3 Best Singapore Banks for International Transfers for Business and 2 Online Alternatives 2024

Claire Millard
Minami Ishii
Last updated
20 September 2024

If you have a business in Singapore and need to send or receive money in foreign currencies, you may benefit from a bank or non-bank alternative account which has powerful international features. Some account options let you hold foreign currency balances, receive money with local or SWIFT details, or spend all around the world with a linked international debit card. Picking the right account for your needs could help keep down the costs of managing your business finances across borders.

This guide walks through some great options for international business accounts for Singapore including some from banks like DBS and OCBC, and others from non-bank providers like Wise and Revolut.

Go to  WiseGo to Revolut

5 Best Business Banks and Online Alternatives for International Transfer in Singapore

Here’s the headline - these are the 2 online alternative providers for business we’ll profile here, and 3 major Singapore and regional banks which also offer good services for businesses needing international transfers and other features:

  • Wise Business Account: Best for broad range of international and multi-currency features with low fees

  • Revolut Business Account: Best for different account plans depending on your needs, all supporting 25+ currencies

  • DBS Business Multi-currency Account: Best for holding and exchanging 13 different currencies with differing debit card options

  • OCBC Business Growth Account: Best for sending money overseas in 60+ currencies, relatively low foreign transaction fee

  • Maybank Flexibiz Account: Best for no monthly fee account from a major local and regional bank

What is the best international bank for business in Singapore?

The best international bank account for business will depend on your unique business needs. To kick start your research, here we’ll provide an overview on both bank and non-bank providers, which we’ll explore later in more detail. We’ll also cover what to consider when choosing an international bank. Let’s dive right in.


Wise Business AccountRevolut Business AccountDBS Business Multi-currency AccountOCBC Business Growth AccountMaybank Flexibiz Account
Account opening fee54 SGDNo feeNo feeNo fee - 1,000 SGD minimum depositNo fee - 1,000 SGD minimum deposit
Account maintenance feesNo fee0 SGD - 417 SGD/month50 SGD annual fee + 40 SGD monthly fee10 SGD month + 15 SGD fall below fee if balance not maintained10 SGD fall below fee if balance not maintained
Multi-currency AccountSupports 40+ currenciesSupports 25+ currenciesSupports 13 currenciesSend in 60 currencies, lock in rates on 15 currencies Not available 
Business card Wise business debit and expense cardRevolut business debit card - plastic, metal or virtualVarious different cards availableVarious different cards availableComplimentary business card
Foreign Transaction feesNo foreign transaction feeNo foreign transaction feeFees depend on card selected - standard fee is 3.25%2%3.25%
Currency Conversion RatesMid-market rate, conversion from 0.33%

Revolut rate to plan limit - 0.5% fair usage fee after that


1% out of hours fee

Network rate + any relevant foreign transaction feeNetwork rate + any relevant foreign transaction feeNetwork rate + any relevant foreign transaction fee
Foreign ATM Transaction Fees2 withdrawals to 350 SGD/month free - low fees after that2% of withdrawal amountUp to 7 SGD, depending on ATM Up to 3% of withdrawal amountVaried fees depending on card and ATM selected 

*Fees and information correct at time of writing - 26th August 2024

As you can see, some of the available features and fees vary a lot between different accounts. This means it’s well worth weighing up a few different account options before you decide on the right one for you. Here’s a summary.

  • Wise Business Account: Send, hold, spend or exchange 40+ currencies cheaply and easily

  • Revolut Business Account: Choose from different account plans, supporting 25+ currencies

  • DBS Business Multi-currency Account: Supports 13 different currencies and can be linked to several different debit card options 
  • OCBC Business Growth Account: Good range of currencies for sending overseas, relatively low foreign transaction fee

  • Maybank Flexibiz Account: No monthly fee if you maintain a minimum balance - foreign currency holding facilities are not available

Go to  WiseGo to Revolut

We’ve given a more detailed overview of the providers and banks we've profiled in the table, here:

Wise Business Account

Great for: Singapore business owners who need to send, receive, hold, spend or exchange foreign currencies cheaply and easily

Wise Business accounts support 40+ currencies for holding and exchange, and offer payments to 160+ countries with a debit card for spending and withdrawals in 150+ countries. Currency exchange uses the mid-market rate with low fees from 0.33%, and accounts also offer options to receive payments with local and SWIFT account details.

