As more and more VTLs start opening up, many of you may already be planning for your next holiday.
And when travelling, nobody likes having to carry around lots of cash and worry about losing it.
Today, we’ll be looking into local multi-currency accounts that will make international transactions much simpler, more convenient, and worry-free for everyone.
We’ll assess each multi-currency account based on:
- Accessibility (how easy it is to deposit, transfer, or withdraw funds)
- Availability in a wide variety of countries
- Exchange rate markups and fees
- Unique perks for each card (if any)
A Quick Overview of 10 Multi-Currency Accounts in Singapore
| Multi-Currency Account | Accessibility | Overseas ATM Cash Withdrawal | Foreign Currencies | Fees & Markups | Unique Perks |
|---|---|---|---|---|---|
| YouTrip | 4/5 | S$5 per withdrawal | 150+ | Mid-market rate | Can also be used as an EZ Link card |
| Revolut | 5/5 | Free up to S$350 for standard tier | 140+ | Mid-market rate | Offers cryptocurrencies and cashback on certain brands |
| Wise | 5/5 | Free twice-monthly up to S$350 | 56 | Mid-market rate | Good for both personal and business use |
| DBS Multi-Currency Account | 4/5 | S$7 per withdrawal + up to 3.25% in admin fees | 12 | Bank exchange rate | Integrates with other accounts on the DBS iBanking app |
| HSBC Everyday Global Account | 4/5 | S$8 per withdrawal for non-HSBC/partner banks | 10 | Bank exchange rate | HSBC Everyday+ Rewards Programme and 1% cashback on all spending |
| RHB Multi Currency Account | 3/5 | Free for supported currencies | 17 | Bank exchange rate | Doubles as an interest-earning account |
| Maybank Foreign Currency Current Account | 2/5 | N/A | 10 | Bank exchange rate | Free cheque book for USD current accounts |
| Citibank Global Foreign Currency Account | 3/5 | Free at any Citi ATM worldwide | 14 | Bank exchange rate | Unlimited fee-free withdrawals from Citibank ATMs |
| Bank of China Multi-Currency Savings Account | 3/5 | S$4 to S$60 fee per withdrawal | 9 | Bank exchange rate | Can be linked to the Bank of China SmartSaver for high interest |
| OCBC Global Savings Account | 3/5 | Free at OCBC ATMs | 8 | Bank exchange rate | Can earn between 0.04% to 0.25% interest per annum on your foreign currency |
Now let’s jump into more detail for each multi-currency account!
1. YouTrip
You may have already heard of YouTrip: it was the first multi-currency travel wallet launched in Singapore. Designed in collaboration with EZ-Link and Mastercard, it offers a number of perks for local users who love to travel. (Read our full YouTrip review.)
Accessibility
- Cash withdrawals from overseas Mastercard, Maestro, or Cirrus ATMs
- Provides a debit card you can use overseas or locally
- No minimum balance required
Fees & Markups
- SG$1 processing fee if you top up via a Visa credit card
- Flat S$5 fee for each overseas ATM cash withdrawal
- No other hidden transaction fees and markups on currency exchange
- S$10 admin fee to refund the remaining cash if you close your account
Currency & Country Availability
- Pay in over 150 currencies via a contactless Mastercard
- 10 currencies available for in-app exchange 24/7:
- SGD, GBP, EUR, USD, HKD, JPY, AUD, NZD, CHF, SEK
Cons
- No local cash withdrawal
- Does not support bank transfer (top-ups via PayNow or debit/credit card)
- Can transact in 150+ currencies, but not bank transfer in all 150+ currencies — sending money is limited to the 10 available currencies
How Does This MCA Stand Out From The Rest?
- Easily track movement of cash with instant transaction notifications via the app
- Debit card offers cashback with select merchants
- Doubles as an EZ-Link card for convenience
- Can send money to other YouTrip users instantly (and fee-free) — just need their phone number
2. Revolut
A direct competitor to YouTrip, Revolut is another multi-currency account that comes with a free virtual debit card. It’s a bit less flexible than YouTrip in that it requires a minimum balance, but it also offers more benefits if you get a paid membership. (Read our full review on Revolut.)
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- Provides a card you can use anywhere that accepts a prepaid Visa or Mastercard
- Unique card number for every spend, which keeps your real card details safe
- Must maintain minimum balance of S$20 to use the Revolut card
Fees & Markups
- No other monthly, hidden, or withdrawal fees if you keep within the limits for each membership tier
- Markups vary depending on which currency is exchanged and when:
- 1% markup for THB & UAH on weekdays
- 1% markup for all currencies / 2% for THB & UAH on weekends
Currency & Country Availability
- Supports card payments and ATM withdrawals in over 140 currencies
- Send and receive money in 28 currencies:
- AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR
Cons
- 1-2% markup when exchanging currencies during weekends
- The app’s best features are reserved for premium memberships
How Does This Account Stand Out From The Rest?
