Maybank Business Banking: Accounts, fees, rates and alternatives

Claire Millard
Minami Ishii
Last updated
2 June 2025

Maybank is an established bank in Singapore and the broader region, and offers personal and business accounts and services. For Singapore registered businesses, Maybank business banking offers several different account types to allow you to pick the one which most closely aligns to your banking needs.

This guide to business banking with Maybank looks at what they have to offer - plus, to help you compare your options we’ll also touch on alternatives to Maybank like Wise and Airwallex, which can offer more flexibility for using foreign currencies, and low overall fees.

Go to Wise Business 🚀

Introduction to Maybank

 Business Banking

Maybank offers several different business bank accounts which can cover all types of company from startups to more established businesses. Here’s a summary of the core accounts for SMEs in Singapore:

  • Flexibiz - account with no monthly fee, internet banking, and a business debit card intended for startups and young businesses.

  • Premierbiz - make digital payments, get transaction rebates and make the most of spare cash with attractive interest rates, intended for established Singapore companies.

  • Singapore dollar current account - your basic non-interest bearing Business Current Account

  • Current account -i - convenient Shariah-compliant business checking account

In this guide we’ll explore some of the key features and fees associated with each of these Maybank Business Banking products, and also touch on alternatives like Wise Business which can offer multi-currency account solutions for businesses, with low fees and the mid-market exchange rate.

Not sure about the difference between Wise Business and Wise Personal? Get this full guide.

Go to Wise Business 🚀

Key Points

  • 4 different SME account options - choose from Maybank business banking current accounts and premium account products depending on your company needs

  • Accounts with no ongoing fees available - maintain the minimum required deposit on your Maybank business account to pay no ongoing or fall below fee

  • Low minimum opening balance requirement - average ongoing balance is 1,000 SGD to 30,000 SGD depending on the account, with fall below fees of 10 SGD - 35 SGD

  • Debit card available - get business debit card services with select accounts

  • Send and receive international payments - variabel fees apply depending on the currency, including transfer fees, cable and exchange costs

Pros

  • Different account to suit different business needs

  • Basic accounts have a minimum balance requirement of only 1,000 SGD to waive ongoing fees

  • Get all the business solutions you need from one provider

  • Mobile and online banking as well as branch services available

Cons

  • Some accounts have a high minimum balance requirement, tying up valuable cash

  • International payments fees are high

  • Fees for international card transactions and withdrawals can be higher than at home

Overall: While Maybank has a good selection of account options for business, the services available won’t suit all companies. To get an account with the most available features you’ll need to either hold a pretty high minimum balance, or pay a monthly fee. This may not suit some companies which need to make the most of their available cash flow. Compare your options with Maybank against alternatives like Wise and Airwallex, particularly if you need to transact internationally. Wise and Airwallex let you hold multiple currencies in one account, to exchange and send payments freely while getting low fees and great exchange rates.

Go to Wise Business 🚀

What is Maybank for business?

Maybank is a popular Malaysian bank, which has a large presence for personal and business customers in Malaysia, Singapore, and Indonesia. If you have a Singapore business you can open a Maybank Business account to transact at home and abroad - core products are offered in SGD only, but there are also some foreign currency accounts for saving.

Maybank business accounts

In this guide we focus on the core accounts offered by Maybank Business Banking. We’ll look in detail at some of the features and fees later, but to start us off here's a side by side comparison.

FeaturesFlexibizPremierbizSingapore dollar current account and Current account -i 
Minimum opening balance1,000 SGD1,000 SGD1,000 SGD
Minimum balance1,000 SGD30,000 SGD10,000 SGD
Fall below fee35 SGD10 SGD

35 SGD for the Singapore dollar current account 


15 SGD for the Current account -i

Key featuresInterest bearing account with debit card and internet banking solutionsPreferential rates, debit card included, low costs for FAST transfersDebit card included, low costs for FAST transfers
MarketGrowing businessesEstablished businessesAll businesses for day to day use

*Correct at time of research - 9th May 2025

Who is it for?

The accounts we are profiling all have their key niche markets, but depending on the account you select you may choose a Maybank business banking product if you have any of the following entity types:

  • Sole proprietors

  • Partnerships

  • Limited Liability Partnerships (LLP)

  • Incorporated Companies

  • Charities

  • Societies

  • Associations

Where is it available?

In this guide we’re looking at Maybank products for Singapore businesses - if you’re not based in Singapore you may need to research the topions from Maybank in your country of residence or where your business is based.

Maybank Business Account Main Features

Different Maybank Business Accounts have their own features, but you may be able to choose accounts covering things like these:

Debit cards

Some accounts offer a debit card for no additional fee as part of the account package. You can use this to spend and withdraw on behalf of your business conveniently.

