Summary
- In 2026, a USD business account is no longer optional for companies with international clients, suppliers, or software spend—it enables faster payments, lower FX costs, and smoother cross-border transactions.
- Businesses can avoid repeated FX conversions, benefit from better exchange rates, and manage USD spending more efficiently by receiving, holding, and paying directly in US dollars.
- Fintech platforms like Aspire, Wise, and Airwallex offer zero monthly fees, fast onboarding (24–48 hours), real-time FX rates, and modern integrations—compared to higher fees and slower processes at traditional banks.
- Traditional banks suit enterprises needing trade finance and relationship banking, while startups, SMEs, e-commerce firms, and digital businesses benefit more from digital-first USD accounts with automation and API access.
- Modern USD accounts now combine payments, expense management, accounting integration, yield on balances, and corporate cards—turning financial infrastructure into a strategic growth advantage.
Opening a business account in Singapore is often the first step to cultivating financial discipline. Making transactions through a dedicated business account can immediately instil trust and security with suppliers and customers.
Most financial institutions require a business bank account in Singapore as a prerequisite for availing loans for initial capital or scaling up businesses.
However, if a business deals with multiple USD transactions, opening a USD account in Singapore would be a better idea. One of the significant advantages is the ability to benefit from favourable currency exchange rates and retain funds until needed.
By holding funds in USD, businesses with a global footprint can optimise conversions and access lower conversion rates, while domestic USD transfers can be completely free. This flexibility grants greater control over spending in USD currency, making transactions and financial management more efficient and cost-effective.
In this article, we will cover some of the best USD accounts available in Singapore in 2026 and how you can choose the best one for your business.
Why is a USD account critical to businesses in 2026?
A USD balance proves beneficial for business owners as it allows them to conveniently cover various expenses such as travel, foreign invoices, and online purchases from US-based merchants.
Having this account makes the process smoother for business owners with clients who make payments in US dollars; clients can directly transfer funds into the company's account, eliminating the need for currency conversion or foreign exchange rates.
Companies can easily diversify their portfolio by trading in many currencies. USD assets will give them a business edge over competitors who may not have taken that route yet. Not only will companies make significant savings during repeated transactions, but trading in the same currency will permit them to monitor and analyse their performance with minimal hassle.
In essence, companies can easily request, receive, hold, and send USD payments. Additionally, this approach helps reduce additional expenses and simplifies the management of funds across different currencies.
Who can open a USD account
Before learning how to open a USD account, know which are the valid entities to open a USD bank account in Singapore:
- Incorporated companies of Singapore and their branch divisions
- Representative offices of offshore companies engaging in business in Singapore
The above types of businesses are eligible to open a USD business account in Singapore. If your business falls under one of the two categories, follow the below-mentioned steps to open the account.
How to open a USD account in Singapore
Select the best banking or financial institution for your business needs by comparing the benefits of USD accounts offered by various financial institutions in Singapore.
You will need to submit a duly filled and signed application form along with supporting documents, including but not limited to:
- Incorporation certificate
- Business profile
- Identification documents
- Self-certification forms
- Proof of business address
Contact the specific financial institution where you want to open a USD bank account for the document checklist. Note that since the policies change regularly, the staff may request you to provide additional documents if needed.
In 2026, digital providers like Aspire offer fully online onboarding with account approval in 24-48 hours, while traditional banks may require branch visits and 1-2 weeks for processing.
You are good to go once the financial institution gives approval and issues an account number.
Factors to consider when choosing a USD account in Singapore in 2026
To open the best USD account in Singapore, many factors must be considered. However, one can start with the below-mentioned considerations.
1. Currency conversion rates
The principle is straightforward – minimising the cost of converting USD to SGD or other foreign currencies ultimately benefits a business financially. It becomes essential to assess the complete cost of an international transfer before initiating it. Understanding the comprehensive expenses associated with money transfers enables rational decisions and the selection of the most cost-effective method.
In 2026, traditional banks typically add 1-2% margins to exchange rates, while digital providers offer rates within 0.3-0.5% of the mid-market rate.
Consider selecting a service provider offering exchange rates closer to the mid-market rate and transparent pricing to optimise currency conversion. A business can secure the most favourable terms and minimise unnecessary expenses when conducting international transfers by diligently seeking the best possible exchange rate and carefully examining the associated charges.
