What is a foreign currency account?
A foreign currency account allows users to receive, hold and convert multiple currencies all in one single account. For example, in your multi-currency account, you may open a GBP account to receive pounds and decide to hold GBP currency or convert it into your SGD account. All of this in one global currency account!
Should your business use a foreign currency account?
This account is suitable for exporters, wholesalers and online merchants who make multiple global transactions to overseas contractors and international customers. Here are some common ways to use a foreign currency account for your business:
- Receive funds from overseas businesses
- Receive foreign earnings from global customers
- Convert currencies within your multicurrency account
- Pay overseas contractors and suppliers
- Payroll for international employees
- Pay business taxes (eg. UK VAT)
Traditional banks: Foreign currency account for businesses
Alternatives for businesses: Multi-currency account by payment specialists
Choosing a global currency account for your business needs:
Businesses should evaluate their options to find the best foreign currency account to suit their needs. Here are some considerations.
- Be aware of all the fees and charges
- All account maintenance fees
- Transaction charges
Banks do have hidden fees, determine all the account fees when apply for a multi-currency business account. The volume and frequency of your global payments will also help to determine how costly these fees will become.
- Your available business’ cashflows
If you do not have a huge capital run your daily business, using a foreign currency account with a bank can be costly because of the minimum deposits. You can opt for a cheaper and easier multi-currency account offered by payment specialists like WorldFirst.
- Available currencies
Whether you’re receiving from global customers or paying overseas contractors, understand the main currencies you transact in. Choosing a multi-currency account that offers more currencies may be helpful as your business scales globally.
For SMEs & Businesses: World Account (a multi-currency account)
Whether you’re just starting out a global business or making frequent overseas transactions, World Account is an alternative currency account to what banks are offering.
World Account for Businesses
|Account Maintenance Fee||Free|
|Receive money in SGD, USD, AUD, CAD, HKD, NZD, GBP, EUR, JPY1, CNH2||Free|
|Get bank account details||Free|
|Pay out in more than 30+ currencies||Free|
|Exchange Rate Margin (Currency conversion)||0.1 – 0.5%|
|Transaction Fee (No Currency Conversion)||USD 10 – 20 or 0.15-0.5%|
|Add into your currency accounts3 from your business bank account
*Note: Check on the transfer fees (if any) by your sending bank, before making a transfer to your currency account
|Minimum and Maximum Balance||No limits|
|Dedicated Account Manager and Customer service||Yes|
1JPY receiving account only applicable for funds from Amazon Japan.
2CNH refers to Chinese Yuan in the offshore markets (ie. outside of China, such as Singapore, UK, HK). CNH does not refer to CNY/RMB used within China itself.
3Add into 9 currency accounts: SGD, USD, AUD, CAD, HKD, NZD, GBP, EUR, CNH
How to open a World Account?
Step 1: Register for a free World Account online.
Step 2: Verify your account.
We just need a few verification documents to set-up your World Account, this helps us prevent fraud and keeps your money safe. Documents required* depending on your business nature:
- Sole-trader – non-ACRA/ individuals (Your ID required) OR
- ACRA business (ACRA documents, Directors’ and Shareholders’ ID proof required)
Step 3: Upon verification online, your account is activated!
You’ll receive a dedicated account manager as well as currency bank details for all the currencies you may require. You can start using World Account to:
- Receive money in 10 available currency accounts
- Share your global bank account details to collect overseas funds from customers
- Add beneficiary and make overseas supplier payments
*more documents may be required depending on your business structure
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