Interest earning opportunities

The Flexibiz account offers some interest on your unused cash, but for the highest earning opportunity you'll need the Premierbiz account. This has a higher minimum balance requirement, but you’ll know your money is working for you as you hold your balance.

Mobile and digital banking solutions

All Maybank accounts have mobile and digital banking solutions which generally have no access fee. The limits and features you can get from your online business banking service may depend on the account you select.

Sharia compliant accounts and services

Maybank offers Sharia compliant accounts and services including a current account for business, and some foreign currency products.

How does Maybank work?

Maybank has a large local and regional branch network, and extensive access to ATMs for some transaction types. You can transact online, in app, in a branch, by phone or using an ATM, depending on the services you require.

Is Maybank regulated and safe to use?

Yes. Maybank is MAS regulated in Singapore and is also covered by regulators elsewhere where they offer services.

Maybank Business Account fees and exchange rates

Depending on the account you select, the balance you hold and how you transact, you’re likely to find there are costs to managing your Maybank business account. The costs can creep in particularly when you transact internationally. Here’s a summary, looking at key costs, and in particular the costs of international transactions. Do check the full account fee schedule before you open a Maybank account, and compare your options with specialist providers like Wise and Airwallex.

Go to WiseGo to Airwallex

Account Fees

Here are some of the key, and often unavoidable, costs of Maybank business banking:

Features/ servicesMaybank fee
Minimum opening balance1,000 SGD
Minimum balance1,000 SGD - 30,000 SGD depending on account
Fall below fee10 SGD - 35 SGD depending on account
Early close fee50 SGD
Card order feeNo card order fee where a card is available
Foreign transaction feeVariable depending on the card you select
Overseas ATM fee5 SGD

*Correct at time of research - 9th May 2025

Transfer Fees

When you send a transfer overseas with Maybank there’s a commission fee of 0.125%, plus a cable charge, assuming you send in the foreign currency. If you send in SGD you also pay a commission in lieu of exchange.

The fee you pay ultimately depends on how you arrange your payment. The cable charge may have different cost amounts depending on whether you arrange your transfer in a branch or online. Cable charges are set by currency. Here are a couple of examples to illustrate:

CurrencyCommissionCable charge in branchCable charge online
USD

0.125%

(min. 10 USD, max. 50 USD)

25 USD15 USD
GBP

0.125%

(min. 5 GBP, max. 25 GBP)

20 GBP10 GBP
EUR

0.125%

(min. 5 EUR, max. 25 EUR)


20 EUR10 EUR

*Correct at time of research - 9th May 2025

Maybank Exchange Rates

Maybank markets business payments to 9 foreign currencies - enquire in branch if your currency isn't supported as further options may be available on request.

The exchange rate you get to change your dollars to the currency needed for deposit is set by Maybank and may include a variable markup added to the mid-market rate. The mid-market rate is the one you’ll see on Google and on currency conversion tools and sites. Maybank may then add its own percentage fee to cover their costs and revenue to calculate the costs to you. If you’re sending a large amount this can add up quickly - more on that next.

Large payments for business

Before you send a large payment with Maybank take a close look at the exchange rate and the amount you can expect the recipient to get in the end. If Maybank uses a markup on the rate you’re quoted this can add up very quickly when you transfer high amounts or when you transfer frequently.

You might find you can get a lower overall cost with a provider like Wise. Wise has a dedicated high value transfer team who can help with queries, and offers progressive fee discounts on high value payments, so the fees get lower the more you send.

Go to Wise

Supported Currencies

Maybank core business accounts in Singapore support SGD only. There are also some foreign currency accounts for businesses, which have their own features and fees.

How to open a Maybank business account online

Generally you can open an account with Maybank online if you’re eligible, using your SingPass or CorpPass account. You’ll also need ID documents, which we’ll look at later, and:

  • Your signature image

  • Certified true copies of key business documents like Memorandum & Articles or Partnership agreement

  • Minimum opening balance amount

If you have all of these documents and information you can open your account by selecting the account you prefer on the Maybank website and clicking Open now - you’re guided through the process by on screen prompts, and will need to log into SingPass or CorpPass to enter your personal and business information.

Documents needed to open a business account

The documents needed and for opening a business account vary depending on the entity type you have. You’ll need your ID documents and minimum balance payment in all cases and then you’re asked to bring or upload documents relating to your business depending on the entity type you have. Documents may need to be certified.

It’s useful to know that if you’re opening an account in branch, you may need to get some other people to come along with you to support your application including:

  • Authorised Persons

  • Authorised Signatories

  • Business Internet Banking Users

  • Persons who certified submitted documents, including Resolutions/Minutes of Meeting

This requirement is more likely if you have a large or more complex business. Check directly with the bank to understand what’s going to be needed in your specific situation.

