Any recommendation on the best bank for corporate account???

[KUMO108]

Incorporated a SG Pte. Ltd company. Next step is the opening of corporate bank account. Did some research on several banks. Could you guys share some of your experiences to advise me which one will be the best for me to approach?

My requirements:
1. No setup fee, with minimum balance requirements
2. Short processing time
3. Fully functional internet banking for statements, cross border transactions, payroll and trading services, with fair charge but no extra subscription on internet banking service.

Banks:
1. DBS: No setup fee (did not find in pricing guide file)
Current Account:
Minimum balance: SGD account - 10K, USD account - 1K

DBS Entrepreneur’s Account : (new for start-ups)
Minimum balance: SGD account - 10K, not sure about USD account
Lots of benefits, e.g. waiver of IDEAL monthly subscription for 2 years, Free GIRO for 2 years, waiver of annual fee for corporate debit card for 2 years.

IDEAL (internet banking): Enquiry only - Free, Enquiry + Transactions - S$30/M subscription, other charges subject to items.

2. UOB: No setup fee (Not confirmed yet)
Current Account:
Minimum balance: SGD account - 8K, USD account - 1K
Business Internet Banking: No subscription

3. SCB: No setup fee (Not mentioned in Fee&Charge file)
Business One:
Minimum balance: SGD account - 10K, USD account - 5K
Straight2Bank (Internet banking): Monthly fee - S$100 ???

4. HSBC: "account manager will advise the setup fee" (means they charge, but normally how much?)
Current Account:
Minimum balance: SGD account - 25K, USD account - 5K

Business Vantage Account:
Minimum balance: SGD account - 30K, USD account - 100K (HSBC officer said soon be increased to USD100K)

Business Internet Banking: FREE service with full functions.

For me, looks like the HSBC's Current Account (USD one) with its free business internet banking service is the best choice. But considering the strict requirements normally HSBC will apply, I am afraid it is not easy to open an account there or there would be a huge charge on setup.

Do you have any experiences with opening and services of banks in Singapore? Recommend me one.

Thanks!

[_Shawn_]

SCB has an essential lite account for new start ups. I'm not too sure if their still offering it though. You might want to look into that.

[sundaymorningstaple]

This was recently discussed in depth. Do a search using the search functions at the upper right side of this page. Saves us from having to regurgitate all the information again.

moderator

[urbanjungle101]

So far I find OCBC kinda ok...

[Rams-school]

OCBC a startup entrepreneur Account requires only S$500. OCBC requires daily average balance of $8000. If not $25 will be charged monthly.


UOB requires daily average balance of $10,000 if not $15 will be charged.

Maybank


http://info.maybank2u.com.sg/busines.../flexibiz.aspx

http://ocbc.com/business-banking/acc...r-account.html

[Rams-school]

OCBC a startup entrepreneur Account requires only S$500. OCBC requires daily average balance of $8000. If not $25 will be charged monthly.


UOB requires daily average balance of $10,000 if not $15 will be charged.

Maybank


http://info.maybank2u.com.sg/busines.../flexibiz.aspx

http://ocbc.com/business-banking/acc...r-account.html

Forgot to add another one

State bank of India requires S$2000 and monthly average balance too S$2000.

http://www.sbising.com/corporate-deposits.asp

[Nigel Teo]

For me i will choose SCB.

there are no monthly fee for online banking service, and it is very convenience by using the online banking services, because now they enhance to Straight2bank service for all companies.

But i still prefer to the old system with online banking service...

Well, this is just a suggestion.^^

[AnthonyC]

We just finished a pretty comprehensive survey to determine the most startup friendly banks in Singapore.


We ranked each according to ease of opening the account in the name of a foreign director, ease of internet banking, and which ones offered the lowest account keeping fees.


OCBC and DBS were our pick of the bunch.

[sundaymorningstaple]

tic...toc...tic...toc....

modertor

[Mi Amigo]

I'm surprised our chum AndyWillie hasn't chimed in on this thread with his usual link.

[the lynx]

I'm surprised our chum AndyWillie hasn't chimed in on this thread with his usual link.

Now that you have mentioned him, we haven't seen him around for a while. And also his alter-ego pjays02

[sundaymorningstaple]

[harshthackar]

So finally which bank did you choose ? or did you find anything better , Do share your research

[midnightvisitor]

Great links. Now that we know where to park the hard earned if we ever move over to Singapore. Wonderful.