Essential Guide to Multi-Currency Business Accounts in Singapore

If your Singapore business serves an international clientele or works with partners and vendors globally, you will likely be managing payments and transactions across multiple currencies.

While traditional banks do allow you to make payments globally, they often come with hefty fees and conversion costs. There may even be instances where you have had to pay on both ends: the sender’s bank and the recipient’s bank.

The solution? Multi-currency business accounts, such as Wise Business, which enable your company to manage foreign currency transactions while enjoying low conversion fees and mid-market foreign exchange rates.

If you are getting your feet wet with multi-currency accounts and need a quick primer, this essential guide will cover all you need to know.

Table of contents

What is a multi-currency account and how does it work? Corporate multi-currency account vs personal multi-currency account Benefits of having a multi-currency business account in Singapore Unlock seamless international payments and take your business global with Wise Business How to open a multi-currency business account in Singapore? Common multi-currency business account charges and fees in Singapore Best multi-currency business accounts in Singapore

What is a multi-currency account and how does it work?

As its name suggests, a multi-currency account allows you to hold, send, and receive money in multiple currencies all in a single account, without the need to convert them back to your home currency immediately.

This removes the need to set up separate bank accounts in different countries, allowing businesses to save costs, time, and avoid unnecessary paperwork.

If you already own a personal multi-currency account, you may be wondering if there’s a need to set up a separate corporate account for your business.

While Sole Proprietors, Partnerships, and Limited Partnership businesses in Singapore can use a personal bank account, businesses are highly encouraged to use a separate multi-currency account for multiple reasons.

We'll dive into these later on.

➡️ Read more about using your personal bank account for business in Singapore

Corporate multi-currency account vs personal multi-currency account

Other than keeping your finances separate for tax filing and compliance, most corporate multi-currency accounts usually offer additional features not available in personal accounts, at no extra cost.

These include¹:

• Invoicing tools
• Third-party software integrations
• Multi-user permissions
• Access to API
• Batch payments
• Multiple corporate cards can be issued to employees for ease of expense management
• Detailed reports and statements

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Benefits of having a multi-currency business account in Singapore

One account to manage all foreign transactions

We’ve all been there. Having to refer to a master list of account details and logins, and having to locate the right authenticator software before you can log in to a bank account, just to process one transaction.

A multi-currency business account allows you to manage all your international transactions within a single account, a single login. Plus, you get to see all your currencies on a single screen, too.

Reduce fees and foreign exchange costs

If you have sent or received money via an overseas bank, you would have felt the pinch of the hefty costs.

Plus, many banks charge a fixed fee on foreign transactions regardless of the amount being sent, which feels punishing, especially for Singapore businesses trying to break into a new international market.

A multi-currency business account, such as Wise Business, allows you to save costs in several ways.

• Firstly, if you do need to convert currencies, you will always enjoy mid-market exchange rates without any markups or hidden fees.
• Secondly, you will usually save on conversion fees (because banks tend to charge a higher conversion fee). On top of that, with legacy business banking, you may also need to pay intermediary bank fees, agent bank fees or SWIFT fees depending on the mode of payment you choose. Wise Business charges a low, transparent fee that will be reflected before you confirm your transfer.
• Thirdly, you can protect yourself from foreign exchange rate fluctuations. Multi-currency accounts let you hold currencies without the need to convert them back to your home currency. This means you are not forced to take a loss when exchange rates are against you, and you could exchange for foreign currencies and hold them in your account when rates are in your favour.

Effortless international transactions

Traditionally, international transactions are known to take days to process.

Long lead times of foreign payments and international banking fees can dampen a business’s global growth and strain relationships with your employees, partners and vendors - because they are all expecting to be paid as soon as possible.

Axpara, a Singapore-headquartered software development company that helps businesses build and manage remote software development teams across Southeast Asia, had to solve these issues before it could unlock growth. Switching to a Wise Business account allowed them to scale internationally while saving upwards of SGD 50,000 a year.

🚀 Read how Axpara used Wise Business to overcome clunky international payment methods and unlock growth in new markets.

