Best USD business account in Singapore 2024
Singapore registered business owners and sole traders might benefit from getting a USD business account if they need to receive, send, hold or spend US dollars. This might be the case if you have customers in the US, work with US suppliers, or have an international team based in the US for example.
US dollar business accounts in Singapore can be opened with specialist non-bank providers which work exclusively online or through apps, or from several banks. However, bank USD accounts may not be able to offer the flexibility available from specialist providers like Wise and OFX.
This guide walks through all you need to know including a look at the best US dollar business accounts in Singapore, the costs involved, and how to open one.
Can a USD business account be opened in Singapore?
Yes. Singapore registered business owners - and in some cases, sole traders or freelancers - can get a USD business account in Singapore from banks and specialist providers.
It’s worth knowing that the types of USD accounts available do vary a lot, from some which support USD alongside a lot of other currencies, to others which are USD only and more meant for holding and sending payments. Different account types suit different business needs, but you’ll need to weigh up a few, including features and fees, to see which is best for your specific requirements. This guide is here to help.
What are the advantages of a USD business account in Singapore?
If you transact internationally, a foreign currency or multi-currency account can make life cheaper and more convenient.
Having a dollar account makes it easier to get paid from clients in the US, or from PSPs like Stripe or marketplaces like Amazon. Keep your dollars in your USD account until you need to make a payment yourself in USD, and avoid the costs of converting your funds to pounds and back to USD any more than you need to.
Best USD business accounts
There’s no single best US dollar business account - which means you’ll need to compare a few to find out which would suit you best. We’ve summarised some key features for several options, covering digital providers and banks, with a bit more detail below, to help you start your research.
| Service/Provider | Wise business | OFX business | DBS Business Multi-currency account | OCBC Multi-currency Business account |
|---|---|---|---|---|
| Open account online | Yes - fully online opening and onboarding | Yes - fully online opening and onboarding | Yes if you’re Singaporean or PR | Yes - eligibility rules may apply |
| Foreign currencies | Supports 40+ currencies | Supports 7 currencies | Supports 13 currencies | Supports 13 currencies |
| Account fees | 99 SGD account opening fee Make some free ATM withdrawals monthly, with low fees after that | No ongoing fees | 50 SGD annual fee, plus 40 SGD a month unless you meet minimum balance requirement | 10 SGD/month |
| International transfer fees | Send overseas transfers from 0.33% Receive payments in select currencies for free USD wires cost 6.16 USD to receive 10 CAD fee to receive CAD by SWIFT | Overseas transfers have no fee but may include a foreign exchange markup Incoming transfers are free to receive | 30 SGD flat fee, plus any relevant exchange rate markup 10 SGD incoming transfer fee | 30 SGD flat fee, plus any relevant exchange rate markup 10 SGD incoming transfer fee |
| Business debit cards | Available for account holder and team members | Not available | Available for account holder | Available for account holder |
Wise Business account
Wise business accounts offer support for USD and SGD as well as 40+ other currencies, making them a smart option if you want to send, receive and manage multiple currencies.
Accounts have no minimum balance requirement and no monthly service charge, and when you need to switch between currencies you get the mid-market exchange rate and just a low, transparent fee. You’ll also get business-friendly perks like batch payment solutions and Xero integration.
Best features:
Hold and exchange USD and 40+ currencies
Receive major currencies including SGD and USD with local account details
Spend in 150+ countries with the Wise business debit card
Currency coverage: 40+ including SGD, USD, GBP, EUR
Receiving payments: Get paid with local and SWIFT details in many currencies - incoming USD wires have a 6.11 USD fee
Account fees: One time business account opening fee, currency conversion from 0.33%, some ATM fees once no fee limit is exhausted
Debit card: Available
| Wise Business pros | Wise Business cons |
|---|---|
✅ Powerful international features ✅ Mid-market exchange rates ✅ Transparent fees ✅ Time saving solutions like batch payments and cloud accounting integrations | ❌ No branch network ❌ Variable currency exchange costs |
Eligibility: Available for freelancers and registered business owners in Singapore - if you’re not based in Singapore you may still be able to register a Wise Business account using your local documents wherever your business is based. Apply online or in the Wise app.
OFX Business account
OFX offers a global currency account for small businesses, medium business or online sellers. Accounts support USD among 7 currencies for holding and exchange, and come with local account details to get paid in these currencies conveniently. Send money to contractors, suppliers and staff in many countries around the world, online. To get started, complete the application online and wait for a call back from the OFX service team. Currency risk management products are also available by phone.
