OCBC business banking review: Features, Fees and Alternatives
If you want to open a business bank account in Singapore you’ve probably considered turning to OCBC business banking. OCBC is one of the largest banks in the region, with a huge presence in Singapore, and a very wide range of business accounts and services. This review looks at popular accounts like the OCBC business growth account, and also how the OCBC business debit card works. We’ll walk through features and fees for some of the most popular OCBC business accounts, so you can see if any suit you.
To give a quick comparison, we’ll also touch briefly on some alternatives to OCBC from non-bank providers like Wise and Revolut, which offer a flexible and cheap business account service - particularly if you trade internationally.
Key Points
OCBC is a huge regional bank which has a broad range of business account products and services
The most popular OCBC account options include the Business Growth Account, Business Entrepreneur Account Plus and Multi-currency business account
You can link your OCBC business account to a debit card for spending and withdrawals
OCBC multi-currency account options support 13 currencies, and all accounts can support international telegraphic transfers online and in branch
| OCBC pros | OCBC cons |
|---|---|
| ✅ Large branch and ATM network here and in the region ✅ Lots of different accounts to suit different customer needs ✅ Multi-currency account services to support 13 currencies ✅ Low minimum deposit account options available | ❌ International transactions can have high fees ❌ To open a multi-currency account you also need an SGD account, which will have its own fees ❌ Monthly fees and fall below fees can apply |
Overall: OCBC has many different accounts for businesses, which means that they can suit a wide range of company types and sizes. As with most Singapore banks, there’s one account option for multi-currency holding, but most accounts are SGD denominated. International fees can be high, both to spend with a card and to send payments. If you transact mainly in SGD and need only occasional international services, OCBC might be a good choice. If you need frequent currency conversion, overseas payments or international spending, you may be better off with a non-bank provider like Wise.
What is OCBC for business?
OCBC offers business banking services for SMEs, Enterprises and Corporates. There are accounts to suit all types of businesses - big and small.
Using a bank for your business accounts can be handy as there’s always the option to call in for face to face service, or to deposit cash. You can also get a very broad range of add on services such as loans, commercial mortgages and credit cards. However, some fees are fairly high with many banks like OCBC, including monthly and ongoing charges, and international costs. This guide walks through some of the features and fees you’ll see if you choose OCBC, so you can decide if it's right for you.
OCBC business accounts
OCBC Business offers accounts split according to different customer needs, including:
SGD accounts:
Business Growth Account
Business Entrepreneur Account Plus
Foreign currency accounts:
Multi-currency business account
Renminbi business account
Other accounts:
Accounts for foreign businesses in Singapore
SGD and foreign currency time deposits for business
In this guide we’ll mainly look at the most popular OCBC account options - the Business Growth Account, Business Entrepreneur Account Plus and Multi-currency business account. However, if you’re interested in the other account types for your business you can learn more on the OCBC website or by dropping into one of their many branches.
Who is it for?
OCBC has accounts for all types of business, but with a focus on Singapore registered entities. There are products for startups, right up to enterprise level organisations. It’s worth knowing that most services are designed for local SGD transactions first and foremost. While international services are available to all, they can be costly, making this a better fit for businesses trading locally.
Where is it available?
OCBC mainly markets accounts for businesses which are registered in Singapore. However, there is also one option for businesses which are incorporated outside of Singapore.
The Business Foreign Account offers accounts in various currencies to suit your business needs, with a minimum balance requirement of 30,000 SGD. There’s also a one time opening charge of 1,200 USD to consider. If you’re thinking of opening an account for a foreign registered business you may find you can get a better overall package from a provider like Wise or Revolut.
OCBC Business Account Main Features
Different OCBC accounts have their own features to suit businesses of different types and at different stages of growth. Here’s a comparison of the 3 key OCBC business accounts we’ve picked to look at in this guide, based on some key features and fees:
| Account | Business Growth Account | Business Entrepreneur Account Plus | Multi-currency business account |
|---|---|---|---|
| Currencies supported | SGD | SGD | 13 currencies |
| Minimum opening deposit | 1,000 SGD | 30,000 SGD | No minimum opening deposit |
| Monthly fee/ fall below fee | 10 SGD monthly fee 15 SGD fall below fee if you hold under 1,000 SGD | No monthly fee 50 SGD fall below fee if you hold under 30,000 SGD | None as long as you also have another OCBC business account - 10 SGD if not |
| Other features | 80 free FAST and 80 free GIRO payments per month | No monthly fee | No minimum balance or fall below fee |
How does OCBC work?
