Any recommendation on the best bank for corporate account???
Posted: Mon, 13 Aug 2012 10:15 pm
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!
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!
