Surprising fact: many start-ups leave the equivalent of months of cash flow idle to avoid fees — OCBC lists a S$1,000 threshold that can tie up working capital.
This piece compares two common choices for a corporate bank account and explains what that figure really costs.
DBS lists its Starter Bundle with no required hold and a S$10 monthly fee, while OCBC shows a S$1,000 requirement, a S$10 monthly fee (first two months waived) and a S$15 fall-below charge.
Why it matters: that number is not just a statistic — it is cash you may need to keep idle to avoid fall-below fees and other branch charges that raise operating costs.
Read on to learn how each provider defines triggers for fees, how waiver periods work, and how monthly charges add up beyond the headline figure. The focus is on typical fees, waiver terms, transfer limits and multi-currency suitability for local start-ups and SMEs.
Key Takeaways
- DBS Starter Bundle shows no mandatory hold and a S$10 monthly fee.
- OCBC requires S$1,000 to avoid a S$15 fall-below fee and has a S$10 monthly fee (two months waived).
- Minimum figures act as working capital you may need to keep idle to dodge charges.
- Compare waiver periods, transfer quotas and branch fees before you choose an account.
- Verify current tariffs on provider fee tables; published rates change over time.
Choosing a corporate bank account in Singapore: why minimum balance matters
Choosing the right corporate bank comes down to cash flow and the real cost of keeping funds idle.
Start-ups and small firms often have uneven cash inflows. Tying up S$1,000 or more to avoid a fall-below charge can cut runway for stock, marketing or payroll.
Cash flow impact for start-ups and SMEs
Holding reserves to meet a threshold reduces liquidity. That can force a founder to delay orders or hire later than planned.
Tip: map expected inflows and outflows to see if a threshold will be temporary or recurring.
Minimum vs initial deposit: what founders confuse
An initial deposit is what you pay to open an account; an ongoing threshold is what you must keep to avoid penalties.
Many business owners treat these as one obligation. They are not. Plan for both when you pick a provider.
Hidden costs to watch: fall-below fees, monthly fees and branch charges
- Fall-below fees can wipe out savings from a low monthly charge.
- Telegraphic transfer and agent/cable costs add up on cross-border transfers.
- Over‑the‑counter or branch transactions often carry extra fees.
Decide on total cost, not the headline. The best bank account singapore option is the one that fits your transaction pattern and keeps cash working for growth.
What “minimum balance” means for a business account Singapore banks offer
The method a bank uses to track an account’s running total can make the difference between a waiver and a fee.
Definition: in plain terms, the minimum balance is the level you must keep to avoid a fall-below charge or to qualify for fee waivers. Some banks use an average daily balance (ADB); others use a monthly average. The metric chosen affects how easy it is to meet the requirements.
Average daily balance (ADB) example: if you hold a larger sum in the first days and pay suppliers later, the ADB can stay above the threshold even after big outgoings. This helps seasonal firms time payments to avoid penalties.
Monthly average example: topping up briefly will not usually rescue a month where the running average was low. Frequent near-zero days can trigger a fall-below fee despite short spikes in cash.
- Fall-below fees are usually assessed monthly and can stack with maintenance charges.
- Check whether foreign-currency totals count towards the waiver for multi-currency accounts.
| Measure | How it’s calculated | Practical effect | What to check |
|---|---|---|---|
| Average daily balance | Daily closing totals averaged over the month | Early-month funding can protect the month | Whether ADB includes foreign currency |
| Monthly average | Mean of balances over the month period | Short top-ups rarely help; frequent lows hurt | How month dates are defined for the calculation |
Next: DBS and OCBC publish specific waiver rules and limits. Those details can materially change the total monthly cost for your firm.
Singapore business bank account minimum balance requirements at a glance
At a glance, four common corporate offerings span from no-hold starter bundles to accounts that expect several thousand in held funds.
DBS Business Multi-Currency: starter bundle
The DBS Starter Bundle is listed with no required hold. That makes it attractive for firms needing multi-currency flexibility without locking cash.
