Guide to the best USD accounts | Singapore (2025)

Key takeaways

• A dedicated USD business account lets you receive, hold, and send USD directly without costly conversion or transfer fees.

• While banks offer multi-currency accounts, they often come with high minimum balances, monthly fees, and FX markups.

• While traditional multi-currency accounts often involve tedious paperwork, slow onboarding, and in-person visits, Airwallex offers a faster, more flexible alternative – letting you open currency accounts with local bank details in 20+ currencies, including USD, entirely online. It’s the smarter way to go global without the red tape.

If you run a business in Singapore, chances are you’ve dealt with USD. Maybe your biggest client is based in New York. Maybe your supplier in Vietnam insists on quoting in USD. Or maybe you’re selling on Amazon and payouts arrive in USD, whether you like it or not.

When that happens, relying on your SGD account means you’re losing money to conversion fees and waiting days for transfers to clear. A USD account gives you a more cost-efficient way to collect, hold, and pay in USD without being hit by unnecessary charges.

In this guide, we’ll compare seven of the best USD accounts available to Singapore businesses. You’ll see how local banks stack up against digital alternatives like Airwallex, and what to look out for when it comes to fees, processing speeds, and foreign currency support.

What is a USD account?

A USD account with local US banking details lets your business receive, hold, and send USD without converting them into Singapore dollars. These accounts come with local US bank details, such as bank and branch codes and dedicated account numbers, so you can accept payments from US customers as if you had a domestic bank account there.

Most local banks offer multi-currency accounts that include USD, but these route international payments through Singapore's banking system using the SWIFT network. This adds 3–5 days to settlement times and includes intermediary fees that increase your costs.

There's a better way. Modern fintech providers like Airwallex offer multi-currency accounts with local banking details, allowing you to receive, hold, and send foreign currency – like USD – without forced conversions, high FX fees, or long processing times.  

How can a USD account or multi-currency account benefit my business?

For globally-minded businesses in Singapore, having a dedicated USD account doesn’t just offer convenience – it's a strategic edge. By using a multi-currency account for your USD transactions, you can simplify your cross-border operations, reduce conversion costs, and move money faster with greater control.

Here are three key benefits that come with a multi-currency account: 

1. Lower transaction costs

When your customer in New York pays in USD, you can hold those funds in USD. There’s no forced conversion to Singapore dollars, no double exchange when you pay your supplier, and no surprise bank charges along the way.

2. Faster cross-border transfers

Instead of waiting five days for a SWIFT transfer to clear, you can send or receive USD in one business day using local US rails. That means fewer delays and better cash flow.

3. Simplified currency management

You don’t need separate foreign currency accounts for every market. A multi-currency account lets you manage USD, EUR, GBP, and more in one place. You can view balances, convert funds, and track everything in real time.

That said, traditional providers of multi-currency accounts often come with a host of charges – including account setup, fall-below, and setup fees – just to hold foreign currencies. Some even lock you into conversion rules that limit how you use your funds.

Airwallex offers a better alternative. You can open a USD Global Account with local bank details online in minutes – no need for in-person bank visits. Funds arrive directly in your multi-currency account, where you can hold, convert, or pay in USD – no forced conversions or hidden fees involved. 

The 7 best USD accounts for businesses in Singapore

• Airwallex Business Account: A multi-currency account with local bank details for 20+ currencies – including USD – and no setup fees, monthly charges, or minimum balances. You can send and receive payments globally with zero SWIFT fees to 120+ countries, convert currencies at market-leading FX rates, and access built-in tools like corporate cards and expense management.

• Aspire Business Account: A multi-currency account aimed at startups and SMEs that supports five currencies, including USD, with no set-up or maintenance fees. It's a good fit for smaller businesses that transact globally, though features are more limited compared to full-scale providers like Airwallex.

• Wise Business Account: A multi-currency account by UK-based fintech, Wise (formerly Transferwise), offering local bank details in 23 currencies. Its transparent fee structure and mid-market FX rates make it a popular choice for transactional use rather than end-to-end business finance.

• YouBiz Multi-currency Account: A multi-currency account that provides local bank details in up to nine currencies, including USD, with no account setup, maintenance, or transfer fees. It offers a user-friendly option for smaller businesses with less complex global financial needs.

• DBS Business Multi-Currency Account: A multi-currency business bank account that supports 13 currencies, including USD, but comes with relatively high initial deposit and minimum balance requirements.

• OCBC Multi-Currency Business Account: A multi-currency business bank account that supports 13 currencies, including USD, with no account setup or minimum balance fees. While it's an accessible option for growing businesses, the account relies on the SWIFT network to process international transactions, leading to slower transfer times and higher charges.

• UOB Corporate Global Currency Account: A multi-currency business bank account that supports USD and other major currencies. However, it requires S$10,000 minimum balance for USD accounts and has set-up fees for foreign-incorporated companies, making it more suitable for larger or more established businesses.

What to consider when choosing a USD account for your business

Choosing the right USD or multi-currency provider is a strategic decision that impacts your costs, speed of operations, and scalability. Here are the key features to evaluate: 

Supported currencies

USD support is a must, but it’s just the start. You’ll want an account that handles other major currencies too, especially if you’re planning to expand into new markets.

Fees and exchange rate fluctuations

Even small fees can add up when you’re transacting in USD frequently. Instead of comparing headline rates, dig into the fine print. Some traditional banks charge account setup fees, fall below penalties, and inflated FX margins. On the other hand, newer providers like Airwallex often offer more transparent pricing, lower conversion fees, and no monthly maintenance charges.

Watch out for these common fees:

• Account maintenance fees: regular charges for keeping your account open

• Transaction fees: costs per payment sent or received

• Withdrawal fees: charges for transferring money from your USD account

• Currency exchange fees: markups when converting USD and other currencies

• Minimum balance requirements: amount you need in your account to avoid additional charges

Payment processing speed

Speed matters when you’re paying international contractors or waiting for customer funds to land. Most traditional banks still use the SWIFT network for cross-border USD transfers. That usually means 3–5 business days for payments to go through, with intermediary banks taking a cut along the way.

Some fintech providers work directly with local banks in the US to send and receive payments via domestic rails. Airwallex, for example, issues local US account and routing numbers so incoming USD payments can arrive in as fast as one business day, giving you faster access to funds, fewer delays, and better cash flow visibility.

Compare the best USD accounts in Singapore

Note: The information in this table has been reviewed to be accurate as of 24 June 2025.

The best USD accounts for businesses: key features and fees

Here’s an overview of Singapore’s seven most popular business USD bank accounts.

1. Airwallex Business Account

With the Airwallex Business Account, you can instantly create local currency accounts to transact in USD and 20+ other currencies. Thanks to our proprietary connections with local payment rails, transactions are also processed faster – as fast as within one business day. You also get access to competitive FX rates, $0 SWIFT fees to 120+ countries and a comprehensive suite of business solutions on one platform, making Airwallex the perfect choice for businesses that need control, speed, and international reach. 

2. Aspire Business Account

The Aspire Business Account targets Singapore SMEs that want a digital-first banking alternative. It supports four currencies, including USD, and comes with no setup, monthly, or maintenance fees. It’s quick to set up and offers a simple way to manage basic international transactions, making it a cost-effective choice for businesses with limited international presence. 

3. Wise Business account

With the Wise Business account, you get access to local bank details in multiple currencies at transparent mid-market FX rates and low transfer fees with a one-time set-up fee of S$99. That said, you'll have to pay a fixed fee per international transaction, making Wise less suitable for businesses with high cross-border volumes. 

4. YouBiz Multi-currency Account

YouBiz offers multi-currency accounts in nine currencies, including USD, with no setup or maintenance fees and low FX margins. You can issue cards, add users, and manage spending easily. However,  its lack of local USD receiving capabilities makes it less suitable for businesses dealing with high-volume or time-sensitive transactions.

5. DBS Multi-Currency Account

DBS offers a multi-currency account  that supports 13 currencies, including USD. As one of the most established traditional banks in Singapore, DBS is a reliable choice. However, the account comes with hefty minimum balance and initial deposit requirements, making it less suitable for companies that are just starting out. 

6. OCBC Multi-Currency Business Account

OCBC is unique among Singapore banks in waiving minimum balance, fall below, initial deposit, and account opening fees for its multi-currency business account. That said, like other traditional banks, OCBC relies on SWIFT for its transfers in USD and other foreign currencies, which can slow down transactions and come with additional costs. 

7. UOB Corporate Global Currency Account

The UOB Corporate Global Currency Account lets you manage and transact in up to 10 major foreign currencies on a single platform. It requires an initial deposit of S$1,300 and minimum balance of S$10,000, making the account more suitable for established companies. 