Best features:
Receive payments in 7 major currencies including USD and SGD
24/7 phone support as well as online and in app services
Send payments globally with ease and low costs
Currency coverage: 7 currencies offered including USD, SGD, EUR and GBP
Receiving payments: Receive payments in 7 currencies with no fee for transfers using local account details
Account fees: No fees to open or operate account - rates include a small markup
Debit card: Not available
| OFX Business pros | OFX Business cons |
|---|---|
✅No account opening or monthly fee ✅ Hold and receive 7 currencies ✅ 24/7 access to a broker by phone ✅ Large, global and trusted provider | ❌ Exchange rates may include a markup ❌ No debit card |
Eligibility: Available for online sellers registered business owners in Singapore - if you’re not based in Singapore you may still be able to register a OFX Global Currency Account using your local documents wherever your business is based.
DBS Business Multi-currency account
For businesses looking for a USD account, DBS offers its multi-currency account which has either the standard package or a promotional offer for new businesses which only incorporated recently. The standard account has an annual fee, as well as monthly fees unless you maintain a 10,000 SGD in balance. You’ll be able to hold and exchange currencies, make payments, deposit cash through the ATM network or over the counter, and send payments to others.
Best features:
Hold and exchange USD with 12 other currencies
Transact online and using ATMs for free in many cases
Large branch and ATM network when you need it
Currency coverage: 13 currencies supported for holding and exchange
Receiving payments: Not specified
Account fees: 50 SGD annual fee, plus 40 SGD a month unless you meet minimum balance requirement
Debit card: Available
| DBS Business pros | DBS Business cons |
|---|---|
✅Major Singapore bank with large branch and ATM network ✅ Online applications for Singapore citizens and PR ✅ Some local payments are included as part of monthly fee ✅ Monthly fee may be waived with 10,000 SGD balance | ❌ High annual and monthly fees ❌ Over the counter transactions have high fees |
Eligibility: Available to Singapore resident owners of businesses, with online opening offered to citizens and PRs. You’ll need your company’s UEN to apply.
OCBC Multi-Currency Business account
OCBC has a multi-currency account for Singapore registered business owners which allows you to hold and receive USD, as well as 12 other currencies. Account services are offered primarily online and through mobile banking but there are also over the counter services when needed, giving flexibility.
Best features:
Receive and hold 13 currencies in the same account
Branchs services for easy deposit and face to face support
Spend and withdraw with a linked debit card
Currency coverage: 13 currencies supported for holding and exchange
Receiving payments: Receive payments in 13 currencies
Account fees: 10 SGD/monthly fee
Debit card: Available
| OCBC Business pros | OCBC Business cons |
|---|---|
✅Bank online, using your phone or in a branch ✅ No minimum balance requirement ✅ 13 supported currencies ✅ Receive and send transfers easily in 13 currencies | ❌ Monthly fees apply ❌ Incoming and outgoing international transfers have fees |
Eligibility: Owners of Singapore registered businesses only - if you have a foreign business other products are available
How to open a USD business account in Singapore
You may be able to open a USD business account online or through an app - although the easiest option if digital account opening is important to you may be to use a non-bank online specialist like Wise or OFX. Some banks ask customers to call them to talk through the account types available, and you might need to call into a branch to get your account set up.
That said, the steps you’ll usually need to take to open a US dollar business account in Singapore are broadly similar, whichever service you decide on. They can 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
To comply with law, all banks and non-bank providers will have to ask you to complete a verification step before you can use your account freely. This is to stop illegal account use, and to prevent financial crimes like money laundering.
The details and documents you need can vary a bit depending on the account and provider you’re using. Some of the documents needed can be provided using Singpass and Myinfo if you have an account - but you may still be required to manually upload paperwork in some cases. What’s needed does vary but will usually include:
Government issued photo ID to prove your identity
Photo ID for any other ‘beneficial owner’ - anyone who directly or indirectly controls 25% of more of your business
Proof of address - a utility bill or bank statement in your name for example
Your business UEN number if registered in Singapore
Additional business registration documents which can vary based on your entity type
Conclusion
If you need to send or receive USD payments, opening a USD business account might be a simple choice. Use your account to receive money from customers, PSPs and marketplaces in US dollars, and to hold a balance as a hedge against fluctuations in exchange rates.
USD business accounts do have pretty varied features and fees to suit different customer needs. Use this guide to compare the products from a non-bank provider like Wise or OFX, or a bank like DBS or OCBC, and see which suits you better.
FAQ
Yes. Open a US dollar business account from a bank, or a specialist non-bank online service. Different providers offer accounts with different features and fees, and eligibility requirements may apply.
Some US dollar business accounts can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees or a one off fee for opening, followed by transaction charges. Compare a few to find the right one for you.