DBS multi-currency account review for Singapore businesses
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A review of the DBS multi-currency account for Singapore businesses, covering features, fees, and eligibility
Key takeaways
- The DBS multi-currency account lets businesses in Singapore hold, send, and receive funds in 13 currencies
- The business multi-currency account comes with a S$50 yearly account maintenance fee and S$40 monthly service charge
- The World Account by WorldFirst is a multi-currency account that supports 20+ currencies and international payments to 200+ countries
The DBS business multi-currency account supports 13 currencies and includes a free business debit card, but account fees apply and some payment features like bulk payments vary between account types. This DBS multi-currency account review explains its features, fees, eligibility, payment capabilities, and how it compares with the World Account by WorldFirst.
What is the DBS multi-currency account?
The DBS multi-currency account is a business account that lets Singapore businesses send, receive, hold funds in 13 major currencies from a single account.1 It is available in two versions1:
- The Starter Bundle is designed for businesses that have been incorporated for less than three years1
- The Business Multi-Currency Account is available to businesses that have been incorporated for more than three years2
Quick look: Pros and cons of DBS multi-currency account
| Pros | Cons |
|---|---|
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Key features of the DBS multi-currency account
Supported currencies
The DBS multi-currency account lets businesses transact in 13 currencies including SGD, USD, EUR, GBP, JPY, AUD, CNH, and more. 1 Businesses can receive, hold, convert, and make payments in supported currencies without opening separate local currency accounts.1
Payments
Businesses with the DBS multi-currency account can send payments using FAST (Singapore’s instant bank transfer network) and GIRO (used for recurring or scheduled payments such as supplier invoices and payroll).1 The standard account includes 50 free FAST and 50 free GIRO transactions each month, while the Starter Bundle offers unlimited FAST and GIRO transfers (excluding bulk and payroll payments).1
Users can convert currencies through DBS FX Online and SecureFX1:
- DBS FX Online allows businesses to book foreign exchange transactions across more than 40 currency pairs and lock in exchange rates for up to one year in advance1
- SecureFX enables businesses to secure exchange rates for five major currency pairs (USD/SGD, EUR/SGD, EUR/USD, GBP/SGD, and JPY/SGD) up to one month ahead for local and international payments of up to US$1 million1
Overdraft
Debit card
DBS multi-currency account fees — the breakdown
| Fee type | DBS Starter Bundle multi-currency account fees | DBS Business Multi-Currency Account fees |
|---|---|---|
| Account opening fee | Zero | Zero |
| Account maintenance fee | S$10/month | S$50/year |
| Monthly service charge | Zero | S$40/month (waived if the average daily balance is at least S$10,000 or equivalent) |
| FAST & GIRO payments | Unlimited free FAST and GIRO payments | 50 free FAST and 50 free GIRO payments per month |
| Sending funds overseas | S$30 per transfer, excluding agent bank fees | S$30 per transfer, excluding agent bank fees |
| DBS Business Advance+ Debit Card | Zero | Zero |
*Fees checked in 2026
Who can open a DBS multi-currency account?
How to apply for a DBS multi-currency account
Follow the below steps to apply for a DBS business account:
- Get your company’s Unique Entity Number (UEN) and the contact details of all authorised account users
- Complete the online application. If required, save it as a draft and continue later
- Once approved, DBS emails your account access details
World Account by WorldFirst is a multi-currency account built for global businesses
The World Account is a multi-currency account by WorldFirst, a global payments provider. It lets businesses hold funds in 20+ currencies, including SGD, USD, GBP, EUR, AUD, NZD, CNH, HKD, JPY, and more. Each supported currency comes with local receiving account details, allowing businesses to receive payments as though they were domestic transfers.
Businesses can send payments in more than 100 currencies across over 200 countries and regions. The account also supports payment collection from more than 130+ global marketplaces and payment gateways, including Amazon, Shopify, Shopee, and Stripe.
Each account is linked to a World Card, a Mastercard-powered virtual business payment card that lets you pay in 150+ currencies. Businesses can issue up to 20 World Cards from one account at no additional cost. There are no fees charged when paying in any of the 15 supported currencies, with sufficient balance held in that currency.
Key features of the World Account
- Hold funds in 20+ currencies including USD, GBP, EUR, AUD, NZD, CNH, HKD, JPY, SGD and more
- Send payments in 100+ currencies across 200+ countries and regions
- Collect payments from 130+ global marketplaces and payment gateways
- Transfers between World Account holders are free and instant
- Forward contracts available for Singapore businesses
- Xero integration for automated accounting and reconciliation
- Up to 20 World cards from a single account at no extra cost
- Cashback is available on eligible World Card spending. Terms and Conditions Apply
| Fee type | World Account |
|---|---|
| Account opening fee | Zero |
| Monthly account fee | Zero |
| Opening local currency accounts | Zero |
| Receiving payments | Zero |
| Holding funds in multiple currencies | Zero |
| Sending payments to World Account holders | Zero |
| Sending payments to other accounts | US$1 for local transfers, US$5 for international transfers |
| Currency conversion | Up to 0.6% |
| World Card issuance | Zero for up to 20 cards |
| Payments to 1688.com suppliers via World Pay | Up to 0.8% currency conversion fee |
*Fees checked in June 2026
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FAQ
What is the DBS Multi-Currency Account?
The DBS corporate multi-currency account is a business account that lets you send, receive, and hold funds in 13 currencies. It is available as the Starter Bundle for businesses incorporated for less than three years and the standard account for businesses incorporated for more than three years.
What is the minimum balance for the DBS Multi-Currency Account?
DBS does not specify a minimum opening balance. However, the standard account’s S$40 monthly service charge is waived if you maintain an average daily balance of at least S$10,000 or the equivalent.
Can I deposit and withdraw foreign currency from a DBS Multi-Currency Account?
Yes, you can deposit and withdraw funds in 13 supported currencies including SGD, USD, EUR, CNH and more.
Sources:
- https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account
- https://www.dbs.com.sg/sme/businessclass/business-tools-list.page
- https://www.dbs.com.sg/sme/day-to-day/ways-to-bank/online_banking_ideal.page?pk_source=typed&pk_medium=direct&pk_campaign=bookmarked
The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
Joan Poon leads marketing across Southeast Asia at WorldFirst, driving growth and brand leadership in key markets including Singapore, Malaysia and the Philippines.
Joan Poon
Author
Head of Marketing SEA, WorldFirst Singapore
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