Best AUD account in Singapore 2024
If you send or receive payments in Australian dollars, or travel there often, having an AUD account can be a real help, cutting costs and making transacting even easier. You’ll be able to hold an AUD balance, send money to cover bills in Australia, and in some cases, receive AUD payments or spend with a linked debit card when you travel.
Opening an AUD account is possible if you live in Singapore. However, some of the accounts from Singapore banks are fairly limited as they’re intended for people investing and saving, rather than for everyday use. If you want a more flexible option you may prefer an alternative non-bank provider like Wise.
This guide walks through some of the best AUD accounts in Singapore, how to open one, and what it might cost you.
Can an AUD account be opened in Singapore?
Yes. You can open an AUD account in Singapore with several global or regional banks, as well as specialist online providers. The account types - including features, fees and eligibility - vary widely, so you’ll need to do some research to find the right one for you.
It’s worth noting that some AUD accounts can only hold and transact in Australian dollars, while multi-currency accounts often offer dozens of currency options as well as AUD. That can save you time and money if you travel often or need to hold, send or spend in several currencies.
What are the advantages of an AUD account in Singapore?
Having an Australian dollar account lets you hold a balance in AUD, so you can save, invest, or spend conveniently. Some accounts give you local account details so you can receive AUD payments to your account - handy if someone in Australia will be sending you money. Other accounts give you a debit card you can use to spend and make cash withdrawals - including when you shop online with Australian retailers.
One of the best things about having an AUD account is that you won’t need to convert a payment in AUD back to SGD if you don’t want to. Simply hold your money as a balance and exchange when you spot a good exchange rate, or keep it until the next time you need to spend in AUD.
AUD account details
If you need to receive payments to your account in AUD, it helps to have local account details you can give to the person sending you money. They can then send you the transfer using a local transfer method, which is often cheap or free for the sender. One good example here is Wise. Wise offers AUD account details, with no fee to receive a payment in AUD to be deposited to your Wise account.
You can open a Wise account and set up an AUD currency balance in just a few steps:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account
Follow the prompts to enter your personal details
Upload your ID documents for verification, or use Singpass for an easier experience
Once your account is verified, tap Open in the app homepage
Select Currency Balance and tap AUD to open your AUD account
Top up your balance, complete any required security step, and start transacting
Then once you have your account up and running you can just log into the Wise app, tap Open in the app homepage, and select your AUD Currency Balance. You can then tap the Show Account Details button and get your AUD details to pass on to the person sending you money
Best AUD accounts
The best AUD account for you will depend on your specific needs and the sort of transactions you’ll want to make. Let’s start with an overview of the availability, features and fees of some of the most popular options from non-bank specialist providers, local and global banks.
Provider | Availability | Fees | Debit card | Other features |
---|---|---|---|---|
Wise | Personal and business customers in Singapore, and many other countries | No opening or monthly fees Currency conversion from 0.33% Free to spend AUD if you hold enough balance | Available | Multi-currency account to manage 40+ currencies Local account details to receive foreign currencies conveniently |
Revolut | Personal and business customers in Singapore, and many other countries | 0 SGD - 19.99 SGD/month fees 0.5% fair usage fee on currency exchange exceeding plan limit 1% out of hours currency exchange fee | Available | Higher tier accounts get extras like lounge access Accounts for children available |
UOB Global Currency Account | Personal customers in Singapore | 17 AUD monthly fee, waived with a daily balance of 1,700 AUD 5 SGD incoming payment fee Transfer fees apply, which vary depending on destination | Not available | 10 supported currencies Interest bearing account options available |
OCBC Global Savings Account | Singapore residents | 3.25% foreign transaction fee to spend a currency you don’t hold in your account | Available | 10 currencies supported Lock in FX rates with auto-execute tools |
Wise
Wise multi-currency accounts can be used to hold, send and spend Australian dollars as well as 40+ additional currencies. They also come with local account details for AUD and select other currencies including SGD, GBP, USD and NZD, so you can receive payments conveniently.
You can get a linked Wise physical or virtual debit card to spend and make ATM withdrawals at home and abroad. All currency conversion uses the mid-market exchange rate with low, transparent fees.
Wise fees: No fee to open a personal account, no ongoing fees, 8.5 SGD to get a card
Supported currencies: 40+ including AUD
Wise exchange rates: Mid-market rate
Receiving payments: Get paid with local details in AUD, SGD and select other currencies; options to be paid through SWIFT are also available
Other notable features: Send to 160+ countries, spend with your card in 150+ countries, convert currencies instantly in your account or use the card auto convert function
Revolut
Revolut Singapore customers can choose from a range of 3 account plans which can all support 30+ currencies for holding and exchange, including AUD. Revolut standard accounts have no ongoing fees - or you can choose to upgrade to a plan with monthly charges of up to 19.99 SGD to unlock extra features and benefits. All account types come with a linked Revolut debit card for easy spending and cash withdrawals.
