DBS charges S$40 a month on its Standard Business Multi-Currency Account, waived only if the average daily balance stays above S$10,000. Aspire charges S$0 a month, no minimum balance, no waiver to chase. For a seller holding working capital in inventory rather than in a bank account, that difference alone can matter more than any transfer fee on either side.
The three banks charge for the account itself
DBS’s Business Multi-Currency Account carries a S$50 annual fee plus a S$40 monthly service charge, waived at a S$10,000 average daily balance. A separate Starter Bundle, for businesses under three years old, drops the monthly charge to S$10 with unlimited free FAST and GIRO transfers. OCBC’s Business Growth Account charges S$10 a month, needs a S$1,000 minimum balance, and includes 80 free FAST and 80 free GIRO transactions. Miss the minimum and a fall-below fee applies, rising from S$15 to S$20 from 1 May 2026. UOB’s Infinity and SME app accounts include up to 300 free FAST and PayNow transfers a month, with the exact monthly fee and minimum balance depending on the specific account tier chosen.
The three digital-first accounts do not charge for the account at all
Aspire’s Basic plan costs S$0 a month, no minimum balance, no setup fee. A Premium tier at S$15 a month adds better FX rates and five free outbound SWIFT transfers worth up to USD $75 total. Wise Business also charges S$0 monthly with no minimum balance. Its transfers run on mid-market exchange rates with no markup on conversion. Airwallex charges S$0 monthly too, no initial deposit required, though it applies a 0.3% fee on transfers received from non-owner accounts, a cost the three traditional banks do not carry in the same form.
None of the three digital accounts are deposit-taking banks
Aspire, Wise, and Airwallex are all regulated by the Monetary Authority of Singapore. None of the three hold a full banking licence. Funds held with them sit outside the Singapore Deposit Insurance Scheme, unlike DBS, OCBC, or UOB. That is a real structural difference, not a fee line. It matters most for a seller planning to hold a large working capital balance rather than move money through quickly.
Fee comparison table
| Account | Monthly fee | Minimum balance | Free local transfers | SDIC covered |
|---|---|---|---|---|
| DBS Standard | S$40 | S$10,000 ADB to waive | 50 FAST, 50 GIRO | Yes |
| DBS Starter Bundle | S$10 | None | Unlimited FAST and GIRO | Yes |
| OCBC Business Growth | S$10 | S$1,000 | 80 FAST, 80 GIRO | Yes |
| UOB Infinity/SME | Tier dependent | Tier dependent | Up to 300 FAST/PayNow | Yes |
| Aspire Basic | S$0 | None | Free PayNow/FAST/GIRO | No |
| Wise Business | S$0 | None | Free PayNow/FAST/GIRO | No |
| Airwallex | S$0 | None | Free PayNow/FAST/GIRO, 0.3% on non-owner receipts | No |
Where each currency fits a seller’s actual cash flow
A seller collecting mostly SGD, from Shopify or a locally settled marketplace payout, gains little from Aspire’s or Wise’s multi-currency strength and pays nothing extra for choosing the free option over DBS or OCBC. A seller collecting USD from Shopify Payments, or receiving supplier invoices in RMB or USD, has a real reason to weigh Aspire’s or Airwallex’s FX rates against a traditional bank’s cross-currency conversion spread, which none of the three traditional banks publish as a flat percentage the way Aspire and Airwallex do.
The verdict
A seller under three years old holding modest cash reserves should open a DBS Starter Bundle or an Aspire Basic account before paying S$40 a month at DBS Standard for no added benefit at that balance level. A seller planning to hold significant working capital in the account itself should weight SDIC coverage more heavily and default to a traditional bank, since Aspire, Wise, and Airwallex all sit outside deposit insurance regardless of how competitive their FX rates look. A seller moving meaningful volume in foreign currency, particularly USD from Shopify Payments, should model Aspire’s or Airwallex’s FX percentage against whatever spread their current bank charges before assuming the free account is the cheaper one once currency conversion is included.