7 Best multi-currency accounts in Singapore

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.

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, including options from banks, and non-bank alternative providers like Wise and Revolut.

What is a multi-currency account?

Multi-currency accounts allow individuals and businesses to hold different currencies in one bank account. Sometimes called a foreign currency account, customers can send, receive, store, and withdraw money without having to open multiple foreign accounts.

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 banks here offer multi-currency functionality alongside ways to manage and spend your Singapore dollars.

However, while a multi-currency account with your 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 banks, and some online specialist alternatives like Wise and Revolut.

What are the benefits 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.

Best multi-currency accounts available

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.

Wise

The Wise multi-currency account for individual and business customers offers a good balance of flexibility and low fees, with 40+ available currencies and local and SWIFT account details to get paid conveniently in select currencies. Wise services are delivered through their app and desktop site - and you’ll be able to 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, 99 SGD one-off fee to open a business account. No monthly fee for either personal or business accounts

Currency conversion: Hold and convert 40+ currencies with the mid-market exchange rate

Other notable features: Receive payments in foreign currencies with local and SWIFT account details, send money to 160+ countries, spend with your linked debit card in 150+ countries.

Revolut

Revolut is a financial technology company with 3 different multi-currency accounts available for Singapore personal customers, and additional plan options for businesses. You’ll be able to choose a Standard account which has no ongoing costs, or pay up to 19.99 SGD a month for a personal Metal account to unlock a bigger range of features and access higher no fee transaction limits if you prefer.

Revolut accounts can hold 30+ currencies, and all account plans come with some weekday currency conversion which uses the Revolut exchange rate with no extra fees.

Fees: Standard accounts have no monthly fees. Fee paid personal plans cost up to 19.99 SGD/month, while business accounts run to 417 SGD/month

Currency conversion: 30+ currencies available

Other notable features: Broad range of account services  with different plan types, ways to receive incoming foreign currency payments, some no-fee ATM use monthly

YouTrip

YouTrip us a travel optimised card and wallet from a popular local provider in Singapore. You can add money to your wallet in SGD and convert to one of 10 currencies for spending. YouTrip has very few fees, although some transaction costs may creep in depending on how you use your account.

Accounts offer physical and virtual cards for spending, and you’ll be able to view and manage your account with nothing more than your phone, using the YouTrip app.

Fees: No account opening fee, no ongoing fees, some free ATM withdrawals before fees begin

Currency conversion: Hold and convert 10 wallet currencies

Other notable features: Some free ATM use monthly with no ongoing fees to pay and no minimum balance

DBS My 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 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. 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: Accounts can be opened by children, although you may need an adult as a joint account holder

UOB Mighty FX

Both individual and business customers can choose from a range of multi-currency accounts from UOB. For individuals, the Mighty FX 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 11 currencies, which you can convert within the UOB app or online banking.

There’s also the Mighty FX Account is recommended by UOB for people who travel, shop internationally online, study abroad, or invest in foreign currencies.

Fees:18.34 SGD annual card fee, which may be waived for 3 years, plus 5 SGD overseas ATM fee

Currency conversion: 11 currencies available on the Mighty FX Account

Other notable features: Other foreign currency account products are available,

OCBC Global Savings Account

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 10 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: 10 currencies available

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

Citibank Global Currency Account

If you’ve got the equivalent of about 10,000 USD to place as an initial opening deposit, the Citibank Global Currency Account might appeal. You can link a Citibank debit card, and because Citi has branches in many countries, you may be able to make free overseas cash withdrawals if you hold the required currency and use a Citi ATM. If you don’t have the currency you need to spend or withdraw, foreign transaction fees apply.

Transfer in foreign currencies, or convert SGD using the Citi exchange rate, which may include a markup.

Fees: No card order fee, Foreign transaction fee up to 2.5%

Currency conversion: Hold 14 currencies

Other notable features: USD checking facilities are available, ways to send payments to others conveniently

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. 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.

Documents required to open a multi-currency account in Singapore.

You’ll almost always need to complete a verification step to get your account set up - whether that takes place online or in person. If you have Singpass you may be able to use this to avoid needing to manually upload all of your documents - but this isn’t always an option, particularly if you’re a foreigner.

In most cases the documents needed for manual verification 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

When is a multi-currency account needed?

Multi-currency accounts could be used for travel, investing, saving or paying overseas bills. They're handy for both individual and business customers, but the features which appeal may vary. Here are a few perks of having a multi-currency account:

• Many accounts can be opened and managed with a smartphone for ease when you travel

• Helpful for holding and exchanging foreign currencies, as an individual or business owner

• Multi-currency accounts often offer preferential exchange rates for conversion, handy when travelling

• Get a linked debit card to spend and withdraw overseas and when shopping online

• Send payments to others with good exchange rates and low fees

How to choose the right multi-currency account for your needs

The right multi-currency account for you will depend on your personal preferences and how you need to transact. Here are a few things to consider:

Currencies: Make sure your chosen account supports all the currencies you’ll use regularly - options like Wise have 40+ currencies for holding and exchange, offering flexibility to most users

Debit card: If you want an account for travel use, it’s worth looking for an option with a broad selection of currencies and a linked card - such as options from non-bank providers like Wise or Revolut.

Fees and charges: Different accounts can have extremely varied fees, including ongoing costs. Picking one which has low fees for the transactions you’ll make frequently, and low or no monthly fees can keep down the amount you need to spend overall.

Security: Make sure your account is offered by a reputable provider, which has strong digital security built in. Check the process if you ever have a problem and need to cancel or freeze your card, for peace of mind

What is the eligibility for a foreign currency account?

In Singapore you can open a multi-currency account with a bank or a non-bank alternative. To be eligible you’ll usually need your government issued ID and a Singapore address - although international providers like Wise and Revolut can also offer accounts to people living in many other countries.

Businesses may pick currency accounts with banks as an add-on to their normal business banking account. Individuals might select banks if they’re saving or investing, but they’re not always the most flexible options.

Non-bank alternative providers offer foreign currency accounts which are chosen by both businesses and individuals, offering flexibility, low fees and convenience

Are multi-currency accounts safe?

You’ll need to make sure that the multi-currency account you choose is properly licensed and regulated. Account providers and banks also have their own security measures for when you’re transacting online including 2-factor authentication, and secure encrypted data storage.

All of the accounts we feature on Exiap are considered safe to use - but reading up about the specific security measures in place at any one you may select will give you peace of mind.

Conclusion

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 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.