Efficient accounting and up-to-date reporting

Managing all your foreign transactions within a single account gives you a consolidated view of your income and expenses. Many multi-currency business accounts can be integrated with accounting software like QuickBooks, allowing you to skip the manual work of consolidating your finances.

Streamline cash management across subsidiaries

Managing the finances of multiple subsidiaries can be a complicated process with so many moving parts. Having a multi-currency business account helps streamline your cash management while allowing you to keep track of your finances as they occur.

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Unlock seamless international payments and take your business global with Wise Business

💡If you're growing a global business, you'll quickly face a daunting wall of costs, complexity, and hidden fees when receiving international payments. Wise Business helps you bypass this wall, making it easy to receive money from around the world and start getting paid like a local today.

• Obtain account details to receive payments in GBP, EUR, CAD, AUD and more for a one-time fee of S$ 99.
• Simply share your account details with customers or add them to invoices.
• Hold, send, and convert money at the mid-market rate in one account.
• Simplify customer payments with Wise request payment feature.
• Accept payments from customers and payment service providers (PSPs) like Stripe and Amazon.
• Generate payment links to request money in specific currencies.

➡️Get started with Wise Business today

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How to open a multi-currency business account in Singapore?

Depending on the provider, you can open a multi-currency business account either online or offline at a physical branch. Thanks to Corppass², most businesses in Singapore can apply for a multi-currency account within a single verification and multiple clicks. However, if you prefer to work with a representative, you may need to visit a branch to set up your account.

Eligibility criteria

As long as you have a registered business in Singapore, most providers would allow you to open a multi-currency business account. Depending on the provider, you may be required to make an initial deposit before the account can be activated.

You may need to produce your government-issued ID, ACRA business profile and supporting documents such as a certified True Copy of Constitution and Account Opening Resolution, in order to proceed.

Common multi-currency business account charges and fees in Singapore

While multi-currency accounts help your business to lower expenses, there are still fees involved. Depending on the provider, you may need to pay the following:

Set up fee

Also known as the account opening fee, you may be charged a one-time set-up fee for your multi-currency business account.

Initial deposit

Depending on your provider, you may need to set aside cash for an initial deposit. There may be different requirements depending on the currency that you wish to transact in as well.

Account fee

This is typically a fixed monthly maintenance fee required by certain providers. For example, DBS’s³ and OCBC’s⁴ multi-currency accounts come with a SGD 10 monthly account fee.

Fall below fee/Service charge

Some providers charge a fee whenever your account balance drops below their minimum balance requirement.

These fees can be calculated based on a daily or monthly minimum balance.

The good news is, most digital multi-currency account providers do not charge this fee. If you do not wish to have cash idling in your account, you should take note of this requirement when selecting your multi-currency account provider.

Conversion fee

This fee is charged whenever you perform a currency conversion in your multi-currency account. The amount depends on your provider.

Wise Business keeps conversion fees low and transparent, so you always know how much you’re being charged before you approve any transactions.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Cash holding fee

You may be required to pay a cash holding fee on certain currencies when you hit an upper limit. The upper limit and its resultant fee vary depending on the provider of the multi-currency account.

Card transaction fee

Most, if not all, multi-currency business accounts can issue physical or virtual debit cards. The fee structure for the use of these cards varies across providers and their offerings. If you intend to issue debit cards to your employees, you should take note of the card transaction fees that you may be liable for. Some common examples of these fees include ATM fees, conversion fees, foreign transaction fees, and withdrawal fees.

💡Need to manage your team’s expenses more efficiently? Give them their own Wise Business Cards and connect them to your Wise Business account. No more using personal cards for business expenditure. No more manually reconciling personal card reimbursements. Wise Business lets you monitor and approve card payments instantly.

• Get your first Wise Business card for free when you open a Wise Business account.
• Give your team their own corporate debit cards to keep expense management clean.
• Receive instant spending notifications and track expenses in the Wise app.
• Approve payments, set spending limits, and freeze your card if you've lost it.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Say goodbye to monthly fees and foreign transaction fees.

➡️Get your Wise Business Card today

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Best multi-currency business accounts in Singapore

Singapore businesses are spoilt for choice with a range of familiar traditional business banks and some non-bank providers to select from. Here’s a brief overview of the most popular ones.

