Best USD account in Singapore 2022
Best USD account in Singapore: Banks and online providers compared
If you live an international lifestyle - like many Singaporean citizens and residents - then opening a USD account might be a smart way to cut unnecessary bank costs, and make it more convenient to manage your money. If you get paid in US dollars, need to pay bills in USD, or even if you just love to shop online with US based stores, a USD account could be an asset.
Several major Singapore banks offer multi-currency accounts which cover US dollars. However, foreign currency accounts from traditional banks tend to be somewhat limited - and can come with some eye watering fees, too. Specialist providers like Wise and Revolut can be a good alternative if you’re looking for a low-cost, flexible way to hold, send and spend USD.
This guide covers all you need to know about the USD accounts available here in Singapore, including how to open one, the fees you’ll pay, and a look at some of the best USD account choices for you.
Can a USD account be opened in Singapore?
Yes. You can open a US dollar account in Singapore with a traditional bank, or you can choose an online specialist service. Account options include USD current and savings accounts, and multi-currency accounts which can hold USD as well as a range of other currencies for convenience.
Account features and fees vary significantly, so you’ll want to do some research to pick the perfect one for you. Specialist services tend to offer more flexible account products which may have low or no monthly fees and no minimum balance. USD accounts from major banks can offer checking services and cash deposits - but can also come with higher fees and more restrictions. Read on to get the lowdown on a few popular options so you can pick the best USD account for your needs.
What are the advantages of a USD account in Singapore?
If you regularly transact in US dollars, having a USD denominated account can help you save time and money.
USD accounts are available from a range of providers, for both personal and business customers. As an individual you might choose to hold a USD balance to cover overseas bills, for travel, or for online shopping with US based retailers. And if you’re a business customer you could use a USD account to get paid online through PSPs like Stripe and marketplace sites like Amazon. In both cases you’ll be able to receive, hold and send USD payments without needing to convert your balance back to SGD. This cuts unnecessary costs and makes it far easier to manage your money across currencies.
Best USD accounts
Let’s take a look at some of the best USD accounts available in Singapore. We’ve compared some top picks from specialist providers against some of the biggest banks in the Singapore market to help you find the right account for you.
|Wise||Personal and business customers||Yes|
Personal customers only
Business accounts not available
My Account is the key DBS USD account for personal customers
Institutional customers can choose a range of USD business accounts
Personal customers can choose from USD accounts including the Global Currency Account
Institutional customers can choose a range of USD business accounts
|OCBC||Range of account options for personal and business customers. USD current account available for personal customers||No|
Open a Wise multi-currency account for yourself or your business, and hold USD as well as 50+ other currencies. Accounts come with a linked international debit card, and local bank details for 10 different currencies including USD, so you can get paid fee-free by local transfer. Switch between currencies whenever you want to, using the real mid-market exchange rate and low, transparent fees.
Wise personal USD accounts are free to open and operate, while business customers will pay a one-time fee of 54 SGD to access all account features. No ongoing charges, no minimum balance and no surprise fees to worry about.
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.
Revolut bills itself as a financial super app, and offers Singapore customers a range of account plans which can all hold and handle USD. At present, accounts are only available to personal customers. Revolut standard accounts are free to open, with no ongoing fees - or you can choose to upgrade to a fee paid plan for up to 19.99 SGD a month to unlock extra features and benefit from higher fee-free transaction limits.
Get a linked Revolut debit card for easy spending and cash withdrawals, and a range of extra features including Junior accounts for kids, and options for budgeting and saving.
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
Learn more about Revolut safety.
The DBS My Account is a popular choice for anyone looking to open a flexible account with a broad range of features including multi-currency functionality. You’ll be able to use your account to hold and handle USD alongside SGD and 11 other foreign currencies. Link your DBS debit card to your account to spend foreign currencies when you travel or shop overseas, and avoid FX fees.
Currency conversion within your DBS My Account uses the prevailing DBS rate which is likely to include a markup.
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
UOB offers a few different USD account options for personal and business customers. For individuals, the Global Currency Account could be a good pick, with 10 foreign currencies including USD on offer. Accounts are available to anyone aged over 21 - but if you’re not a Singapore resident you'll need an introducer to get set up.
The UOB Global Currency Account does have a minimum balance of 1,000 USD to avoid a fall below fee, but has the advantage of accepting foreign currency deposits by cheque. This could be a handy feature if you get paid by cheque from the US.
Fees: Minimum balance of 1,000 USD with a 10 USD/month fall below fee
Currency conversion: 10 currencies available
Other notable features: Deposit funds in a range of ways, including paying in foreign currency cheques
OCBC has a few different USD account types to suit people who want to save or transact on a day to day basis in US dollars. One popular pick for personal customers is the USD current account which can be used to deposit USD cash and comes with a linked chequebook for USD payments. Holding a USD current account means you can keep your day to day spending separate from your USD savings account if you also choose to save in US dollars.
The OCBC USD current account has a minimum balance of 1,000 USD, with a 10 USD fall below fee - but also offers the advantage that you can deposit funds in cash in either Singapore or US dollars.
Fees: Minimum balance of 1,000 USD with a 10 USD/month fall below fee, deposits made in USD cash are subject to a 1% commission in lieu of exchange fee
Currency conversion: Designed to handle USD only
Other notable features: Get a USD chequebook to write your own cheques whenever you need to
How to open a USD account in Singapore
The exact process to open a USD account will vary depending on the provider you select. Online specialists will offer a digital process to sign up and get verified. Traditional banks may also be able to get your account up and running without the need to visit a branch - but some do need you to call into a physical location to show your paperwork for verification.
If you have a Singpass account you’ll often find that you can start the account opening process using Myinfo. This is handy because it means your personal data is automatically filled in on the account application form. However, if you’re not a Singaporean citizen or PR you may still need to present a proof of address document to set up your USD account. Check with your chosen provider so you’ll know what to expect.
If you don’t have Singpass, or you’d prefer to complete the account verification process manually, you’re likely to need to provide documents including:
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
Opening a USD account can be helpful if you need to transact in US dollars regularly - whether that's to pay or get paid in USD, or simply because you love to travel. A USD account will let you receive, hold, send and spend US dollars without needing to convert to and from Singapore dollars every time. This makes transactions faster - and cuts unnecessary costs, too. Pick the right USD account and you could even benefit from low-cost currency conversion which uses the real exchange rate.
Use this guide to help you find the perfect USD account for your needs, and start saving right away.
Yes. You can open a USD account in Singapore with an online specialist provider or a traditional bank. Account products - including the features and fees - vary widely between different providers, so it’s worth comparing a few before you get started.
Many specialist services let you open a USD account for free online, with no minimum balance or service charges to work about. Some traditional banks also have US dollar accounts which waive monthly fees - but many do have a minimum balance which means you need to maintain your account at 1,000 USD or so to avoid fall below fees.