2. Fees/charges involved
Compare the USD account-related fees and charges associated with each financial institution. Check:
- Monthly maintenance fees
- Transaction fees
- Withdrawal fees
- Currency exchange fees
- Minimum balance requirements
Fee comparison in 2026:
- Digital providers (Aspire, Wise, Airwallex): SGD $0 monthly fees, no minimum balances
- Traditional banks (DBS, UOB, OCBC): SGD $10-30/month maintenance fees, $1,000-$20,000 minimum balances
Selecting an account that offers competitive pricing and aligns with your business's projected financial operations is crucial.
3. Hidden charges
USD accounts can be advantageous for businesses conducting transactions in US Dollars. However, be aware of potential hidden charges:
Account maintenance fees: Some providers impose monthly or annual charges covering account management costs. Digital providers like Aspire eliminate these entirely.
Minimum balance requirements: Many institutions require a minimum balance. Failing to meet this can result in SGD $10-25/month fall-below fees in 2026. Learn the policies around minimum balance before opening an account.
Compare offerings to find the ideal fee structure that aligns with your business requirements.
4. Digital banking capabilities
Most financial institutions in Singapore provide digital banking services to USD account holders. English is standard across online banking portals, ensuring user-friendly interfaces.
In 2026, look for: Mobile app functionality, multi-user access, integration with accounting software like Xero and QuickBooks, and API access for custom workflows.
5. Account opening requirements
Consider the requirements for opening a USD business account. Some may have eligibility criteria like minimum turnover, company size, or industry focus. Ensure you meet the provider's requirements before applying to avoid rejection.
6. Account features and accessibility
Evaluate features offered by various institutions: digital banking, mobile applications, multi-currency support, foreign exchange services, and competitive exchange rates.
Providers like Aspire now offer local US banking details (routing numbers), enabling payments in as fast as 1 business day vs. 3-5 days via SWIFT networks.
Consider physical branch accessibility if you prefer in-person banking, or ensure robust digital platforms if you prioritise online banking.
7. Customer support & reliability
Consider the availability of customer support channels such as phone, email, chatbot, or live chat to report an issue. Having a designated relationship manager can be beneficial for personalised assistance. Research providers with strong track records, good customer reviews, and regulatory compliance (MAS licensing for 2026).
Choose a provider that offers reliable and responsive customer support to have peace of mind knowing that any issues or concerns regarding the USD current account will be efficiently addressed. This way, one can focus on their business's financial management with little disruption.
8. Reliability of the institution
Research and identify trusted and reputable financial institutions in Singapore that offer USD or multi-currency corporate accounts. Look for providers with a strong track record, good customer reviews, and comprehensive financial services.
9. Testimonials and recommendations
Seek out client reviews and recommendations, including businesses and professionals having experience with USD corporate accounts in Singapore. They can provide valuable information regarding the quality of service and help you make a more informed decision.
10. Added perks and additional services
Many banks issue international debit cards, credit cards, and cheque books as benefits for opening a USD corporate account with the institutions. In 2026, consider:
- 1% cashback on business spend (Aspire on digital marketing and SaaS)
- Yield on balances – Earn up to 3.45% on USD with no lock-ins
- Partner discounts and exclusive deals
If your business needs expense management, receivable management, payable management, or accounting integrations, consider whether the institution offers those services in a comprehensive suite.
Top providers of USD accounts in Singapore in 2026
Frequently Asked Questions
What documents do I need to open a USD account in Singapore?
You'll need an incorporation certificate, business profile, director identification (NRIC/passport), self-certification forms, and proof of business address. Digital providers like Aspire verify these online, while traditional banks may require branch visits.
How long does it take to open a USD account in 2026?
Digital providers approve accounts in 24-48 hours. Traditional banks take 1-2 weeks.
Are USD deposits insured in Singapore?
No. Foreign currency deposits are not covered under the Singapore Deposit Insurance Scheme. Only SGD deposits are insured up to $100,000 per depositor per institution.
Can I earn interest on my USD balance in 2026?
Yes. Aspire Yield offers up to 3.45% with no minimums or lock-ins. Traditional banks offer fixed deposits with varying rates and lock-in periods.
What's the difference between local US routing numbers and SWIFT transfers?
Local US routing numbers enable direct domestic US transfers clearing in 1 business day. SWIFT transfers route through international networks, taking 3-5 days with higher intermediary fees.
- DBS - https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b?t=1680505671893
- OCBC - https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide
- UOB - https://www.uob.com.sg/business/accounts/uob-bizglobal-account.page
- Wise - https://wise.com/sg/business/
- Airwallex - https://www.airwallex.com/sg/business-account
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