How to open an RMB account in Singapore
Last update: 17 Dec 2025
If you’re looking to open an RMB account in Singapore, you’re in the right place.
The trouble is that many of the existing options have strict requirements, or require an in-person visit to apply. Many also come with high fees that eat into your margins, and charge foreign account holders thousands of dollars to open an account.
One way to combat these barriers is to open a multi-currency World Account from WorldFirst. It lets you hold funds in CNH and 20+ other currencies without the headaches you usually get from more traditional accounts, and also lets you make payments directly to China in CNY in three simple steps.
It only takes a few minutes to apply for a World Account online, and you can get approved in as little as 48 hours or less.
Below, we’ll cover the benefits of a multi-currency World Account for businesses, plus share 4 alternative accounts for holding RMB.
In this article:
- Why WorldFirst is the best choice for your RMB account in Singapore
- How to open a World Account
- 4 alternative accounts for holding RMB in Singapore
Open a World Account for free with our fully-online application and start trading in RMB.
Why WorldFirst is the best choice for your RMB account in Singapore
If you’re a business that wants an RMB account in Singapore, look no further than the multi-currency World Account from WorldFirst.
The World Account works like any business account, with the difference being that you can hold 20+ currencies, including CNH (China’s offshore RMB ). You’ll get local account details for each currency, so that you can pay and get paid like a local in the countries in which you operate.
Singaporean businesses can also use the World Account to pay in CNY, for simplified business payments into China.
Here are some of the reasons why a World Account is the best choice for your RMB account:
Make same-day payments to China in USD, CNH and CNY
WorldFirst offers several different ways to make same-day payments to Chinese suppliers and partners, including direct payments in CNY.
With direct CNY payments, you can pay recipients via their bank accounts or through Alipay. Payments land instantly and do not count toward recipients’ annual limits on foreign currency exchange.
With your World Account, you can also make payments in 100+ additional currencies, including CNH, to 210+ destinations worldwide. You can pay directly to your recipient’s Chinese bank account, and if they also have a World Account, you can pay them instantly, for free.
Finally, WorldFirst is one of the few cross-border payments providers offering same-day payments to China in USD.
With your World Account, you can make direct payments to Chinese bank accounts in Hong Kong and the Mainland within just hours, using our network of local Chinese banks. Every payment comes with real-time payment confirmation and tracking, so you can say goodbye to untraceable wire transfers.
Read more: How to send money to China: A guide for international businesses
Hold and receive funds for free in 20+ currencies including CNH
With your World Account, you can hold and receive funds in CNH and 20+ additional currencies, and get local account details for each currency you hold.
With local Chinese account details, you can make faster payments to China using local payment rails. These local details also make it possible to register and collect payments in local currency from many online marketplaces, so you can sell on Chinese marketplaces like AliExpress, TaoBao and others.
There are no fees to hold or receive funds in CNH your World Account. You only pay when you’re ready to transact, where fees are applicable.
You can also save money on exchange rates and conversion fees by avoiding automatic conversions like the ones offered by many platforms and gateways. With WorldFirst, convert funds only when you’re ready, or when rates are most favourable for you.
Read more: How to open a business bank account online in Singapore (4 options)
Get 20 virtual World Cards for free to pay in RMB and 150+ other currencies
With your World Account, you also get free virtual World Cards that you can use to pay in CNH, SGD, USD and many other currencies. Plus, pay no FX fees when you pay in 15+ major currencies including CNH, SGD and USD.
You also get up to 1.2% unlimited cashback when you use your World Card to pay eligible business expenses, paid monthly. Use your World Card to pay suppliers, partners, logistics providers, advertising costs and more.
With up to 20 virtual cards, you can separate expenses out by department, supplier, expense type or any other category of your choice. For each card, you can set custom limits, and automatically freeze, unfreeze or cancel any card at any time, from your World Account dashboard.
Read more: Business virtual cards: 4 options for smarter expense management
Pay suppliers on 1688.com directly from your World Account Balance
1688.com is one of China’s top wholesale platforms, with over 10 million products to choose from across 1700 categories. It’s the supplier platform of choice for local Chinese vendors, offering discounts of up to 40% off on bulk orders.
Previously accessible to international sellers only via extensive workarounds due to the difficulties of paying suppliers, WorldFirst’s exclusive direct integration with 1688.com enables any World Account holder to easily use the site.
When you open a World Account, you can pay suppliers directly through 1688.com using your World Account balance, with just a few clicks.
