(*Information updated for 2020)
In “Best Business Banking Account in 2019. OCBC vs UOB vs DBS”, we compared the business banking account options provided by our local banks.
We decided that it would be more holistic to extend this effort to foreign banks.
This time, we consider 4 foreign banks, namely Standard Chartered, Citibusiness, Maybank and HSBC. The criteria for comparison was retained to ensure consistency.
Standard Chartered | Citibank | Maybank | HSBC | |
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Process |
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Documents Required |
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*Information updated for 2020*
*Information updated for 2020*
What stands out from the rigmarole of document submissions and physical appointments is HSBC’s well-guided process of opening a business account.
2020 Update: All foreign banks require at least a face-to-face meeting with their relationship managers before you open an account with them. Be sure to prepare the necessary documents beforehand.
Standard Chartered | Citibank | Maybank | HSBC | |
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Accounts |
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*Information updated for 2020*
*Information updated for 2020*
In terms of variety, all banks provide an average of 2 types of business accounts.
Upon closer inspection, however, we felt that the accounts from Maybank fit the operating needs of SMEs better, as compared to offerings from the other banks.
Saver accounts might not be as relevant for small business operations.
2020 Update: The foreign banks have re-organised their resources to focus on digital banking capabilities. The differences between these bank accounts are mostly negligible now.
Standard Chartered | Citibank | Maybank | HSBC | ||||
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BusinessOne | Business$aver | CitiBusiness Online | CitiBusiness High Yield | FlexiBiz | PremierBiz | Business Vantage | |
Minimum Balance |
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Not stated | Not stated | N.A. | $30,000 (avg. daily balance) | Not stated |
Minimum Initial Deposit |
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S$100,000 | S$100,000 | $1,000 | $1,000 | Not stated |
*Information updated for 2020*
*Information updated for 2020*
Unfortunately, we are unable to find detailed information online about many of the bank accounts.
2020 Update: We are still unable to find most of this information. Thus, we believe that these accounts might be niche and not for mass-market SMEs.
Ultimately, we felt that the foreign banks could have provided more information to the general public.
Although there may be strategic reasons as to why they prefer not to reveal product details to non-clients online, we feel that this can be counterproductive as it doesn’t allow potential clients to clarify their doubts by themselves online.
As the winner of two categories, Maybank reveals the most complete information online compared to the rest of the foreign banks, and we feel that this makes it the most SME-friendly foreign bank in Singapore!
2020 Update: If you noticed, we have removed 2 tables regarding the fees and the stated benefits of these accounts. It is disappointing that we are unable to gather enough information on these foreign bank business accounts to make a comprehensive comparison with local banks.
Lendingpot.sg operates a Business Loan Marketplace that allows an SME to connect to multiple lenders with just one application, allowing the SME to know who its prospective lenders are and the rates that they offer, in a very short time.
J. Kang is the foodie undergraduate who spends most of her time scouting for food around Singapore Management University. The Corporate Communications major enjoys communicating with guests while she is working behind the locally inspired bar(s), occasionally.