Best AUD account for businesses in Singapore
As soon as you have a Singapore registered business, you’ll need a business account to make it easier to manage your money and maximise your profits. Opening an account which can manage multiple currencies can make it easier to handle your finances when you work with international customers, suppliers or contractors, allowing you to pay and get paid in the currencies you need conveniently.
This guide takes a look at the best AUD business accounts available to Singapore registered business owners, sole traders and freelancers. We’ll include options from banks as well as non-bank alternative providers, to give you a feel for the options which may suit your business needs.
Best AUD accounts for Singapore businesses
| Provider | AUD account | Ongoing fees | Conversion rate | Go to provider |
|---|---|---|---|---|
| Wise Business Account | Available | No fee | From 0.26% | Go to Wise |
| Revolut Account | Available | 0 SGD - 417 SGD/monthly fee | Revolut rate to plan limit, then 0.6% | Go to Revolut |
| OFX Global Currency Account | Available | None | OFX rate which includes a small markup | Go to Wise |
Can a business in Singapore open a AUD business account?
Yes. If you have a business in Singapore, you can open a AUD business account either with a bank or with a non-bank alternative provider. Different providers and banks offer their own account features, fees and benefits, but by shopping around you can find one which will meet your own specific needs. This guide gives you some great ideas to get started with.
Advantages and disadvantages of opening a Australian dollar account for Singapore businesses
| Pros of a Australian dollar account | Cons of a Australian dollar account |
|---|---|
✅ Hold a balance in AUD for future payments ✅ Receive Australian dollar payments to your Singapore business ✅ Send overseas payments to suppliers and contractors easily in AUD ✅ Get a linked debit card to spend and make withdrawals at home and abroad | ❌ Some accounts have annual or monthly fees to pay ❌ Transaction fees are likely to apply, depending on how you use your account ❌ Some providers add a fee to the exchange rate offered when you convert currencies |
How to open a AUD account as a business in Singapore?
The process to open a business account can vary a lot depending on the bank or provider you choose. Banks may offer a digital application and onboarding process, but it’s pretty common to find you need to call the bank directly, or attend an appointment to open your business account and get verified. Digital providers don’t have branches, and so offer a streamlined online and in app application process for all customers.
If you’re opening a business account in AUD with your bank, you’ll want to reach out to them to confirm if you’re able to set everything up online, or if you need to visit in person.
To give an idea of how to open a business account with a fully digital provider, here’s a step by step overview of how to open a Wise Business account:
Download the Wise app, or open the Wise desktop site
Register with your email address, or an Apple, Google or FaceBook account and confirm you want a business account
Follow the prompts to enter your personal and business details
Upload your personal ID and address documents, and the required business paperwork for verification
Pay the one time account opening fee
Once your account is verified, you can order a card, set up currency balances and start transacting
What documents do Canadian based businesses need to open a AUD account?
All banks and non-bank providers will ask you for some documents to confirm your own identity, and to get some more information about your business. However, the exact way that different banks and non-bank alternatives go about this step can vary. Banks may ask you to present original documents in a branch, while digital providers usually accept clear photos of your paperwork which you can send in or upload for convenience.
Here’s a roundup of the paperwork usually needed for a business account - do check with the provider directly before you apply to make sure you have all the relevant details for your unique situation:
| Provider | Documents needed |
|---|---|
| Wise Business Account |
|
| Revolut Account |
|
| OFX Global Currency Account |
|
Australian dollar business account costs
Different banks and providers can offer their own fee structures which do vary a lot. This means it’s important to look carefully at the account fee schedule for any product you’re interested in, before you sign up. For example, some accounts are free to open but have a monthly or annual fee to pay, no matter how often you use your account. Others have a one time opening fee and then only charge for transactions and services you use after that.
As a general rule, using a non-bank provider to open your Australian dollar business account can be cheaper than using a bank. This is because digital services don’t have the overheads that a bank does, allowing them to offer lower costs for their services. Non-bank providers may not offer quite the same breadth of products and services that a bank does - you usually can’t get credit, for example - but they can be a great tool for businesses looking to add international features to their account for a low overall cost.
Expenses breakdown
Here are a few of the key costs to look out for if you decide to open a foreign currency account:
Annual or monthly account fee - if these charges apply, they are due even if you only use your account infrequently, pushing up your overall costs
Currency conversion fee - look out for fees added to the exchange rate used to convert from one currency to another when you send or receive money
Outgoing payment fee - charges to send money to suppliers or staff can be flat fees, percentages, or a mixture of both
Incoming payment fee - it’s common to find a fee applied to receive payments to your account, which may vary between currencies
Card order or annual fee - if your account offers a card there may be a one off or ongoing fee for this
Foreign transaction fee - fees may apply when you use your card to spend in foreign currencies, both at home when you spend online and when you travel for business
ATM fee - look out for costs when you get cash from an ATM at home or overseas
What to watch out for
You’ll need to read the account fee schedule carefully before you sign up to any business account. Ongoing fees can be particularly impactful and eat into your business profits, so make sure you’ve selected an account with a monthly or annual fee which fits your budget and requirements.
