Best multi-currency account in Singapore: Banks and online providers compared

Claire Millard
Ileana Ionescu
Last updated
27 April 2022

Multi-currency accounts can offer a useful way to hold, exchange and spend a range of foreign currencies, making it more convenient to travel, send payments overseas, and shop with international retailers. In Singapore you can get a multi-currency account from either traditional banks or specialist online providers - and if you pick the right one you might find you save time and money when you transact internationally.

If you’re considering getting a multi-currency account it helps to know that the features and fees offered by different providers can vary significantly. Use this guide to compare some top Singapore multi-currency accounts, and get a full review including account options, costs and how to get started.

Receive in up to 10 currencies

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Can a multi-currency account be opened in Singapore?

As a globally connected country, it’s no surprise that many of the major banks in Singapore offer multi-currency accounts. In fact, some of the most popular accounts from some big traditional banks here offer multi-currency functionality alongside ways to manage and spend your Singapore dollars.

However, while a multi-currency account with your normal bank might be an easy option, these accounts don't always come with the best exchange rates or cheapest fees. There may also be limits on the ways you can use your multi-currency account, and high minimum balance requirements to avoid monthly fees. We’ll cover more in this full Singapore multi-currency account review to help you pick between some top accounts from regular banks, and some online specialist alternatives.

What are the advantages of a multi-currency account in Singapore?

Multi-currency accounts are available for both individual and business customers, and come with a range of advantages.

As a personal customer, you might want a multi-currency account to hold foreign currency balances for easy spending when you travel, to pay bills overseas, or shop online with retailers based elsewhere. You’ll be able to hold balances in a range of currencies which means you can buy foreign currency when the rates look good, to hold for future needs - and you should be able to cut the costs of foreign transaction fees, too.

Business customers may benefit from multi-currency accounts when paying or getting paid from abroad. Use your multi-currency account to get paid in a range of currencies by clients, through marketplaces like Amazon or PSPs like Stripe. Receive your balance to your account in the currency your customers prefer, then switch to the currency you need when the time’s right. You’ll also be able to use your multi-currency account to pay suppliers, contractors and staff based overseas, often with less hassle and lower overall fees.

Open A Wise Multi Currency Account
Open A Revolut Account

Best multi-currency accounts

The best multi-currency account for you will depend on how you expect to use your account, and your personal preferences. We’ll profile a few here, covering major Singapore banks and online alternatives, to help you decide which may suit your needs.




Debit card

Other features


Personal and business customers

  • Personal accounts are free to open, with no monthly charges

  • One time 54 SGD payment for business account - no ongoing fees


  • Multi-currency account to manage 54 currencies

  • Local account details for 10 currencies

  • Send payments to 80+ countries 


Personal customers only

Business accounts not available

  • Standard personal accounts are free or upgrade to a fee paid plan for up to 19.99 SGD/month


  • Accounts available in 28 fiat currencies

  • Some fee free transactions available based on account tier


My Account is the key DBS multi-currency account for personal customers

Institutional customers can choose a range of multi-currency business accounts

  • No monthly fees for My Account personal customers who enrol in digital statements

  • Fees for business customers vary based on account type


  • 13 currencies available for personal customers


Personal customers can choose from multi-currency accounts including the Global Currency Account and the Mighty FX account

Institutional customers can choose a range of multi-currency business accounts

  • Global Currency Account has a minimum balance to avoid the fall below fee - but the Mighty FX Account doesn’t have a minimum balance to worry about

  • Fees for business customers vary based on account type


  • Up to 11 foreign currencies available for personal customers, depending on the account you pick


Range of account options for individuals and businesses - Global Savings Account is a popular personal account choice.

  • Global Savings Account a 5,000 USD or currency equivalent minimum balance to earn interest

  • Fees for business customers vary based on account type


  • 8 currencies available in Global Savings Account


The Wise multi-currency account for individual and business customers offers a good balance of flexibility and low fees, with 50+ available currencies and local bank details to get paid from 30+ countries. Wise services are delivered through their app and desktop site - and you’ll get a linked international debit card for spending and withdrawals around the world.

One of the key features of Wise accounts is that you can exchange currencies using the mid-market exchange rate with no markup. You’ll pay a low, transparent fee for transactions, but there are no ongoing costs to worry about - and no minimum balance to force you to lock away funds unnecessarily.

Fees: No fee to open a personal account, 54 SGD one-off fee to open a business account. No monthly fee for either personal or business accounts

Currency conversion: Hold and convert 54 currencies with the mid-market exchange rate

Other notable features: Receive payments like a local from 30 countries, send money to 80+ countries, spend with your linked debit card in 200+ countries.

