Best SGD accounts in the US

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 US citizens traveling or doing business with Singapore, and Singaporeans in the US 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 Singapore dollar currency account?

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

Some Singapore dollar bank accounts also support many other currencies, which can be great for day to day transfers and transactions, while others are dedicated SGD products that may be better suited to people looking to save and invest in Singapore dollars.

What can you do with a Singapore dollar currency account in the US?

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 US:

• Exchange your balance to and from SGD: Add USD and convert to SGD, or switch your SGD balance back to USD 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.
• Receive SGD payments from others: Use your account information to receive payments in SGD. Some multi-currency account providers offer account details to receive international payments in Singapore dollars. For example, Wise offers SGD local account details, so you can receive local payments in Singapore 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.
• Hold an SGD balance to minimize currency exchange fluctuations: Ride out changes in the currency market by holding a balance in SGD, and only switching back to USD when the exchange rate looks strong.

Types of Singapore dollar (SGD) accounts

The Singapore dollar foreign currency accounts usually available in the US can come from banks or specialist providers. They’re offered either as multi-currency accounts which can support SGD alongside USD and other major currencies, or as foreign currency accounts which only hold Singapore dollars.

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.
• Revolut Account: Hold 25+ currencies with a linked debit card to spend and withdraw, and get SWIFT account details to receive Singapore dollars to your account.
• Airwallex Account: Business account supporting 20+ currencies including SGD and USD, with ways to receive customer bank and card payments online.
• HSBC Global Money Account: Premium account supporting 8 currencies to send payments, including SGD and USD, with no HSBC transfer fees.

Foreign currency bank accounts: Foreign currency accounts only hold SGD, and can be more useful for holding a balance and earning interest, or for planning future payments.

• East West Bank Foreign Currency Account: Open a Foreign Currency Demand Account in SGD to diversify your savings.

Best SGD currency accounts in the US

SGD accounts in the US 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, a multi-currency account that supports Singapore dollars be a good pick for both personal and business customers.

HSBC has accounts for high earners, which can be used for convenient payments, while East West focuses its foreign currency offer on savers. 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 US 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 link debit card in 150+ countries, send and receive payments from abroad in USD, SGD 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.
HSBC Global Money Account	Hold and send payments in 8 currencies including SGD, for HSBC customers with Premier status which requires a minimum deposit of 100,000 USD or more.
East West Bank Foreign Currency Account	Foreign Currency Demand Account in SGD alongside other global currencies, for customers who want to save or invest in SGD.
Airwallex Account	Business account supporting SGD, USD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

Wise Account

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

Accounts offer local and SWIFT details to receive payments, with no fee to receive SGD to your account using your local account details.

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

Account opening fee: No opening fee for personal customers. Business customers pay 31 USD for full feature access*. No minimum balance
Eligibility criteria: Available to residents of the US and many other countries and regions globally
Supported currencies: SGD, USD and 40+ other currencies
Monthly fees: None
Exchange rates: Mid-market exchange rates

*About account pricing: Please see Terms of Use for your region or visit Fees & Pricing for the most up to date pricing and fee information.

Revolut Account

You can open 3 different types of Revolut Account as a personal customer in the US, 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 16.99 USD/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 USD and SGD. You won’t get local account details to receive SGD payments, but you do get SWIFT account information to receive Singapore dollars that way.

• 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 the US and many other countries and regions globally
Supported currencies: SGD, USD and 25+ other currencies
Monthly fees: Personal customers pay 0 USD – 16.99 USD/month, business customers 10 USD – 140 USD/month
Exchange rates: Weekday currency exchange uses the Revolut rate to plan limits, then fair usage fees of up to 0.5% apply. Weekend exchange may attract an extra fee up to 1%.

HSBC Global Money Account

You can open an HSBC Global Money Account if you already hold a Premier Checking Account with HSBC. This allows you to hold a balance in 8 currencies to send payments overseas more conveniently and with no HSBC fees to pay.

Your HSBC Global Money Account account doesn’t offer a debit card, so this account is better suited to people paying international bills or investing abroad, rather than for day to day use.

• Hold a balance in 8 currencies including SGD and USD
• Transfer from your account to other HSBC accounts and local or overseas bank accounts
• No transfer fees when you spend money out of your account

Account opening fee: None
Eligibility criteria: You must be an HSBC Premier customer, which requires you to meet eligibility criteria including holding a 100,000 USD or more deposit with HSBC.
Supported currencies: 8 currencies including SGD and USD
Monthly fees: None for the Global Money Account – fees may apply to your underlying checking account
Exchange rates: HSBC rates – Global Money Account offers live, competitive rates you can see in the app

East West Bank Foreign Currency Account SGD account

Open an East West Bank Foreign Currency Account in 14 different currencies including SGD. Accounts are intended for savers, and can include easy access accounts and fixed term account products which often get a higher rate of interest.

You’ll need a USD account with East West Bank to apply for this account, which does not come with a linked debit card.

• SGD, USD and many other popular global currencies offered
• Earn interest on your SGD savings with easy access accounts
• Your money is held in the United States and FDIC insured

Account opening fee: None
Eligibility criteria: You must have an East West USD account, which usually requires you to have an SSN or ITIN, proof of ID and proof of a US address
Supported currencies: 14 currencies including SGD
Monthly fees: None for your SGD savings account – fees may apply for your underlying USD account
Exchange rates: East West exchange rates which may 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, cashback on USD business spending and more

Account opening fee: None
Eligibility criteria: US business owners with eligible proof of address and ID, as well as business verification paperwork
Supported currencies: 20+ including USD and SGD
Monthly fees: 0 USD – 99 USD depending on plan
Exchange rates: Interbank rates with a fee of 0.5% for major currencies and 1% for less commonly traded currencies

Fees for SGD accounts in the US

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 monthly fees, while others like Revolut offer a selection of plans including some with and without monthly costs.
• Fall below fee: If your account has a minimum balance requirement, a fall below fee may be used if your balance drops below this level. This is common on accounts aimed at high net worth individuals – like the HSBC Global Money Account. For this account you may need a deposit of 100,000 USD or more to avoid fall below fees.
• ATM withdrawal fees: Accounts which offer a linked debit card 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%.
• 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 Singapore dollar account in the US

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 US. You are also usually asked for your SSN or ITIN.

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

🏦 With banks: It’s common to need to go to a branch in person if you want to open a foreign currency account with a US bank such as East West. You’ll be able to make an appointment in advance and can then have a member of staff talk you through the application process. The teller can also check your ID and complete the verification process.

📲 With online providers: Online providers such as Wise and Revolut 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 US

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

• Send SGD and foreign currency payments: Use your SGD account to send money to Singapore and other countries, often with low fees
• Receive money in SGD and other currencies: Some SGD accounts – like the Wise account – offer SGD account details to receive local payments in Singapore dollars. This can be cheap or free for the sender and there’s no receiving 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: Most providers 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 US 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 save with a US bank, a foreign currency account from East West 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 – US home page with links to pricing and account features
• Revolut Personal Pricing Plans – Revolut US personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut US business pricing plans and feature descriptions
• HSBC Global Money Account – HSBC Global Money Account introduction and application page
• East West Bank International – East West Bank international services including foreign currency account products
• Airwallex Pricing – Airwallex US account descriptions and pricing plans