Decide the Type of Corporate Bank Account in Singapore 

A company can open a Multi-currency or Singapore dollar bank account as most banks provide this in Singapore. Do note that the company is required to provide the relevant business supporting documents for the bank preliminary review before the video call meeting can be arranged. 

The bank account is subject to final approval by the bank after the video call meeting has been conducted, one of the considerations being the business nature of the company. For example, businesses relating to cryptocurrency, military and defence items, precious stones and jewellery have a low chance to open a bank account. Note that the minimum balance required varies per account type and bank. However, the required minimum balance and bank fees are relatively more significant for global banks. 

Factors in Choosing a Bank to Open a Business Bank Account in Singapore 

Indeed, opening a bank account is vital when the business is ready to commence operations. A business bank account helps the firm to meet legal mandates that make it secure. It also provides gains to its clients and staff. Before opening a bank account in Singapore, companies must first check each bank’s current rules and service terms. 

After all, the best business bank account would be one that fits the company’s needs. When picking which bank in Singapore to open a business account with, the factors to check as followings: 

Offered Online Safety 

Companies need to check if the online banking facilities are available and safe. 

Bank Rating and Reputation 

Banks comply with confidentiality standard, known history, service reliability, and considerable global presence are the safest choice at any time. Even when the bank seems to appear incredible on paper, getting reviews from existing Singapore businesses for a specific bank is always helpful. 

Bank’s Business Focus 

Suppose the company’s preference is getting personalized advice and services on wealth and asset management. In this case, the company can choose a private bank. In contrast, clients with a trade focus and preference of accessible financing, cash management, international trade, and payment can choose a global commercial bank. 

The Convenience of Account Services 

Before picking a bank, it is best to consider whether joint investment and saving accounts, foreign exchanges accounts and combined bank statements in real-time are available. Also, checking on business credit or debit cards, ATM network, local and global branches coverage, and transaction limit per day is a wise move. After all, these services vary widely across banks. 

Fees, Pricing, and Interest 

Some banks collect fees for payment facilities, such as foreign exchange, telegraphic, and inter-bank money transfers. These fees differ greatly per bank. It is also helpful to check if there are any costs incurred in opening an account for various bank account types. 

Fully Automated Facilities 

These days, all banks have online banking services. However, not every bank has fully automated facilities to help clients in their daily transactions. Therefore, before picking a bank, inquire about the bank’s online cash management system. 

Minimum Balance and Initial Deposit 

It is necessary to know the specific bank fees, services, minimum balance, and initial deposit at the onset. And this is because some bank accounts targeting overseas customers have substantial requisites and charges. 

Niche Expertise and Specialization 

The chosen bank must be an expert within the banking demands of the business. After all, every trade has different challenges and standards. So, a bank with the experience of helping firms in the same industry can offer valuable guidance to the company. 

Range and Quality of Banking Help 

Firms have to ask banks if they offer 24-hour client service, phone support, toll-free calls, and online viewing of electronic statements, besides transaction e-advice.