OCBC Business Growth: headline threshold
The OCBC Business Growth shows a S$1,000 threshold and a S$15 fall-below fee. Monthly fees may be waived for introductory months, so check the current promo terms.
UOB eBusiness and CIMB SME: other options
UOB eBusiness lists S$5,000 as the threshold, though the fall-below fee is commonly waived for the first 12 months. CIMB SME advertises no held funds and no fall-below charge.
| Provider | Listed threshold | Fall-below fee | Common waiver type |
|---|---|---|---|
| DBS (Starter Bundle) | S$0 | No fall-below listed | None — low-cost starter offer |
| OCBC (Business Growth) | S$1,000 | S$15 per month | Introductory months waived / ADB-based |
| UOB (eBusiness) | S$5,000 | Varies; often waived first 12 months | Time-based waiver (promotional) |
| CIMB (SME) | S$0 | No fall-below fee | Cost-minimised offering |
What “waivers” mean: time-based waivers apply for a set number of months; balance-based waivers require maintaining an average daily level to avoid charges.
Cash-flow note: tying up S$1,000 or S$5,000 affects runway differently. Choose a provider that matches cash cycles — starter bundles suit lean operations, while UOB favours firms able to park larger SGD sums.
Next: the following sections dig into fees, transfer quotas and FX costs that often decide the real winner beyond headline figures.
DBS Business Multi-Currency Account: minimum balance, fees and key features
DBS positions its multi-currency offering as a low-entry solution for firms that invoice internationally and favour digital management.
Minimum and initial deposit
Starter Bundle listings show no required hold and a S$0 initial deposit for qualifying companies. This makes the package suitable for newly incorporated firms that want to avoid locking cash.
Confirm eligibility when opening the facility; some variants target companies under a set age or turnover.
Monthly charges and waivers
The Starter Bundle commonly lists a S$10 monthly charge. Separate schedules show a S$40 service charge that is waived if the average daily level reaches S$10,000.
There is also a S$50 annual fee in some fee tables. Model monthly cost against how often you can meet waiver conditions.
Currencies and multi-currency benefits
DBS supports multiple currencies (commonly up to 13). Holding several ledgers reduces conversion steps when you invoice or pay overseas.
Benefit: less FX friction and simpler cash management for cross-border operations.
Local transactions (FAST & GIRO)
Under IDEAL digital services some bundles offer unlimited free FAST & GIRO. Other fee schedules give 50 free FAST and 50 free GIRO, then charge per transfer (FAST S$0.50, GIRO S$0.20).
Map these limits to payroll and supplier runs to estimate monthly transaction costs.
International transfers and extra charges
Outward telegraphic transfers often incur a S$30 fee. FX mark-ups may be zero online or run at 1/8% with min/max ranges when handled in-branch.
“Watch for agent, cable and branch charges — they add to the headline transfer fee.”
- International transfer fee: S$30 (commonly listed)
- FX: online rates may be cheaper; branch trades can carry mark-ups
- Branch transactions typically incur extra charges
Practical note: DBS is attractive for firms needing multi-currency facilities and strong digital tools. The right choice depends on whether you can meet waiver thresholds and keep most activity online.
OCBC Business Growth Account: minimum balance, fees and key features
OCBC’s Growth Account ties a clear S$1,000 entry level to several common fee triggers.
Initial deposit, ongoing threshold and fall‑below mechanics
Initial deposit: you typically need S$1,000 to open the facility and to meet the ongoing threshold.
The S$15 fall‑below fee applies when the monthly average dips under S$1,000. This can catch firms that only top up briefly near month‑end.
Monthly charge and waived first months offer
The published monthly fee is S$10 and is commonly waived for the first two months. Plan for month three when the charge begins.
Local transfers and per‑transaction pricing
OCBC includes 80 free FAST and 80 free GIRO transactions per month. After that, FAST is S$0.50 and GIRO S$0.20 per transaction.
Telegraphic transfers and overseas payment costs
Outward telegraphic transfers often show a S$30 fee plus agent or cable charges. Incoming T/T fees may apply depending on the tariff and fee sharing (SHA/OUR).
