SGD accounts in the UK

Singapore is a hub for international business, and also a popular travel destination in its own right, or en route to other countries in Asia and Oceania. If you’re planning a trip to Singapore for business or pleasure, or if you need to convert and hold SGD payments, an SGD account could be a great choice.

SGD accounts can help UK citizens traveling or doing business with Singapore, and Singaporeans in the UK to study, work or visit. This guide walks through the common options available, from local and international banks, and from specialist providers like Wise and Revolut.

What is a SGD currency account?

A SGD currency account is an account from a bank or specialist provider which lets you hold and manage Singapore dollars.

Some SGD accounts also support many other currencies, which can be great for day to day transfers and transactions.

What can you do with a SGD account in the UK?

Singapore dollar accounts can be helpful for both business and individual customers, and may be used to transact in many different ways. Here are a few common ways you might want to use your SGD account in the UK:

• Exchange your balance to and from SGD: Add GBP and convert to SGD, or switch your SGD balance back to GBP to spend or withdraw. Having an SGD account gives you flexibility to move between currencies easily.
• Send payments in SGD for work or personal use: Transfer from your SGD balance to pay bills or support family members overseas. Services like Wise can help you send fast, secure payments with low fees and mid-market exchange rates.
• Receive SGD payments from others: Use your account information to receive payments in SGD. Some providers like Wise and Revolut offer SWIFT information to receive SGD international payments. Wise also offers account details you can use to receive local payments in SGD with no incoming payment fee.
• Spend and withdraw with your international debit card: For spending online, or when you travel, an account with a debit card can be a great choice. Spend your SGD balance in Singapore with no extra fees, or convert as you pay for low fees with providers like Wise.
• Hold an SGD balance to minimise currency exchange fluctuations: Ride out changes in the currency market by holding a balance in SGD, and only switching back to GBP when the exchange rate looks strong.

Types of SGD accounts

The SGD accounts usually available in the UK can come from banks or specialist providers. They’re typically offered as multi-currency accounts which can support SGD alongside GBP and other major currencies.

The other common type of service for holding foreign currencies is a single currency account which only holds one currency. This option is available in the UK for very commonly used currencies like EUR and USD, but not often available for SGD.

Here’s a quick explanation of each account type, and an introduction to the providers we’ll look at later.

Multi currency accounts: Hold a selection of currencies in one account, and convert from one currency to another easily whenever you need to. Multi-currency accounts can be handy for international payments, and often also offer a debit card for travel use.

• Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including SGD, and SWIFT details for receiving 20+ currencies easily. For personal and business customers.
• Revolut Account: Hold 25+ currencies and get local details to receive GBP and SWIFT details to receive SGD and other supported currencies.
• HSBC Global Money Account: Hold SGD along with 17 other currencies, with no HSBC ATM or monthly maintenance fees
• Airwallex Account: Business account supporting 20+ currencies including SGD and GBP, with ways to receive customer bank and card payments online.

Foreign currency accounts: Foreign currency accounts only hold SGD, and can be more useful for holding a balance and earning interest, or for planning future payments. This type of account is harder to find in the UK for SGD purposes.

Best SGD currency accounts in the UK

SGD accounts in the UK have different target customers, which means you will need to shop around a little to find the right fit for your needs.

If you want to manage many currencies, and need a card for travel or online spending, Wise or Revolut could be a good pick for both personal and business customers. HSBC also has an app based account with a card which can manage SGD. Finally, Airwallex is a solid choice for ecommerce businesses, supporting incoming customer card payments in SGD.

Here we’ve selected some different providers and banks offering SGD accounts in the UK for personal and business use, looking at convenience, cost and customer intention. Here’s a roundup:

💡 At a glance
Wise Account	Hold and exchange SGD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in GBP, SGD, USD and more.
Revolut Account	Choose from 5 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
HSBC SGD Account	Global Money Account to hold 18+ currencies with a linked debit card for spending and withdrawals. Spend at home and abroad, and send payments internationally from the HSBC app.
Airwallex	Business account supporting SGD, GBP and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

Wise SGD Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold SGD alongside GBP 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 GBP, SGD and more.

Accounts offer local and SWIFT details to receive payments, with no fee to receive SGD to your Wise account with local details. There’s a small Wise fee to receive SGD SWIFT payments.

• Hold and exchange SGD 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 45 GBP for full feature access. No minimum balance

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

Supported currencies: 40+ currencies, including GBP and SGD

Monthly fees: None

Exchange rates: Mid-market exchange rates

Revolut Account

You can open 5 different types of Revolut Account as a personal customer in the UK, with an additional 4 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 up to 55 GBP/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 GBP and SGD.

• Hold and exchange 25+ 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 the UK and many other countries and regions globally

Supported currencies: SGD, GBP and 25+ other currencies

Monthly fees: Personal customers pay 0 GBP- 55 GBP/month, business customers 10 GBP- 90 GBP/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 plan. Weekend exchange may attract an extra fee up to 1%.

HSBC SGD Account

The Global Money Account is the HSBC SGD Account for UK residents. This account supports 18 currencies including SGD and many other major currencies making it a good choice for travellers and for sending payments overseas. You can get a virtual and physical debit card to spend and make cash withdrawals, and there’s no fee to spend a currency you have in your balance. Bear in mind that currency conversion costs, and non HSBC fees – such as ATM operator charges – may still apply.

