\/td><\/tr><tr><td><strong>ANEXT Business Account<\/strong><\/td><td>1.00%<\/td><td>None<\/td><td>None<\/td><td>FAST, PayNow, MEPS and GIRO<\/td><\/tr><tr><td><strong>Airwallex Business Account<\/strong><\/td><td>0%<\/td><td>None<\/td><td>None<\/td><td>FAST, SWIFT, RTGS and GIRO<\/td><\/tr><tr><td><strong>Revolut Business Account<\/strong><\/td><td>N\/A<\/td><td>From $0<\/td><td>None<\/td><td><\/td><\/tr><tr><td><strong>DBS Business Multi-Currency Account &#8211; Starter Bundle<\/strong><\/td><td>0%<\/td><td>$10 per month<\/td><td>None<\/td><td>Unlimited FAST and GIRO<\/td><\/tr><tr><td><strong>UOB eBusiness Account<\/strong><\/td><td>0%<\/td><td>$35 a year<\/td><td>$5,000 (fall-below fee of $15 per month)<\/td><td>FAST, PayNow and GIRO<\/td><\/tr><tr><td><strong>OCBC Business Growth Account<\/strong><\/td><td>0%<\/td><td>$10 per month<\/td><td>$1,000 (fall-below fee of $15 per month)<\/td><td>FAST and GIRO<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>If your business is looking to scale globally or already has international operations, then looking at the account&#8217;s ability to handle multiple overseas currencies is also key.<\/p>\n\n\n\n<h3 id=\"gxs-biz-account\"><strong>GXS Biz Account<\/strong><\/h3>\n\n\n\n<p>GXS is the latest digital bank in Singapore to offer business accounts. Owned by Grab and Singtel, it offers a 1.68% interest rate per annum on balances and no account fees. However, do note that currently, the only payment options are via FAST and PayNow.<\/p>\n\n\n\n<p>The GXS Biz Account is specially designed for sole proprietorship business owners. It allows you to receive unlimited payments from your customers through FAST and PayNow QR, and make outward payments seamlessly and without cost via FAST and PayNow. Do note that at the moment, GXS Biz Account is unable to send or receive funds via telegraphic transfer, cheque, and non-FAST transactions like GIRO and MEPS.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>PayNow<\/td><td>Instant<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"maribank-business-account\">MariBank Business Account<\/h3>\n\n\n\n<p>MariBank Business Account is a digital account tailored for local eCommerce sellers, particularly those on platforms like Shopee. It offers daily 1.00% interest on balances, zero fees, and free local transfers, helping business owners maximise returns on cash while keeping operations simple.<\/p>\n\n\n\n<p>You can receive funds to your Mari Business Account via FAST, PayNow, incoming MEPS, SWIFT and incoming GIRO. You can transfer funds from your Mari Business Account via FAST and PayNow.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>GIRO<\/td><td>0-1 day<\/td><\/tr><tr><td>MEPS<\/td><td>Instant<\/td><\/tr><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>SWIFT<\/td><td>0-3 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"anext-business-account\">ANEXT Business Account<\/h3>\n\n\n\n<p>ANEXT Bank is a digital wholesale bank offering a fully online setup with multi-currency accounts such as the ANEXT Business Account. They offer 1.00% per annum daily interest on balances.<\/p>\n\n\n\n<p>With the ANEXT Business Account, you can hold funds in Chinese Yuan Renminbi Offshore (CNH), Singapore Dollar, US Dollar and Euro. You also enjoy unlimited free local transfers via PayNow, FAST, MEPS, and GIRO and inward telegraphic transfers.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>PayNow<\/td><td>Instant<\/td><\/tr><tr><td>GIRO<\/td><td>2-3 working days<\/td><\/tr><tr><td>MEPS<\/td><td>0-1 day<\/td><\/tr><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>SWIFT<\/td><td>0-3 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"airwallex-business-account\">Airwallex Business Account<\/h3>\n\n\n\n<p>The Airwallex Business Account offers <a href=\"https:\/\/dollarsandsense.link\/Airwallex-Global-Account\" target=\"_blank\" rel=\"noreferrer noopener\">Airwallex Global Account<\/a>, a multi-currency account with integration for software like Xero and Shopify. The account has no monthly fees or minimum balance. As a multi-currency account, it allows you to eliminate unnecessary conversion fees by receiving payments in the same currencies that your customers pay in.<\/p>\n\n\n\n<p>The Airwallex Global Account has no transaction limits.