Corporate bank account.The step that slips.
The company takes two days. The bank account is the part that takes weeks, and the part where foreign-owned companies get turned down without a reason. This page says which kind of account to open first, what every provider asks for, why the rejections happen, and how to avoid the wait altogether.
- Fintech account
- 1 to 5 days, remote
- Traditional bank
- 4 to 8 weeks, in person
- Opening fee
- S$0 at most
- Minimum balance, banks
- S$3,000 to 10,000
- Minimum balance, fintech
- None
- Slowest case
- Foreign-owned, no local director
Timelines are what we and our clients have seen in 2025 and 2026. Fees from the providers' published schedules, checked September 2026.
Five things that decide how long it takes.
Two kinds of account
Fintech accounts (Airwallex, Aspire, Wise Business) are licensed payment institutions, not banks. They open in days, entirely online, hold multiple currencies, and are enough to invoice clients, pay salaries and CPF, and pay suppliers. Traditional banks (DBS, OCBC, UOB) offer full banking, take four to eight weeks, usually want a director at a branch, and are the ones that reject foreign-owned companies.
- Fintech: no minimum balance, FX at roughly 0.5% to 1%, no cheque book, deposits are safeguarded rather than insured
- Bank: minimum balance with a fall-below fee, local credit history, lending later on, cheque book if you need one
What they ask for
The ACRA business profile and constitution, passport and proof of address for every director and anyone holding 25% or more, and evidence that the business is real: a website, contracts or invoices, a description of who pays you and from where. Traditional banks also ask about expected volumes and the source of the first deposit. Have all of it in one folder before you apply anywhere.
Why foreign-owned companies get rejected
Banks price risk, and a company with no Singapore-resident director, no local customers and a founder they have never met is the highest-risk profile they see. Certain sectors (crypto, payments, gambling, anything with "consulting" and no clients) are declined more often. A rejection is rarely explained and can take six weeks to arrive.
- A nominee director does not make the bank comfortable; a real business does
- Three months of fintech transaction history is the strongest evidence you can bring
The order that works
Open a fintech account the day the company exists. Trade on it. Apply to a traditional bank in month three or four, if you need one at all, with the statements attached. Most companies on this site never need the second account.
Fees that matter
Account opening is free almost everywhere. The costs are the minimum balance fall-below fee at banks (S$40 to 50 a month when you dip under S$3,000 to 10,000), FX margins when you receive euros or dollars, and outgoing international transfer fees at banks that fintech accounts mostly avoid.
Where to open.
A fintech account first, for everyone. A bank second, for the companies that need one.
A fintech business account
Opens in days from abroad, holds several currencies, has no minimum balance, and connects to payroll and accounting software. Enough for almost every company in its first year. It is what we use for our own companies.
One of the three local banks
When you need lending, a cheque book, a local credit history or a landlord who insists on a bank. Apply in month three with statements from the fintech account, through your corporate service provider.
A traditional bank in year one
If you invoice abroad, pay a small team and have no plans to borrow. A fintech account does the job with fewer fees, and you can add a bank later when there is a reason.
How we are paid. The provider you go ahead with pays us a referral fee out of their normal price, so you pay what you would pay going direct. We name the provider and the fee in your assessment reply, once we know your situation.
What we tell people about the bank account.
Open the fintech account before you do anything else with the company. It is the fastest way to make the company real to MOM, to the tax office and to the bank you may want later.
Do not let the bank account hold up the Employment Pass. They run in parallel. A founder waiting for DBS before applying to MOM loses two months for nothing.
If a bank rejects you, do not reapply the next week with the same file. Trade for three months, then go back with statements and a customer list. The second application looks like a different company.
What people ask us
Can I open a Singapore business account without visiting?
With a fintech provider, yes, and it takes days. With DBS, OCBC or UOB, usually not: they want a director at a branch, although some accept a video call for companies with a strong profile.
Is a fintech account safe for holding company money?
They are licensed by MAS as major payment institutions and must safeguard client funds. They are not banks and deposits are not covered by the deposit insurance scheme. Most companies keep working capital in a fintech account and larger reserves at a bank once they have one.
Which bank is easiest for a foreign-owned company?
None of the big three is easy. Applications through a corporate service provider that the bank knows go faster than cold applications, which is one of the things a managed provider is for. Expect the process, not the provider, to take the time.
Do I need a bank account before I apply for the Employment Pass?
No, but it helps. MOM looks for evidence that the company is real, and an account with activity is part of that. A fintech account opened in week one does the job.
Can I pay salaries and CPF from a fintech account?
Yes. CPF accepts GIRO and PayNow from the major fintech accounts, and payroll software connects to them.
Tell us what the company does and where its customers are. We'll tell you which account to open first.
Two minutes on the form. One reply from a person within a business day with the account we would open, what to prepare, and how long to expect.