Power your global growth with the best USD account for businesses

Whether you’re launching a new venture or scaling across markets, any business that works with clients, vendors, or suppliers that transact in USD needs a reliable account to enable fast and cost-effective payments. But traditional multi-currency accounts often come with slow SWIFT transfers, high fees, and unnecessary complexity.

Airwallex offers a better alternative. Open a USD account with local bank details online – no paperwork, no branch visits, and no need for an overseas entity. Hold funds in USD, pay international or local suppliers directly, and skip forced currency conversions. With 95% of transfers arriving within one business day, you stay in control of your cash flow.

Need to convert currencies? Convert USD to SGD or 60+ currencies at market-leading FX rates, all from one platform – with full visibility and no hidden charges. With Airwallex, you get everything you need to collect, hold, convert, and send USD – faster, simpler, and more cost-efficiently than with a traditional bank. That’s why over 150,000 businesses worldwide trust Airwallex to manage their money across borders and beyond.

How to open a USD account for your business with Airwallex

With an Airwallex Business Account, you gain access to local currency accounts in 20+ currencies and our full suite of solutions – competitive FX rates, cross-border payments, expense management tools, and corporate cards.

Let's walk through a few steps to get started.

1. Sign up for a free Airwallex Business Account: 

   • Provide your business email, legal name, and create a password 

   • Provide additional details, including your company size, primary area of interest, business name, business headquarters, and mobile number

2. Verify your business and activate your account: 

   • Confirm your business location  

   • Provide your Unique Entity Number (UEN)     

   • Provide documents for identity verification* 

3. Create your US Global Account: 

   • Navigate to Wallet > Global Accounts in the Airwallex WebApp

   • Click Create Global Account and choose desired location and currency 

4. Start transacting in USD: 

   • Receive, hold, and pay in USD without conversion fees 

   • Convert USD to SGD at market-leading interbank rates 

*Note: Read here for the exhaustive list of documentation needed for verification.

Frequently asked questions (FAQs) 

Why is a USD account important for my business?

USD accounts simplify transactions for businesses with international clients, suppliers, and partners. Many global transactions use USD, letting you pay and receive money in the same currency without unnecessary conversion fees.

With a USD Global Account, you get US local bank details to manage your US financial operations, such as invoicing clients in USD. Airwallex connects to local payment rails, so you can bypass the SWIFT network and save on fees.

What documents are needed to open a USD account as a non-US business?

When applying for a USD account with Airwallex, prepare several key documents, including:

• A certificate of incorporation or similar registration document

• A description of your business activities and expected transaction amounts

• Identification documents for key company personnel, including business owners, directors, and authorised signers.

• Proof of your business address

These requirements are similar across regions. The process lets you get set up quickly while meeting compliance standards.

How can I use my Airwallex USD Business Account as a multi-currency account?

With an Airwallex Business Account, you get more than 23 local currency accounts. Use each account to collect, store, and pay in its currency, or switch between currencies as needed.

Sources:

1. https://www.airwallex.com/sg/business-account/global-accounts 

2. https://help.airwallex.com/hc/en-gb/articles/900001759623-Which-currencies-can-I-get-a-Global-Account-in-and-what-payments-can-I-receive 

3. https://aspireapp.com/pricing 

4. https://help.aspireapp.com/en/articles/11561153-guide-to-receiving-international-transfers-to-aspire-multi-currency-accounts#h_04f59feef8 

5. https://wise.com/sg/business/ 

6. https://wise.com/sg/pricing/ 

7. https://wise.com/gb/blog/swift-receive-business 

8. https://www.you.co/biz/ 

9. https://youbiz.zendesk.com/hc/en-us/articles/13478869381145-How-long-will-it-take-to-process-my-incoming-funds-Pay-in-transfer 

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

11. https://www.dbs.com.sg/sme/businessclass/articles/finance-and-operations/opening-a-business-bank-account-read-this-first 

12. https://www.dbs.com.sg/sme/day-to-day/payments/cross-border-fund-transfers/telegraphic-transfers

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

14. https://www.ocbc.com/business-banking/help-and-support/payment-collection-transactions/outward-tt 

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

16. https://www.uob.com.sg/business/help-support/rates-fees/general-services-fees.page 

17. https://www.ocbc.com/business-banking/smes/transactions/making-payments 

18. https://www.uob.com.sg/business/help-support/rates-fees/remittance-fees-outward.page 

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.