DBS³

DBS Business Multi-Currency Account lets you hold and transact in SGD and 12 other currencies, including AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD. The account also offers free FAST and GIRO transactions and the option to enjoy cashback on its debit card.

OCBC⁴

OCBC’s multi-currency business account lets you trade in 13 currencies, including USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, and NOK. There are no set-up fees, fall below fees or initial deposit required.

UOB⁵

UOB’s Corporate Global Currency Account lets users trade in 9 foreign currencies, including USD, AUD, CAD, EUR, JPY, NZD, GBP, CHF, HKD and CNH, while earning daily interest on selected currencies.

Aspire⁶

Aspire lets users transact over 30 currencies and offers free local transfers in SGD, USD and IDR, without requiring any minimum balance or charging fall below fees.

Wise Business⁷

Wise Business lets you manage 40+ currencies while enjoying low-fee transactions and saving on hidden foreign exchange markups. You can also opt to get physical or digital business cards that let you control expenses, while letting your team members spend conveniently without the hassle of paying out of pocket and having to process claims later.

➡️ Learn more about Wise Business

Revolut Business⁸

Revolut Business lets users manage 30+ currencies within the account while enabling withdrawals in over 140 currencies with the Revolut Business card. While they offer a free tier, you may wish to subscribe for more features, depending on your business’s needs.

YouBiz⁹

YouBiz allows users to hold and transact across 9 currencies, including SGD, USD, EUR, GBP, JPY, HKD, AUD, CHF and THB. Businesses also enjoy unlimited cashback and 0% FX fees with their YouBiz corporate card.

➡️ Still unsure which one to choose? Check out our review of the best corporate business accounts in Singapore.

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How to choose the best multi-currency business account for your business?

Account features

Other than low foreign exchange rates and low conversion fees, you should also look out for features that could help improve the efficiency of your business’s financial processes. For example, batch payment options allow you to make numerous payments in one go. Having an invoicing tool allows you to invoice and keep track of payments easily. Integration with accounting software enables you to skip the manual work of consolidating transactions across accounts.

Fees

The whole point of opening a multi-currency business account is to save on fees and charges. Hence, you should pay special attention to fee structures, transaction fees, currency conversion fees, account fees, and any other charges that you are liable for.

Select the best multi-currency account for your business based on your usage volume, required currencies and the option to scale.

Transaction limitations

Depending on your business’s usage volume, this may be an important feature to consider. If you require a high volume of foreign exchange transactions each month, you may need to select providers that offer unlimited transactions or those that do not charge fees based on the number of transactions you process.

And if your business is required to hold a large sum of cash in another currency, you should check if your provider charges a cash holding fee.

Customer support

This comes in particularly handy to ensure you get help when things go wrong, giving you the confidence that your business’s day-to-day workflows will not be disrupted.

Security

Reputable institutions comply with strict regulations and industry standards to protect your business’s money and financial information, giving you peace of mind.

Accessibility and convenience

Having physical branches, ATMs, and online access enables you and your team to process payments and make withdrawals seamlessly without worry.

Integration simplicity

Integration options with your accounting systems enable efficient onboarding and accurate financial tracking and processes without affecting what already works for your business now.

Multi-currency corporate cards

Corporate cards allow your team to spend globally with ease while simplifying expense management.

➡️ Further Reading: Which Company Credit Card is Best for Businesses in Singapore in 2025?

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Conclusion

If your Singapore business is looking to grow globally, having a multi-currency business account will empower your team to operate internationally with confidence, control, and cost-efficiency. From reducing hidden fees to streamlining expense tracking and improving cash flow visibility, having the right multi-currency account sets the foundation for smarter, faster global expansion.

Don’t let clunky systems or costly foreign exchange conversions hold you back. Take the first step toward a more borderless business today.

➡️ Get Started with Wise Business today

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Sources:

1. Wise Personal vs Business in Singapore
2. Corppass Singapore
3. DBS Business Multi-Currency Account
4. OCBC Multi-Currency Business Account
5. UOB Corporate Global Currency Account
6. Aspire Cash Management
7. Wise Business
8. Revolut Business
9. YouBiz

Sources checked on 18 July 2025