Best AUD accounts in Singapore

Opening an AUD account in Singapore can be a smart plan for Australians living in Singapore, international students, business owners and frequent travelers. Whether you’re receiving rent from Australia to Singapore, sending money to Australia to cover bills, or spending AUD during a trip there, an Australian dollar account may help you cut your costs.

There are different AUD account types, depending on your transaction needs, from digital providers like Wise, and from global or Singapore based banks. This guide covers all you need to know to help you choose the best AUD currency account for you.

What is an AUD currency account?

An AUD currency account is an account from a bank or a digital provider which lets you hold Australian dollars.

All AUD accounts let you hold Australian dollars – but other features might vary quite a lot. Some AUD accounts are single currency options supporting AUD only, while others allow you to hold many other currencies including SGD in the same account. You might also be able to earn interest, send payments, receive local AUD transfers or get a debit card, depending on the account you pick.

What can you do with an AUD account in Singapore?

We’ll cover some of the most popular AUD account options available for Singapore residents in this guide – but first, let’s look at why you might want one.

Here are some common uses for an Australian dollar account:

• Hold and convert an AUD balance: Receive and hold AUD payments, or store up AUD in advance of paying a bill or taking a trip to Australia. You can convert to and from AUD conveniently in most Australian dollar accounts, in just a few taps of the provider’s app.
• Receive payments in AUD: Some AUD accounts offer local AUD account information, so you can receive fast AUD transfers which are often also cheap or free for the person sending the payment. Or, you may get SWIFT information to receive AUD as a cross border payment instead.
• Send payments in AUD: Send money with an AUD account to cut the costs associated with cross border payments, whenever you’re sending a payment to an Australian bank account.
• Spend and withdraw AUD: Accounts from providers like Wise offer a debit card, which you can use to spend your AUD balance in Australia with no extra fees, or to make cash withdrawals in Australia and other countries easily.

Types of AUD accounts in Singapore

AUD accounts have been designed to fit different customer needs, including options for daily use and others for saving and investing in foreign currencies as a diversification strategy. Different products may target either individual or business customers. Generally the options available are either multi-currency products or single currency options.

In this guide we’ve selected a mix of banks like DBS, UOB, Standard Chartered and HSBC, and specialist providers like Wise and Revolut which have both individual and business accounts. Here’s an introduction to the different account types – and the lowdown on each provider we’ll look at in this article.

Multi currency accounts: Hold AUD along with anything from a handful to dozens of other currencies side by side in one account, to make it easier to track your overall balance, convert between currencies and make payments in Singapore, Australia and wherever else you may choose to.

• Wise Account: Hold 40+ currencies, and get a debit card and local account details for receiving 8+ currencies including AUD, plus SWIFT details for receiving 20+ currencies easily.
• Revolut Account: Hold 25+ currencies and get local details to receive SGD and SWIFT details to receive other supported currencies. Card available for spending and withdrawals.
• DBS My Account: Instant access account supporting 13 currencies, with ways to deposit and withdraw foreign cash in a branch (fees may apply). Link to your DBS debit card easily.
• UOB Global Currency Account: Supports holding and payments in 10 global currencies. No card service with this account but you may be able to get a cheque book or deposit cheques you’re given.

Foreign currency accounts: Foreign currency accounts support only 1 currency – so in this case AUD – although you can often also open additional accounts in other currencies if you’d like to. These products often come from banks and are aimed at people who want to save, make payments, or invest in a foreign currency. In this guide we’ve focused on time deposits in AUD which let you unlock attractive interest rates by holding a deposit for a fixed time.

• Standard Chartered Foreign Currency Time Deposit Account: Terms from 1 – 12 months on AUD deposits, with variable rates depending on the value and term selected. 5,000 AUD minimum placement.
• HSBC Foreign Currency Time Deposit Account: Deposit 25,000 AUD minimum, with terms from 1 – 12 months, and variable returns on your investment.

Best AUD currency accounts in Singapore

The good news is that there are quite a few options for AUD currency accounts in Singapore. However, this does also mean you’ll need to do some research to pick the right one for you.

Providers like Wise and Revolut have multi-currency account and card services. These can be flexible to use, supporting many currencies – but you won’t get any branch or face to face support.

