Multi-currency accounts for businesses in Singapore: How to easily manage international business payments (2026)

Key takeaways

• Multi‑currency business accounts let Singapore businesses receive, hold, and pay out funds in several currencies from a single business account, instead of juggling a different account for each major currency.

• However, many multi‑currency accounts still route cross‑border payments over SWIFT and require separate local bank accounts in each market, leading to higher FX spreads, slower settlement, and more complex reconciliation.

• With Airwallex Global Accounts, you get multi‑currency balances plus local payment rails. You can open local currency accounts in 21 countries, collect payments like a local in 70+ countries, and settle like‑for‑like in 20+ currencies while avoiding many SWIFT fees and forced conversions.

The cross-border payments market is projected to grow by 8.3% to reach an estimated US$365.35 trillion by 2033, with business-to-business transactions accounting for the lion’s share.¹

As Singapore businesses expand into new markets, managing international payments through traditional bank accounts often means forced FX conversions, maintaining multiple local accounts, and increased complexity. A multi-currency business account address these challenges by allowing you to receive, hold, and pay out in foreign currencies from a single account.

Below, we explore how multi-currency accounts work and the key benefits they offer to businesses that send or receive money across borders.

What is a multi-currency business account?

A multi-currency business account lets you hold, send, and receive money in local and foreign currencies in one place. It lets you manage funds in multiple currencies within a single account, so you don't need to open separate bank accounts in each country just to get paid or make transfers.

You can open these accounts with traditional banks such as DBS and OCBC, as well as with fintech providers like Airwallex. With these accounts, you get access to multiple currencies without running separate bank setups in every market.

How do multi-currency business accounts work?

A multicurrency business account gives you separate balances for each currency you use. You receive money in the original currency, hold it there, and convert it when it makes sense.

Here’s the caveat: most multi‑currency business accounts still move cross‑border payments over SWIFT. Some fintech providers offer additional local currency accounts in selected markets, but coverage is often limited and you may still need separate local bank accounts behind the scenes. That means international transfers remain exposed to higher fees, slower settlement times, and FX spreads that are harder to predict.

With Airwallex Global Accounts, businesses can open domestic and foreign currency accounts in 21 countries, with local bank details in each market. You don’t have to manually set up separate local bank accounts, because everything sits under a single Airwallex Business Account. 94% of our transactions go through local rails instead of SWIFT, so you pay $0 in SWIFT fees, and 93% of our transactions arrive on the same day.

4 Benefits of a multi-currency business account in Singapore

Here are four key benefits of multi-currency business accounts for Singapore businesses.

1. One account to manage international business payments

A multi-currency business account lets you manage multiple currencies within a single platform. Instead of having to maintain separate bank accounts in different markets, you see all your balances in one place. This reduces account sprawl and gives finance teams a clearer picture of global cash positions at any point in time.

2. Fewer forced FX conversions and lower transaction costs

Many businesses lose margin on automatic currency conversions they didn't plan for. With a multi-currency account, you receive funds in the same currency your customers pay in and convert only when it suits your pricing, supplier terms, or cash flow planning. That flexibility limits your FX costs and keeps pricing decisions in your control.

3. Faster settlement through local payment rails

International transfers routed through intermediary banks often add delays and unpredictable fees. Multi-currency business accounts that support local currency collection allow payments to move through domestic rails instead. With Airwallex, 94% of our transactions go through local rails (instead of SWIFT), 93% of those transfers arrive on the same day, and 50% arrive instantly.

4. Clearer reconciliation across currencies

Receiving and paying in the same currency keeps your invoices, payments, and balances in sync. That reduces FX-related gaps between receivables and payables, and makes it easier for Singapore businesses to track foreign exchange gains and losses at year‑end.

How to open a multi-currency business account

Opening a multi-currency business account through a traditional bank in Singapore takes time. Banks usually ask you to visit a branch, submit physical paperwork, and maintain minimum balances for each currency you want to use. If you operate across several markets, you have to go through that same process every time you add a new currency.

It’s much quicker to open an account with a digital provider like Airwallex. You apply for a Business Account online, submit your details, and go through verification just once, regardless of how many currencies you plan to use. You don't need to submit separate applications for each market or currency.

Eligibility criteria for a multi-currency business account

Most multi-currency business accounts in Singapore are available to locally registered companies with active operations. You'll typically need a registered Singapore entity, verified directors or owners, and standard Know Your Customer (KYC) documentation. Some providers also support foreign-owned businesses, depending on the structure and markets served.

7 Fees and charges for multi-currency business accounts in Singapore

When deciding on a multi-currency business accounts in Singapore, pay attention to the fee structures, as charges very widely. Here are seven types of fees you’ll encounter. 

1. Set up fee

Some providers charge a one-off account opening fee to set up a multi-currency business account. This is more common with traditional banks. Many digital providers, including Airwallex, do not charge an account opening fee.

2. Initial deposit

Certain providers require an initial deposit for your business account. The required amount varies by provider and sometimes by currency. Many digital multicurrency accounts remove this requirement entirely, which leaves more of your working capital available to use.

