Key Takeaways
A multi-currency account is a single account that allows you to hold, receive, and send multiple currencies without opening separate accounts.
A multi-currency account usually comes with lower fees and faster international payment speed because you can avoid repeated conversions and intermediary bank charges.
Singapore offers a wide range of options, from traditional banks to fintech providers, each with different fees, features, and onboarding speed.
If you send or receive money internationally, a standard SGD account can quietly cost you more than you realise. Foreign payments are auto-converted at the bank’s exchange rate with FX markups, and intermediary banks may add extra fees along the way.
A multi-currency account in Singapore is designed to reduce these costs. It lets you hold, receive, and pay in multiple foreign currencies such as USD, EUR, and GBP. This makes multi-currency accounts a popular choice for businesses managing regular cross-border payments.
In this guide, we explain how multi-currency accounts in Singapore work.
What Is a Multi-Currency Account in Singapore?
A multi-currency account in Singapore is a single account that lets you hold, receive, and send various foreign currencies alongside Singapore dollars (SGD), such as USD, EUR, GBP, CAD, and HKD.
What you can usually do:
- Hold specific currencies in separate balances.
- Receive supported currencies without automatic conversion.
- Send payments in supported currencies to domestic or overseas beneficiaries. Some providers provide an option to use domestic payment networks.
- Convert between balances at quoted rates inside the account.
This helps you match the currency of your invoices and bills, so you are not forced to convert on every transaction.
Because you can receive and send funds in the same currency, you avoid auto conversions and foreign transaction fees, which reduces extra costs and makes international payments more straightforward.
Note: Savings and speed depend on your provider, the payment route and your FX pricing tier.
Multi-Currency Account vs Local Currency Account vs Foreign Currency Account
A multi-currency account allows you to hold and transact in multiple currencies within one account. In comparison, local currency accounts are limited to SGD, while foreign currency accounts support only one foreign currency per account, meaning you typically have to open and manage separate accounts for each currency if you need multiple currencies.
| Feature | Multi-Currency Account | Local Currency Account | Foreign Currency Account |
|---|---|---|---|
| Currencies supported | SGD and multiple foreign currencies | SGD only | One foreign currency per account |
| Currency conversion | You choose if and when to convert currencies | All foreign payments are automatically converted to SGD at the provider’s exchange rate | Conversion is required when moving between different currency accounts |
| Fees | Usually lower overall costs due to fewer conversions | Higher costs from automatic conversion and international transaction fees | Higher costs from automatic conversion to that foreign currency |
How Do Multi-Currency Accounts Work?
A multi-currency account works by letting you store different currencies under one account number or wallet. You can move money between these currency balances. In most cases, you can receive payments from overseas and send funds out in the currency you choose. The exact features depend on the provider, but here is how it typically functions in Singapore:
1. You Hold Several Currencies in One Place
When you open the account, you get individual currency balances for SGD and other popular currencies like USD, EUR, GBP, AUD, HKD, JPY, NZD and CNY. You can top up or transfer money into any of these balances.
2. You Receive Money in the Same Currency
If someone sends you USD, it stays as USD in your account rather than automatically converting into SGD. This helps you avoid unwanted exchange fees, especially if you plan to use that currency later. The payment received remains in USD until you decide to convert it.
3. You Send Payments in the Currency You Choose
You can pay overseas suppliers, freelancers, or family in the exact currency they need. Since you already hold that currency, you skip repeated conversion charges and reduce the total cost of international transfers.
Note: Not all multi-currency accounts allow you to send and receive every currency you can hold, so it is best to confirm the details with the provider.
4. You Convert When Rates Are Better
You can exchange currencies within your account whenever you choose. This flexibility lets you wait for a more favourable rate, helping you manage currency fluctuations and potentially boosting your profit margin when the rate moves in your favour. It gives you greater control over timing and costs compared with standard single-currency accounts.
Research, patience when applying, and keeping in mind efficiency and security are key when navigating Singapore's multi-currency account options.
How long did it take you to open a multi-currency account in Singapore?
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?
Benefits and Considerations of a Multi-Currency Account
Like any financial product, multi-currency accounts come with advantages and considerations. Understanding both helps you decide if it fits your needs.
Benefits
- Lower currency exchange costs - You avoid forced conversions, currency conversion fees, and reduce FX markups.
- Better foreign exchange control and risk management with the ability to time conversions - Many multi-currency providers also offer competitive rates and tools like rate alerts.
- Faster payments - Payments made in the same currency result in quicker settlement times.
- Simplified operations - One account replaces multiple foreign currency accounts, reducing administrative complexity.
Considerations
- Minimum balance requirements – Minimum balance or initial deposit may apply, especially at traditional banks.
- Monthly fees, if any, may be higher than a basic account due to the additional features.
- Interest rate is usually minimal - These accounts are designed for transactions, not serving as a high-yield savings account.
- Eligibility - Requirements for account opening vary by provider
Should You Use a Multi-Currency Account?