Wise Business accounts offer great time saving extras like ways to send batch payments, integrate with cloud accounting solutions and access a powerful API to streamline workflow. Plus you can issue debit and expense cards for yourself and your team, for cash withdrawals and spending overseas.

Wise account & card: 99 SGD account opening fee, no ongoing fee, 4 SGD one time fee per card

International fees: Send and convert with the mid-market rate and fees from 0.33%

International ATM withdrawals: Some free withdrawals monthly before fees begin

🔍 Calculate Wise Transfer Costs Instantly

Revolut Business Account

Great for: Choosing from several different accounts to hold and exchange 25+ currencies, with no extra fees for some weekday conversion

Revolut Singapore business customers can choose from 4 different account plans, with fees which vary from 0 SGD a month to over 400 SGD. All accounts can hold and exchange 25+ currencies, with some weekday currency exchange with the Revolut rate and no additional fee every month.

All Revolut account tiers have a linked debit card, and allow you to receive payments using either local or SWIFT details. You can also make some no fee ATM withdrawals monthly before fees begin - limits vary based on the plan you pick.

Revolut account & card: 0 SGD - 417 SGD/month fees, cards issued with no additional fee, based on plan selected

International fees: Weekday currency conversion with the Revolut rate to plan limit - 0.5% fair usage fee after that - 1% out of hours fee applies to all accounts

International ATM withdrawals: 2% of withdrawal amount

Go to Revolut

DBS Business Multi-currency Account

Great for: Hold and exchange 13 currencies and link your account to your preferred DBS Business debit card

DBS Business multi-currency accounts have multi-currency features, and can be set up with one of several different debit cards. Some debit cards have no foreign transaction fee, but there’s a standard 3.25% charge for overseas use for most card options. Many Singaporean or PR customers can apply and get verified entirely online, making this a convenient option if you want to stick with a bank, to get started fast and without needing to leave home.

DBS account & card: 50 SGD annual fee + 40 SGD monthly fee

International fees: 3.25% foreign transaction fee

International ATM withdrawals: Up to 7 SGD, depending on ATM

OCBC Business Growth Account

Great for: Send payments in many different currencies, with flat fees and a minimum deposit of 1,000 SGD

The OCBC Business Growth Account has a minimum deposit of 1,000 SGD, and you’ll pay a fall below fee on top of the standard monthly fee if you don’t keep this balance in your account. You can send payments in 60+ currencies which is convenient, and receive incoming payments from around the world. There are features to lock in exchange rates on 15 major currencies which can be handy if you’re trading in a selection of currencies for your business.

OCBC account & card: 10 SGD month fee + 15 SGD fall below fee if balance not maintained

International fees: 2% foreign transaction fee

International ATM withdrawals: Up to 3% of withdrawal amount - some fees may be waived every month

Maybank Flexibiz Account

Great for: No monthly fee account from a local bank, for businesses dealing mainly in SGD with only occasional international use

The Maybank Flexibiz account has no monthly fee so you’ll only pay a fall below fee if you fail to maintain enough balance in your account. There are no foreign currency holding facilities with the account but you can still send and receive payments, and spend with a linked debit or credit card around the world.

Maybank account & card: 10 SGD fall below fee if 1,000 SGD balance not maintained

International fees: 3.25% foreign transaction fee

International ATM withdrawals: Fees vary depending on the card you choose and where you are in the world

What is an international bank account for Business?

