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An illustration of multiple currencies going into a Singapore bank

A multi-currency account enables the management of several currencies all within a single account.

Multi-currency accounts often offer more favourable exchange rates and lower fees than traditional bank conversions, enhancing cost efficiency.

Opening a multi-currency account is a simple process with four basic steps: Choosing a bank, gathering, submitting the required documents, and then activating the account.

What Is a Multi-Currency Account in Singapore?

A multi-currency account enables the management of several currencies all within a single account. These accounts were developed to make it more appealing to open an account in smaller locales with their unique local currencies, such as Singapore or Hong Kong (Singaporean Dollar and Hong Kong dollar, respectively). 

Such accounts facilitate effortless cross-border transactions, often with minimal or no fees, granting you the power to decide the optimal time for currency exchange to benefit from the most advantageous rates.

A characteristic feature of a multicurrency account is that the details such as the beneficiary's name, account number, and SWIFT code remain constant across transactions in various currencies. These accounts are occasionally referred to as foreign currency accounts.

Account Type Local Currency Business Account Multi-currency Business Account
Currency Options Restricted to one local currency (e.g., SGD in Singapore) Multiple currency options in one account (e.g., HKD, RMB, JPY, USD, EUR, GBP, etc.)
Foreign Exchange Fees Higher fees for currency conversion. Low or zero exchange fees for transactions between supported currencies
Exchange Rate Flexibility Fixed exchange rates set by the bank Allows taking advantage of favourable exchange rate fluctuations for different currencies at different times

Singapore vs Hong Kong Multi-Currency Account - Which Is Better?

Singapore and Hong Kong multi-currency accounts are very similar in their overall functions. The difference lies more in the slight competitive advantages in each market. 

Singapore and Hong Kong Multi-Currency Account Similarities

Given that Singapore is a global business center and Hong Kong has similar standing, it's hardly surprising that both locations boast a wide array of competitive multi-currency account options. This can be either business bank accounts or business accounts on fintech platforms.

Both places offer accounts that support global currencies such as USD and EUR, as well as key business currencies such as HKD, CNY, SGD, JPY, and so on.

Singapore and Hong Kong Multi-Currency Account Differences

However, since Hong Kong is a CNY hub, payments involving CNY should be faster there than in Singapore. On the other hand, Singapore's multi-currency account offerings are working to allow fewer or no in-person visits in order to open an account, which can make it more attractive than Hong Kong’s account offerings, which usually require at least one in-person visit to verify one’s identity. 

At the end of the day, there is no straightforward answer to which is better. When it comes to Singapore vs Hong Kong, it comes down to a matter of what fits best.

💡 Did you know? Singapore adopted a managed floating system in 1973, matching the Singapore dollar to a basket of foreign currencies of its major trading partners

How Do Multi-Currency Accounts Work?

Multi-currency accounts allow for holding, receiving, and sending of various currencies without the immediate need for conversion, provided the currency is supported. 

Such accounts enable you to adjust the currency balance within your account at any desired time, protecting you from unfavourable exchange rate fluctuations. The primary tool used to do this is called a spot trade.

Spot Trades

Spot trades are used for the direct exchange of one currency for another at real-time rates, offering you the autonomy to decide the timing of the exchange. This contrasts with traditional banking practices where currency conversion is automated and opaque, often leading to less favourable rates.

Typically, spot trades are settled within two business days from the transaction date, but you will still receive the exchange rate seen at the time of your transaction.

💡 Tip: While your goal may not be to trade forex, it’s still helpful to have a basic understanding of the foreign exchange market when doing international business.

Practical Example of Spot Trade

Imagine you operate a business in Singapore, engaging in a transaction with a U.S.-based client. You agree to sell products for USD 10,000, which you initially valued at SGD 14,000, expecting a profit of SGD 1,000.

Should the exchange rate fluctuate by the time payment is received, reducing the value to SGD 13,200, your anticipated profit margin would dramatically decrease to SGD 200.

With a multi-currency account, the payment received remains in USD until you decide to convert it. This allows you the flexibility to wait for a more favourable exchange rate, possibly increasing your profit margin significantly when the rate improves.

For example, if the rate improves to SGD 14,500 for your USD 10,000, executing a spot trade at this rate could enhance your profit to SGD 1,500 before the exchange rate drops down again.

This scenario illustrates the strategic advantage of using multi-currency accounts in managing international transactions and currency exchange risks.

Statrys mobile application dashboard showing a total balance in a business account.

Research, patience when applying, and keeping in mind efficiency and security are key when navigating Singapore's multi-currency account options.

Founder of Petoi LLC
Rongzhong Li
Founder & CEO, Petoi


How long did it take you to open a multi-currency account in Singapore?


It took me around two weeks from when I first applied until I received confirmation that my multi-currency account was ready for use. This included document submission, verification, and communication with the bank.

What was the account opening process like in Singapore?


How did you find the right multi-currency account for your business in Singapore?


How secure are multi-currency accounts in Singapore?


How To Open A Multi-Currency Account

To open a Singapore multi-currency account, you can follow these steps:

1. Selecting a Bank or Provider

When choosing a bank or financial service provider for a multi-currency account, consider the following factors:

Services and Features: Look for accounts that offer seamless foreign currency exchange, low foreign currency transaction fees, and robust online banking tools. Some accounts may also offer interest on balances, which can be a bonus.

Fees: Understand the fee structure for account maintenance, currency conversion, and any other transaction types. Some providers offer fee waivers under certain conditions, such as maintaining a minimum balance.

Eligibility Criteria: Check if there are any prerequisites to open an account, such as a minimum initial deposit, business registration requirements, specific documentation, and, sometimes, foreign currency deposits.

Customer Support: Reliable customer support is crucial, especially for accounts that handle multiple currencies and international transactions. Look for providers that offer multi-channel support (phone, email, chat) and have a good reputation for customer service.

Statrys mobile application dashboard showing a total balance in a business account.

2. Preparing Documents

The typical documentation required to open a multi-currency account includes:

Personal Identification: A copy of your passport or national ID for identity verification.

Proof of Address: Utility bills, bank statements, or any official document showing your current address.

Business Documentation: If opening a business multi-currency account, you may need to provide your business registration documents, articles of incorporation, and details about your business activities.

Ensure that all documents are up to date and clearly legible. Some providers might require these documents to be certified or notarized, especially for international clients.

3. Submit documents

Submission: Follow the provider's process for document submission, which can often be done online via secure upload facilities.

Verification: The bank or provider will review your documents and conduct any necessary background checks. This process may include a credit check and verification of your business activities to comply with anti-money laundering regulations.

4. Activation

Account Setup: You will receive confirmation from the bank or provider, along with your account details and information on how to access online banking services.

Initial Deposit: Some accounts require an initial deposit to activate. Ensure you understand the requirements and how to make this deposit if necessary.

💡 Tip: With non-traditional money service providers or neobanks, such as Statrys or Chime, the fees and minimum deposits are usually significantly lower than traditional banks.


Singapore's multi-currency accounts offer a strategic advantage for individuals and businesses engaged in international dealings, providing a cost-effective and flexible solution for managing global currencies. With a variety of banking and neo-banking options available, finding a suitable multi-currency account is straightforward, supporting Singapore's status as a leading financial hub.

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Which bank offers multi-currency accounts?

In Singapore, multiple banks provide multi-currency accounts suitable for businesses looking to manage international transactions efficiently. Prominent banks such as DBS, OCBC, and UOB offer such accounts.

Can I bank in foreign currency in Singapore?


How long does it take to open a multi-currency account in Singapore?


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