Verification Process

To comply with law Maybank needs to verify the documents and information they have about all new customers, including business customers. If you’re in a branch and have everything that’s required with you, the team can verify your account there and then. Online, you may get verified quickly if you’re a sole proprietor using SingPass, but the process may take a little longer if you have a more complicated entity structure.

How to Use Maybank for Business?

When you open your Maybank for Business account you’ll get access to the Maybank Electronic Banking - M2E RCMS. Here you can complete many transactions digitally, like making payments in Singapore and overseas. You can also choose to transact in a branch, or use ATMs to perform some banking functions.

Maybank Business Account Limits

The limits which apply to your Maybank business account depend on whether you’re a sole proprietor or transacting on behalf of a registered business. The limits are set to a default but can be raised to a maximum. Here are some key limits for businesses in Singapore - sole proprietor limits may be lower.

Transaction typeMaybank Business Account Limit
PayNow and GIRO1 million SGD default, 5 million SDG maximum
MEPS (Local Funds Transfer)3 million SGD default, 10 million SDG maximum
RegionLink (Funds Transfer to Malaysia and to other Banks in Malaysia)1 million SGD default, 5 million SDG maximum
Telegraphic transfer1 million SGD default, 5 million SDG maximum

How long does it take to make a transfer?

With Maybank or any other provider, the length of time it takes to deposit a transfer overseas could change according to various factors such as the payment amount, your account type and the currencies involved.

Usually when banks process overseas payments, they use the SWIFT network. SWIFT payments can take from 3 - 5 days to deposit in some cases, depending on how they’re routed. Ask the bank before you transact if you’re in a hurry - alternatives like Wise and Airwallex may be quicker. More on that next.

Go to Wise

Alternatives to Maybank Business

Before you sign up for an account with Maybank Business, compare a few alternative options. Banks aren’t your only choice for a business account - specialists like Wise and Airwallex can offer flexible, cheap accounts which let you hold and exchange dozens of currencies, making international trade far easier. Here’s a quick summary:

  • Wise

    • Hold 40 currencies, and send payments to 40 countries. There's a one time fee of 0 to open your account but then no ongoing fees to pay. You can send and exchange money conveniently, receive payments to your account with account information in 8 currencies, and get business debit and expense cards to spend in 150 countries.

Go to Wise
  • Airwallex

    • Hold, exchange and receive 20+ currencies with no ongoing account fees. Airwallex also lets you take customer card payments which can be a bonus for companies which sell online. There are ways to send payments overseas with no fees using local account details, or you can send via SWIFT for a fee. Currency exchange costs 0.4% or 0.6% depending on the currency in question.

Conclusion

Maybank has a few different account options for business, which may suit you if you prefer to manage your money in person and so need an account with a local bank. You can choose your account plan depending on your transaction needs, and the minimum balance you’ll be able to maintain - fees apply if you don’t keep an adequate amount of money in the account.

If you want an account with no minimum balance and no ongoing fees, you might want to compare Maybank against alternatives like Wise for mid-market rate currency conversion and broad global reach, and Airwallex for ways to hold and receive foreign currency payments including car payments.

Go to Wise

FAQ

Is Maybank a good business account?

Maybank has a few different account options for business, including interest bearing accounts and Sharia compliant products. Whether it suits you depends on what you need for your business - alternatives like Wise and Airwallex are good choices if you’re shopping around for the best deal for your company.

Can I use Maybank as a business bank account?

Maybank offers specific business banking services, which include several different accounts. Personal accounts are not intended for business use.

How much does it cost to open a Maybank business account?

There’s no fee to open a Maybank business account but you have to place an opening deposit of 1,000 SGD and maintain a balance of up to 30,000 SGD to avoid fall below fees. For an account with no minimum balance and no ongoing fees, compare Maybank against alternatives like Wise and Airwallex.

How can I withdraw money from my Maybank business account?

Some Maybank business accounts have a debit card for withdrawals. You can also make digital transfers and get cash in a branch if you need to.

Can I transfer money from a Maybank business account to a personal account?

You can make payments from a Maybank business account to a personal account online or in a branch.

Are there any restrictions on Maybank business transfers?

Limits apply to Maybank business transfers which depend on whether you’re a sole proprietary or business owner. Transfers are limited to 1 million SGD as a default.

What is the difference between Maybank business and personal?

Maybank business and personal accounts have their own features and fees - compare your options depending on whether you need an account for yourself, as a sole proprietor or for your registered business.

General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions. We compare currency exchange and money transfer services in over 200 countries and territories worldwide. We only display reputable companies which we have researched and approved.