How to open a euro bank account from Singapore (2026)

Key takeaways:

• Opening a euro account at a traditional European bank from Singapore is difficult and often requires local business registration, an in-person visit, and weeks of processing time.

• Singapore-registered businesses can open a EUR account online through a multi-currency fintech platform, typically within a few working days.

• Airwallex lets Singapore businesses open a EUR Global Account online, with a local European International Bank Account Number (IBAN) and competitive FX rates that save you up to 80% on FX fees.

If your business works with European clients or suppliers, you'll eventually need a euro bank account.

Sending and receiving euros through a standard Singapore business account can be expensive. Currency conversion fees, SWIFT charges, and slower international transfers can all add to the cost of doing business.

The right euro account can help reduce these costs while making it easier to get paid and pay suppliers in euros. 

This guide explains what a euro bank account is, when your business might need one, and how to open a EUR account from Singapore.

What is a euro bank account?

A euro bank account is an account that lets you hold, send, and receive money in euros (€).

It comes with a European International Bank Account Number (IBAN) and a Bank Identifier Code (BIC), which are the details your clients or suppliers need to pay you via SEPA: the Single Euro Payments Area, the payment network used across Europe for euro transfers.

There are two types of euro accounts worth knowing about: a traditional account vs a EUR Global Account. Here’s a quick overview:

A traditional account with a European bank is a local business bank account based in an EU member state, like Deutsche Bank in Germany or BNP Paribas in France. These work like any other business bank account, but they are designed for businesses operating within Europe.

Your other option is a EUR Global Account with a multi-currency platform. This gives you a European IBAN and lets you send and receive euros via SEPA, without needing a physical presence in Europe or an account with a European bank.

For Singapore-registered businesses, a EUR Global Account is usually the more practical option. Airwallex Global Accounts let you open local currency accounts, including EUR, without setting up a European entity. Learn more about Global Accounts or sign up today.

Why Singapore businesses need a euro account

Singapore's trade relationship with Europe is substantial and growing. If your business sells to European customers, buys from European suppliers, or is expanding into the EU market, how you handle euros has a direct impact on your margins.

Here is where the costs hit hardest when you transact in euros through a standard Singapore bank account:

Conversion fees on every transaction

Every time you send or receive euros, your bank converts the amount at its own exchange rate, which includes a markup on top of the interbank rate.

For businesses making regular international payments, this markup is often the biggest cost, not the transfer fee itself.

Slow settlement

SWIFT transfers (the default for international payments) can take up to five business days to arrive.¹ If you are paying suppliers on tight timelines or managing cash flow across multiple markets, that delay creates real operational friction.

Inability to hold euros

Without a euro account, any euros you receive are converted to Singapore dollars immediately. That means you cannot hold a balance to pay European suppliers directly, and you are exposed to exchange rate movements every time you transact.

Marketplace requirements

If you sell on European platforms such as Amazon.de, many require local bank account details to set up a seller account. A Singapore bank account will not qualify.

A euro account removes all of these friction points. You receive euros directly, hold a balance, and pay out in euros when needed, without converting back and forth.

Can you open a traditional European bank account from Singapore?

Opening an account with a European bank is possible in theory, but for most Singapore-registered businesses it is not a practical path. Here’s why:

Registration requirements

Most European banks require your business to be registered in an EU member state before they will consider your application. If your company is incorporated in Singapore, many banks will turn you away at the first step.

In-person visits

Even where banks accept applications from foreign-registered businesses, they often require at least one director to visit a branch in person to present documents.

For a Singapore business owner, that means booking a trip to Europe, adding cost and delay before your account is even approved.

Slow processing times

Traditional European bank applications for foreign businesses involve detailed Know Your Customer (KYC) checks. Processing can take several weeks, with no guarantee of approval at the end.

Ongoing fees and restrictions

Once open, European business bank accounts often carry monthly maintenance fees regardless of how much you use the account. Many are single-currency accounts, meaning you would still need to convert euros back to Singapore dollars separately.

When a traditional European bank account does make sense

If your business is registered in an EU member state, or you are planning to set up a local entity there, a traditional European bank account has genuine advantages: it makes filing VAT, paying local taxes, and accessing business loans straightforward.

For most Singapore businesses, though, the registration requirement alone rules it out. If what you need is a way to send, receive, and hold euros, a EUR Global Account is a faster and more accessible option.

How to open a euro account from Singapore

For Singapore-registered businesses, the practical alternative to a traditional European bank account is a EUR Global Account with a multi-currency platform. You get a real European IBAN and BIC, can send and receive euros via SEPA, and the entire process happens online.

Here’s how to open one with Airwallex:

Step 1: Create your Airwallex account online

Go to the Airwallex website and sign up for a business account. There is no account opening fee, no minimum deposit, and no branch visit required. The Explore plan is free to use.

Step 2: Upload your business documents

You will need to submit:

• Your ACRA BizFile (Business Profile)

• NRIC or passport copies for all directors and beneficial owners

• Proof of address for directors and beneficial owners

• Basic information about your business activities

Depending on your ownership structure, Airwallex may also request an ownership structure chart, authorisation letter, or source of wealth documentation.

