If you’re an expat, travel frequently or invest overseas, you might be wondering if getting a USD personal account might help you manage your money across currencies. Having a foreign currency account can be a smart way to cut costs and navigate fluctuations in exchange rates smoothly - removing some of the stress of an international lifestyle, and saving you money, too.
There are many different options for USD and global currency deposit, savings and checking accounts here in Singapore. This guide will take a brief look at some of the most popular options, including their features and fees. We’ll also highlight an alternative for comparison - the Wise Account.
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Why is a USD account useful?
There are many reasons you might want to open a USD account in Singapore. If you’re a business owner or freelancer, and pay or get paid in US dollars, it could be helpful to have a specific account for your USD funds. Maybe you want to use a USD account to keep some of your savings in a foreign currency, spreading risk and diversifying your portfolio. Or perhaps you simply love to travel, and having USD checking facilities makes it easier to pay for things when abroad.
Here are a few of the perks of having a US dollar account in Singapore:
- Cut costs of currency exchange and international wires
- Hold currency and convert back to SGD when the exchange rates are favourable
- Spend cheaply and easily when overseas with foreign checking or card facilities
- Reduce international transaction fees when shopping online
What to consider when choosing a US dollar account in Singapore?
Each US dollar account will have its own features, fees, and eligibility requirements. You’ll also find that banks have their own account opening processes - which can vary depending on whether you’re a Singapore citizen, permanent resident or foreigner legally residing here.
In some cases you’ll be able to set up a USD account in Singapore using your Singpass. However, this is not always possible - and for expats, even with Singpass accounts, you’ll normally also have to provide a proof of address. A local phone number here in Singapore is also essential.
If you don’t have these things to hand - or if you just want an easy online and in-app onboarding process for your USD account, using a specialist provider like Wise may be a better fit. More on that later.
Of course, aside from the opening process, you’ll want to consider the features and fees offered from your USd account. Here are some things to consider when deciding on the right account for you:
- Is there a minimum opening and daily balance, and what is the fee if you fall below this?
- Do you get a card or check book with your account?
- What’s the cost of everyday transactions like ATM withdrawals?
- Can you easily send money to and from the account, and what’s the fee for international wires?
- What exchange rate is used when you switch money from your USD account back to your SGD account?
- What’s the early closure fee and when is it applied?
Best USD accounts in Singapore comparison
| Provider | Features | Eligibility requirements | Interest rate | Debit card |
|---|---|---|---|---|
| Wise (non-bank alternative) | Multi-currency account to manage 40+ currencies Local account details for 9 currencies Send payments to 70+ countries | Accounts for personal and business customers, in Singapore and a broad range of other countries | Wise interest available up to 4.51% for USD* | Yes |
| DBS My Account | 12 currencies available for holding, for personal customers with My Account | Available for Singapore citizens, permanent residents and foreigners with eligible passes | Variable - 0.03% on most USD balances at the time of writing¹ | Yes |
| UOB Global Currency Account | 10 foreign currencies available for personal customers | Available for Singapore citizens, permanent residents and foreigners with eligible passes, aged over 21 Non-residents need an introducer | Up to 0.02% for USD at the time of writing¹² | Yes |
| OCBC USD current account² | USD current account operates in USD only and comes with a linked checkbook | Available for Singapore citizens, permanent residents and foreigners with eligible passes, aged over 18 | Non-interest bearing account³ | No |
| HSBC USD checking account⁴ | USD current account operates in USD only and comes with a linked checkbook | Available for Singapore citizens, permanent residents and foreigners with eligible passes, aged over 18 | Confirm with HSBC directly - variable rates which vary based on your account status | No |
| Citibank USD checking account⁵ | USD current account operates in USD only and comes with a linked checkbook | Available for Singapore citizens, permanent residents and foreigners with eligible passes, aged over 18 | Variable rates - 0% at the time of writing⁶ | Yes |
*Interest rate as of 29/01/2024. Return not guaranteed, past performance is not an indicator of future results, capital at risk.