International business accounts can be opened with banks and with non-bank providers. Some accounts are meant for daily use for receiving transfers and spending with international travel cards, with ways to hold and exchange dozens of currencies in just one account. Other accounts have their own focus, such as earning cashback on spending or interest on unspent balances.

Here’s a rundown of some of the features you may get from an international business account from a bank or non bank service:

  • Hold one or more foreign currencies and convert between them

  • Send payments overseas with low or no fees

  • Access preferential exchange rates

  • Spend internationally with a linked debit or credit card

  • Earn interest on your balance in foreign currencies

Can you open an international bank account for business?

Yes, you can open an international bank account with certain Singapore and regional banks, and also with specialist non-bank providers like Wise and Revolut. Different accounts have their own features and fees, so weighing up a few is crucial to pick the right one for you.

What are the advantages of an international bank account for business ?

Different bank and non-bank providers have their own accounts with differing features. However, you’ll commonly find these great features and selling points:

  • Hold and exchange foreign currencies to avoid losing out when rates fluctuate

  • Preferential exchange rates when you convert or spend in foreign currencies

  • Send money overseas to pay suppliers or contractors, with fast low cost transfers

  • Spend overseas with a linked card to avoid paying foreign transaction fees

  • Open local receiving accounts to get paid easily and with no or low fees, in a selection of currencies

Go to  WiseGo to Revolut

How to choose the best international bank account for your needs

What your business needs is unique, so comparing a few different international business accounts is the best way to find your best fit. Some important features to look out for include:

Availability of foreign currencies: For growing businesses, multi-currency accounts supporting a range of currencies can help you manage all your needs, now and in future

International fees: Look closely at fee schedules including for sending and receiving international payments, business card spending online or in person, or making cash withdrawals

Currency conversion rates: Look out for an account which uses the mid-market rate or as close as possible to it with low or no foreign transaction fees

Safety: Make sure any account option you consider is safe, reliable and properly regulated

International travel cards: Consider an account with a card for making  business payments and cash withdrawals overseas

How to open an international account

The process to open a business bank account varies depending on the provider or bank you pick, and whether or not you’re a Singapore citizen or PR. In some cases you can open your account pretty much instantly online, using just your company UEN and Singpass - but this isn’t usually possible if you’re not a Singapore citizen or PR, or if your  business is not registered in Singapore.

Check out your preferred bank or non-bank alternative provider’s steps to open an account - if you’re using a bank you might find you need to arrange an appointment in advance to call in and hand over your paperwork.

Whichever account type or provider you pick, you need to provide certain information and documents which usually include:

  • Proof of ID like a driver’s licence, passport or birth certificate.

  • Proof of address, like a utility bill in your name

  • FATCA and CRS documents

  • Full business and legal name

  • Proof of primary business address

  • Company UEN number

  • Business documents based on entity type, such as memorandum and articles of association

How to open international bank account online

If you’re using a non-bank digital provider you’ll have a fully online application and onboarding - here’s how to open a Wise Business account as an example;

  1. Download the Wise app or open the desktop site, and tap Sign Up

  2. Confirm you would like to open a business account

  3. Follow the prompts to enter your personal and business details - Singpass can help to prepopulate many fields

  4. Complete the verification step by uploading the documents requested

  5. Pay the one time account opening fee and add money to your account if you’d like to

🚀 Open Your Wise Business Account!

What are the best international banks with no fees?

Although some banks may look like they have no fees for their international business accounts, usually that just means there’s no ongoing maintenance fee to pay. In fact, international bank accounts pretty much always have transaction and service fees, and some may also charge fall below fees if you don’t keep enough in your account at all times.

To get the best international account for your needs it’s important to read the terms and conditions attached to the account carefully, so there are no surprises down the line.

