What is a multi-currency account? Singapore business guide (2026)

Key Takeaways:

• A multi-currency account is a business account that lets you hold, send, and receive money in more than one currency, without opening a separate account for each currency.

• Singapore businesses can choose from traditional banks such as DBS, OCBC, and HSBC, or fintech providers including Airwallex, Wise, Revolut, and WorldFirst.

• Airwallex Global Accounts go further than a standard multi-currency account: you can hold funds in 20+ currencies, collect payments like a local in 70+ countries, and convert at competitive FX rates that save you up to 80% on FX fees.

What is a multi-currency account? In a nutshell, it’s a business account that holds money in more than one currency. Instead of opening a separate account for each currency, you manage everything from one place.

This guide covers how multi-currency accounts work, what to look for, and which providers are available to Singapore businesses.

What is a multi-currency account?

A multi-currency account is a single account that holds money in more than one currency. You can easily receive, hold, convert, and send funds in different currencies.

Most multi-currency accounts work alongside your main business account. Some banks offer them as an add-on to an existing SGD account. Fintech providers often offer them as a standalone product with a broader range of currencies and lower fees.

If you want to understand the broader landscape of account types (multi-currency accounts being just one of them), see our guide to types of business accounts in Singapore.

For an overview of how business accounts work in Singapore, see our guide to what is a business account.

How does a multi-currency account work?

When you receive a foreign currency payment, it goes directly into that currency's wallet within your account. You hold it there until you are ready to use it — whether that is paying an overseas supplier, converting it to SGD, or sending it to another account.

When you convert between currencies, the provider applies an exchange rate. Traditional banks typically embed a spread into the rate they quote you. Fintech providers usually apply a smaller markup above the interbank (mid-market) rate and show it separately.

For example, Airwallex charges 0.4% to 0.6% above interbank, which saves you up to 80% on FX fees as compared to traditional banks.

When you send money internationally, most providers also charge a transfer fee on top of the exchange rate. The size of that fee varies considerably between providers.

How is a multi-currency account different from a foreign currency account?

These two terms are often used interchangeably, but they describe slightly different products. Here’s the difference:

• A foreign currency account typically holds a single currency. You open one account per currency. For example, a USD foreign currency account at DBS holds only USD.

• A multi-currency account holds several currencies within one account structure. You switch between currency wallets without opening separate accounts. This is more practical if your business regularly deals in more than one or two foreign currencies.

In Singapore, traditional banks often use "foreign currency account" to describe their product, while fintech providers tend to use "multi-currency account." The practical difference is how many currencies you can hold and how easily you can move between them.

What to look for in a multi-currency account

Before choosing a provider, check the following:

Currencies supported

Make sure the account supports the currencies you actually use. Some banks offer as few as seven currencies. Fintech providers often support 20 or more.

Fees

Look at three types of charges: the exchange rate markup on conversions, the transfer fee per outward payment, and any account maintenance or fall-below fees. A low transfer fee can be offset by a high FX markup — compare both together.

Transfer speed and method

Traditional banks typically send international payments via SWIFT, which can take two to five business days, and may incur agent bank fees along the way. Fintech providers often use their own payment rails for faster, cheaper transfers to common corridors.

Regulatory protections

If you hold foreign currency deposits in Singapore, be aware that these are not covered by the Singapore Deposit Insurance Corporation (SDIC). SDIC protection applies only to SGD deposits at member institutions.

For fintech providers, check that they hold a valid Major Payment Institution (MPI) licence issued by the Monetary Authority of Singapore (MAS). This means that they are regulated, and required to safeguard customer funds separately from their own.

Multi-currency accounts in Singapore: traditional banks

Singapore's major banks offer multi-currency or foreign currency accounts as part of their broader business banking suite.

1. DBS Business Multi-Currency Account

DBS is best suited to businesses that already bank with DBS and want foreign currency capabilities within a traditional banking relationship.

It may appeal to companies that value access to branch services, lending products, trade finance, and treasury support, and are comfortable meeting balance requirements in exchange for a more comprehensive banking ecosystem.

Compared to fintech providers, DBS offers fewer currencies and higher transaction costs, but may be a practical option for businesses that prefer to consolidate their banking activities with a single institution.