Another important cost to look out for sits around currency exchange. If your preferred provider or bank uses fees added into the exchange rates they offer when you convert currencies, this can push up the cost of transacting internationally significantly.
Finally, as you’re looking for an account to use internationally, it’s also worth taking care to find one which has a card with no foreign transaction fee. That can allow you to spend on and offline in foreign currencies with lower costs to your business.
Can I receive AUD from Australia?
Many AUD accounts come with local account information you can use to receive payments in AUD easily. You’ll just need to access your account details and either add them to your invoice, or use them to receive payments from PSPs and marketplace sites for example.
Fees for receiving AUD to your Singapore business account
You may find there’s a fee to receive AUD to your business account. This can vary a lot depending on the bank or provider you pick, so do be sure to read the account terms and conditions carefully so you know what to expect.
Best AUD business account: An overview
Here’s a summary of the account options we’ve looked at in this guide, to give you a feel for which may suit your specific business needs.
Wise Business
Wise Business accounts can hold 40+ currencies including [target-currency-code], with local and SWIFT account details available to get paid in [target-currency-code] and other select currencies. There are no ongoing fees to pay, and currency conversion uses the mid-market rate with low, transparent fees for the services you use.
Foreign Currencies: 40+ currencies supported for holding and exchange
Fees & Exchange Rates: 99 SGD set up fee. Low transaction fees and the mid-market exchange rate
International Transfers: Send to 160+ countries, with fees from 0.26%
Debit Card: Available
Revolut Business
Businesses can choose between several different Revolut account plans, depending on the features and the volume of transactions they’re likely to make. Hold and exchange 25+ currencies including [target-currency-code], plus you can get regular and virtual cards for team members. Currency exchange uses the Revolut rate to the plan limit, with fair usage fees of 0.6% after that.
Foreign Currencies: 25+ currencies supported for holding and exchange
Fees & Exchange Rates: Monthly fees which depend on the plan you pick, Revolut rate to plan limit, then 0.6%. 1% out of hours fee can also apply
International Transfers: Send to 150+ countries. Some no-fee transfers may be offered based on your plan, then 8 SGD per transfer
Debit Card: Available
OFX Business
OFX offers Global Currency Accounts for business customers, designed for people who do business internationally online. Accounts come with ways to get paid locally by clients in a range of currencies, plus simple ways to receive foreign payments from marketplaces and payment gateways. There’s no set up fee and no ongoing fees, and no minimum balance to maintain, with just low markups when you switch between currencies.
Foreign Currencies: 7 currencies supported for holding and exchange
Fees & Exchange Rates: No set up or monthly fees, exchange rate includes a markup
International Transfers: Send globally - no transfer fee, but exchange rate includes a markup
Debit Card: Not available
Can I open a AUD business account online?
Some banks and non-bank providers allow you to open your business account entirely online or in an app, without any need to take time out of your day to visit a branch. This can be a convenient option as you can get started quickly and without leaving home.
Digital providers will always offer the option to open your account online or in app, but some banks still ask you to visit a branch in person. This is even more often required if you have a more complicated business structure or if you’re a new customer.
You’ll be able to find business accounts which are intended for everyday use, as well as some which have more of a focus on saving.
Everyday accounts are more likely to offer a debit card and multi-currency features so you can manage a broad range of transactions all in one place. Accounts with an emphasis on saving may not have a card, and may limit withdrawals - but may also pay interest if you can leave your cash with the bank for a period.
Can I use my AUD business account in Australia?
If your business moves to Australia, you’ll need to check with the bank or provider whether or not you can continue to use your existing account or if you need to switch over to a new one. This can vary. Some banks and providers will let you update your personal and contact information and continue to use your account. Others may insist you close your account if you’re no longer based in a country they serve.
Conclusion - Best Australian dollar account for businesses
You can open your Australian dollar account with a bank or a non-bank provider, to make it easier to manage your business finances across currencies. Different services have their own features and fees. This means you can weigh up a few different options - like those we've featured in this handy guide - to pick the right one for your specific business needs. Remember to compare all the costs and exchange rates available to ensure you get the best deal offered.
Best AUD account for businesses - FAQ
Do I need a Australian dollar account as a sole trader?
You may not be legally obliged to open a Australian dollar business account as a sole trader, but it can be a good idea if you need to send and receive international transfers. Not only can you keep the coast of transacting low, you’ll also find it easier to view and manage your business finances across currencies.
Are Australian dollar accounts for businesses expensive?
The costs of opening Australian dollar accounts for businesses vary enormously, and can include one off, ongoing and service fees. Compare your options using this handy guide to get a feel of the options available before you make your final choice.
What is the best way to pay a AUD invoice?
If you have a Australian dollar account you can pay your invoices from your Australian dollar account balance, just like you’d pay a bill at home. This can be quick, cheap and convenient to do.
What currency does Australia use?
In Australia the Australian dollar is used as the national currency.
Check out our guides on countries around the world:
