How to open a foreign currency account: A guide for Singaporean businesses
Last updated: 29 Dec 2025
If you’re looking to open a foreign currency account from Singapore, you probably want to:
- Hold and manage multiple foreign currencies
- Avoid hidden conversion fees and poor exchange rates commonly associated with traditional banks and international transfers
- Use local account details to benefit from faster payments and accept payouts from online marketplaces
However, opening a foreign currency account through a traditional bank isn’t always easy. These institutions typically have detailed application processes, charge complex fees and support only a limited number of currencies. This can be a pain, particularly if you’re a business looking to expand overseas.
But there’s another option, an alternative to a traditional business bank account: WorldFirst.
In this guide, we share how our multi-currency World Account makes it fast and simple to hold 20+ currencies – all in one place.
Read on to learn:
- How WorldFirst makes it easy to open a foreign currency account
- How to open a foreign currency account from Singapore
- 6 foreign currency accounts from top Singapore banks
Want to hold multiple currencies and benefit from faster international payments? Open a World Account for free today.
How WorldFirst makes it easy to open a foreign currency account
WorldFirst is not a bank, but a global payments and multi-currency business account provider trusted by companies around the world. Since 2004, we’ve processed over $500 billion in transactions for more than 1.5 million businesses worldwide.
Our World Account is an all-in-one multi-currency account designed specifically for businesses that trade internationally. With it, you can collect, hold, and pay in 20+ currencies from a single online platform, eliminating the need to open multiple bank accounts abroad.
Here’s all you can do with your World Account:
Open a World Account for free and start holding 20+ currencies in one place
Opening a World Account is fast, free and completely online. With no ongoing account fees, we make it easy for you to start managing foreign currencies right away.
With your World Account, you get local account details in 20+ currencies, including SGD, MYR, THB, USD, CNH, EUR, GBP, AED, AUD, HKD and more. You can receive payments in those currencies for free, hold them until exchange rates are favourable and convert to your preferred currency whenever you’re ready.
Unlike with traditional banks, you don’t have to deal with hidden fees or poor exchange rates. Our pricing is low and transparent, with our currency conversion fee capped at just 0.6%.
When you’re ready to pay overseas partners, you can make payments in 100+ currencies to 200+ countries and territories. Transfers to other WorldFirst accounts are free, while transfers have a low rate that makes it more affordable to pay at scale.
Read more: What’s the cheapest international money transfer method?
Pay and get paid faster with money sent via local rails
Traditional banking can be painfully slow, with international transfers taking 1–5 days or more to clear. This can slow operations, delay supplier settlements and limit your flexibility to respond to market opportunities.
WorldFirst uses local rails whenever possible, so payments arrive faster. You receive local account details – like IBANs in Europe or US routing numbers – so you can send and receive payments as if they were domestic transfers.
In fact, 80% of payments reach recipients on the same day. Plus, fund transfers between WorldFirst accounts in the same currency are instant. This is especially useful given that 150,000 Chinese suppliers already have accounts with us.
Read more: Importing from China to Singapore: How to keep costs low and suppliers happy
Manage your currency risk with powerful FX tools
When your business operates internationally, exchange rate fluctuations can impact your profits. With a World Account, you get access to foreign exchange (FX) tools that help you manage currency risk and FX losses:
- Forward contracts let you lock in exchange rates for up to 24 months
- Firm orders enable you to set a target rate and automatically execute trades when it hits, so you don’t have to constantly monitor the markets
- Spot contracts let you convert at live market rates instantly, giving you flexibility when you need to act quickly
These tools make it easy to plan ahead, control costs and reduce the financial risks of doing business across borders.
Simplify operations with integrations to 130+ marketplaces, 1688.com and accounting software
To make life easier when selling and collecting payment abroad, your World Account connects directly to 130+ marketplaces like Amazon, AliExpress, eBay and Shopify.
You’ll also benefit from an exclusive connection to 1688.com. The latter lets you pay suppliers on one of China’s largest wholesale marketplaces in CNH directly from your account, helping you avoid conversion fees, speed up payments and get inventory faster.
Plus, your World Account integrates with Xero and NetSuite, making accounting, reporting and reconciliation easy. Payments, revenue and FX activity flow automatically into your system, saving time, reducing manual work and helping keep your books accurate.
With these integrations, your World Account becomes more than a place to hold currency. It becomes your central hub for doing business globally.
Read more: WorldFirst and 1688.com: All you need for wholesale sourcing in Singapore
How to open a foreign currency account from Singapore
If you want to go the traditional route, Singaporean banks do offer foreign currency accounts – but opening one can be tricky and time-consuming. Here’s what the process typically involves:
- Find a bank that offers foreign currency accounts. Not every bank provides them. Even if your current bank does, the options and currencies available may be limited. (We cover three banks below to give you an idea.)
- Determine eligibility and prepare the appropriate documents. For business accounts, most banks require your business to be registered in Singapore. The account type you qualify for may depend on how long you’ve been operating.
You’ll typically need documents and information including:
- Your company’s Unique Entity Number (UEN)
- Memorandum and Articles of Association or Constitution
- Copy of NRIC or Passport of all approving persons
- Contact details of all account users
- Apply online or in person. Many Singaporean banks have online application processes for a foreign currency account. However, whether you qualify for an online application depends on whether it’s your first account or if there are foreign owners of your company. You may be contacted by the bank for additional information.
- Wait for approval or denial. Approval times vary, and not all accounts support the same currencies.
