Is It Worth To Open Online Bank Account Singapore?

As new technologies are evolving in society, it was an emergency for financial institutions to convert into the fintech industry. This need came into existence when people started looking for options to open online bank account Singapore. 

Elder generations want to avoid crowds especially after the COVID-19 outbreak. However, the youth and small business owners prefer online bank accounts to save time and money. For small business owners, there are a lot of things to look into, and compromising them for banks is not worth it. Moreover, these digital banks acts like a branch of a traditional banks and offers a range of activities that can be done from anywhere. 

Advantages of opening accounts in online banks

If you want to have a virtual bank account Singapore, you need to register yourself to a digital bank or digital-only banks. Most of the traditional banks offer a digital banking facility via their mobile application. Some of the advantages of this facility are:

Open Accounts at your convenience

You can open an online bank account anytime, anywhere through smartphone or laptop, with internet facilities. You don't need to physically visit a branch or submit a hard copy of your documents. 

To open online bank account Singapore company owners don't have to compromise an important meeting and visit the branch within a fixed time.

Easy, Convenient, and Time-saving.

The user-friendly interface of these online banks make customer experience better. All banking features along with customer service facilities are available at your fingertips.

Instant cash transfer

No matter what you are doing, you can pay bills, make online transfers from your dining table. You don't have to visit a branch office to get the transaction completed. Also, you can avoid late payments and fines. 

Save money

Also, you can save money on processing fees, transaction fees, overheads, etc. There is no minimum deposit amount for such banks. Bill payments, money transfers, and other financial transactions are performed digitally which removes the need for humans and so has reduced the account maintenance fees.

Improved Security

Though the security system is not as much as traditional banks, digital banks use tools like two-step authentication to prevent unauthorized account access. Also, your data remains protected by digital security encryption and access protocols.

Priority Customer Service

Unlike traditional banks, you don't need to stand for hours to talk with customer service executives, digital banks make customers their priority. You can call, chat or email them directly and get your problem solved in minutes, at your convenience.

Better Organization

You can monitor all your transactions and can organize your finances. This keeps you notified about the payments you have completed or are due. There is no paperwork involved and therefore no chance of losing a document or waiting in a long queue to get approval. This protects your personal information, along with the environment.

Various online bank services include multi-currency accounts, which means if you are traveling around the world, you don't need to worry about currencies and exchange rates. 

How is opening a business account with Aspire

Aspire is a digital bank in Singapore, that allows open small business account online and fulfills their financial needs for the growth of a business. 

SME owners need to go through minimum paperwork. Fill out an application form and get it approved within hours. We offer facilities like multi-user access, expense management, automated accounting, cashback, rewards, credit and loan services, and no minimum deposit. Therefore, you don't have to waste time at banks, and can spend extra time on making business strategies and executing essential business tasks.

Documents required

1. Name and ID number
2. Email and Phone number
3. Business name, UEN, entity type, and size.
4. Description of Business operations
5. Address of your website, if any.
6. Photo identification proof
7. A live photograph.

Fees

There are no hidden fees, we maintain transparency. No monthly fees or a minimum deposit amount is asked from the customers. Also, we provide services at the lowest transfer fees.

Conclusion

It is worth it to open online bank account Singapore if you are ready for it. For small business owners, having a business account at such online banks is a great opportunity to get financial aid and grow business. For better assistance, contact experts from Aspire, and make sure you are at the right place.