Here is fee the structure of the providers we’ve explored in this article:

  • Wise Business Account fees: One off account opening fee, then there is no maintenance fee, there are low transaction fees

  • Revolut Business Account fees: There’s no fee to open an account, there are different packages with varying monthly fees including a standard plan with no ongoing charges

  • DBS Business Multi-currency Account fees: 50 SGD annual fee + 40 SGD monthly fee, plus 3.25% foreign transaction fees

  • OCBC Business Growth Account fees: 10 SGD month fee + 15 SGD fall below fee if balance not maintained, plus 2% foreign transaction fees

  • Maybank Flexibiz Account fees: 10 SGD fall below fee, plus 3.25% foreign transaction fees

What is the safest international bank for business?

All of the banks and alternative non-bank providers we’ve covered in this guide are safe to use for the specific services they provide. They’re regulated and licensed by MAS - and although non-bank alternatives may not be licensed in quite the same ways as banks are, they’re fully regulated for their account and card services.

It’s also helpful to note that most banks and non-bank account providers have extra built in security when spending and transacting - such as instant in-app transaction notifications and easy ways to freeze or cancel your payment card. The exact features available will depend on the bank or non-bank account you pick - take a look at what your preferred account provider does to keep your money and your information safe before you sign up.

Best ways to withdraw money when travelling abroad for business

In the digital age, you can use your cards or even your phone to make purchases in most countries, but sometimes you might need to get cash. Here is some ways to get cash without paying high fees:

  • Always check your banks foreign transaction fees so you know if you’ll pay a premium when abroad

  • Check which ATMs you can use for no extra fee when you travel - providers like Wise and Revolut offer some no fee international withdrawals every month

  • Always withdraw in the local currency wherever you are, to avoid dynamic currency conversion

  • Avoid withdrawals with a credit card as these have extra fees

Go to  WiseGo to Revolut

How to avoid foreign transaction fees

As you’ve seen, some of the banks we've profiled in this guide have foreign transaction fees of up to 3.25%. This pushes up your costs every time you buy something for your business using your card. Limit the exposure to foreign transaction fees using these tips:

  • Check your bank’s foreign transaction fees and exchange rates - you may be better off with a specialist like Wise or Revolut

  • Pay in the local currency to avoid dynamic currency conversion

  • Look at from non bank alternatives like Wise or Revolut which let you keep your money in a broad selection local currencies to avoid paying high conversion fees with bad exchange rates

Go to  WiseGo to Revolut

Conclusion on best international bank for business

You can open an international business account with a bank or with specialist alternatives like Wise and Revolut instead. There’s not really one single best international account option - the one that’s right for you will depend on how you prefer to transact.

If you prefer to have the option to walk into a branch and get a face to face service - or if you may need to deposit cash to your business account, a bank like DBS, OCBC or Maybank might be the best fit. On the other hand if you trade online, or bill electronically and prefer to manage your money digitally at all times, check out non-bank alternatives like Wise and Revolut.

International business accounts from non-bank providers like Wise and Revolut can mean you get a flexible account which supports multiple different currencies, with low or no ongoing fees, which can be used to send, spend, hold, exchange and receive a range of currencies from around the world.

Go to  WiseGo to Revolut

FAQs on Best Banks for business

Can you open an international bank account for business online?

Yes. You can open an international business account with a bank or a non-bank provider like Wise and Revolut. Digital services like Wise and Revolut have fully online onboarding and verification processes - some banks offer the same, but this is usually only available to Singaporeans and PRs with a locally incorporated business.

How can you avoid bank charges when travelling for business internationally?

Check through your specific account’s terms and conditions carefully before you start to transact internationally. Look out in particular for international ATM charges and foreign transaction fees which can push up costs a lot. Multi currency accounts from digital providers can often be cheaper than using a bank card when you’re away from home.

What bank does not charge international ATM fees?

You’ll need to double check your own bank’s policy on international ATM withdrawals as the fees can vary significantly. As well as a charge from your own bank, there may be a fee added by the ATM provider - which will often be shown on the screen before you confirm your withdrawal.