Revolut weekday currency exchange uses the Revolut rate with no additional fee, up to your plan’s specific limit. After this, fair usage charges of 0.5% apply. Out of hours exchange fees apply to all account tiers.
Revolut fees: 0 SGD - 19.99 SGD/month fees, 0.5% fair usage fee on currency exchange exceeding plan limit, 1% out of hours currency exchange fee
Supported currencies: 30+ including AUD
Revolut exchange rates: Revolut accounts offer some exchange which uses the Revolut rate with no extra fees, to set plan limits - fair usage fees apply after this
Receiving payments: Receive funds in select currencies with SWIFT details
Other notable features: Pick from 3 different account plans, top tier accounts also get extras like travel perks
UOB Global Currency Account
UOB offers a Global Currency Account in 10 currencies including AUD. This account is aimed at people who want to convert from SGD to AUD, to pay bills or send money to Australia. There’s no card, so the primary use would be to convert SGD to AUD and hold a balance ready to make future payments, to save, or to invest.
Monthly fees apply if you do not hold a high enough daily balance.
UOB fees: 17 AUD monthly fee, waived if you retain a balance of 1,700 AUD - other fees for making transfers in and out may also apply
Supported currencies: 10 currencies including AUD
UOB exchange rates: UOB exchange rates apply, which may include a markup
Receiving payments: Transfer money in from your SGD account
Other notable features: No debit card - this account is intended mainly for paying overseas bills
OCBC Global Savings Account
OCBC has a Global Savings Account which supports 10 currencies and has a linked debit card for convenient spending and withdrawals. You’ll need to deposit 5,000 AUD to open your account, but as long as you retain this balance you may earn interest. Some other fees apply - such as a foreign transaction fee if you spend an unsupported currency, or if you don’t have enough balance of a particular currency to cover the costs of a purchase.
OCBC fees: No monthly fees, no fee to spend a currency you hold, but 3.25% foreign transaction fee on unsupported currencies or when you don’t have enough balance to cover a transaction
Supported currencies: 10 currencies including AUD
OCBC exchange rates: OCBC rates apply, which may include a markup
Receiving payments: Not specified
Other notable features: interest bearing as long as you retain 5,000 AUD or more
How to open an AUD account in Singapore
The process to open an AUD account will depend a lot on the exact account you pick, as different banks and non-bank providers have their own application processes. Digital first providers like Wise have an application you can complete with just your phone, while banks can often ask you to call them or visit a branch to set up your account.
The steps you’ll usually need are likely to include:
Choose the best provider for your needs
Check you meet any eligibility criteria
Register for your account online, through the provider app, or in a branch location
Give your personal, business and contact information
Complete the required verification steps
Fund your account - and you’re ready to go
All banks and non-bank alternative providers ask for documents to complete legally required verification steps before your account will be opened. This means you’ll normally be asked for:
Government issued photo ID to prove your identity
Proof of address - a utility bill or bank statement in your name for example
In some cases, when you open a digital account, you’ll be able to use Singpass to automate much of the application process, making everything far easier.
AUD account with debit card
Some of the AUD accounts from banks in Singapore are aimed at people who want to invest or save - which is likely to mean they don’t offer a debit card. If you want to spend online or in person in AUD, or to make ATM withdrawals when you travel, choosing an account with a linked debit card is an advantage. Here are a couple of options to consider:
Wise AUD account: Open your account and order a card for a one time 8.5 SGD fee, it’s then free to spend a currency you hold in your account, with some ATM withdrawals free monthly before low, transparent fees begin
Revolut: All accounts have a debit card, which offers some no fee ATM use to plan limits, with a 2% fee after that - there’s no fee to order a card, but account maintenance fees apply on some account tiers
OCBC Global Savings Account: Link your existing OCBC debit card, or order a new one, to spend from your AUD account in Australia, with no extra fees as long as you hold enough balance
Conclusion: AUD accounts in Singapore
If you need to receive payments in Australian dollars, send international AUD transfers, or spend often overseas, an AUD account can help you cut costs. AUD and multi-currency accounts are useful for individuals who love to travel or who live, study or work abroad, as well as people saving or investing in foreign currencies..
There are lots of different options for an AUD account - including accounts which only offer Australian dollars and others which allow you to hold and exchange 40 or more currencies. Finding the right one for you will simply be a question of your personal requirements and preferences. Use this guide to the best AUD accounts in Singapore to start your research and find the perfect match for your specific needs.
FAQ
Yes. Get your AUD account from a bank, or a specialist online service. Different providers offer accounts with different features and fees - eligibility requirements may apply. Banks often focus on people who want to invest and save, while non-bank alternatives like Wise are useful for day to day spending.
There’s a broad range of costs involved with opening and operating an AUD account. Some can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees and strict eligibility requirements. Compare a few to find the right one for you.