3. Account fee

Monthly account fees are still standard among traditional banks, often ranging from a few dollars to around S$10 per month. Most fintech providers offer multi-currency business accounts with no monthly fees.

4. Fall below fee or service charge

Some banks apply a service charge if your account balance falls below a minimum balance requirement. These fall below fees are usually calculated daily or monthly. Most modern multi-currency accounts do not impose minimum balance requirements or fall below fees. 

5. Conversion fee

Currency conversion fees apply whenever you exchange one currency for another. Rates and markups vary by provider and can increase outside market hours. Airwallex offers competitive FX pricing from around 0.4% above interbank rates, which helps businesses save up to 80% on FX fees.

6. Cash holding fee

A small number of providers charge a cash holding fee when balances exceed a set threshold in certain currencies. This is most common for EUR balances. Not all multi-currency business accounts apply this fee, so it’s worth checking how foreign currency balances are treated.

7. Card transaction fee

If your account includes corporate cards, card transaction fees may apply. These can include ATM fees, foreign transaction fees, conversion fees, or withdrawal charges. Fee structures differ by provider and by card usage, especially for international spending.

Top multi-currency business accounts in Singapore

Here’s an overview of some of the most commonly used multi-currency business accounts in Singapore, focusing on core features and typical fees.

Airwallex

Unlike many multi‑currency business accounts that still rely on SWIFT and require separate in‑market bank accounts, Airwallex offers Global Accounts that combine multi‑currency balances with built‑in local payment rails. Singapore businesses can open local currency accounts in 21 countries, collect funds like a local in 70+ countries, and settle like‑for‑like in 20+ currencies from a single platform.

Pricing is simple, with no account opening fees, no monthly fees, and no minimum balances². By routing payments over local rails wherever possible and keeping FX margins from around 0.4% above interbank, Airwallex reduces the SWIFT fees, delays, and hidden spreads common with traditional multi‑currency accounts.

Wise Business

Wise Business provides a simple multi-currency account for sending, receiving, and holding funds in multiple currencies. There is a one-time fee to open multi-currency accounts, and conversion fees start from around 0.26%. Transfer fees vary by route, and local account coverage is more limited compared to platforms built for larger international operations.³

Aspire

Aspire offers a digital business account aimed at startups and SMEs in Singapore, with support for a smaller range of currencies and local payments such as GIRO and PayNow. There are no account opening or monthly fees, but FX and international transfer fees vary by currency and destination. International payments often rely on partner banks, which can affect speed and visibility.⁴

For more on Aspire’s business account, read our Aspire review.

YouBiz

YouBiz is Youtrip’s multi-currency business solution for Singapore SMEs. It allows businesses to hold balances in nine currencies and issue corporate cards with cashback on spend. There are no account opening or monthly fees, but international transfers typically go through SWIFT and pricing transparency is limited. FX markups can reach up to 0.4%.⁵

For more on YouBiz’s multi-currency business account, read our YouBiz review.

DBS 

DBS offers a traditional multi-currency business account that lets companies hold balances in multiple currencies under one bank account, backed by its global banking network. Account opening fees apply, international transfers typically cost around S$30, and FX markups often range from 1.5% to 3%.⁶ Transfers usually rely on SWIFT, which can result in slow settlement.

For more on the DBS business account, read our DBS business banking guide.

OCBC 

OCBC’s multi-currency business account supports holding and transacting in several major currencies and integrates with other OCBC banking services. There is no account opening fee, but international transfers generally cost S$20–30 and FX markups are commonly around 1–2%.⁷ Like most traditional banks, automation and FX optimisation are limited.

For more on the OCBC multi-currency business account, read our OCBC business banking guide.

UOB

UOB’s global currency account lets you hold and manage up to 10 foreign currencies as part of a wider UOB banking relationship. It is typically used alongside a separate SGD current account for local payments. There is no account opening fee, but minimum initial deposits apply. FX is priced into UOB’s quoted rates, with commission and agent bank charges applied to telegraphic transfers. Monthly fall below fees also apply.⁸

For more on UOB’s global currency account, read our UOB business accounts guide.

Maybank

Maybank’s foreign currency current account targets businesses trading across Singapore, Malaysia, and nearby markets. You open separate foreign currency accounts for each currency you need, managed through Maybank’s digital channels and branches. There are no account opening fees, but minimum deposits and fall below fees apply. Cross border payments run through telegraphic transfer, typically costing S$20 to S$30 per transfer plus FX commission.⁹

CIMB

CIMB offers a foreign currency current account that lets you hold and transact in seven major currencies. It suits businesses with regular regional payments that prefer a bank based setup over a platform style account. Minimum initial deposits apply, and there are monthly charges if your balance falls below required thresholds. Overseas payments are sent via telegraphic transfer, with FX spread embedded in CIMB’s quoted rates plus handling and agent bank fees.¹⁰

For more on CIMB’s foreign currency account, read our best CIMB business accounts guide. Alternatively, for a more in-depth look at the different multi-currency accounts, read our full guide to the best multi-currency business accounts in Singapore.

How to choose the best multicurrency business account

There’s plenty to consider when choosing a multicurrency business account. Here are some of the main factors to look at.