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>GIRO<\/td><td>0-1 day<\/td><\/tr><tr><td>MEPS<\/td><td>Instant<\/td><\/tr><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>SWIFT<\/td><td>0-3 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"revolut-business-account\">Revolut Business Account<\/h3>\n\n\n\n<p>Revolut offers several Business Account plans, starting from $0 a month, but do note the limit of monthly transactions, above which you will need to pay additional fees.<\/p>\n\n\n\n<p>With the Basic Revolut Business Account, you get 5 no-fee local transfers, after which, a $0.20 fee applies. If you need more local transfers, consider the Grow plan, which gives you 100 no-fee local transfers for $15 a month.<\/p>\n\n\n\n<p>Revolut currently does not provide any timeline for local or international transfers. Note that it is not yet a bank in Singapore, and is thus limited in its ability to support GIRO, FAST, PayNow, or cheque.<\/p>\n\n\n\n<h3 id=\"dbs-business-multi-currency-account\">DBS Business Multi-Currency Account<\/h3>\n\n\n\n<p>As the largest bank in Singapore and Southeast Asia, DBS offers a wide range of digital accounts. The DBS Business Multi-currency Account &#8211; Starter Bundle is probably the most suitable for SMEs. This comes with a $10 monthly account fee but offers unlimited free payments via FAST and GIRO. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>GIRO<\/td><td>0-1 day<\/td><\/tr><tr><td>MEPS<\/td><td>Instant<\/td><\/tr><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>SWIFT<\/td><td>0-3 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"uob-ebusiness-account\">UOB eBusiness Account<\/h3>\n\n\n\n<p>The UOB eBusiness Account offers multiple mobile apps for your business such as UOB Infinity and the UOB SME App. However, do note the relatively high minimum balance of $5,000, and the fall-below fee of $15 per month.<\/p>\n\n\n\n<p>The UOB eBusiness Account offers free FAST, PayNow, and GIRO transactions. More accurately, you get a $0.50 rebate per transaction on up to 60 outgoing FAST transactions per month, and $0.20 rebate per transaction on up to 60 GIRO payments.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>PayNow<\/td><td>Instant<\/td><\/tr><tr><td>GIRO<\/td><td>0-1 day<\/td><\/tr><tr><td>MEPS<\/td><td>Instant<\/td><\/tr><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>SWIFT<\/td><td>0-3 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong><em>Read Also: <a href=\"https:\/\/dollarsandsense.sg\/business\/best-business-bank-accounts-in-singapore\/\">[2025 Edition] 5 Best Business Bank Accounts In Singapore For New Business Owners<\/a><\/em><\/strong><\/p>\n\n\n\n<h3 id=\"ocbc-business-growth-account\">OCBC Business Growth Account<\/h3>\n\n\n\n<p>The OCBC Business Growth Account is available for Singapore registered businesses and has a minimum deposit requirement of $1,000. Fall below fees of $15 apply if your account balance is lower than this, but the account also comes with all you can use FAST, GIRO, and PayNow transfers.<\/p>\n\n\n\n<p>However, do note that there is a per transaction fee of $0.20 to make payment and receive money through PayNow and $0.50 per transaction fee for FAST payment and collection.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>PayNow<\/td><td>Instant<\/td><\/tr><tr><td>GIRO<\/td><td>0-1 day<\/td><\/tr><tr><td>MEPS<\/td><td>Instant<\/td><\/tr><tr><td>FAST<\/td><td>Instant<\/td><\/tr><tr><td>SWIFT<\/td><td>0-3 days<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Choosing the right digital business account means considering the transactions you\u2019ll need to make, as well as minimising fixed costs and accessing all the features which matter to you. Don\u2019t forget to look out for new business customer deals.<\/p>\n","protected":false},"excerpt":{"rendered":"GXS Bank is the latest to offer a digital bank account for businesses.\n","protected":false},"author":40,"featured_media":13873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[92],"tags":[2374,2376,2375],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8 Digital Bank Accounts For Startups And SMEs | DollarsAndSense Business<\/title>\n<meta name=\"description\" content=\"The list includes the GXS Biz Account, and Airwallex Business Account\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dollarsandsense.sg\/business\/digital-bank-accounts-startups-sme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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