USD account fees for some of the biggest banks in Singapore
Let’s take a look at some of the fees you may need to pay if you open a global currency or USD account with one of our larger banks. It’s worth noting that some banks have several different USD account types, so you’ll need to take a look at all the options and fees as they may apply to the specific product you choose.
As a comparison, we have also added the fees and features for a non-bank alternative Wise to help you make the right decision for your needs.
| Provider | Account opening | Fall below fee | Exchange rate |
|---|---|---|---|
| Wise (non-bank alternative) | Free, no minimum deposit | No fall below fee | Mid-market exchange rate |
| DBS My Account⁷ | Free, no minimum deposit | No fall below fee | A markup may be added to the exchange rate |
| UOB Global currency account⁸ | Minimum opening balance - USD1,000 | $10/month fall below fee if account daily balance is under USD1,000 | A markup may be added to the exchange rate |
| OCBC USD checking account⁹ | Minimum opening balance - USD1,000 | $10/month fall below fee if account daily balance is under USD1,000 | A markup may be added to the exchange rate |
| HSBC¹⁰ | Minimum opening balance - USD5,000 | $10month fall below fee if account daily balance is under USD800/ | A markup may be added to the exchange rate |
| Citibank USD checking account¹¹ | Minimum opening balance - USD5,000 (may be waived) | No fall below fee | A markup may be added to the exchange rate |
Pricing/fees: Please see Terms of Use for your region or visit Wise for the most up to date pricing and fee information
If you think a USD account might be right for your needs, you can learn more about the US dollar and foreign currency accounts available from some of the biggest banks in Singapore, with these handy guides:
- Multi-currency accounts from HSBC
- Multi-currency accounts from DBS
- Multi-currency accounts from UOB
- Multi-currency accounts from OCBC
- Multi-currency accounts from Citibank
How to open a USD account in Singapore?
Each bank will set its own requirements when it comes to opening a USD or multi-currency account. Once you’ve chosen the right account for you, it’s worth reading the details carefully to check the eligibility criteria and the documents you’ll need to provide to get started.
Here’s what you’re likely to need to show your chosen bank to open an account:
- Singaporean citizens or permanent residents: NRIC and proof of residential address, such as a recent utility bill
- Foreigners working in Singapore: Passport, employment pass and proof of residential address
- Foreigners studying in Singapore: Passport, evidence of student status, such as a valid student card, and proof of residential address
If you’re opening a USD account with a bank you already use, you may be able to open your account online. However, if you’re a new customer you could find you’re asked to attend a meeting in branch to show your paperwork.
For an alternative way to open and manage your USD account online, read on.
A cheap and convenient alternative: Wise account
If you’re looking for a USD account which is flexible, affordable and easy to use, you might benefit from the Wise multi-currency account, which can hold and exchange USD, SGD and around 40+ other currencies, too.
While Singapore banks may require you to visit a branch to open your USD account, you’ll be able to get your Wise account open online, and will also receive a linked Wise card for spending online and as you travel. Plus, you can open a Wise account from a broad range of countries - not just Singapore - giving you even more flexibility.
There’s no Wise minimum balance or maintenance fee, and no sneaky hidden charges tucked into the exchange rates used when you switch currencies. Instead, you’ll get easy low cost exchange with the mid-market rate and a low, transparent fee. Plus if you switch on Wise Interest, you can also start earning competitive interest rate on your balance.
Get local bank details to receive payments in up to 9 currencies - there’s a small fee to pay when someone sends you a USD wire, but you can get US dollar payments by ACH free whenever you need to. Easy.
Open a Wise account for free
Pricing/fees: Please see Terms of Use for your region or visit Wise for the most up to date pricing and fee information
Sources used in the article:
- DBS - rates
- OCBC USD checking account
- OCBC - rates
- HSBC - USD account
- Citibank USD checking account
- Citibank - rates
- USD account fees with DBS
- USD account fees with UOB
- USD account fees with OCBC
- USD account fees with HSBC
- USD account fees with Citibank
- UOB interest rates
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