Currencies you use

Start with where you get paid and where you pay your suppliers. Platforms like Airwallex and Wise support dozens of currencies from one account. Banks like DBS, OCBC, UOB, Maybank, and CIMB restrict you to a fixed list of major currencies, which limits flexibility once you move beyond a small number of markets.

FX margins and transfer fees

Look at FX margins, transfer fees, and minimum balance rules. Banks such as DBS, OCBC, UOB, Maybank, and CIMB bake FX into their rates and charge telegraphic transfer fees that add up quickly. Airwallex prices FX from around 0.4% above interbank rates and avoids transfer fees on local rail payouts.

Minimum balances and fall below charges

Many bank accounts require minimum balances by currency. UOB, Maybank, and CIMB all apply minimum deposit or fall below rules that lock cash into the account. Digital providers usually remove these requirements, so you aren't holding idle balances just to avoid fees.

How international payments are routed

Banks usually send overseas payments through SWIFT, which introduces extra banks and extra charges. Fintechs like Airwallex route most payments through local rails instead, which avoids intermediary fees and keeps settlement more predictable.

Day to day workflows

Think about what happens after the payment lands. Bank accounts handle balances and transfers, but little else. To streamline your workflow, look for a provider that combines balances, FX, payouts, cards, and expenses in one system, like Airwallex. 

Cards and team spending

If your team uses cards abroad for travel, subscriptions, or advertising, check what your provider supports. Most bank foreign currency accounts in Singapore don't include business debit cards, not multi-currency cards. Airwallex offers multicurrency cards

Accounting and reconciliation

As you get busier, reconciliation becomes harder to keep tidy. Wise and Airwallex integrate with tools like Xero and QuickBooks, which reduces manual work. Traditional bank accounts often leave cross currency reconciliation to spreadsheets.

Setup and support

Banks offer branches and relationship managers, but setup often repeats for each currency. Digital providers trade branches for faster onboarding and simpler account management. 

Once you lay these points out side by side, you’ll see that, in general, bank accounts suit simpler setups with limited foreign activity, while fintechs built around multicurrency operations suit businesses that deal with cross border payments every week, not every quarter.

Airwallex Global Accounts: Avoid sneaky fees and increase your margins

When you use a standard business account for international payments, the bank ends up in control. They choose when to convert your funds, build their fees into the exchange rate, and route payments through their own network of correspondent banks. You’ll see the final amount in your account, but it’s hard to tell how much you’ve paid in FX and charges.

Our Global Account works differently. You get paid in the same currency your customer uses, keep that balance in that currency, and only convert when it suits your prices, supplier terms, or cash flow. Simply put, you decide when FX happens, instead of adjusting to the bank’s defaults.

With Airwallex, you can open domestic and foreign currency accounts in 21 countries and collect funds like a local in 70+ countries. Those accounts sit under one Business Account, so you aren't logging into different banks or stitching reports together at month end. Balances, transactions, and settlements stay visible in one place, which simplifies reconciliation as volumes and currencies increase.

Global Accounts are tightly connected to FX & Transfers, which is where Airwallex’s cost and timing advantages show up. Our FX pricing starts from around 0.4% above interbank rates, which helps you save up to 80% on FX fees. You can pay out to 200+ countries, with 120+ using local payment rails instead of SWIFT, so transfers avoid unnecessary intermediaries.

This setup works well for businesses expanding region by region, including brands like Love, Bonito, which operates across multiple Southeast Asian markets and pays suppliers in different currencies. By collecting, holding, and paying out locally, teams avoid repeated conversions and keep tighter control over cash as it moves through the business.

Global Accounts are only one part of the platform. Airwallex also brings FX, transfers, Corporate Cards, Expense Management, and payment acceptance together under the same Business Account, so you can expand into new markets without redesigning your finance workflows each time.

Frequently asked questions (FAQs)

Should I use a multi-currency account for my business?

Yes, you should use a multi-currency account if your business sends or receives payments in more than one currency. It allows you to hold, receive, and pay out in local currencies without forced conversions, which helps control FX costs and keeps cross-border cash flow simple.

Do I need a corporate multi-currency account if I already have a personal multi-currency account?

Yes, you need a corporate multi-currency account even if you already use a personal one. Business accounts are built for company payments, with features like multi-user access, accounting integrations, audit trails, and compliance support that personal accounts are not designed to handle.

What are the usual fees and charges for multi-currency business accounts?

Multi-currency business accounts usually charge fees for account setup or maintenance, currency conversion, international transfers, and in some cases minimum balance requirements. Airwallex reduces these costs by removing account opening and monthly fees, offering transparent FX pricing at interbank rates, and using local payment rails to avoid unnecessary conversion and intermediary bank fees.

Sources

1. https://datahorizonresearch.com/cross-border-payments-market-2458

2. https://www.airwallex.com/sg/pricing

3. https://wise.com/sg/business/

4. https://aspireapp.com/multi-currency-account

5. https://youbiz.zendesk.com/hc/en-us/articles/6334722356249-What-exchange-rates-are-used-for-YouBiz

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

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

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

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

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