Are you a business owner in Singapore looking for a corporate bank account that offers unlimited free transactions with no deposit or minimum balance requirements? Look no further than the OCBC Business Growth Account. This account is designed for start-ups and new businesses, offering a range of features and benefits to help you manage your finances and grow your business.
With the OCBC Business Growth Account, you can enjoy unlimited free FAST and GIRO transactions, as well as free cheque book issuance and collection. You can also access a range of digital banking services through the OCBC Velocity platform, including real-time account information, payment and collection services, and cash management tools. Plus, with 24/7 phone and online support, you can get the help you need whenever you need it.
Key Takeaways
- The OCBC Business Growth Account is a corporate bank account designed for start-ups and new businesses in Singapore.
- This account offers unlimited free transactions with no deposit or minimum balance requirements, as well as free cheque book issuance and collection.
- You can access a range of digital banking services through the OCBC Velocity platform, and enjoy 24/7 phone and online support.
Account Features and Benefits
If you’re looking for a corporate bank account in Singapore, the OCBC Business Growth Account could be an excellent option for you. Here are some of the features and benefits of this account:
Multi-Currency Flexibility
The OCBC Business Growth Account offers multi-currency flexibility, allowing you to hold and manage multiple currencies in a single account. This feature is particularly beneficial for businesses that operate internationally, as it can help you avoid currency conversion fees and simplify your accounting processes.
OCBC Velocity for Efficient Management
OCBC Velocity is a powerful digital platform that allows you to manage your business finances efficiently. With OCBC Velocity, you can access real-time information on your account balances and transactions, make payments and transfers, and manage your cash flow with ease. This platform also offers a range of customizable tools and features, such as alerts and notifications, to help you stay on top of your finances.
Other benefits of the OCBC Business Growth Account include:
- Unlimited free FAST and GIRO transactions
- No deposit or minimum balance requirements
- Low monthly account fees of S$10 (with the first two months waived)
- Mobile banking app for convenient account management on-the-go
- Business debit card for easy access to your funds
- SGD account for local transactions and payments
- International money transfer services with transparent and competitive rates
Overall, the OCBC Business Growth Account is a great option for businesses of all sizes looking for a flexible and efficient corporate bank account in Singapore.
Eligibility and Opening Process
If you are looking to open a business account in Singapore, the OCBC Business Growth Account might be the perfect option for you. This account is designed for start-ups and new businesses, and it comes with a range of features that can help you manage your finances more effectively.
Eligibility Requirements
To be eligible for the OCBC Business Growth Account, you need to have a registered business in Singapore. You will also need to provide your company’s Unique Entity Number (UEN) and your identification details when you apply for the account.
Account Opening Procedure
Opening an OCBC Business Growth Account is easy and hassle-free. You can apply for the account online using Singpass, which means you can skip the queues and paperwork.
To open the account, you will need to provide your business registration details, including your UEN and company name, as well as your identification details. You will also need to make an initial deposit of $1,000 to activate the account.
Once your application has been approved, you will receive your account number and be able to start using your account to pay and receive funds. The account comes with unlimited free FAST/GIRO transactions, which can save you money on transaction fees.
Overall, the OCBC Business Growth Account is a great option for start-ups and new businesses in Singapore. With its low monthly account fees and easy account opening process, it can help you manage your finances more effectively and grow your business.
Fees and Charges
If you’re considering opening an OCBC Business Growth Account in Singapore, it’s important to know what fees and charges you can expect. Here’s a breakdown of the fees and charges you can expect to pay for this account:
Account Fees and Rates
The OCBC Business Growth Account charges a monthly fee of S$10. However, if you also have an OCBC Multi-Currency Business Account opened, you can enjoy the latter account for free (worth $120 per year). If you no longer or do not have an OCBC Business Growth Account, the S$10 per month fee is chargeable.
If your business’s average monthly balance falls below S$30,000, you will incur a fall-below fee of S$50. This can be quite hefty for younger businesses, especially if you do not hold the minimum amount for extended periods. However, if you do keep the minimum balance, then there is no recurring maintenance fee each month.
Transaction and Service Fees
OCBC Business Growth Account offers free FAST and GIRO payments, which is a great perk for businesses that need to make frequent payments. However, do note that there are transaction fees for other services such as outward telegraphic transfers, demand drafts, and cashier’s orders.
The pricing guide for transaction fees can be found on OCBC’s website. It is important to review the pricing guide to ensure that you are aware of the fees that will be charged for each transaction.
