Factors to consider when choosing your Business Banking Partner in Singapore
After a structural revamp of my company, we have embarked on expansion with more hires as well as moved from a limited liability partnership to a private limited company. Alvinology Media LLP is now AM Collective Pte Ltd and we are committed to do better in the digital and social media space, providing the best services for our existing clients while acquiring more clients along the way.
Goals and aspirations aside, there are administrative tasks to settle first.
One of the first thing we need to do when registering a new company is to decide on a business banking partner to set up our corporate account with. Which bank in Singapore will suit us best?
As a small-medium-enterprise, value-for-money is very important for us. We want a banking partner that is convenient, accessible, yet able to fulfill all our banking needs at the lowest costs possible. Borrowing from the wise words of Singapore’s previous Labour Chief, Lim Swee Say, we need a bank that can be “Cheaper, Better, Faster”. And I’d add to that – a bank that offers great service.
After evaluating the business banking offers from four banks in Singapore – UOB, OCBC, DBS and Maybank , we decided to bank with the latter.
Here’s how we came to came to this decision to go with the Maybank FlexiBiz Account.
1. No minimum balance required
All the other three banks, UOB, OCBC and DBS require minimum balance to be maintained in your corporate account, ranging from S$5,000 at OCBC to S$10,000 at DBS and UOB. Maybank is the only bank with no minimum balance requirement and the minimum deposit is also set low at just S$1,000.
2. No monthly subscription for Business Internet Banking
As a digital and social media agency, we walk-the-talk in our business practices too, resolving to rely more on Online Banking through web or mobile whenever possible. As such, Internet Banking is an important consideration and Maybank do not charge a monthly subscription fee for this.
3. Low transaction fees
We work with a lot of influencers and publishers from both Singapore and from around the globe. However, the volume of transactions may differ vastly every month as payment is done after each project which may engage with different number of parties. Maybank offers one of the most competitive FAST transaction fee in town. If payment is made to another Maybank account in Singapore, it’s free.
4. Neither monthly nor annual fees
This is the best part that fits the value-for-money requirement. There is absolutely neither monthly nor annual fees to bank with Maybank! No other Banks, even the large ones, in Singapore offer this.
Quite a few websites undertake price comparisons for Business Banking services offered by large banks in Singapore. When you compare, you will see that Maybank clearly stands out as the best value-for-money business banking partner.
With Maybank you will discover, there is no minimum balance, no fall-below fee penalty and no monthly or annual fee! Also, Maybank’s FlexiBiz Account pays interest of up to 0.038% p.a. for balances maintained, a feature absent even with large banks.
5. Branches are conveniently located
This factor may be unique to us.
Our office is located at Oxley Biz Hub in the Tai Seng area and the Maybank bank at Nex mall in Serangoon is near our office for us to make cheque drops or other banking needs. There are also Maybank branches near to the home for me and my other main business partner, Claudia.
While Maybank may have fewer branches as compared to local banks, they have the most number of branches among overseas banks in Singapore. They are strategically located at all corners of Singapore which ensures that you have access to a Maybank branch at any time.
6. Excellent Service – Short waiting time
We were pleasantly surprised at the Branch when it came to account opening. Maybank’s focus on consumer experience is commendable, with their commitment to completing a service as fast and pleasantly as possible. As such, the waiting time for physical banking is just a few minutes.
Don’t believe me? Try banking your Chinese New Year red packet money into a Maybank bank branch during the crazy rush and compare the wait time to that at UOB, DBS and OCBC branches. You will experience the difference personally.
Account opening is also much easier with Maybank. It can be done at any branch via walk-in, with no prior appointment needed. I had a lot of difficulty scheduling an appointment with another bank which we banked with for Alvinology Media LLP. This time round with Maybank, everything was a breeze.
7. Efficient Business Internet Banking and innovative BIB Lite Mobile App
In this age and time, one thing we definitely cannot live without is technology. The usage of technology for finance is currently a trend in Singapore. With Maybank’s Internet Banking, all my transactions can be done online. Additionally with “BIB Lite” – the mobile app of the desktop version – I can check account balances on the go with a compatible iOS device via TouchID authentication and even on an Apple Watch.
I believe this is a form of Fintech, a recent trend in the Internet industry which I work in. As a definition, Fintech is normally applied to the segment of the technology startup that is focused in sectors such as mobile payments, money transfers, loans, fundraising and to some extent even asset management. This was another thing that contributed to my confidence with Maybank.
During my visit to Maybank, I had glanced over this word several times and it piqued my curiosity. My prior understanding was Fintech is the use of technology for anything related to finance from mobile wallets to stock trading apps – almost similar to the actual definition.
I did my research online and it appears that Singapore is the fastest growing country in South-East Asia to adopt Fintech. Coincidentally, Maybank is heavily involved in the Fintech space. They have been working with many local Fintech companies to develop the best financial solutions for their customers.
Yes, banks do work with Fintech companies and not just view them as competitors.
Stay tuned for our coming article on Fintech to find out more!
8. Good customer experience
Claudia and I visited the Maybank’s Nex branch in October to open the corporate account for AM Collective Pte Ltd. From the time we stepped into the bank to the moment when we walked out with our account all set up and done, it took no more than 30 minutes.
There was no queue and we were served almost immediately after getting a queue number. The bank staff who served us was friendly, personable and helpful, detailing all the documentations required and guiding us through the administrative details. We left the bank smiling, with the resolve to grow our company together with Maybank.
Our banking experience actually coincides with Maybank’s latest “We are Here To Talk” campaign. Watch this video to learn more:
If you are interested to start banking with Maybank, visit their official website for more information or just pop by one of the many Maybank branches in Singapore. The staff at the branches will be happy to talk to you! 🙂