Read more: How to start sourcing products from China
Open a World Account for free, from virtually anywhere, and start holding CNH and paying in CNY
It only takes a few minutes to apply for a World Account, and you can complete the entire process online. Approval typically only takes 48 hours or less, and once approved, you can start transacting right away.
With a World Account, there’s no need to establish a local business entity or to make any in-person visits to China. And unlike some other RMB accounts, you don’t need to pay higher fees or submit to stricter requirements if you’re a foreign incorporated business.
WIth WorldFirst, there are no fees to open your account, and no setup fees, monthly fees or other recurring fees. What you see is what you pay, and all of our fees are transparently listed on our pricing page.
Read more: What’s the cheapest international money transfer method?
- 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
How to open a World Account
To open your account, visit our Account Opening Help page for a full list of materials you might need. Then, head to our online registration portal and:
- Click Sign up and choose your region
- Click Create account
- Enter your business and personal information
- Upload your supporting documents
The account verification process typically takes no more than 48 hours. As soon as you’re approved, you can get set up and start transacting in RMB.
4 alternative accounts for holding RMB in Singapore
| Provider | Fees | Currencies supported | Overseas transfers | Application |
|---|---|---|---|---|
| WorldFirst | No setup or monthly fees. | Hold 20+ currencies including CNH Pay in 100+ currencies to 210+ destinations |
Same-day USD and CNY payments to China 80% arrive the same day, 90% by next |
Apply online in minutes and get approval within 48 hours No local entity required |
| DBS | S$10/month or S$40/month depending on business age Fee waived with balance ≥ S$10,000 |
13 currencies: SGD, USD, JPY, HKD, EUR, AUD, CAD, CHF, CNH, GBP, NOK, NZD, SEK | Flat S$30 per transfer 2–4 days, same-day options available |
Companies incorporated in Singapore and fully-owned by Singaporeans may apply online |
| OCBC | No setup or monthly fees | RMB only or 13 currencies: USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK, NOK | S$20 cable charge + agent fees + 1/8% commission (max S$120) | Only registered Singapore businesses with UEN may open an account |
| HSBC | S$100/month S$1,500 setup for overseas firms |
10 currencies: AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, MYR, USD | Same- or next-day payments available via “Pay Like a Local” Pay with SWIFT 0.125% (min S$20, max S$100) + S$20–S$40 cable |
Existing Business Banking clients with a local presence may apply online |
| UOB | S$35 annual + monthly fees S$500 setup for foreign firms. |
10 currencies: USD, AUD, CAD, EUR, JPY, NZD, GBP, CHF, HKD, CNH | 1/8% commission (min S$10, max S$100) + cable/agent fees Transfers take 1–5 days. |
Apply online or in person at a branch |
1. DBS Business Multicurrency Account
One of the largest banks in Southeast Asia, DBS offers a multi-currency account designed for SMEs. The account supports 13 major currencies, including CNH, and telegraphic transfers typically take 2–4 days, though same-day transfer options are also available.
- Currencies supported: 13 major currencies including SGD, USD, JPY, HKD, EUR, AUD, CAD, CHF, CNH, GBP, NOK, NZD and SEK
- Account fees: Monthly service charge of S$10 if you’ve been in business less than three years, or S$50 annual account fee plus S$40 monthly service charge if you’ve been in business more than three years (waived if average daily balance is at least S$10,000 or equivalent)
- Overseas Transfers: Flat fee of S$30 per transfer, excluding agent bank fees for telegraphic transfers
- Additional info: You can apply online if your company is incorporated in Singapore and fully owned by Singaporeans or permanent residents.
2. OCBC Renminbi Business Account or Multi-currency Business Account
OCBC offers both an RMB account and a multi-currency account, both designed exclusively for businesses registered in Singapore. Foreign-incorporated businesses wishing to trade in RMB with OCBC must first apply for a Business Foreign Account with a US$1200 account setup fee, plus US$50 per month for a multi-currency account.
- Currencies supported: Only RMB for Business Account; 13 currencies for Multi-currency Account, including USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK and NOK
- Account fees: No set-up fee, no fall-below fee, no initial deposit
- Overseas Transfers: Overseas fund transfers come with a flat Cable Charge fee of $20, plus agent fees, fixed fee based on remitting currency, and 1/8% commission (up to S$120)
Additional Info: You must have a business presence in Singapore (ie. be a registered Singapore business with a UEN) in order to open an OCBC account.
3. HSBC Global Wallet for SMEs
HSBC offers a digital multi-currency account designed for SME, which lets users hold and transact in 10 currencies across 240+ countries. Pricing plans range from S$250 to S$650 per month, plus additional charges for certain transaction types.