Opening a foreign currency account through a traditional bank can also come with complex costs. These may include:
- Set up fees
- Minimum initial deposit
- Minimum monthly average balance
- Fall-below fees
- Average daily balance requirement
- Account fees and service charges
- Dormancy fees
- Early account closure fees
- Excess limit fees
- Telegraphic transfer commission fees and agent fees
6 foreign currency accounts from Singapore banks
Here are three banks that offer foreign currency accounts. Each bank has options for both personal banking and business accounts:
| Bank | Account Type | Account Name | Currencies Supported | Fees |
|---|---|---|---|---|
| DBS | Personal | My Account | 13 currencies: SGD, USD, JPY, HKD, EUR, AUD, CAD, CHF, CNH, GBP, NOK, NZD, SEK |
No minimum balance, no initial deposits, no account or service charge |
| Business | DBS Business Multi-Currency Account (includes Starter Bundle) |
13 currencies: SGD, USD, JPY, HKD, EUR, AUD, CAD, CHF, CNH, GBP, NOK, NZD, SEK | Charges monthly account fees and a monthly service charge (depending on account type) | |
| OCBC | Personal | Global Savings Account | 10 currencies: AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NZD, USD | Has deposit requirements (different for each currency) |
| Business | Multi-Currency Business Account | 13 currencies: USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK | No set-up fee, minimum initial deposit or fall below fee; Does charge monthly service fee | |
| CIMB | Personal | Foreign Currency Savings Account | 6 currencies: USD, EUR, GBP, AUD, JPY, CHF |
Has minimum initial deposit requirement |
| Business | Foreign Currency Current Account | 7 currencies: AUD, CAD, CNH, GBP, HKD, NZD, USD | Has minimum monthly average balance requirement and charges a fee when you fall below; Has dormancy and early account closure fees |
1. DBS My Account
DBS My Account is a personal multi‑currency savings account that lets you hold and transact in 13 currencies from one place.
You can save, receive and send funds in these currencies, and link your DBS Visa Debit Card to spend directly in foreign currencies without extra FX fees.
It’s ideal for individuals who travel often, receive money from abroad or want to manage multiple currencies without multiple accounts.
2. DBS Business Multi-Currency Account
The DBS Business Multi-Currency Account comes in two types:
- The “Business Multi-Currency Account – Starter Bundle” is for those who have been in business for three years or less
- The “Business Multi-Currency Account” is for those in business for more than years.
These accounts allow businesses to hold, send and receive multiple currencies in one place, making cross-border transactions simpler and more cost-effective.
It’s best suited for Singapore-registered businesses that trade internationally or have suppliers and clients abroad.
3. OCBC Global Savings Account
The OCBC Global Savings Account is a personal savings account that supports up to 10 major foreign currencies. Account holders must be over 18, and interest rates differ by currency.
This is best for personal banking customers who want to consolidate different foreign currencies without multiple accounts.
It’s particularly useful for frequent travellers, expatriates or anyone who regularly receives or spends foreign money.
4. OCBC Multi-Currency Business Account
OCBC’s Multi‑Currency Business Account supports 13 major currencies and requires no initial set‑up or fall‑below balance fees. It allows Singapore‑registered businesses to pay and receive in different currencies like USD, EUR, GBP, AUD and CNH.
This account suits Singapore‑registered businesses that trade internationally or deal with overseas clients and suppliers frequently.
As there’s no minimum balance requirement and minimal paperwork, it’s useful for both new and established companies that want straightforward multi‑currency banking with local support.
5. CIMB My Account
CIMB’s Foreign Currency Savings Account lets individuals hold and transact in six major currencies while earning interest where eligible.
It’s suitable for people who want the flexibility to save or send money internationally without multiple accounts. The account is ideal for frequent travellers, overseas students or anyone needing a simple solution for managing foreign currency savings.
6. CIMB Business Multi-Currency Account
The CIMB Business Multi-Currency Account is aimed at Singapore-registered businesses and can hold up to seven foreign currencies. It typically requires a minimum initial deposit for each currency wallet and may charge a fall‑below fee if balances are low.
This account is a straightforward option for companies that want multi‑currency capabilities and are comfortable with standard bank balance requirements and FX fees.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
World Account: the foreign currency account built for global online businesses
WorldFirst was designed with online businesses in mind. From signing up to managing your account, everything can easily be done remotely.
With tools to help you sell globally, pay suppliers internationally and manage multiple currencies, the World Account puts your business in control of its finances, no matter where you operate.
Getting started is fast, simple and free. Sign up for a World Account today.
What is a foreign currency account, and why would I need one?
A foreign currency account lets you hold, send and receive money in multiple currencies without converting back to your home currency each time.
It’s useful for businesses or individuals who operate internationally, helping you save on conversion fees, access foreign markets and manage global payments more easily.
How can a foreign currency account help me save money?
By holding and transacting in the foreign currency directly, you can avoid repeated conversions and the associated fees. You also gain more control over exchange rates, because you can convert funds when rates are most favourable.
Foreign currency accounts may also offer better rates and lower conversion fees than traditional banks.
Can a foreign currency account make international payments faster?
Yes. For instance, WorldFirst’s multi-currency account uses local payment rails whenever possible. This means payments often arrive the same day, compared with traditional SWIFT transfers that can take several days.
Faster payments can improve cash flow, strengthen supplier relationships and enable your business to respond quickly to market changes.
How do I open a foreign currency account from Singapore?
Traditional banks in Singapore offer foreign currency accounts, but they often support fewer currencies, have complex fee structures and provide limited integrations.
Creating a World Account is fast, simple and entirely online. You can hold 20+ currencies, enjoy transparent, low fees and connect your account with platforms you already use.
Businesses trust WorldFirst
- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions
