If your business involves international clients or suppliers, a multi-currency account can reduce foreign exchange risks and streamline operations.
What Is a Multi-Currency Business Account?
It allows businesses to hold and transact in multiple currencies (e.g., SGD, USD, EUR, CNY) under a single account.
Benefits
- Avoids double conversion fees
- Faster settlement with overseas clients
- Convenient currency management
- Often paired with FX risk tools
Top Providers
- DBS Multi-Currency Account: 13 currencies, strong online platform
- HSBC Business Vantage: Ideal for international payments
- Wise Business: Great for startups and freelancers
- Airwallex: Fast-growing fintech alternative
Fees to Watch
- FX spread markup
- Inward/outward SWIFT fees
- Monthly account maintenance
FAQ:
Q1: Do I need a local business to open these accounts?
A: Yes, though fintech solutions like Wise may offer more flexibility.
Q2: Are exchange rates competitive?
A: Fintechs like Wise and Airwallex tend to offer better FX rates than traditional banks.
User Comments:
“We bill clients in USD and EUR—our multi-currency account saved us thousands.” — Serena Y.
“I use DBS for bulk transactions and Wise for ad-hoc FX.” — Richard F.
Editor’s Note:
For cross-border businesses, a well-structured multi-currency account is a must—not a luxury.
Tags: multi-currency, fx-account, global-business-banking, singapore-crossborder
About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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