Open A Wise Multi Currency Account


Revolut is a financial technology company with 3 different multi-currency accounts available for SIngapore customers. You’ll be able to choose a fee free account, or pay up to 19.99 SGD a month to unlock a bigger range of features and access higher fee free transactions limits if you use your account often.

Revolut accounts can hold 28 currencies, but also offer some helpful extras like Junior accounts for kids, budgeting tools, and ways to save and invest in commodities. At the moment, Revolut accounts are only available to personal customers in Singapore - no business account options are offered as yet.

Fees: Standard accounts are free. Fee paid places cost up to 19.99 SGD/month

Currency conversion: 28 fiat currencies available

Other notable features: Broad range of account services including budgeting tools, savings and investments

Open A Revolut Account


As the largest bank in Singapore and the broader Southeast Asia region, it’ll come as no surprise that DBS has a great range of foreign and multi-currency account options. For individuals, the flagship My Account is an extremely popular choice, with 13 variable currencies and a flexible suite of banking services to connect to your account.

You’ll be able to hold and exchange currencies within the account, at the prevailing DBS exchange rate - and then use your foreign currency balance to make payments or spend with a linked DBS debit card. Like most major banks, DBS is likely to include a markup on the exchange rate made available to customers - so it’s worth comparing the rates offered against other providers whenever you need to switch between currencies.

Fees: No monthly fees for digital account services, 2 SGD/month charge if you opt for paper statements

Currency conversion: 13 currencies available

Other notable features: Customise your account to include up to 150 banking features


Both individual and business customers can choose from a range of multi-currency accounts from UOB. For individuals, the Global Currency Account is a popular pick which is available to foreigners and eligible non-residents, as well as Singaporean citizens, PRs and pass holders. This account lets you hold 10 currencies, with a fall below fee based on the currencies involved to avoid a monthly fee.

There’s also the Mighty FX Account which covers 11 currencies, and is recommended for people who travel, shop internationally online, study abroad, or invest in foreign currencies. This account has no minimum deposit which can be handy for occasional use.

Fees: Minimum balance set by currency on the Global Currency Account - otherwise you’ll pay a fall below fee

Currency conversion: 10 currencies available on the Global Currency Account, 11 in the Mighty FX Account

Other notable features: Global Currency Account lets you pay in foreign currency cheques


If you want an interest bearing multi-currency account, the Global Savings Account from OCBC might be right for you. You’ll be able to hold 8 currencies, and can link a debit card for easy spending and withdrawals. Interest is paid based on the currency you hold, and the account balance, with a minimum initial deposit of around 5,000 USD. You’ll need to maintain at least this minimum balance to get interest on your funds.

Fees: Minimum balance of 5,000 USD or currency equivalent

Currency conversion: 8 currencies available

Other notable features: Interest paying, with staged interest based on the currency and account balance

How to open a multi-currency account in Singapore

Opening a Singapore multi-currency account might be as simple as downloading an app and uploading images of your ID for verification - or you might need to call into a physical branch location to get started. It really all depends on the provider you pick.

If you choose an online multi-currency account provider you can be sure you’ll be able to get your account up and running without needing to visit a branch. Traditional banks have varied approaches - if you’re already a customer of the particular bank it’s usually easy to add a multi-currency account to your portfolio; and if you have Singpass you may also be able to apply online through Myinfo. If you’re not a Singapore citizen or PR the chances of needing to go into a branch to apply for your account are higher.

You’ll almost always need to complete a verification step to get your account set up - whether that takes place online or in person. In most cases the documents needed include:

  • NRIC for Singapore citizens and PRs

  • Passport and valid pass for foreigners

  • Proof of address such as a phone bill, half yearly CPF statement or a bank statement

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There are plenty of reasons why a multi-currency account can come in handy. And the good news is that finding a multi-currency account in Singapore won’t prove a problem.

Before you pick a provider, make sure you consider what’s important to you - features, fees and flexibility varies significantly across account types. While traditional banks offer multi-currency account options with an in person service available, they often have fewer available currencies, and a less favourable exchange rate. Online alternatives won’t let you deposit cash or cheques to your account - but can come with more available currencies and lower overall fees.

Use this guide to help you find the perfect multi-currency account for your needs, and start saving right away.

Open A Wise Account
Open A Revolut Account


Can I open a multi-currency account in Singapore?

Multi-currency accounts are available in Singapore from either an online specialist provider or a traditional bank. The accounts available, as well as the features and fees - vary widely between different providers, so it’s worth comparing a few before you get started.

How much does it cost to open a multi-currency account?

It’s usually free to open a multi-currency account, either with a regular bank or online provider. However, most traditional banks have minimum opening deposit requirements, and may need you to hold a fixed amount in the account to avoid fall below fees.