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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.
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:
This differs between accounts, but you can generally access the following:
Take a look at the following features so you can find the right multi-currency account for you:
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.
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.
You typically need to meet the following eligibility criteria to apply:
You’ll typically need to bring the following with you:
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.Back to top
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