- Offers cryptocurrencies
- Lock or unlock your card through the app for greater security when not actively in use
- Ability to set monthly spending limits for greater control
- 20% cashback on public transport in Singapore (valid till 31st Dec 2021)
- Up to 42% cashback on brands like Apple, Nike, Myprotein, ASOS and AliExpress
3. Wise
Wise (full review here) boasts competitive exchange rates in the market, making it a popular option amongst both travellers and people who send or receive money across borders.
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- No monthly fees or minimum account balance required
Fees & Markups
- One time fee of SG$10 for the physical Wise debit card
- 2 free withdrawals (local and overseas) up to SG$350 monthly
- 0.35% to 2.22% fee to exchange currencies
Currency & Country Availability (full list)
- Hold and convert money in 56 currencies
- Send money to 80 countries
Cons
- If you’re exchanging large sums over $10,000, a specialised foreign exchange service provider might be cheaper
- Wise supports 56 currencies, but of these, you can only send and receive in 26
How Does This Account Stand Out From The Rest?
- Good for both personal and business use
- Always receive payments in your local currency
- Get up to 15% cashback on Booking.com when you pay with Wise
- If you spend a foreign currency you don’t hold in your account, Wise automatically converts from whichever balance has the cheapest conversion rate
4. DBS My Account / Multi-Currency Account
Singapore residents will find this familiar name a comfortable choice: DBS offers a way to link up your multi-currency needs with an established local bank. (Check out the full review.)
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- No debit/credit card will be issued, but you can link this MCA to any other primary DBS card
- No minimum initial deposit or account balance required
Fees & Markups
- SG$2 monthly if you opt for paper statements
- Service charge of S$7 per cash withdrawal at overseas Visa/Mastercard ATMs
- Up to 3.25% in admin fees for cash withdrawals at overseas ATMs
- Free withdrawals for Visa/Mastercard at DBS Hong Kong, DBS Taiwan, and Westpac Group ATMs in Australia
- Free withdrawals using Visa cards at DBS India and DBS Indonesia ATMs
- Up to 3.25% in admin fees on foreign currency transactions
Currency & Country Availability
- Hold and convert up to 13 currencies:
- SGD, USD, AUD, CAD, CNH, HKD, JPY, EUR, NZD, NOK, GBP, SEK, THB
Cons
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
- Doesn’t support as many currencies
How Does This Account Stand Out From The Rest?
- Convenience if you already use DBS, as you can view your MCA balance with the same DBS iBanking app
- Earn 0.03-0.05% interest per annum on SGD and USD deposits
5. HSBC Everyday Global Account
This multi-currency account offers cashback and interest on SGD savings (for a limited period) — provided you already use HSBC for most of your transacting needs.
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- Withdraw cash from HSBC and partner bank ATMs for free
- Free debit card that you can also use for public transport locally
Fees & Markups
- Overseas ATM withdrawal fee of SG$8 if not under HSBC or partner banks
- Minimum opening deposit of SG$100
- S$5 fall-below fee if average daily account balance is below S$2,000
- 1.5% admin fees on foreign currency transactions
- 1.5% commission on foreign currency cash deposits or withdrawals
Currency & Country Availability
- Transact in up to 11 different currencies:
- SGD, USD, HKD, CNY, AUD, CAD, CHF, EUR, GBP, JPY, NZD
Cons
- Fees for transactions and withdrawals can add up over time
- Relatively high minimum account balance required
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
How Does This Account Stand Out From The Rest?
- Earn interest on SGD deposits
- Access to HSBC Everyday+ rewards programme and 1% cashback on all spending
6. RHB Multi-Currency Account
This prepaid card provides users with a convenient way of moving around the globe despite not having a bank account with RHB.
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- Comes with a multi-currency debit card
Fees & Markups
- Minimum account balance of US$1,000 to apply for debit card
- No transaction or cash withdrawal fees for supported currencies in wallet
- 1% conversion fee if there are insufficient funds in the transacted currencies
- 1% conversion fee for currencies other than the 13 supported by debit card
- 2.8% transaction and ATM cash withdrawal fees for currencies not supported by wallet
- Since this card uses the RHB exchange rate, it may include a markup by the bank.
