Choosing the best multi-currency business account in Singapore

As a business owner with plans to expand your business internationally, holding a multi-currency account is a must to better manage your foreign transactions. In Singapore, there are multi-currency accounts from various service providers with different features, fees and charges. To make sure you choose the account that is best suited for your business, we have analyzed the 3 most commonly used multi-currency accounts from our local banks (DBS, OCBC & UOB) as well as a multi-currency account from an alternative service provider – Opal.

If you would like a quick overview about each account’s fees & charges, you can refer to our Multi-Currency Account comparison table.

DBS Corporate Multi-Currency Account

With a strong presence in 18 markets, DBS provides a broad range of services for personal, SME and corporate banking.

Summary of DBS Corporate Multi-Currency Account Features & Fees:

  • Fees: $10,000 minimum balance, $3,000 minimum initial deposit, $40 annual maintenance fees
  • Currencies offered: SGD + 12 currencies
  • Transfer fees: From $30 onwards
  • Free online banking & debit card
  • Can be opened entirely online

The account fees are the highest among the 3 local banks analyzed in this article. If you are just starting out, the fees can accumulate and diminish the cash flow of your business. If you have a more established company with stable cash flows and make regular international payments, this DBS account might be suitable for you with access to 13 different currencies.

OCBC Multi-Currency Business Account

OCBC Bank is Singapore’s longest established bank with an extensive network in 19 countries and regions. It offers a wide array of commercial, corporate, and personal banking services to cater to different groups of target audience.

Summary of OCBC Multi-Currency Business Account Features & Fees:

  • Fees: $0 minimum balance, $0 minimum initial deposit, $10 monthly maintenance fees
  • Currencies offered: SGD + 13 currencies
  • Transfer fees: From $35 onwards
  • Business Internet Banking (OCBC Velocity): Quick overview of account summary and payment activities
  • Digital Business Dashboard: Provides a consolidated view of your business data and works with apps like Xero, Shopify, Talenox and more
  • Can be opened entirely online

OCBC Bank is the only bank in Singapore that does not have an initial deposit, set-up fees and fall below fees. The huge cost-savings with this account makes it suitable for SMEs who are just starting out and have a tight cash flow. One thing to take into consideration is the transfer fees from $35 onwards, which is the highest among all the accounts. If you are a firm starting out and doing occasional international payments, this account will be more suited for you. The complimentary access to the services in OCBC Velocity and Digital Business Dashboard (e.g. cash flow forecasting, financing solutions, expense management tools) also facilitates to increase the efficiency of your business.

UOB Global Currency Account

Since their incorporation, UOB­­ has steadily expanded their global footprint into 19 markets across 3 continents. This diverse regional franchise serves customers from consumers to large multinational corporates and aims to address the cross-border needs of companies.

Summary of UOB Global Currency Account:

  • Fees: Minimum daily balance dependent on currencies, fixed monthly maintenance fees for EUR, JPY & CHF
  • Currencies offered: SGD + 9 currencies
  • Transfer fees: $30
  • UOB Infinity (digital banking for business): Monitoring of transactions
  • Can be opened entirely online

The UOB Global Currency Account is suitable for all business types that have regular international transactions. The minimum daily balance for each currency is something you should take into consideration when you open this account, especially since minimum balance fees are applicable and can accumulate easily. The number of currencies that you can store under this account is also significantly less than the other two multi-currency accounts (14 for DBS, 13 for OCBC). A great advantage that this UOB account has over the DBS and OCBC accounts is the flat transfer fees of $30, which is not affected by transaction amount and currency pairs unlike the other two accounts.

Opal Multi-Currency Digital Business Account

Incorporated in 2019, Opal is a leading provider of end-to-end, regulated payment solutions based on a robust, proven platform and proprietary technology with an extensive network of counterparts in EU, UK, Hong Kong, Singapore & Israel. We are a Fintech Start-up licensed by the Monetary Authority Singapore (MAS) as a Major Payment Institution (MPI) for cross-border settlements and other financial services. We adhere strictly to user protection measures outlined by MAS Payment Services Act 2019.

Summary of Opal multi-currency digital business account mainly targeted towards small & medium enterprises (SMEs):

  • Fees: $0 minimum balance, $0 minimum initial deposit, $0 maintenance fees
  • Hold and receive up to 10 currencies
  • Send and convert up to 26 currencies
  • Transfer fees: $0
  • Complementary working capital facilities in the same account.


Our mission is to be the One Unified account for all Payment and Loans. We help SMEs accelerate growth by simplifying cross-border payments, maximize cost savings & provide easier, cheaper access to trade financing & credit facilities.   

  • With our zero-fees and transparent FX management, you can maximize your cost-savings and transact internationally in up to 19 currencies. Our proven platform and proprietary technology ensure that you are given the best rates and fastest credit timing for your daily FX requirements.
  • On top of that, our unified digital business account gives you access to other complementary product offerings and services so that you can handle all your financial needs with just one account.
  • A distinct advantage of holding an Opal account is the ability to tap on our ecosystem of channel partners where you can receive exclusive perks and benefits to support your daily operations (examples include CRM, HRMS, Corporate secretary, business advisory, procurements, payroll, staffing, supply chain management).