Digital Multi-Currency Accounts In Singapore You Should Know
Just because you live in Singapore doesn’t mean you should limit yourself to a Singapore dollar bank account. As border restrictions ease up, having access to various foreign currencies has become a must. A multi-currency account will also make e-commerce and business extremely easier.
If you’re looking for the best multi-currency account in Singapore today, you’re on the right page. In this guide, we’ll discuss everything you need to know about different multi-currency account in Singapore options, as well as its perks.
Here at OMY Singapore, you will discover the following:
What Is A Multi-Currency Account?
For starters, a multi-currency account is exactly what it sounds like. This is a bank account or digital wallet that supports multiple currencies. The same is true for a multi-currency card that supports various currencies.
These accounts are highly useful for frequent travellers, as well as those doing business with other countries.
Let’s say you have a business that sells furniture and artwork. A lot of your buyers and suppliers are likely from other countries. With the best multi-currency account in Singapore, you can store the different currencies you need for business in one place.
Aside from business use, the best multi-currency account in Singapore is also convenient for individuals who frequently shop or travel. You no longer will need different currencies that you need to keep track of. All you need is one account to store your funds.
The best foreign currency in Singapore can also save you from the hassle of converting your money yourself. This way, you can save on conversion fees. Aside from that, some accounts allow you to earn interest.
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Best Multi-Currency Account In Singapore: Your Top Choices
Here are your top choices for the best foreign currency account in Singapore. We’ve included both digital wallets and bank accounts in this list.
If you’re looking for a multi-currency mobile wallet that you can access anytime and anywhere, this is your best bet. YouTrip was launched in 2018 by You Technologies, and it quickly became one of the leading multi-currency wallets in Singapore.
When you have this multi-currency card, you can also apply for a free contactless Mastercard. This way, you can quickly make physical or online card payments in over 150 currencies without worrying about hefty transaction fees. If you’re wondering if I can use youtrip card in China and other countries, the answer is yes.
When it comes to ATM withdrawals, you can also use your YouTrip card to withdraw cash in other countries at a wholesale exchange rate. This means that the YouTrip exchange rate is aligned with the rates used by large corporations, banks, and public and private institutions for large-volume transactions. In other words, the YouTrip exchange rate is very close to the published rates of XE.com, Google, and other financial websites.
Withdrawals can be done in any Cirrus, Mastercard, or Maestro ATMs. You just need to settle the withdrawal fee of $5.
If you lose your card or notice some fraudulent transactions, you can instantly lock it using your phone app. You can reactivate it once the issue has been resolved. This is a great way to avoid the hassles that come with cancelling your multi-currency card or getting a new one.
SGD, AUD, NZD, GBP, HKD, SEK, USD, JPY, CHF, and others
Sign up for a YouTrip account here.
DBS My Account
If you prefer to keep your currencies with a bank account, the DBS My Account is worth considering. This account is formerly known as the DBS Multi-Currency Account or MCA. It’s possible to link this account with a DBS multi-currency debit card so you can enjoy spending in other currencies without huge transaction fees.
Learning how to use the DBS multi-currency account is easy. If you want to pay using this best multi-currency account in Singapore, you can do so using the Visa payment network. Paying in the country or currency of your choice is extremely easy with this multi-currency card from DBS.
Although you don’t need to settle a foreign currency conversion fee or transaction charge when you use the debit card, you must have enough foreign currencies in this account to be able to use it. Otherwise, you may incur fees.
When it comes to remittance, this is one of the best cards for you. Users of this card can immediately access DBS Remit which will allow them to make same-day and transaction-free online transfers to more than 50 countries including Thailand, the Philippines, the US, Hong Kong, Eurozone countries, the UK, and many more. If you’re transferring over S$50,000 or more, you can benefit from preferential foreign currency conversion rates.
For overseas withdrawals done with the DBS multi-currency card, it will be deducted from your main account. However, you can select your Checking or Current account to withdraw any foreign currency, such as if you want DBS to withdraw USD. For those that do not have enough foreign currencies, the DBS foreign transaction fee will be deducted from their SGD wallet.
There is also a stock brokerage service provided by DBS so you can use your DBS My Account to save on DBS foreign exchange rate when investing in companies listed in foreign currencies.
Account holders of the DBS multi-currency account who require paper statements must settle S$2 per month, but this is waived for those who only require e-Statements. Additionally, this account does not charge fall-below fees. The DBS My Account minimum balance is zero.