Banks also offer accounts aimed at customers looking to hold Australian dollars, and send AUD payments. Options like the AUD accounts from UOB don’t have a debit card and so aren’t really intended for travel spending, although the DBS account does have flexible card services. If you’re more interested in saving for a defined goal, time deposit accounts from HSBC and Standard Chartered may suit you instead.

Here we’ve selected some different providers and banks offering AUD accounts in Singapore for personal and business use, looking at convenience, cost and customer intention.

Read on to learn more about each and how their AUD account in Singapore works.

💡 At a glance
Wise Account	Hold and exchange AUD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in SGD, AUD and more.
Revolut Account	Choose from 3 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
DBS My Account	Digital multi-currency bank account supporting AUD as well as 12 other currencies. Accounts have no minimum balance or monthly fee, and offer the option to link to a DBS debit card.
UOB Global Currency Account	10 currencies supported, including AUD with a minimum holding balance of 1,700 AUD. Hold AUD, send transfers, and convert in your account conveniently – but there’s no card for spending in stores.
Standard Chartered Foreign Currency Time Deposit Account	Unlock favourable exchange rates with a minimum AUD deposit of 5,000 AUD. You’ll need to lock away funds for an agreed term of 1 – 12 months to avoid fees or penalties.
HSBC Foreign Currency Time Deposit Account	Time deposits from 1 – 12 months tenor which start from a minimum deposit of 25,000 AUD. Preferential terms for customers with Premier status.

Wise AUD account

Open a Wise Account online or in the Wise app, for personal or business use, and hold AUD alongside SGD and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in SGD, AUD and more.

Accounts offer local and SWIFT details to receive payments, with no fee to receive AUD (non-wire, non-SWIFT payments ) to your Wise account. There’s a small Wise fee to receive wires and SWIFT payments.

• Hold and exchange AUD and 40+ other currencies
• Mid-market currency exchange with low, transparent fees
• Use your Wise card in 150+ countries for spending and cash withdrawals

Account opening fee: No opening fee for personal customers. Business customers pay 99 SGD for full feature access. No minimum balance

Eligibility criteria: Available to residents of Singapore and many other countries and regions globally

Supported currencies: 40+ currencies, including SGD and AUD.

Monthly fees: None

Exchange rates: Mid-market exchange rates

Feature availability, eligible countries, and limits depend on your location and account type. Not all features are available in all countries.

Revolut AUD Account

You can open 3 different types of Revolut Account as a personal customer in Singapore, with additional plan options for business customers. As a personal customer you can choose a Standard plan with no monthly fee, or upgrade to a plan with maintenance fees of up to 21.99 SGD/month.

Higher tier plans offer more no fee transactions, discounts and perks – but all accounts have a linked debit card and ways to convert in the account between 25+ currencies including SGD and AUD.

• Hold and exchange many currencies in the same account
• Select your account plan based on your transaction needs
• Personal and business services offered

Account opening fee: No opening fee, no minimum balance

Eligibility criteria: Available to residents of Singapore and many other countries and regions globally

Supported currencies: AUD, SGD and 25+ other currencies

Monthly fees: Personal customers pay 0 SGD–21.99 SGD/month, business customers 0 SGD–417 SGD/month

Exchange rates: Weekday currency exchange uses the Revolut rate to plan limits. After this fair usage fees of up to 1% may apply depending on the plan. Weekend exchange may attract an extra fee up to 1%.

DBS My Account AUD account

The DBS My Account is one of the bank’s core products, offering 13 supported currencies including AUD. You can link a DBS debit card to your account for convenient spending and withdrawals, and make payments in and out of the account digitally and using cash in a branch.

There’s no opening fee for the DBS My Account, and no minimum balance or monthly fee. If you need paper statements there’s a small monthly charge of 2 SGD – but all statements and account features are available digitally through the DBS app if you want to avoid this cost.