Digital tools and suitability
Digital features include online onboarding for eligible entities, dashboard alerts, cashflow tools and API integrations for common platforms. These reduce branch visits and may lower operational cost.
Suitability note: this option suits firms that can keep S$1,000 parked and run transfers within free quotas. Frequent branch work or heavy cross‑border payments will boost the total fees.
| Item | Published charge | Waiver / inclusion | Practical note |
|---|---|---|---|
| Initial deposit | S$1,000 | Required to open | Acts as working capital held to avoid fall‑below fee |
| Monthly fee | S$10 | Waived for first 2 months | Budget from month 3 onward |
| Fall‑below fee | S$15 / month | Charged if monthly average | Average method can penalise brief low days |
| Local transfers | 80 FAST / 80 GIRO free | Then FAST S$0.50, GIRO S$0.20 | Match quotas to payroll and creditor runs |
DBS vs OCBC: minimum balance and fall-below fee comparison
A simple comparison of held funds and penalty triggers shows how operating cash is affected month to month.
How much cash you need to keep locked in
OCBC lists S$1,000 as the required threshold. Treat this as restricted working capital while it sits in the account.
DBS Starter Bundle commonly shows S$0 required, though other DBS schedules use waiver rules based on an average daily total.
What happens if your balance dips below the requirement
Dropping under OCBC’s monthly average triggers a S$15 fall‑below fee and may combine with any monthly charge. Low months can become disproportionately costly.
With DBS the risk shifts: you may avoid fall‑below charges but lose fee waivers unless higher averages are kept.
Which option suits seasonal or uneven cash flow
Seasonal firms or event operators often prefer an option that does not penalise low months. New companies usually prioritise liquidity and fee predictability.
Mature firms that can hold buffers may accept thresholds to unlock broader services from a corporate bank.
DBS vs OCBC: total monthly cost comparison beyond the balance
Total monthly cost hinges on fixed fees, transfer volumes and branch activity rather than the headline threshold alone.
Monthly maintenance fees and waiver periods
OCBC charges S$10 per month, commonly waived for the first two months. That gives a short grace period but costs restart from month three.
DBS Starter Bundle often lists S$10 monthly; other DBS schedules link waivers to average daily levels. Estimate month 1 and month 6 costs by modelling whether waiver conditions are met.
Local transfer fees: FAST, GIRO and quotas
OCBC usually includes 80 free FAST and 80 free GIRO per month. DBS starter listings may offer 50 free FAST and 50 free GIRO in some packages.
If your payroll or supplier runs exceed those quotas, per-transfer fees (FAST S$0.50, GIRO S$0.20) multiply quickly.
International transfer fees and agent/cable fees
Both providers commonly list S$30 for outward telegraphic transfers. Agent and cable fees can add unpredictability and raise the effective remittance cost.
Branch transaction charges and when they matter
Counter services, cash lodgements and cheque deposits often attract extra charges. Firms that operate fully online will likely avoid most branch fees.
“Run a one‑month ‘banking bill’ using real transaction volumes to see which option is cheaper overall.”
| Cost element | OCBC (typical) | DBS (typical) |
|---|---|---|
| Monthly fee | S$10 (waived first 2 months) | S$10 or waiver-tied service charge |
| Local free quotas | 80 FAST / 80 GIRO | 50 FAST / 50 GIRO (starter listings) |
| Outward transfer | S$30 + agent/cable fees | S$30 + agent/cable fees |
| Branch transactions | May incur fees for counter services | May incur fees for counter services |
Practical recommendation: build a monthly forecast of transfers and remits. Compare the total projected fees for each option and choose the provider that fits your transaction pattern and service needs.
Multi-currency needs: does DBS or OCBC fit better for cross-border businesses?
For firms with regular cross-border payments, how currencies are held can change the cost of every invoice.
DBS multi-currency holding versus OCBC add-on options
DBS embeds multiple ledgers in its core offering, typically supporting nine to thirteen currencies. This lets you keep USD or EUR on the same facility and switch funds without repeated conversions.