OCBC is a huge banking organisation with many branches and ATMs in Singapore. There are also OCBC services in the region including China, Hong Kong, Indonesia, Japan, Vietnam, Australia, Malaysia, South Korea and Thailand. Beyond this OCBC also offers some services in the UK and the US.
As a licensed bank, OCBC offers business bank accounts, cards, loans, mortgages, credit and other associated financial services, so you can get all your business’ financial needs under one roof.
OCBC Business Account fees and exchange rates
There are several different popular business accounts from OCBC, so picking the right one based on your transaction needs is important. This guide looks at some of the key features and fees - but you’ll also need to take a look at the OCBC account terms and conditions and pricing guide to make sure you’re picking the best one.
Account Fees
There’s no fee to open any of these accounts with OCBC but you may pay a monthly fee and/or a fall below fee if you don’t hold a high enough balance in your account.
| Account | Business Growth Account | Business Entrepreneur Account Plus | Multi-currency business account |
|---|---|---|---|
| Minimum opening deposit | 1,000 SGD | 30,000 SGD | No minimum opening deposit |
| Monthly fee/ fall below fee | 10 SGD monthly fee 15 SGD fall below fee if you hold under 1,000 SGD | No monthly fee 50 SGD fall below fee if you hold under 30,000 SGD | None as long as you also have another OCBC business account - 10 SGD if not |
| Early close fee | 50 SGD | 50 SGD | None |
Transfer Fees
You’re likely to need to make transfers overseas to pay suppliers, contractors and team members. Here are the costs for sending telegraphic transfers with OCBC so you have an idea of how the process might look:
| Payment type | OCBC business fee |
|---|---|
| Outward remittance (online) | 30 SGD + agent fees if applicable |
| Outward remittance (in branch) | 1/8% commission (min 10 SGD, max 100 SGD) + agent fees if applicable + 40 SGD cable fee |
| Inward remittance | 10 SGD |
OCBC Card Fees
Having a handy debit card for day to day business spending can be convenient and make it easier to make purchases for your company. Here are the OCBC card fees which apply when you link a business debit card to your preferred OCBC account:
| Transaction type | OCBC business fee |
|---|---|
| Card issue | No fee |
| Replace a lost card | 20 SGD |
| ATM fee | Out of network withdrawals: 2 free withdrawals a month, then 0.3 SGD + 3% OCBC ATMS in Malaysia and Indonesia: 2 SGD |
| Foreign transaction fee | 2% |
OCBC Exchange Rates
OCBC sets its own exchange rates for currency conversion when you send a payment or need to convert in your account, which are likely to include a markup on the mid-market rate. If you’re spending with an OCBC card in a foreign currency, there’s a 2% fee to pay. If you’d prefer an account with the mid-market rate and no foreign transaction fee to pay, you may want to take a look at Wise Business as an alternative.
Large payments for business
Business banking services generally have the option to send and receive extremely high value payments, for large companies in particular to transact freely. OCBC sets payment limits according to its policies and the account type you have. You’ll be notified of the limits, and any fees or discounts that apply when sending high value amounts, when you open your account.
Supported Currencies
Most OCBC business accounts only support SGD. The multi-currency account option is an exception, supporting: USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, and NOK.
Looking for business USD accounts? Get our guide to USD accounts in Singapore here.
Is OCBC regulated and safe to use?
Yes. OCBC is a huge banking institution, which is MAS regulated in Singapore, and which also holds licenses to trade in many other jurisdictions.
How to open a OCBC business account online
As long as you're Singaporean or PR, you can register for many different OCBC accounts online, assuming you’re the owner, director or partner of a business, as registered in ACRA. You’ll need to go to the OCBC website and find the account you like, and then tap Apply Now. This will take you to the application page, where you can select the currencies you want in your account (if relevant), and start your application. To apply you’ll need to have details for Singpass or CorpPass or OCBC Personal Internet Banking.
