Top 5 best multi-currency accounts in Singapore (2024)

Having a multi-currency account can be a fundamental change for international students, frequent travelers, foreign entrepreneurs, and international businesses.

This article covers everything you need to know about multi-currency accounts and the best ones in Singapore, helping you make the right choice based on your unique needs.

1. What Is a multi-currency account?

A multi-currency account allows you to hold, receive, and make payments in multiple currencies under a single account. 

This straightforward way avoids conversion fees, simplify global transactions, and provide greater control over currency management makes it particularly valuable for businesses and frequent travelers.

2. What are the benefits of a multi-currency accounts?

With a multi-currency account, you can get

• Financial flexibility: You can receive/transfer money, make payments and investments (Buy bonds, stocks, or secure best FX rates) in different currencies.
• Lower maintenance fee: You can manage all transactions in one account, avoid having multiple accounts, unfavorable exchange rates. In addition, some banks offer free payment transfers within the bank network
• Easy account management: You can get a dedicated account manager who can support you directly and offer insights you need.

3. Who can benefit from a Singapore multi-currency account?

Multi-currency accounts can benefit both individual users and businesses. Examples are frequent travelers, foreign students, expatriates, e-commerce sellers, exporting-importing businesses.

4. 2 types of multi-currency accounts in Singapore

You can get 2 types of multi currency accounts in Singapore depending on your needs:

Business accounts

These accounts support a wider range of currencies and higher transaction limits, often with specialized features like access to foreign exchange markets. They’re popular among businesses with international dealings or expenses in different currencies.

Personal accounts

Personal multi-currency accounts are substantial for individuals who travel often, make purchases in foreign currencies or receive funds in different currencies. 

Some banks offer benefits, such as straightforward access to unique features (low or no minimum balance and easy online management).

5. Top 5 best multi-Currency accounts in Singapore

Here’s a look at some of the most popular options in Singapore for multi-currency accounts, including both traditional banks and innovative FinTech providers

6. How to set up a multi-currency account?

You can open a bank account in Singapore on your own, but the majority of foreign businesses struggle to do so. 

With the support from our banking expert, we offer a 5-step process to help you open a business multi curency account in Singapore as below:

7. How to manage a Singapore multi-currency account?

7.1. Charges and Reccurring fees

Managing the right multi-currency account involves evaluating several factors. One important factors are charges and recurring fee. Those charges and fees can be

• Annual account maintenance fee;
• Currency conversion fee;
• ATM withdrawal fee;
• Online transfer, overdraft, wire transfer;
• Fall below fee if the account balance is low than the minimum requirement.

7.2. High-risk activities

Banks will freeze accounts if they notice unusual transactions, like large deposits or international transfers from unknown sources, as a precaution against fraud. 

Solution

To prevent this, inform your bank if you’re expecting high activity or significant transactions, and have documentation ready if needed. 

If your financial activities change, consider talking to your bank about adjusting transaction limits. This communication helps keep transactions smooth and avoids interruptions, especially useful for handling multi-currency or international payments effectively.

7.3. Avoid trading with high-risk countries

To avoid account freezes, it’s also crucial not to trade with sanctioned or high-risk countries, like those under international sanctions, as these transactions often trigger banking restrictions. 

Avoid high-risk activities, such as handling enormous sums without obvious sources or sending frequent, high-value transfers to multiple new recipients, as these can raise red flags.

Solution

• Track ransactions: Maintain records of all your transactions, particularly for business accounts, to verify any flagged activity.
• Know your transfer partners: Only transfer funds to verified recipients, and ensure their locations are reputable. You should check the lists of Sanctioned designated Individuals and Entities from the Money Authority of Singapore for information.

8. How can we help you open a multi-currency account in Singapore?

As a recognized partner of Singaporean banks, our expertise lies in simplifying the process and increading your chance opening Singapore bank accounts with success. We ensure a smooth, prompt, and thorough experience for our clients, prioritizing professionalism throughout the entire procedure.

• Recommend the right bank and the right bank account for your need
• Support you in opening a reliable, trusted digital bank account or traditional bank account;
• Prepare necessary documents for account opening;
• Schedule an appointment with a Singapore bank representative;
• Monitor and assist in opening personal bank accounts (physical and digital) for clients in Singapore.

Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you

• Register a company in Singapore;
• Open a corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in Singapore;
• Apply for Singapore business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.

9. FAQs about multi currency accounts in Singapore

With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an  expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries

Our areas of expertise include:

• Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
• Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
• Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
• Opreation support:
• Registered adress;
• Foreign consular legalization;
• Trademark and patent protection registration in Singapore and the US;
• Employment Pass application in Singapore and Hong Kong;
• Website design, international SIM number provision;
• DUNS registration.

With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.

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