Best Foreign Business Banking Account in 2019. StanChart vs. Citi. vs. Maybank vs. HSBC
Which bank should you open a business banking account with?
In “Best Business Banking Account in 2019. OCBC vs UOB vs DBS”, we compared the business banking account options provided by our local banks.
We decided that it would be more holistic to extend this effort to foreign banks.
This time, we consider 4 foreign banks, namely Standard Chartered, Citibusiness, Maybank and HSBC. The criteria for comparison were retained to ensure consistency.
1. If your decision is based on the complexity of the application process.
What stands out from the rigmarole of document submissions and physical appointments is HSBC’s well-guided process of opening a business account.
Criteria 1 Winner: HSBC
2. If your decision is based on the types of account available.
In terms of variety, all banks provide an average of 2 types of business accounts.
Upon closer inspection, however, we felt that the accounts from Maybank fit the operating needs of SMEs better compared to offerings from the other banks. Saver accounts might not be as relevant for small business operations.
Criteria 2 Winner: Maybank
3. If your decision is based on the requirements of the account.
Unfortunately, we are unable to find detailed information online about many of the bank accounts.
This is unacceptable at this day and age when information is so proliferated. We firmly believe that all financial institution should adopt openness and transparency to keep their current and potential clients informed.
Criteria 3 Winner: Maybank
4. If your decision is based on the benefits of the account.
In our opinion, the benefits offered by Standard Chartered are more comprehensive and relevant to an SME’s needs.
Criteria 4 Winner: Standard Chartered
Ultimately, we felt that the foreign banks could have provided more information to the general public.
Although there may be strategic reasons to not reveal product details to non-clients online, we feel that this can be counterproductive as it doesn’t allow potential clients to clarify their doubts by themselves online.
As the winner of two categories, Maybank reveals the most complete information online compared to the rest of the foreign banks and we feel that this make them the most SME-friendly foreign bank in Singapore!
Overall Winner: Maybank!
Having said so much, I really could be wrong about the intention and the mechanics of OCBC’s Serial Entrepreneur credit scheme.
In the absence of more information, I have to say that this is a really good scheme as the financing landscape is often viewed as too rigid in Singapore
This might also encourage the other local banks to create similar schemes to provide these financing which will ultimately benefit many more SMEs in Singapore.
Lendingpot connects small business owners to lenders for free.
About The Author
J. Kang is the foodie who spends most out of her undergraduate time scouting for food around Singapore Management University. The Corporate Communications major enjoys communicating with guests while she is working behind the locally-inspired bar(s), occasionally.