In conclusion, while the OCBC Business Growth Account comes with some fees and charges, it offers a range of services that can be valuable to businesses in Singapore. Be sure to review the pricing guide and consider your business’s needs before opening an account.
Banking Services for Business Growth
As a business owner, you need a reliable banking partner that can help you achieve your financial goals. OCBC Business Growth Account is an excellent choice for businesses looking to grow and expand their operations. With this account, you get access to a range of banking services designed to help you manage your finances more efficiently.
Trade Finance Solutions
If you’re involved in international trade, you need a banking partner that can help you navigate the complexities of global commerce. OCBC offers a range of trade finance solutions to help you manage your import and export activities. You can access a range of services, including import and export financing, letters of credit, and trade loans. With these solutions, you can manage your cash flow more effectively and reduce the risks associated with international trade.
Business Financial Management Tools
Managing your business finances can be a daunting task, especially if you’re not a financial expert. OCBC Business Growth Account comes with a range of financial management tools to help you keep track of your cash flow, expenses, and revenue. You can access these tools through the OCBC Business Banking platform, which allows you to manage your finances online. You can also integrate your account with Xero, a cloud-based accounting software that can help you automate your accounting processes and save time.
In addition to these tools, OCBC Business Growth Account also offers working capital loans to help you manage your cash flow and invest in your business. With low initial deposits and no minimum balance requirements, this account is an excellent choice for start-ups and small businesses looking to grow and expand their operations.
In conclusion, OCBC Business Growth Account is an excellent choice for businesses looking to manage their finances more efficiently and achieve their growth goals. With a range of banking services designed to help you manage your cash flow, reduce risks, and streamline your financial processes, this account is a reliable partner for your business.
Awards and Recognition
If you’re looking for a business corporate account in Singapore, the OCBC Business Growth Account is an excellent choice. Not only does it offer unlimited free FAST and GIRO transactions with no deposit and minimum balance, but it has also received several awards and accolades for its outstanding services.
OCBC has been named the Best SME Bank in Asia-Pacific, and it has also won the Best Trade Finance Bank in Singapore award. These awards are a testament to the bank’s commitment to providing excellent services to its clients.
In addition to these awards, OCBC has also won the Best Transactional Banking Online Platform in Southeast Asia award. This recognition highlights the bank’s efforts to provide a seamless online banking experience to its clients.
Overall, OCBC’s Business Growth Account is an excellent option for businesses looking for a reliable and efficient corporate account in Singapore. With its numerous awards and accolades, you can trust that you’re in good hands with OCBC. Plus, with unlimited free FAST and GIRO transactions, you can save money on transaction fees and focus on growing your business.
So, if you’re looking to expand or establish your business in Singapore, consider applying for the OCBC Business Growth Account. With its excellent services and numerous awards, you can rest assured that your business is in good hands.
Frequently Asked Questions
What are the minimum balance requirements for starting a Business Growth Account with OCBC?
The OCBC Business Growth Account requires no minimum deposit or balance, making it an ideal choice for start-ups or businesses with variable cash flow. This means that you can focus on growing your business without worrying about maintaining a minimum balance.
How do the fees for an OCBC Business Growth Account compare to other business accounts in Singapore?
The OCBC Business Growth Account offers unlimited free FAST and GIRO transactions, with no monthly account fee. Compared to other business accounts in Singapore, this is a highly competitive offer that can save your business a significant amount of money in transaction fees.
What specific criteria must my business meet to open an OCBC Business Growth Account?
To open an OCBC Business Growth Account, your business must be registered and incorporated in Singapore. You will also need to provide the necessary documents, such as your ACRA Business Profile and identification documents for all authorized signatories.
Are there any charges if my OCBC Business Account balance falls below the required minimum?
No, there are no charges for falling below the minimum balance requirement, as there is no minimum balance required for the OCBC Business Growth Account.
Which bank offers the most advantageous features for SMEs in Singapore?
OCBC Bank is a leading bank in Singapore that offers a range of products and services tailored to the needs of SMEs. From digital banking solutions to business loans and credit cards, OCBC has everything you need to grow your business.
What perks come with the OCBC Business Entrepreneur Account that can aid in my company’s expansion?
The OCBC Business Entrepreneur Account offers a range of features and benefits, including interest on your account balance, unlimited free FAST and GIRO transactions, and a complimentary Business Debit Card. These perks can help your business grow and expand, while keeping your costs low.