• Hold and exchange 13 major currencies including AUD
• Pay in and withdraw foreign currency cash at a branch (fees may apply)
• Transfer to 50 countries with DBS Remit with no transfer fee, or make a telegraphic transfer to 200 countries with additional costs

Account opening fee: No opening fee, no minimum balance

Eligibility criteria: Available to residents of Singapore

Supported currencies: AUD, SGD and 11 other currencies

Monthly fees: No monthly fee

Exchange rates: Bank exchange rates apply, which may include a markup

UOB Global Currency Account AUD account

The UOB Global Currency Account lets you hold 10 currencies for sending and receiving payments. There’s no card with this account so it’s not as well suited to travel spending, but it can be useful for people sending or receiving AUD payments from abroad, or holding an AUD balance for future payments or to invest.

There’s a minimum balance requirement of 1,700 AUD if you want to avoid the fall below fee.

• 10 supported currencies for holding and exchange, including AUD
• Chequing services to send and receive some foreign cheques for deposit
• International transfers which don’t need conversion have commission from 10 SGD–300 SGD depending on payment value

Account opening fee: No opening fee

Eligibility criteria: Available to residents of Singapore and non-residents with an introducer

Supported currencies: AUD, SGD and 8 other currencies

Monthly fees: 17 AUD fall below fee applies if you don’t maintain a balance of 1,700 AUD

Exchange rates: Bank exchange rates apply, which may include a markup

Standard Chartered Foreign Currency Time Deposit Account

The Standard Chartered Foreign Currency Time Deposit Account lets you deposit funds for a fixed period of 1 to 12 months, to earn a higher rate of interest than you may find on an easy access account. You’ll need to pay in 5,000 AUD as a minimum, and leave it there for the full term you agree to, to get the most from this account.

Early withdrawals may be subject to penalties, so this account is best for people saving for defined future goals, or looking to earn returns from excess AUD cash.

• Minimum deposit of 5,000 AUD
• Tenors from 1–12 months, which often have better interest rates compared to instant access accounts
• Apply online or in the SC app instantly

Account opening fee: No account opening fee. Minimum deposit of 5,000 AUD

Eligibility criteria: Available to residents of Singapore

Supported currencies: AUD

Monthly fees: No monthly fee – fees or penalties may apply if you withdraw your funds early

Exchange rates: Bank exchange rates apply, which may include a markup

HSBC Foreign Currency Time Deposit Account

If you have AUD funds you want to hold for future use, you can open an HSBC Foreign Currency Time Deposit Account to save for anything from one month to one year. This can get you better rates compared to using an instant access account, but there are fees or penalties if you withdraw your money early.

The minimum deposit amount is 25,000 AUD, so consider the term you can commit to carefully to ensure you don’t face penalties for early withdrawal.

• Attractive interest rates which may depend on tenor and value of savings
• Instant renewal options for continuity of your investment
• Choose from 1 – 12 months deposit length

Account opening fee: No account opening fee. Minimum deposit of 25,000 AUD

Eligibility criteria: Available to residents of Singapore

Supported currencies: AUD

Monthly fees: No monthly fee – fees or penalties may apply if you withdraw your funds early

Exchange rates: Bank exchange rates apply, which may include a markup

Fees for AUD accounts in Singapore

Some AUD accounts in Singapore offer no ongoing fees and low transaction costs. But they’re not usually completely free. Instead, fees can apply depending on how you transact, and what balance you hold, for example. Before you sign up to any AUD account you’ll need to check through the fees for the types of transactions you make frequently – and any ongoing fees you need to pay – to make sure you understand your responsibilities.

Here are some fees to look out for:

• Monthly service fees: Ongoing fees which may be called maintenance or service fees can apply no matter how frequently you actually use your AUD account. This can drain your balance if you’re not expecting it. If you want an account with no monthly fee check out providers like Wise which don’t charge a maintenance fee.
• Fall below fees: If you’ve picked an account from a bank you may need to maintain a fixed daily balance amount to avoid fall below fees every month. This may put pressure on your cash flow as you’ll need to leave money in your account at all times.
• ATM withdrawal fees: If you’re looking for an AUD account for everyday use, a product with a linked debit card is an essential. However, ATM fees may apply locally or internationally and might be a flat charge or a percentage of the withdrawn amount. Providers like Wise offer some no fee ATM use each month to help you lower your transaction costs.
• Foreign transaction fees: If you’re spending in a currency you don’t hold in your account you might need to pay a foreign transaction fee. This fee doesn’t usually apply on accounts like the Wise Account, but is common with bank debit and credit cards.
• International transfer fees: Your bank might waive transfer fees but that doesn’t mean you pay nothing, as the exchange rate used might include a markup – a fee that’s not so easy to spot. Typically providers like Wise and Revolut can offer more competitive rates than many banks.
• Incoming transfer fees: Generally with a Singapore bank you’ll pay a fee when you receive a payment to your account. UOB charges 10 SGD for incoming transfers for example. This applies on SGD and AUD payments.