It’s also important to note that while you can enjoy protection for S$75,000 of your funds within the bank, it only covers Singapore dollars. Other currencies in the DBS multi-currency account are not covered under the Singapore Deposit Insurance Scheme.
Check out this page if you want to know different DBS FX rates. This page displays DBS rates online and is useful if you want to try DBS convert to USD to SGD, and other DBS exchange rate examples, as well as view DBS forex.
SGD, CAD, CNH, HKD, USD, AUD, NZD, EUR, GBP, JPY, THB, and others
Want to open DBS My Account? Click here.
UOB Mighty FX
If you’re a UOB customer, you’ll love the UOB Mighty FX. This best multi-currency account in Singapore can be linked to your One Account, KrisFlyer Account, Wealth Premium Account, and iAccount.
Depending on your base account, you will be issued a KrisFlyer Debit Card or FX Debit card. Both these best multi-currency card options are supported by Mastercard so you can easily make payments wherever you are.
You also need to settle currency conversion rates or foreign transaction fees if you use them to pay for items outside the funds in your account.
Keep in mind that this multi-currency account in Singapore requires a minimum balance. The S$18 annual fee will be waived for the first three years of your account. Thereafter, it will be waived if you do a minimum of 12 transactions per year on your card.
For remittances, UOB offers a separate service. Additionally, cash withdrawals at overseas ATMs are charged S$5. If you want to check out UOB FX rates, check out this page. Here, you can view the UOB foreign exchange rate against Singapore dollars.
SGD, HKD, EUR, CAD, GBP, AUD, USD, CNH, and many more
Want to open UOB Might FX? Visit this page.
OCBC Global Savings Account
The OCBC Global Savings Account is an amazing choice for people who want to spend, save, or store up to eight foreign currencies without worrying about admin fees.
You can open this best multi-currency account in Singapore instantly with OCBC mobile or internet banking, or any OCBC branch. There’s also no fall-below-charge. Once you open your account, you will be prompted to link an OCBC debit card and you can use this to make foreign currency transactions for free.
Those who want to withdraw cash can do so for free from OCBC ATMs overseas. However, foreign exchange admin fees may apply. Check out this page if you want to know more about the OCBC currency conversion fee.
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AUD, EUR, CNH, CAD, NZD, USD, HKD, and more
To open an OCBC Global Savings Account, check out this page.
HSBC Everyday Global Account
This is another option for the best multi-currency account in Singapore. Through this account, you can transact in 11 currencies and withdraw foreign currencies at any HSBC ATM around the globe without incurring any fees.
Keep in mind that this is only limited in HSBC ATMs for cardholders of the HSBC Personal Banking Everyday Global Debit Card. If you’re a Premier or Jade Everyday Global Debit cardholder, you can withdraw for free in ATMs.
You can also send money internationally through the HSBC Global Money Transfers, and unlock additional benefits thanks to the HSBC Everyday+ Rewards Programme. The perks of this multi-currency account in Singapore include receiving up to S$800 in bonus interest and cashback per month.
This multi-currency bank account also allows you to convert your foreign currencies at a very competitive exchange rate. Your first 5 foreign currency conversions are free before 31 January 2023.
AUD, JPY, NZD, SGD, GBP, EUR, USD, CNY, and many more
Want to apply for this account? Click here.
Formerly known as Wise, this platform is one of the leading multi-currency fintech firms in the world. It allows individuals to avoid expensive foreign exchange fees when transacting with international clients or travelling.
The main goal of Wise is to offer low conversion fees that are based on mid-market rates. In fact, TransferWise conversion fee is one of the best in the market.
Users of this multi-currency account are allowed to store the maximum number of currencies without worrying about added expenses.
Additionally, Wise makes it easy for its users to send money to around 80 countries. This makes it perfect for people who constantly make international transfers. However, you must settle the 0.41% minimum charge when converting money. This varies based on currency. Don’t worry, though, because this is still lower than the charges for PayPal and other traditional banks.
With Wise, you can make cash withdrawals from ATMs around the world, but you can only make two withdrawals per month, and the amount is limited to S$350. Wise will charge you S$1.50 per withdrawal if you exceed. Making ATM withdrawals in Singapore is also not permitted.
Currencies: SGD, MYR, HKD, EUR, GBP, JPY, THB, PHP, IDR, and many more
Create your Wise Account here.
A Word From OMY
Considering the increasing volatility of currencies around the world, having the best multi-currency account in Singapore is no longer a luxury, but a necessity among thousands of people.
If you’re ready to travel, trade internationally, reduce transaction costs, or make an effort to safeguard your money, opening this type of account is a no-brainer.
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