TransferWise Multi-Currency Account review
Hold over 55 currencies in your account and get local bank details in nine countries.
The Multi-Currency Account will be a useful account for shoppers, sole traders, travellers, or anyone else needing to bank in more than one country or currency. You will receive local bank details for nine areas including Europe, the UK, the US, Australia and Singapore. Find out what you need to know in this review to see if this account is right for you.
ATM fee for SGD withdrawals
between 0.35% and 2.2%
Currency conversion fee
How does the TransferWise Multi-Currency Account work?
The TransferWise Multi-Currency Account (formerly the TransferWise Borderless Account) is a bank account that lets you hold multiple currencies, spend worldwide and transfer money at better ranks than the banks. It’s designed as a global bank to help you manage your finances in multiple currencies and countries.
You will get local bank account details including an IBAN, UK sort code, US routing number and Australian BSB so you can shop and spend like a local in multiple countries at once. You’re also able to hold and convert money in up to 55 currencies and transfer money to over 70 countries. If you need access to multiple currencies for travel, to send or receive money from home or to shop online with overseas websites, this multi-currency account is a great option to consider.
TransferWise accounts are free to open and come with an assortment of useful features.
- Local bank details. Your Multi-Currency Account is really multiple accounts in one as you will get local bank details in nine countries, including Singapore, Australia, the UK, Europe and the US.
- Spend abroad. You can use your card in 200 countries, with your money being converted into the local currency using the real exchange rate.
- Multiple currencies. Hold and convert up to 55 currencies in your account.
- Mobile payments. You can spend in Singapore and abroad using Apple Pay and Google Pay.
- Low-cost foreign transfers. TransferWise boasts a transfer rate that is up to seven times cheaper than traditional banks. You can send money to over 70 countries.
- Debit card security. Freeze and unfreeze your card if it’s lost or stolen, receive spending notifications and access PIN reminders.
- Multiple language support. You can get help from TransferWise in a range of languages.
Fees and rates
- S$0 monthly fee
- There is a currency conversion fee of between 0.35% and 2.2% depending on the currency you’re transferring to
- A one-off S$10 fee for your debit card
- Receive two ATM withdrawals up to S$350 a month free. Withdrawals over $350 per month cost 1.75% while you will need to pay SGD$1 per withdrawal if you withdraw cash more than twice in one month.
- No fee to spend in currencies held on in your account
- If you hold more than €15,000 you will be charged 0.4% annually.
- Note you cannot withdraw from Singaporean ATMs currently.
If you need to bank using more than one currency, the TransferWise Multi-Currency Account is definitely one to consider. Not only does it let you hold multiple currencies but you can essentially spend like a local in nine countries with local bank details. You can also hold up to 55 currencies in your account and transfer money to 200 countries.
However, there are some fees to note, including the card delivery fee of S$10 and ATM fees if you go over the limit.
The account is worth it for those that will use the international spending features, but there are other digital bank options available if this account comes with too many bells and whistles.
How to sign up for the TransferWise Multi-Currency Account
It only takes a few minutes to open an account with TransferWise online, but verifying your identity takes about two days to process. Anyone over the age of 18 and residing in Singapore can sign up for an account.
Here is how to sign up:
- Click “Go to Site” from this page to be securely redirected to the TransferWise website
- Enter your email address and password and select your country of residence, then click “Sign up”
- Verify your identity using your government ID such as your NRIC, passport or driver’s licence
- Add money to your account and order your card. It’s now ready to use!