*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

How to open an AUD account in Singapore

The way you open an AUD account in Singapore depends on whether you’ve chosen a product from a bank or a digital first service. You’ll need to double check you meet the eligibility criteria for the account you’ve picked first, and you can usually then apply online or in app with Singpass, or by going into a branch in person. The options depend on the type of account and the specific bank or provider you’ve picked.

Here’s a quick overview of what the account opening process tends to look like:

With banks: Bank account opening policies vary but you might need to go to a branch in person to open your account, especially if you don’t already have a Singapore account with that specific bank. If you need to go to a branch a team member will guide you through the application process and you may be able to get your account opened and verified in one visit. In some cases you can apply online or in app if you have a full Singpass account.

With online providers: Providers like Wise and Revolut manage your account application, verification and onboarding digitally, so all you need is a smart device or laptop. You don’t even need to leave home. Instead, just complete the information following the prompts on the application screen and then either connect with Singpass, or upload clear images of the documents required to support your application. Accounts may be verified instantly or it may take a couple of days.

How to use your AUD account in Singapore

Living internationally can be expensive. If you’re an expat or international student in Singapore – or if you’re a frequent traveller, business owner or digital nomad, using an AUD account to manage your Australian dollar payments and transactions can help reduce the fees you pay for currency conversion and other cross border services.

Here are some ways expats commonly use their Singapore based AUD accounts:

• Send international money transfers: If you’re making transfers to Australia from Singapore, an AUD account cuts out admin time and can also help you lower the costs. Providers like Wise use their own network to move money quickly and with low fees, which can mean your payment arrives quicker compared to using your checking account.
• Hold and exchange AUD and SGD: For many people living an international lifestyle, managing different currencies is a day-to-day need. With an AUD multi-currency account you can see your AUD and SGD balances at a glance to keep on top of all your payments and transactions more easily.
• Receive AUD payments: Some AUD accounts offer local AUD account details to receive and hold Australian dollars easily. Local transfers like this often cost nothing to receive, and can also be cheap or free for the sender. Get your money in AUD and then convert or spend whenever you like.
• Use your debit card for spending and withdrawals: For daily use, an AUD account with a debit card can be handy – allowing you to spend when you travel for leisure or business, or when you’re shopping with Australian retailers online. It’s usually free to spend a currency you hold, or cheap to convert to AUD if you need to, if you choose a multi-currency account with a provider like Wise.

Conclusion

AUD accounts are popular with Singapore based expats, business owners, and international students – and can also be handy for Singapore residents who travel to Australia often for business or leisure. You can open an AUD account pretty easily from a Singapore bank, or a specialist provider like Wise or Revolut, but the features and fees you get can vary enormously.

AUD accounts from banks include multi-currency account services, and single currency options which tend to focus on customers who want to save or make payments in AUD. Providers like Wise tend to offer more flexible accounts with low or no ongoing fees, and intuitive account application, verification and management options through an app.

With Wise as an example, you’ll get ways to send, spend, receive and hold AUD along with Singapore dollars and 40+ other currencies- all with the mid-market rate and low, transparent fees. Compare your options looking at features, fees, convenience and currency availability, to see which account type is the best fit for you.

Methodology & sources: We compared fees, exchange options, card access, supported currencies, and transfer features using official provider pages and tariffs. Always check current rates and terms with the provider.

Useful resources:

• Wise – Singapore landing page with navigation to pricing and business information
• Revolut – Singapore plan comparison page with pricing information
• DBS – My Account information for new customers
• UOB – Global Currency account details and links
• Standard Chartered – Standard Chartered Foreign Currency Time Deposit Account
• HSBC – HSBC Foreign Currency Time Deposit Account