- Currencies supported: Pay in 10 currencies: AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, MYR and USD. Receive payments in four currencies: AUD, GBP, HKD and USD
- Account fees: S$100 or equivalent monthly account service fee per company entity
- Overseas Transfers: Same day or next day payments with ‘Pay Like a Local’ feature to Australia, Canada, China, Hong Kong, Japan, Malaysia, Switzerland, UK, US and most of Europe, or use SWIFT payments. Telegraphic transfers are charged at a percentage-based commission of 0.125% with min S$20 and max of S$100, plus the cost of cable, S$20–S$40
- Additional info: Eligibility is open only to existing Business Banking customers with HSBC in Singapore, which requires a local business presence and minimum deposit of S$30,000 or equivalent. Businesses not registered in Singapore may apply for a business account, but are subject to an overseas company account opening fee / periodic account review fee of $1,500
4. UOB Corporate Global Currency Account
UOB allows corporate account holders to earn daily interest on certain currencies, including CNH, but interest rates are subject to change without notice. Accounts are open to sole proprietors, limited liability partnerships, private limited companies and several other types of businesses.
- Currencies supported: 10 currencies including USD, AUD, CAD, EUR, JPY, NZD, GBP, CHF, HKD and CNH
- Account fees: Monthly fall-below fees vary based on currency. Annual account fee S$35. Monthly service fee for certain currencies. Foreign-incorporated companies must pay an account setup fee of a minimum of S$500
- Overseas Transfers:1/8% commission (min S$10 max S$100) plus cable and agent charges where applicable. Telegraphic transfers typically take 1–5 business days
- Additional info: Apply online or download and print application forms to submit in person at a branch.
Choose WorldFirst and do business in China without the hassle
A multi-currency WorldFirst account gives you all the functionality you need from an RMB account. What’s more, you don’t need to establish a business presence abroad or pay a fortune in monthly fees.
Open a World Account for free now to start holding and trading in Chinese currency in as little as 48 hours.
Frequently asked questions (FAQs)
Do I need to have a registered business or a presence in China to open an RMB account?
No. Most providers offering RMB or multi-currency accounts in Singapore allow foreign-incorporated businesses to apply without a physical presence in China. However, traditional banks may require additional documentation or significantly higher initial deposits for non-resident companies.
How can I hold RMB without paying monthly fees?
Many banks in Singapore charge monthly maintenance or minimum average balance fees for business deposit accounts. Some digital alternatives offer RMB holding accounts with no setup or ongoing fees, where you only pay when sending or converting funds. Comparing banking services and reviewing each provider’s fee structure before opening an account can help you avoid unnecessary costs.
What is the average cost of an RMB or multi-currency account in Singapore?
Costs differ dramatically by provider. Traditional banks may charge setup fees of several hundred Singapore dollars, require minimum deposits, or apply fixed transaction fees for bank transfers. Meanwhile, fintech platforms tend to have lower entry requirements and transparent foreign exchange pricing.
It’s worth comparing both to find the right balance of cost, flexibility and accessibility for your business.
Can I access RMB funds through internet banking or a debit card?
Yes. Most modern banking services and fintech platforms provide full internet banking access to manage balances, make transfers and review statements. Some also issue physical or virtual debit cards linked to your account for everyday business spending, including payments in RMB, SGD and other currencies.
It’s worth comparing both to find the right balance of cost, flexibility and accessibility for your business.
Are business depositors in Singapore protected under SDIC?
Accounts held with licensed banks in Singapore are insured by the SDIC (Singapore Deposit Insurance Corporation), which protects depositors up to the insured limit for eligible deposit accounts. Non-bank financial providers that facilitate international payments are typically regulated by the Monetary Authority of Singapore (MAS) but are not part of the SDIC scheme.
Always review the provider’s safeguarding policy before opening a current account or holding foreign currency deposits.
Sources
- https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account
- https://www.ocbc.com/assets/pdf/cfs_fee_and%20_charges%20brochure_23april.pdf
- https://www.business.hsbc.com.sg/en-sg/campaigns/globalwallet
- https://www.business.hsbc.com.sg/en-sg/business-banking/business-account-opening-process
- https://www.business.hsbc.com.sg/-/media/media/singapore/pdfs/campaigns/hsbc-global-wallet-pay-and-receive.pdf
- https://www.uob.com.sg/business/accounts/corporate-global-currency-account.page
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
