Expand your business beyond Singapore with multi-currency accounts
Planning to take your local business global? A multi-currency account is a must-have when it comes to transacting across borders.
The business benefits of a multi-currency account
Unlike a standard bank account that only supports SGD, a multi-currency account makes it simple to hold and manage multiple currencies within a single account. Multi-currency accounts come with favourable exchange rates, enabling you to save on currency conversion fees. As your business grows and handles a rising volume of international transactions, these cost savings can quickly add up. Having a multi-currency account takes the fuss out of doing business internationally, too. You won’t need to use multiple accounts to transact in different currencies – you can easily receive payments in foreign currencies, transfer funds across borders, and make international purchases all in one place.
Multi-currency accounts in Singapore: Which is best for you?
If you’re a small business that’s just starting out, not all multi-currency accounts will be a good fit for your needs. Look for an account that offers flexible requirements and low, transparent fees. To help you choose the right business account, here’s a quick comparison of some of Singapore’s top multi-currency accounts:
| Feature | ANEXT Business Account | DBS Business Multi-Currency Account | OCBC Multi-Currency Business Account | UOB Corporate Global Currency Account | Wise Business Account | Airwallex Business Account | Aspire Business Account |
|---|---|---|---|---|---|---|---|
| Initial deposit | None | S$3,000 | None | US$1,000 | None | None | None |
| Account opening or setup fee | Free | Free | Free | Free for local companies | Free | Free | Free |
| Account fee | None | S$50 annually | S$10 monthly | S$35 annually | None | None | None |
| Minimum account balance | None | S$10,000 | None | US$8,000 | None | None | None |
| Fall-below fee | None | S$40 | None | US$28 | None | None | None |
| Transaction fees | Free local SGD transfers Free inward telegraphic transfers Flat fee from S$15 for outward telegraphic transfers, regardless of transfer amount | 50 free FAST and 50 free GIRO transactions per month S$30 flat fee for outward telegraphic transfers + agent fees if applicable | S$10 for inward telegraphic transfers S$30 for outward telegraphic transfers + agent fees if applicable | 1/8% commission (max. S$100) + agent charges for manual submissions of outward remittance 1/16% commission (max. S$100) + agent charges for outward remittance via online banking | From 0.33% for outward transfers Free SWIFT inward transfers in certain currencies S$54 to get account details for 22 currencies | Free local transfers S$20-35 for SWIFT transfers | Free local transfers From US$8 for SWIFT transfers |
ANEXT Business Account
Designed for growing SMEs, the ANEXT Business Account offers maximum flexibility – no setup fee, annual fee, or minimum balance to maintain. Account holders can send payments and enjoy free local transfers.
DBS Business Multi-Currency Account
This DBS account enables you to hold and transact in 13 global currencies. Companies incorporated for less than three years can apply for the Starter Bundle to waive monthly service charges.
OCBC Multi-Currency Business Account
The OCBC Multi-Currency Business Account supports trade in up to 13 major currencies. It also offers a relatively low barrier to entry, with no initial deposit or minimum balance required.
UOB Corporate Global Currency Account
This UOB account allows you to hold funds in 10 supported currencies – but keep in mind that a minimum average daily balance applies. Depending on your chosen currency, you may face a monthly fall-below fee or service fee.
Wise Business Account
A fintech firm that specialises in global money transfers, Wise enables businesses to hold funds in over 40 currencies and make payments in more than 70 countries. You can also get local account details in 9 currencies to receive payments faster.
Airwallex Business Account
Another fintech company with cross-border payment solutions, Airwallex helps you pay and get paid in over 60 currencies. It also offers integrations to simplify your transactions, including payment plugins and expense management.
Aspire Business Account
Dubbing itself an all-in-one finance software for startups and SMEs, Aspire aims to help businesses save on FX rates. Account holders can send and receive payments globally in more than 30 currencies.
Disclaimer: All information above is based on publicly available data from DBS, OCBC, UOB, Wise, Airwallex, and Aspire as of August 2024.
Unlock new opportunities with the ANEXT Business Account
As your business takes its first steps beyond Singapore, the right multi-currency account can be your gateway to new markets.
ANEXT Business Account is tailored to support SMEs on this exciting journey, with flexible requirements and affordable cross-border transactions. Scale your business easily with unlimited free inward telegraphic transfers and a flat fee of S$15 for outward telegraphic transfers.
You can open a multi-currency ANEXT Business Account in three quick steps:
1. Kickstart your application with Corppass / Myinfo business
Ensure your business is registered in Singapore, has an active Corppass account, and has up-to-date information on Myinfo business before applying online.
2. Verify your company details
The online application will be pre-filled with your business information. You’ll receive a link via email and SMS to confirm your identity and business account application details.
3. Authorise the application
Appointed company representatives are required to authorise your application to open the account.