Currency & Country Availability
- Holds up to 18 currencies in one account:
- SGD, MYR, JPY, GBP, AUD, NZD, EUR, USD, CHF, HKD, CAD, SAR, ZAR, THB, RMB, IDR, AED, BND
- RHB Multi-Currency Debit Card supports 14 currencies:
- SGD, MYR, JPY, GBP, AUD, NZD, EUR, USD, CHF, HKD, CAD, SAR, ZAR, THB
Cons
- Debit card supports fewer currencies than the multi-currency account, making international transactions limiting
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
How Does This Account Stand Out From The Rest?
- Gives you interest on many foreign currencies for short or long-term holdings
7. Maybank Foreign Currency Current Account
Those looking to earn interest on their idle foreign currency might take a look at Maybank’s Foreign Currency Current Account, which offers interest on select currencies. That said, beware of the many limitations and charges to this account — those small fees may add up to more than the meagre interest you’ll earn.
Accessibility
- Supports telegraphic transfers, demand drafts, and over-the-counter withdrawals
- Requires an initial deposit of at least US$1,000
- Must maintain minimum account balance of US$1,000 or equivalent
Fees & Markups
- 0.125% + processing fees or commission in lieu of exchange
- Fall-below fee of US$5 or equivalent if average daily balance is below US$1,000
- US$20 early account closure fee if closing within six months of opening
Currency & Country Availability
- Able to hold 11 different currencies:
- SGD, USD, AUD, CAD, CNH, EUR, HKD, JPY, NZD, GBP, CHF
Cons
- No linked debit card for easy payments
- Penalty for early account closure (within 6 months)
- Cannot transfer funds directly to accounts at other banks
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
How Does This Account Stand Out From The Rest?
- Up to 1% interest per annum on certain currencies
- Free cheque book for USD current accounts
8. Citibank Global Foreign Currency Account
If you already have an account with Citibank or are a Citigold Private Client, this multi-currency account may be a good addition to the portfolio.
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- Can be linked to an existing Citibank debit Mastercard
Fees & Markups
- $15 service fee if total monthly balance falls below S$15,000 or its equivalent
- Fee-free withdrawals provided you withdraw from any Citibank ATM worldwide
- $30 cable fee per transaction to send money to non-Citibank accounts
- Foreign transaction fee of 2.5% for currencies you don’t hold
Currency & Country Availability
- Hold and transact in 15 currencies:
- SGD, USD, EUR, AUD, CAD, GBP, CHF, JPY, HKD, NZD, AED, ZAR, SEK, NOK, DKK
Cons
- Requires minimum balance of S$15,000 across all accounts
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
How Does This Account Stand Out From The Rest?
- Unlimited fee-free withdrawals from Citibank ATMs
9. BOC Multi-Currency Savings Account
If you have friends or family in China, the Bank of China Multi-Currency Savings Account offers direct Renminbi inward and outward telegraphic transfers to China.
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- Cash withdrawals available at any Mastercard and UnionPay ATMs or BOC branches (only in China)
Fees & Markups
- S$1,500 minimum initial deposit
- S$3 fall-below fee if your monthly average balance goes below S$1,500
- S$4 to S$60 fee per withdrawal depending on the ATM
- 0.125% fee on outward remittances via telegraphic transfer (minimum SG$18 equivalent, maximum SG$1,000)
Currency & Country Availability
- Consolidated account that covers 10 different currencies:
- SGD, AUD, CAD, CHF, EUR, GBP, JPY, NZD, RMB, USD
Cons
- High ATM withdrawal fees
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
How Does This Account Stand Out From The Rest?
- Can be linked to the Bank of China SmartSaver for high interest
10. OCBC Global Savings Account
Similar to the Citibank account, the high minimum initial deposit requirement makes this account more appealing for savers or long-term users.
Accessibility
- Supports both bank transfers and ATM withdrawals locally and overseas
- Cash withdrawals available at any OCBC, Mastercard, or Cirrus ATMs worldwide
- Can link the account to an existing OCBC debit card
Fees & Markups
- Minimum initial deposit of $5,000 required
- 3% fee (min $5, max $20) when withdrawing foreign currency from ATMs overseas
- Fee-free foreign transactions provided you’ve linked your foreign currency account to your card and you have sufficient balance; 3.25% otherwise
- US$20 early account closure fee if closed within six months of account opening
Currency & Country Availability
- Save in 9 major currencies within one account:
- SGD, AUD, CAD, CNH, EUR, GBP, HKD, NZD, USD
Cons
- High minimum account balance required to earn interest
- Low interest yield means your money may be better deployed elsewhere
- Bank exchange rates are not as favourable as the mid-market rates that YouTrip, Revolut, and Wise offer
How Does This Account Stand Out From The Rest?
- Can earn between 0.04% to 0.25% interest per annum on your foreign currency