Best multi-currency accounts in Singapore

Enjoy low ATM fees and save on transactions made overseas with a multi-currency account.

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Do you need access to multiple currencies? If so, a multi-currency account is an easy, hassle-free option that can save you money in foreign exchange fees and charges.

Use this guide to learn about how to find the best multi-currency account for you.

What is a multi-currency account?

A multi-currency account, or a foreign currency account, is a standard Singaporean bank account that allows you to send and receive funds in one or more foreign currencies. These funds can either be exchanged into Singapore Dollars or held in whatever currency they’re received in until you’re ready to exchange them.

Foreign currency accounts can come in both business and personal versions. Depending on the account, it may or may not be interest-bearing.

Compare a range of digital banks with multi-currency accounts in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
Wirex Visa Card
5 business days


A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates.
5-8 business days


Use promo code FINDER5 to earn $5 on signup.

A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
Transferwise Borderless
2 - 3 business days


A debit card with fee-free payments in over 45 currencies and competitive currency conversion at real exchange rates.
Revolut Standard
Up to 9 working days


Enjoy no monthly fees, competitive currency conversion rates and spend in over 150 currencies with Revolut’s Standard card.

Compare up to 4 providers

How does a multi-currency account work?

A multi-currency bank account lets you send and receive funds in different currencies, which can save you time and money. Regular Singaporean bank accounts will see funds converted to and from SGD when required, but what if you wanted to keep different amounts of specific currencies without having to worry about short term currency fluctuations affecting your bottom line?

When you use a multi-currency account, you typically can:

  • Deposit different currencies.
  • Switch between the currencies to take advantage of changing exchange rates.
  • Send money overseas without having to worry about extra charges for conversion (though transfer fees may apply). This can offer a convenient way to handle your money if you are often dealing with international transactions.
  • You can often link your account to a debit card with the bank, meaning you can use the card to make payments when you’re overseas.

Currencies available may include:

  • Singapore dollars (SGD)
  • Renminbi (RMB), though currency restrictions may apply
  • US dollars (USD)
  • Australian dollars (AUD)
  • Great Britain pound sterling (GBP)
  • Euro (EUR)
  • Hong Kong dollars (HKD)
  • Canadian dollars (CAD)
  • Japanese yen (JPY)
  • New Zealand dollars (NZD)

How do I compare multi-currency accounts?

In order to ensure that you can take full advantage of having a multi-currency account, you should be comparing the following features amongst the various banks:

  • Number of currencies. You will find that some financial institutions are able to provide you with a wide range of currencies; others may only have two or three.
  • Supported currencies. Check to ensure that the currencies you deal with most are available with each of the accounts you are comparing.
  • Account minimum. Some banks will require that you maintain a minimum monthly balance in the account.
  • Monthly account fees. You could find some that are charging a maintenance fee every month for a multi-currency account.
  • Currency conversion charges. In addition to the exchange rate differences, the bank could also be charging you each time you convert your money to another currency.
  • Other fees. Read the fine print to see if you are subject to any cash handling fees for transactions. In some instances this could depend on the particular currency and the type of transaction you are making.
  • Transfer amounts. The amount you are allowed to transfer per transaction and per day will vary between banks.
  • Transfer types. With most you are going to find that all overseas transfers are conducted as a bank to bank transfer.
  • Money transfer speed. Look to see how long with each account does it take to transfer money from your home bank to one overseas.
  • Flexibility. With some multi-currency accounts you will be able to make transfers, deposits and withdrawals over the phone or internet or at a branch. Check to see if any of these transaction types are limited or incur extra fees.

Here’s an overview for the multi-currency accounts offered by the most popular banks in Singapore:

Features and feesDBSOCBCUOBHSBC
Account opening feeNoneNoneNoneNone
Initial depositNone
  • $5,000 for AUD, CAD, CNH, EUR, GBP, NZD, USD
  • $50,000 for HKD
Varies according to currencies$2,000
Monthly fee$0 to $2, depending on account type$0$0$2 if average daily balance falls below the minimum balance<
Average daily balance$3,000 (for DBS Multiplier Account and eMulti-Currency Autosave Plus only)To accrue interest, you’ll need to maintain:

  • $5,000 for AUD, CAD, CNH, EUR, GBP, NZD, USD
  • $50,000 for HKD
Varies according to currenciesS$2,000 (or its equivalent)
Sending paymentsSame-day transfers at $0 transfer fees for selected countriesCommission + commission in lieu of exchange + agent fee + cable flat feeCommission + commission in lieu of exchange + agent fee + cable flat feeRanges from $40 to $45
Available currencies12 foreign currencies + SGDUp to 8Up to 10Up to 11

Digital Banks

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What are the benefits to holding a multi-currency account?

  • Multiple currencies. This is the main benefit of holding one. You don’t need to worry about exchanging your money and can deposit foreign currency.
  • Balance requirements. With some banks you may not be required to maintain a minimum balance in a multi-currency account.
  • Exchange rates. You can switch between currencies in some instances to take advantage of a better exchange rate.
  • Account keeping fees. You should be able to find multi-currency accounts that do not charge any monthly or ongoing fees. A number of digital bank accounts will include some of the pros outlined here.

What I should look out for?

  • Cash handling fees. For some of your transactions you can expect to be charged special cash handling fees.
  • Low interest. With this type of account you will not be earning interest payments on your balance.

What fees can I expect?

A foreign currency account usually comes with a number of fees in addition to regulars ones, such as monthly service charges. These include fees for depositing or withdrawing. Some institutions may offer unlimited deposits and allow a certain number of fee-free withdrawals per month, or vice versa.

When comparing accounts know what your dealings each month will primarily consist of. If you receive many deposits each month, it may be useful to find an account which offers free unlimited deposits.

Read about how credit cards with 0% foreign fees can help you save money when you shop overseas.

How can I open a foreign currency account?

Opening a foreign currency account isn’t very different to opening any other kind of bank account. You’ll need to first decide on the bank that offers an account you need and apply online, or visit its nearest branch. Before applying, make sure that you meet its eligibility criteria and have the required documents on hand.

Eligibility criteria

You typically need to meet the following eligibility criteria to apply:

  • Be at least 18 years old (some banks like UOB requires you to be at least 21 years old)
  • Be living in Singapore

Documents required

You’ll typically need to bring the following with you:

  • Identification. For Singaporeans and permanent residents, make sure to bring along your NRIC. For foreigners, you’ll need to bring your passport as well as your Employment Pass (EP), S-Pass or Student Pass.
  • Proof of residential address. Your latest utility bill, account statement or letter from any government bodies.

    Do note that the documentation and eligibility information we’ve provided is only meant as a general guide. Before proceeding to open a current account at your chosen bank, make sure to check their eligibility criteria and know what are the exact documents required.

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