• Hold and exchange 18 currencies including SGD, with a card for travel spending
• No HSBC ATM fees, and no additional fee to spend currency you already hold in your balance
• App based account which makes it easy to keep on top of your transactions

Account opening fee: None

Eligibility criteria: UK residents with an active eligible HSBC GBP account

Supported currencies: 18 currencies, including SGD

Monthly fees: No monthly fees – fees may apply to your underlying GBP account

Exchange rates: Exchange rates are likely to include a markup

Airwallex Business SGD Account

If you need an SGD account for business purposes, an Airwallex Business SGD Account could help you take customer payments online, with corporate debit and expense cards for business spending online and in person.

Airwallex accounts offer great exchange rates with low fees for exchange, making this a solid choice for ecommerce businesses in particular.

• Receive, hold, send and spend 20+ currencies
• Take customer card payments online easily
• Business features including batch payments, corporate cards, and more

Account opening fee: None

Eligibility criteria: UK business owners with eligible proof of address and ID, as well as business verification paperwork

Supported currencies: 20+ including GBP and SGD

Monthly fees: 0 GBP- 999 GBP depending on plan and account usage

Exchange rates: Interbank rates with a fee of 0.5% for major currencies including SGDand 1% for less commonly traded currencies

Fees for SGD accounts in the UK

The costs of using a foreign currency or multi-currency account may not be familiar. To make sure you don’t accidentally get caught out by surprise costs, invest a bit of time reading your account’s fee schedule before you first transact. Here are some common costs you’ll want to look out for:

• Monthly maintenance fee: Having a monthly service fee is quite common, but can be a drawback if you’re not using your account often. Some providers like Wise have no ongoing fees, while others like Revolut offer a selection of plans including some with and without monthly costs.
• ATM withdrawal fees: Accounts which offer a linked debit card – like those from Wise and Revolut – can be flexible and easy to use. However, you’ll need to check the ATM fees as you might find you have to pay additional costs once your plan’s no fee withdrawal limit is reached.
• Foreign transaction fees: Foreign transaction fees can apply on card spending overseas. This may push up the costs of shopping when you travel, or with international ecommerce stores, by about 3%. Providers like Wise and Revolut do not use this fee.
• Wire transfer fees: If you live an international lifestyle you probably need to send money overseas to pay bills or to cover your travel costs. Check the upfront transfer charge and also the exchange rate you pay when you transfer, to get a provider which has fair and transparent costs.

How to open a SGD account in the UK

Different SGD accounts can be opened in different ways. However, to comply with international law you’ll often need a proof of ID, like your passport, and proof of address, which may need to be in the UK.

The SGD account opening process can then come down to the type of provider you select.

With banks: You’re likely to find you need to open a GBP account with the bank you’re using before you can add on your SGD account – this is the process with HSBC for example. Check the eligible GBP accounts and opening options – some can be opened digitally, but in some cases you might need to visit a branch.

With online providers: Online providers don’t have a branch network and so complete the application, verification and onboarding process digitally. You can usually sign up online or in an app, by completing your personal information and uploading a photo of your documents for checking.

How to use your SGD account in the UK

Let’s close out with a quick reminder of how you might choose to use your Singapore dollar account in the UK.

• Send SGD and foreign currency payments: Use your SGD account to send money to Singapore and other countries, often with low fees – providers like Wise and Revolut offer low cost, secure transfers to many countries globally.
• Receive money in SGD and other currencies: Some SGD accounts – like the Wise account – offer SGD information to receive local payments in Singapore dollars. This can be cheap or free for the sender and there’s no Wise fee for an incoming local payment.
• Access better exchange rates: Providers often offer preferential exchange rates – and because you’re able to hold your balance in SGD you can also hold out to see if the rates improve rather than needing to convert instantly.
• Spend and withdraw at home and abroad: Providers like Wise and Revolut offer debit cards for convenient spending and withdrawals, which can be a bonus for travel and online spending.
• Hold a balance in SGD: Hold a balance in SGD to save, diversify your assets, or to build your funds for a future trip or overseas payment.

Conclusion

Using a foreign currency or multi-currency account can be helpful if you live, work, study or do business internationally. It can also be a handy way to keep down costs if you travel a lot, or if you like to shop with overseas retailers.

SGD accounts in the UK can come from banks or specialist providers – and while all let you hold a balance in Singapore dollars, the other features, and the account fees, on offer can vary a lot. If you want to use a UK bank which has a branch network, a foreign currency account from HSBC may suit you, or if you need an account for your ecommerce business, you may like Airwallex.

For a good all round option which is available for individual and business customers, take a look at Wise. Hold SGD and 40+ other currencies, receive and send SGD payments, and spend with your linked card – with no ongoing fees and mid-market rates.

Useful resources:

• Wise – Wise UK landing page with links to pricing and account features
• Revolut Personal Pricing Plans – Revolut UK personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut UK business pricing plans and feature descriptions
• HSBC UK Global Money Account – HSBC SGD Account information summarised, with application details
• Airwallex Pricing – Airwallex UK account descriptions and pricing plans