Step 3: Complete KYC verification

Airwallex reviews your documents and runs standard compliance checks. For straightforward company structures with complete documentation, approval typically takes a few business days.

Step 4: Activate your EUR Global Account

Once your account is approved, log in to your dashboard and open a EUR Global Account. This takes a few clicks. You will receive a dedicated European IBAN and BIC in your company name.

Step 5: Start transacting in euros

Share your IBAN and BIC with European clients or suppliers. Payments sent to your account arrive via SEPA. You can hold the balance in euros, convert to Singapore dollars when you choose, or pay European suppliers directly from your EUR balance.

What to prepare before you apply

Having your documents ready before you start speeds up the process significantly. Make sure you have:

• A valid ACRA Business Profile (BizFile)

• Passport or NRIC for each director and Ultimate Beneficial Owner (UBO)

• A clear description of your business activities and the markets you operate in

Note that Airwallex is a business-only platform. All accounts require a registered company; personal accounts are not available. Businesses in restricted industries such as gambling, weapons-related trade, or unlicensed financial services are not eligible.

What to look for in a euro account for your Singapore business

Not all euro accounts work the same way. Before you open one, it is worth checking a few things that will have a real impact on your day-to-day costs and operations.

Local IBAN and SEPA support

A euro account is only useful if your European clients and suppliers can pay you like a local. Check that the account gives you a named European IBAN and supports SEPA transfers, not just SWIFT.

SEPA payments are faster, cheaper, and what most European businesses use by default.

FX transparency

When you convert euros to Singapore dollars, the cost is usually in the exchange rate markup, not just the transfer fee. Look for a provider that shows you the full rate (interbank rate plus markup) before you confirm a conversion.

Airwallex’s rates are competitively priced at 0.4% to 0.6% above interbank, saving you up to 80% on FX fees as compared to traditional banks.

Account and transfer fees

Some providers charge a monthly account fee, a fee to receive incoming SEPA payments, or a flat fee per outgoing transfer. Others charge nothing for local rail transfers. Check the full fee schedule before you sign up, not just the headline rate.

Multi-currency support

If you deal with currencies beyond euros, it’s worth opening an account that lets you hold and manage multiple currencies in one place. That way, you’re not juggling separate accounts for each currency your business uses.

Onboarding and eligibility

Confirm the provider accepts Singapore-registered businesses and can onboard you fully online. Some platforms have restrictions on certain industries, so check the eligibility criteria before you start an application.

Accounting integrations

If your business uses Xero, QuickBooks, or NetSuite, look for a euro account that connects directly. Automatic reconciliation saves your finance team significant time each month.

Airwallex meets all of the above criteria. You get a named European IBAN with SEPA support, competitive FX rates,  multi-currency balances across 20+ currencies, full online onboarding for Singapore-registered businesses, and native integrations with Xero, QuickBooks, and NetSuite. The next section covers exactly how it works.

Send and receive euros easily with Airwallex

Airwallex is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution.

Our EUR Global Account gives Singapore businesses a European IBAN and BIC, so European clients and suppliers can pay you via SEPA exactly as they would pay any local European business. Here’s how it works:

• Your euro balance sits in your Airwallex multi-currency wallet alongside 20+ other currencies.

• You decide when to convert: if you have upcoming payments to European suppliers, you can hold euros and pay them out directly, skipping two rounds of FX fees.

• When you do convert, Airwallex charges 0.4% above the interbank rate for EUR, saving you up to 80% on FX fees compared to traditional banks.

• Outgoing euro payments sent via SEPA carry no transfer fee.

• The Explore plan has no account opening fee, no monthly fee, and no minimum balance requirement.

Frequently asked questions

Can I open a euro bank account in Singapore without a European address?

Yes. You do not need a European address to open a euro account from Singapore. Multi-currency platforms like Airwallex give Singapore-registered businesses a European IBAN and BIC without any requirement for a local European address or entity.

What documents do I need to open a EUR business account from Singapore?

You will typically need your ACRA BizFile, NRIC or passport copies for all directors and beneficial owners, and proof of business activity such as invoices or contracts. The exact requirements vary by provider, so check before you apply.

How long does it take to open a euro account from Singapore?

With a multi-currency platform, approval typically takes one to three business days for Singapore-registered businesses with straightforward structures and documents ready. Opening an account with a traditional European bank takes considerably longer and is often not possible without local registration.

What is SEPA and can Singapore businesses use it?

SEPA stands for Single Euro Payments Area. It is the payment network used across Europe for fast, low-cost euro transfers. Singapore businesses that hold a EUR Global Account with a European IBAN can send and receive SEPA payments, just like a locally based European business.

Is a EUR Global Account the same as a euro bank account?

Not exactly. A traditional euro bank account is held with a licensed bank in an EU member state. A EUR Global Account is held with a regulated payment institution and gives you a European IBAN for sending and receiving euros via SEPA. For most Singapore businesses transacting in euros, a Global Account covers the same practical needs.

Do I need to convert euros to Singapore dollars immediately?

No. With a multi-currency account, you can hold a euro balance and convert when you choose. This is useful if you have upcoming payments to European suppliers or want to wait for a more favourable exchange rate.