OCBC treats the Growth product as SGD‑centric and commonly offers a separate multi-currency add‑on, often with an annual fee. That add‑on is an option for firms that need extra ledgers but prefer a simple primary facility.
Managing FX costs and rate mark-ups: what to look for
Don’t judge by “no fee” alone. Check the exchange rate spread, any minimum charge and whether better pricing is only available via online channels.
“Transparent FX pricing and easy conversions save more over time than a low monthly charge.”
| Feature | DBS | OCBC (add-on) |
|---|---|---|
| Currencies supported | 9–13 in core offering | SGD primary; add-on covers major FX |
| Fee structure | No separate annual fee for ledgers (varies) | Annual add-on fee (commonly cited) |
| FX pricing | Better online rates; mark-ups may apply in-branch | Online rates; add-on may offer similar online FX |
- When to prioritise: consistent cross-border flows — choose embedded multi-currency. Occasional FX — an add-on may be cost-effective.
- Alternatives: specialist fintechs can offer more currencies and interbank-style FX for heavy use.
Who should choose DBS vs OCBC based on business stage and priorities
For firms in the first three years, fee waivers and quick opening times can beat extra features that sit unused.
Newly incorporated companies and starter bundles
DBS Starter Bundle suits newly incorporated companies that need to protect cash and want multi-currency ledgers from day one.
Eligibility often depends on incorporation time and turnover. If you meet the rules and plan to stay mostly online, this option preserves liquidity while you scale.
Low liquidity vs broader services
OCBC Growth is a clear option for firms that prefer a straightforward SGD operating setup and predictable waiver windows.
Weigh the trade-off: lower held sums keep runway longer, while broader services — financing, treasury and integrations — matter more as transaction complexity grows.
Digital-first opening and time-to-operate
Both providers offer digital onboarding that shortens opening time for eligible applicants. However, approvals still depend on ownership structure, industry risk and KYC checks.
Plan for possible manual checks when directors are overseas or when industry screening is stricter.
- Choose DBS if you need multi-currency ledgers and expect rapid cross-border growth.
- Choose OCBC if you want a simple SGD operating setup with clear waived months and a digital-first flow.
- Check your transaction volume, FX needs, willingness to keep buffers, and how often you’ll visit branches.
Alternatives if minimum balance is a deal-breaker
If keeping S$1,000–S$5,000 idle would slow growth, consider other routes that free cash and cut recurring fees.
UOB eBusiness as a waiver play: the uob ebusiness listing shows a S$5,000 required level and a S$15 fall‑below fee. That fall‑below fee is commonly waived for the first 12 months. An annual S$35 charge also applies, so this ebusiness account suits firms that expect cashflow to stabilise within a year.
CIMB SME — low‑friction bank alternative: CIMB advertises no minimum and no fall‑below fee, with S$8/month after year one (first year usually waived). It commonly includes unlimited free FAST and GIRO, making it attractive for cost‑sensitive SMEs that transact in SGD.
Fintech flexibility: Wise Business (S$99 setup, multi‑currencies), Aspire Business (no monthly fee, cards and expense tools) and Airwallex (multi‑currency, local rails, integrations) reduce FX friction and speed onboarding. They are strong where digital receipts and remote teams dominate spending.
“If you need cheques or branch services, choose a traditional provider; for digital FX and routing, fintechs often win.”
| Provider | Key trait | Notable fees | Best for |
|---|---|---|---|
| UOB eBusiness | Waiver play | S$5,000 listed; S$15 fall‑below (waived 12m); S$35 annual | Firms stabilising in 12 months |
| CIMB SME | No min, low ongoing cost | No fall‑below; S$8/mo after 12m (waived first year) | Cost‑sensitive SGD‑centric firms |
| Fintechs (Wise, Aspire, Airwallex) | Multi‑currency rails & spending tools | Setup/FX spreads or no monthly fee (varies) | Cross‑border flows, modern integrations |
Selection rule: pick traditional bank accounts when you need branch or cheque services. Choose fintechs for lower friction, better FX and modern spend controls, but check safeguarding, limits and whether partners accept non‑bank payment origins.