Features:

• Hold SGD and 12 foreign currencies within a single account structure

• Starter Bundle available for businesses incorporated for fewer than three years

• Access to DBS IDEAL online banking platform

• Integration with broader DBS banking services, including lending and trade finance

• S$30 outward telegraphic transfers via DBS IDEAL (excluding agent bank fees)

• Standard account service charge waived when combined balances meet minimum thresholds

2. OCBC Multi-Currency Business Account

OCBC is a good fit for businesses that want the familiarity of a traditional bank but with fewer entry barriers than some other options. Its relatively low onboarding requirements and digital account opening process may appeal to newer businesses that prefer a bank-based solution without maintaining high balances.

Compared with fintech providers, transfer fees and FX costs may still be higher, but OCBC offers the reassurance of an established banking relationship alongside access to broader lending and treasury services.

Features

• Supports up to 13 major currencies

• No minimum initial deposit requirement, set-up fee or fall-below fee

• S$10 monthly fee waived with an OCBC Business Growth Account

• 100% online account opening available for eligible businesses

• Access to OCBC Velocity, OCBC Business App, Host-to-Host and API payment channels

• S$30 online telegraphic transfers via digital channels

3. HSBC Global Wallet

HSBC Global Wallet is designed for internationally active businesses that already bank with HSBC or frequently transact with counterparties in major trade corridors.

It may be particularly attractive to companies with exposure to China, Europe, the UK, or North America, where HSBC offers local payment capabilities alongside its broader corporate banking services. It’s also a good fit for businesses seeking dedicated relationship support, treasury solutions, and access to an international banking network.

Features:

• SWIFT transfers to 240+ countries and territories

• Local payment rails available in selected markets

• Receive local payments in Australia, Hong Kong, the UK and the US

• No fall-below account fees

• Access through HSBCnet digital banking platform

• Integration with HSBC's broader business banking ecosystem

• Support for CNY transactions and China-linked payment corridors

4. UOB Global Currency Account

UOB's Global Currency Account is best suited to businesses that already maintain a banking relationship with UOB and want foreign currency capabilities alongside trade finance, treasury products, and corporate banking services.

The account may appeal to established companies with predictable balances, although businesses with lower transaction volumes should consider the impact of minimum balance requirements and monthly fees for certain currencies.

Features:

• Supports 10 foreign currencies

• Interest available on selected currency balances

• Online application available for eligible Singapore-registered businesses

• Access to UOB's wider business banking services, including trade finance and payroll solutions

• Fixed monthly service fees for selected currencies

• Minimum opening balances vary by currency wallet

• Closure fee applies if account is closed within six months

5. Maybank Foreign Currency Current Account

Maybank's foreign currency offering is likely to appeal most to businesses with regular Singapore–Malaysia trade flows or operations spanning both markets. Companies already using Maybank for domestic banking may benefit from keeping foreign currency balances within the same banking relationship.

Compared with other providers in this guide, currency coverage is relatively limited, but the account can meet the needs of businesses focused on a smaller number of commonly used trading currencies.

Features:

• Supports six foreign currencies

• USD account offers interest-bearing balances

• Cheque issuance available for selected currencies

• Access to Maybank2E business banking platform

• MAS-regulated Singapore banking institution

• Outward telegraphic transfers subject to commission and processing fees

6. CIMB Foreign Currency Current Account

CIMB's foreign currency account is aimed at businesses with straightforward foreign currency requirements that prefer banking with a traditional institution. It may be suitable for companies with exposure to ASEAN markets that do not require access to a large number of currencies.

The product offers relatively transparent transfer pricing, although higher minimum balances and a smaller currency selection may make it less attractive for businesses with more diversified international operations.

Features:

• Supports seven foreign currencies

• Online account opening available for eligible businesses

• Transparent SWIFT transfer pricing, including cable charges and commission

• No monthly maintenance fee for SGD operating accounts

• Minimum opening balances apply by currency

• Monthly fall-below fees apply when balances are not maintained

Multi-currency accounts in Singapore: Fintech providers

Fintech providers typically offer more currencies, lower fees, and faster onboarding than traditional banks. Most are fully online: you can apply in minutes without visiting a branch.

1. Airwallex Business Accounts

Airwallex is designed for businesses that operate internationally and want more control over how they collect, hold, convert, and move funds. It is particularly well suited to exporters, SaaS businesses, agencies, marketplaces, and companies managing suppliers or customers across multiple markets.

Unlike many multi-currency accounts that focus primarily on international transfers, Airwallex combines global collection capabilities with competitive FX, local payout rails, and treasury functionality, allowing businesses to retain funds in foreign currencies and convert only when it makes commercial sense.

