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Two Singapore banks publish a 13-currency business account: DBS and OCBC. Digital providers publish different counts, with Wise at 22 for local account details and Statrys at 11. The cost differences sit in monthly fees, balance targets and FX margins.
We are an independent guide. We do not hold money or run accounts. Send the form on this page and we pass it to providers who may fit, some of whom pay us if you sign.
What do the banks publish?
Read on each provider's page:
| Account | Currencies | Fees and conditions published |
|---|---|---|
| DBS Business Multi-Currency Account | 13 major currencies | S$10,000 average daily balance across wallets; S$40 service charge if below; S$50 annual fee on the standard account |
| OCBC Multi-Currency Business Account | 13 | No setup fee, no minimum deposit; S$10 a month, waived if opened with a Business Growth Account |
| OCBC Business Foreign Account | Transfers in over 60 currencies | Low-cost transfers; fees not copied here |
DBS's own pages disagree on the opening deposit and the fall-below fee for this account. The DBS page on this site shows both figures. DBS also advertises a cash reward and savings on FX or overseas transfers, which are campaigns and change.
OCBC's account holds USD, EUR, AUD, JPY, GBP, CNH, HKD, CAD, NZD, CHF, SEK, DKK and NOK. It adds a US$50 fall-below fee, but only if the interest promotion is activated and the average balance is under US$150,000. Without the promotion, that fee does not apply. Interest on USD balances is 0.50% from US$150,000 and 0.80% above US$500,000.
What do the digital providers publish?
| Provider | What it says |
|---|---|
| Wise Business | S$99 once for account details to receive in 22 currencies; conversion from 0.19%; no monthly fee |
| Airwallex | FX 0.4% above interbank for major currencies, 0.6% for others; Explore plan has no monthly fee |
| Statrys | 11 currencies; FX from 0.1%; no monthly fee |
| Aspire | S$0 monthly fee; international transfers from S$15 |
The rates are not like for like. Wise states a percentage by currency, Airwallex a margin over interbank, Statrys a floor shown as "from". Ask each for the cost of the exact payment you make most often.
Which one suits which company?
An importer paying suppliers in USD and CNH may want a bank account with a Relationship Manager. A software company paid in USD, EUR and GBP by card and transfer may care most about receiving local details in each currency. A company with a bigger balance may want a bank so the money sits where deposit insurance rules apply, though you should confirm what the bank states.
If your volumes are small, the lowest fixed cost wins. If they are large, the FX margin does.
What should you check before you open one?
- Whether your company's owners fit the eligibility. OCBC's page says Singapore-registered businesses only.
- How funds are held, and who holds them.
- The fee for receiving a foreign payment, which is not always shown beside the FX rate.
- Whether the interest promotion changes the fall-below fee, as at OCBC.
- Whether the account links to your accounting software. See our accounting software guide.
Want help narrowing options? Use the quote form and name your currencies.
What does a multi-currency account not do?
It does not remove FX cost, only moves where you pay it. If you hold USD in a wallet and later convert to SGD, you pay a margin then. It also does not replace an SGD account for payroll and GST, which run in Singapore dollars. Many companies keep both: a local account for day to day and a multi-currency wallet for foreign receipts.
Check how each provider treats incoming foreign payments. Some give local account details in a currency, so a payer sends a domestic transfer. Others rely on international transfers, which can carry fees on both ends. Wise, for example, charges S$99 once for the account details, and publishes that figure on its pricing page.
Sources
- DBS: fees and charges: balance target, service charge, annual fee, 13 currencies.
- OCBC: Multi-Currency Business Account: currencies, fees, interest.
- OCBC: business accounts: Business Foreign Account line.
- Wise: business pricing: 22 currencies, S$99, conversion rate.
- Airwallex: pricing: FX margins.
- Statrys: Singapore business account: 11 currencies, FX from 0.1%.
- Aspire: business account: fees and transfers.