How to open a DBS or OCBC corporate bank account in Singapore
The fastest way to open a corporate account is to submit consistent documents and clear beneficial‑ownership details up front.
Typical documents required for opening and verification
Prepare these items: company incorporation certificate, Constitution / Memorandum & Articles, and a certificate of shareholding or ownership proof.
Also include director and shareholder IDs, proof of address and a recent selfie for identity verification. If applicable, add board resolutions and signatory mandates.
Online onboarding vs branch visits: what to expect
Many simple structures can apply online. Upload scanned documents, complete KYC forms and verify IDs remotely.
Complex ownership, foreign beneficial owners or higher‑risk sectors often require a branch interview and original document sighting.
Timing, approvals and common reasons for delays
When files are complete, approvals can take days. Incomplete or inconsistent paperwork can stretch the process to weeks.
Frequent causes of delay include mismatched names or addresses, unclear shareholding, missing signatory mandates, and slow responses to compliance queries.
| Step | Typical time | How to speed it up |
|---|---|---|
| Document preparation | 1–3 days | Match names/addresses; have certified copies |
| Online KYC & upload | 1–7 days | Use high‑quality scans and clear selfies |
| Branch verification (if needed) | 1–14 days | Book appointments and bring originals |
“Respond promptly to compliance requests; speed often comes down to how fast you send missing papers.”
Practical final tip: if opening quickly is critical, prioritise providers that offer digital onboarding for your profile. Balance speed against monthly fees and held sums when you choose a corporate bank account. For further context, see this corporate bank account guide.
Conclusion
When cash is tight, the true cost of an account is the cash you cannot use plus the fees you pay for transactions.
One‑line decision: pick the corporate bank account that minimises total monthly cost for your transaction pattern while keeping working capital available, not the most-recognised brand.
Key takeaway: OCBC Growth typically lists S$1,000 with a S$15 fall‑below fee and a S$10 monthly charge (waived for the first two months). DBS starter bundles often offer pathways with no held funds; outward transfers commonly list S$30 in fees.
Look beyond the headline: monthly charges after waived first months, FAST/GIRO quotas, international agent fees and branch charges can exceed the cost of a held sum.
Next step: build a simple SGD forecast of deposits, payments and remittances, then test it against DBS vs OCBC fee tables. If held sums or fees remain a concern, consider CIMB SME or fintechs such as Wise Business, Aspire Business or Airwallex. For company formation and set-up help, see company registration & corporate secretary.
FAQ
What is the difference between minimum balance and minimum initial deposit for DBS and OCBC corporate accounts?
How do fall-below fees work in practice?
Which balance metric do banks use: average daily balance or monthly average balance?
What local transfer allowances do these accounts include and when do extra fees apply?
Do DBS and OCBC offer multi-currency features useful for cross-border firms?
How are international transfer charges handled, including agent or cable fees?
What does “waived first months” typically mean for OCBC offers?
Which option suits seasonal or uneven cash flow better: DBS or OCBC?
How much cash do I need effectively locked in to avoid charges with DBS or OCBC?
Are there alternatives if maintaining a required balance is unworkable?
What documents and steps are required to open a corporate account with DBS or OCBC?
Which bank is better for newly incorporated companies and starter bundles?
How do monthly maintenance fees and waiver periods compare beyond just the balance requirement?
Do branch transaction charges still matter in a digital-first era?
How should I manage FX costs and rate mark-ups when using these providers?
For a company prioritising digital banking and fast setup, which is preferable?
Dean Cheong is a Singapore-based commercial growth architect and CEO of VOffice, known for helping B2B companies turn fragmented sales efforts into predictable revenue systems. He specializes in sales process optimisation, CRM-driven visibility, and market entry strategy, combining execution discipline with a strong academic grounding in business banking and finance from Nanyang Technological University. His focus is on building repeatable, data-backed growth frameworks that companies can scale with confidence.