There are no account fees or minimum balances on the free Explore plan. Learn more about the Airwallex Business Account or sign up now.

Features:

• Hold funds in 20+ currencies

• Local account details to collect payments in 70+ countries

• FX conversion from 0.4–0.6% above interbank, saving you up to 80% on FX fees

• Free transfers to 120+ countries via local rails 

• SWIFT transfers to 200+ countries

• Corporate cards, bill payments, and expense management available

• APIs available for treasury and finance workflow automation

• Accept payments with like-for-like settlement in 14 currencies

2. Wise Business

Wise Business is best suited to businesses whose primary need is low-cost international transfers and transparent FX pricing. It works particularly well for small businesses, agencies, and service providers that receive payments in a handful of foreign currencies and prioritise simplicity over broader financial operations.

Its biggest differentiator is its use of the mid-market exchange rate, with fees shown separately, making costs highly visible.

Features

• Hold and manage 40+ currencies

• Mid-market exchange rate

• FX conversion fees from 0.23% (varies by currency)

• Local account details available in selected currencies

• Batch payments to up to 1,000 recipients

• Xero and QuickBooks integrations

• One-time S$99 fee to unlock international account details

3. WorldFirst World Account

WorldFirst is positioned primarily for cross-border sellers, importers, and businesses that operate through online marketplaces. It is particularly attractive for merchants selling on Amazon, Lazada, and other marketplaces that require local receiving accounts.

Its marketplace ecosystem is more developed than most multi-currency providers, although its broader business banking capabilities are comparatively narrower.

Features

• Local account details in 22 currencies

• Support for payments in 100+ currencies

• Marketplace integrations with 130+ platforms

• Non-SWIFT local transfers from US$1

• SWIFT transfers from US$5

• FX conversion charged at up to 0.6%

• Same-day transfer capability for eligible corridors

• 1.2% cashback card available

4. Revolut Business

Revolut Business is designed for digitally native businesses that want a flexible account with cards, payments, and multi-currency capabilities under subscription-based pricing plans. It can work well for startups and growing businesses that expect moderate transfer volumes and are comfortable monitoring plan limits.

The trade-off is that exchange allowances and transfer quotas vary by subscription tier, making costs somewhat less predictable for businesses with fluctuating volumes.

Features

• Hold, send, and receive 25+ currencies

• Plans ranging from free to Enterprise tiers

• Interbank exchange rates within plan allowances

• 0.6% fee beyond monthly FX allowance

• 1% surcharge outside market hours

• Physical and virtual cards included

• Unlimited inbound GBP, EUR, USD and CHF transfers

• API connectivity available on higher-tier plans

5. YouBiz

YouBiz is aimed primarily at Singapore SMEs looking for a lightweight multi-currency solution with strong card benefits. It is likely to appeal to businesses whose international activity is limited to a smaller set of commonly used currencies and that prioritise cashback and employee spending controls.

Compared with other fintech providers, its currency coverage is more limited, but its card proposition is relatively strong.

Features

• Hold nine currencies

• 1% unlimited cashback corporate card

• 0% FX fees on card spending

• Free FAST transfers

• Batch payments to up to 1,000 recipients

• Funds safeguarded in segregated accounts held with DBS

How to open a multi-currency account in Singapore

Opening a multi-currency account in Singapore is straightforward, but the process differs depending on whether you choose a traditional bank or a fintech provider.

What you will typically need

Most providers require the following before they open an account:

• Proof of business registration: your ACRA business profile or certificate of incorporation

• Director and shareholder identification: NRIC for Singapore residents, passport for foreign nationals

• Proof of registered business address: a utility bill, tenancy agreement, or official correspondence

• Details of your business activities: some providers ask for a brief description of what your business does and who you transact with

Banks may also request additional documents such as audited financials, board resolutions, or a company constitution, particularly for businesses with complex ownership structures.

Bank vs. fintechs: What to expect

Traditional banks

Most Singapore banks require you to visit a branch in person to open a business account, though some, including OCBC and DBS, offer online applications for eligible businesses. Approval typically takes several days to a few weeks.

You may need to maintain a minimum balance once the account is open.

Fintech providers

Fintech providers are fully online. You upload your documents through their platform and verification is usually completed within one to three business days. There are no branch visits and, in most cases, no minimum balance requirements.

This makes fintechs faster and easier to get started with, especially for newly incorporated businesses.