Whether a multi-currency account is right for you depends on how often you deal with foreign currencies.
When You Should Use a Multi-Currency AccountA multi-currency account is well-suited if you:
In these situations, a multi-currency account can improve cash flow visibility, reduce costs, and simplify day-to-day financial operations. |
When It Might Not Be Necessary
For infrequent foreign currency needs, alternatives such as travel credit cards, money changers, or online money transfer services may be more practical. Bottom line: If account fees outweigh the benefits for your usage pattern, a multi-currency account may not be the right fit. |
How To Open A Multi-Currency Account
To open a Singapore multi-currency account, you can follow these steps:
1
Selecting a Multi-currency account
Choose a bank or financial institution by comparing total costs, currency coverage, and how you’ll actually use the account, not just headline fees.
In Singapore, traditional banks are known for stability and strong local support, but they often come with higher FX and minimum balances. If your Singapore company has foreign shareholders, opening an account with traditional banks can also be challenging. On the other hand, you have the option of fintech and money service providers, which tend to offer better exchange rates, online onboarding, and more flexibility for cross-border use.
Below are some of the best multi-currency business accounts to consider:
1st Choice
Supports 11 currencies. Built for SMEs and startups operating internationally. Apply 100% online, whether locally or foreign-owned Singapore companies.
2nd
DBS Multi-Currency Business Account
Supports 13 currencies. A full-service bank with branch access. Online onboarding is possible for companies fully owned by Singapore residents.
3rd
OCBC Multi-Currency Business Account
Supports 13 currencies. Suitable for businesses that value traditional banking services and a local presence in ASEAN and Greater China.
Why We Recommend Statrys
Statrys is not a bank, but a purpose-built financial solution for modern, cross-border businesses.
With Statrys, the onboarding is fully online for both locally and foreign-owned Singapore companies, removing long approval timelines and in-person visits. Businesses receive multi-currency accounts in 11 supported currencies, competitive FX rates, local payout capability, international payment capabilities and real-time international payment tracking. There are no minimum balance requirements, no initial deposit, and no monthly fees.
If you’re a foreign entrepreneur in Singapore, check out our article on common banking mistakes foreign entrepreneurs make in Singapore.
2
Preparing Documents
Document requirements vary by provider, so you should check the checklist on the provider’s website. Typically, you will need the following:
- Personal ID: Passport or national ID. In the case of a company, you may need the IDs of all directors and shareholders.
- Proof of address: Utility bill, bank statement, or official document.
- Business Documents: Business registration, articles of incorporation, and details about your operations. For Singapore companies, you will need your ACRA Business Profile.
Ensure that all documents are up to date and clearly legible. Some providers might require these documents to be certified or notarised, especially for international clients.
3
Submitting Documents
Documents are usually submitted through the provider’s application portal. Some providers allow fully online submission, while others may require an in-person appointment.
You may also be asked to complete a questionnaire covering the source of funds, expected transaction activity, and business operations. Requirements vary depending on the provider, account type and business structure.
4
Completing Verification
The account provider will review your submitted information to confirm your identity and business details. As part of this process, they carry out standard checks required to ensure the account is opened for legitimate and lawful use.
During verification, the provider may request additional documents or clarification if any information is incomplete or unclear. In some cases, an interview may also be required and can be completed online or in person, depending on the provider.
5
Activating Your Account
Once approved, you’ll receive your account details and access to online banking. Some accounts may require an initial deposit to activate.
Tip: With non-traditional money service providers, such as Statrys, the fees and minimum deposits are usually significantly lower than traditional banks.
How Much Does It Cost to Get a Multi-Currency Account in Singapore?
It generally costs SGD 0 or SGD 1,000 to SGD 3,000, depending on the provider. While many banks do not charge a formal setup fee, the main cost usually comes from the initial deposit. Traditional banks often require an initial deposit of around SGD 1,000 to SGD 3,000. Businesses may also need to maintain a minimum balance in the same range to avoid monthly account fees, although some banks offer waivers.
Alternatively, fintech providers such as Statrys do not impose initial deposit or minimum balance requirements. With Statrys, opening a multi-currency account in Singapore costs SGD 0.
Other Costs to Consider
Beyond initial deposit and minimum balance requirements, you should review the following fees for each provider, as these costs apply when you use the account and should be factored into the overall cost:
- FX conversion fees
- Transfer fees, including differences between local payment rails and international transfers, as well as per-currency and per-destination pricing
- Monthly or inactivity fees, including any available waivers or volume-based pricing tiers
Open a Singapore Multi-Currency Business Account With Statrys
If you’re looking for a multi-currency account built for cross-border businesses, Statrys offers a simple and flexible option. You can:
- Open an account 100% online
- Hold and transact in 11 major currencies
- Access competitive FX rates
- Send money locally and internationally
- Track your international payment
- Pay no minimum balance, no initial deposit, and no monthly fees
Get started in just a few business days and manage your international payments with greater clarity and control.
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FAQs
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.