If you do not have these details, or if you’re a foreigner in Singapore, you’ll need to visit a branch to apply.
Documents needed to open a business account
To open a business account online you’ll need the following:
Your business registration details - your Company name or UEN (Unique Entity Number)
Your identification details for Singpass or CorpPass
Images of your signature for upload
This process is only available if you're Singaporean or PR. You may also need to provide additional paperwork to support your application. You’ll be notified of this during your application if it is required.
Verification Process
If you’re eligible to apply for your OCBC business bank account online you’ll need to upload images of your documents or the verification process. The bank will then review your paperwork and let you know when your account has been approved. If you’re applying in a branch, the process will take place there, so take along your original documents for checking.
How to Use OCBC for Business?
You can use your OCBC Business account for many different types of transactions. Depending on the specific account you have you may be able to:
Make and receive PayNow, MEPS, FAST and GIRO payments
Deposit cash over the counter and at an ATM
Write and deposit cheques
Send and receive international telegraphic transfers
Spend an make ATM withdrawals at home and abroad with your OCBC business debit card
Deposit and withdraw foreign currency notes
Other features may also apply depending on your account.With the multi-currency account for example, you can send and receive 13 major currencies - but bear in mind that you’ll also need one of the OCBC SGD business accounts which may mean paying monthly fees.
How long does it take to make a transfer?
OCBC is likely to process international telegraphic transfers through the SWIFT network. This can mean payments arrive in anything from 1 to 5 business days, depending on the destination, the intermediary or agent banks involved, and the recipient’s own bank.
Alternatives to OCBC Business
If you’re looking for an account to manage your money mainly in SGD from a regional bank, OCBC may be a good fit. However, if you trade internationally, there may be other non-bank services you can use as well as OCBC to cover your international transaction needs. Here are a couple to consider, which you can open with no ongoing fees:
Wise Business: Hold and exchange 40+ currencies with no ongoing fees and the mid-market rate. Take payments with local and SWIFT details in 8+ currencies, and get virtual and physical cards for spending an ATM use
Revolut Business: Manage 25+ currencies, and pick the account tier which most closely meets your transaction needs. Issue cards to team members and get some no fee transactions monthly
OFX Global Currency Account: 7 supported currencies with easy ways to get paid, plus 24/7 phone support if you ever need it. Access currency risk management tools and send money with low or no fees to 150+ countries
Want something different? You can also read about the Airwallex Business Account here.
Conclusion
OCBC has several different business bank accounts which are designed to fit the needs of everything from a start up to an enterprise level organization. You’ll be able to pick the account which suits your business size and stage, and can trade up as your company grows.
Using a business account from a regional bank can be reassuring and does mean you can access a full suite of services from one provider. However, some fees can be on the high side, especially when trading internationally. If your business has global growth in mind, you may want to also open an account with a non bank provider like Wise or Revolut to take care of your international payments and spending with low fees and great rates.
FAQ: OCBC Business Account
OCBC is a major regional bank and offers several different business bank accounts aimed at companies of different sizes. You’ll be able to compare your options to pick the one which suits your needs.
Yes. OCBC has business bank accounts for businesses registered in Singapore, and one product which is meant for companies which are foreign incorporated.
There’s no fee to open most business accounts with OCBC but you may pay a monthly fee and/or a fall below fee if you don’t hold a high enough balance in your account. If you have a foreign registered business, there’s a fee to open your account, of 1,200 USD.
You can use OCBC to make cash withdrawals at an ATM, or to send money locally and internationally to bank accounts.
Yes. You can hold an OCBC personal account and send money to that from your business account if you need to.
OCBC business transfers may have limits depending on the transfer type, destination and your specific account. You’ll see all the details when you open your account, and log into your online banking service.
OCBC has a wide range of personal accounts which are for day to day money management, paying bills and so on. If you have a business, you can also open an OCBC business account to make sure your business finances don’t get tangled up with your personal finances. This makes it far easier to manage your business and stay compliant for tax purposes.
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.