Who can open a multi-currency account in Singapore

To open a business multi-currency account in Singapore, your business generally needs to be:

• Incorporated or registered in Singapore

• Actively operating (some providers require a minimum period of trading)

• Compliant with MAS know-your-customer (KYC) and anti-money laundering (AML) requirements

Foreign-owned businesses registered in Singapore are typically eligible. Sole proprietors may be eligible with some providers but not all. Check with your chosen provider before applying.

Not all multi-currency accounts are the same

The term "multi-currency account" is used loosely in Singapore. Some products that carry that name are actually a collection of separate single-currency accounts, each with its own minimum balance, its own fall-below fee, and its own opening process.

A true multi-currency account lets you hold, receive, and send in multiple currencies from one account structure, without per-currency minimums or separate account applications for each currency you need. That’s where Airwallex comes in.

With Airwallex Global Accounts, you can hold 20+ currencies in one multi-currency wallet. Here’s how it works:

• There are no per-currency minimum balances, no fall-below fees, and no separate applications per currency. 

• Airwallex lets you receive payments from customers using local account details in 70+ countries. This helps businesses collect funds like a local, reducing reliance on SWIFT transfers for supported payment corridors.

• FX conversions are priced at 0.4% to 0.6% above the interbank rate, saving you up to 80% on FX fees as compared to traditional banks.

Frequently asked questions (FAQs)

What is a multi-currency account?

A multi-currency account is a business account that lets you hold, send, and receive money in more than one currency from a single account structure. Instead of opening a separate account for each currency, you manage all your currency balances in one place. Businesses that pay overseas suppliers or collect payments from international customers typically use them to avoid unnecessary conversions and reduce transfer fees.

What is the difference between a multi-currency account and a foreign currency account?

A foreign currency account typically holds a single foreign currency: you open one account per currency. A multi-currency account holds several currencies within one account structure, so you can switch between balances without separate applications or per-currency minimum deposits. In Singapore, traditional banks often use the term "foreign currency account" for their product, while fintech providers tend to use "multi-currency account."

Which banks in Singapore offer multi-currency accounts?

DBS, OCBC, UOB, HSBC, Maybank, and CIMB all offer foreign currency or multi-currency accounts for businesses in Singapore. The number of currencies supported ranges from 6 at Maybank to 13 at DBS and OCBC. Most bank accounts come with minimum balance requirements and fall-below fees per currency, which can add up if you manage several currencies at once.

Are foreign currency deposits protected in Singapore?

No. Foreign currency deposits in Singapore are not covered by the Singapore Deposit Insurance Corporation (SDIC). SDIC protection applies only to SGD deposits held at member institutions. If you hold foreign currency balances with a fintech provider, check that they hold a valid Major Payment Institution licence from MAS — this requires them to safeguard customer funds separately from their own operating funds.

How do I open a multi-currency account in Singapore?

You will need proof of business registration (your ACRA profile or certificate of incorporation), director and shareholder identification, and proof of your registered business address. Fintech providers are fully online and typically complete verification within one to three business days. Traditional banks may require a branch visit and can take longer to approve. Airwallex, for example, lets you open a Global Account online and hold 20+ currencies in one multi-currency wallet.

Do I need a separate SGD account alongside my multi-currency account?

This depends on the provider. Some banks require you to hold an existing SGD business account before you can open a foreign currency account. Fintech providers typically do not require this — you can open and operate a multi-currency account independently, though you will still need a way to move SGD in and out via FAST or SWIFT.

Sources:

1.  https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

2. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

3.  https://business.hsbc.com.sg/en-sg/campaigns/globalwallet

4.  https://www.uob.com.sg/business/accounts/corporate-global-currency-account.page

5. https://www.maybank2u.com.sg/en/business/global-banking/accounts/current/foreign-currency-current-account.page

6. https://www.maybank2u.com.sg/en/bank-charges/fc/foreign-currency-current-account.page

7. https://www.cimb.com.sg/en/business/solutions-products/cash-management/commercial-current-accounts/cimb-foreign-currency-current-account.html

8.  https://wise.com/sg/pricing/business

9.  https://www.worldfirst.com/sg/pricing/

10.  https://revolut.com/en-SG/business/multi-currency-accounts/

11.  https://revolut.com/en-SG/legal/business-grow-fees/

12.  https://you.co/biz/

13.  https://you.co/biz/multi-currency-accounts/