Rating
Overall rating: 3.2/5
Methodology
Our evaluation of the Standard Chartered Business Non-USD Foreign Currency Account is based on a clear and transparent rating framework designed to provide an objective overview of its overall quality and performance.
Arithmetic mean approach
To arrive at the final score, we calculate the arithmetic mean, which involves adding up individual category scores and dividing the result by the total number of categories.
Equal weighting
Each category (Features, Pricing and FX, Global payments, Ease of onboarding, and Support and ecosystem) is assigned equal importance, ensuring a balanced and unbiased final score.
Data sources
Our ratings are based on official documentation, publicly available pricing and feature details, third-party reviews, and verified user feedback.
Interpretation caveat
While this method provides a fair and objective benchmark, it does not reflect individual business priorities.
Intended use
The resulting score is designed as a general performance indicator, useful for making comparisons and informing decision-making. It should be considered alongside your specific business needs and priorities.
The table below breaks down the reasoning behind each pillar score.
[Table:1]
Features of the Standard Chartered Business Non-USD Foreign Currency Account
The Standard Chartered Business Non-USD Foreign Currency Account is a non-interest-bearing current account built for businesses that need to hold and transact in major non-USD currencies.
Here are the key features of the Standard Chartered Business Non-USD Foreign Currency Account:
4 non-USD currencies in one account
The account supports AUD, GBP, HKD, and NZD. Businesses can hold, send, and receive in any of these currencies directly.
Non-interest-bearing
The account does not earn interest on any currency balances. Businesses seeking returns on idle foreign currency funds may find interest-bearing alternatives more suitable.
International transfers via telegraphic transfer
Outward telegraphic transfers (TTs) are available for international payments in the supported currencies. The fee structure depends on whether currency conversion is required:
- With forex (FX) conversion: 0.125% handling commission (min. SGD $30, max. SGD $100) + SGD $50 overseas bank charges + USD $15 reimbursement cover
- Without FX conversion: 0.125% handling commission (min. USD $20, max. USD $70) + 0.125% commission in lieu of exchange (min. USD $10, max. USD $700), which applies whenever a foreign currency account is debited, even when no actual currency conversion takes place.
Inward TTs to the same currency account cost SGD $10 or equivalent. Inward TTs from a different currency are free.
No cheque book
The account does not include a cheque book facility. Businesses that still rely on cheque payments may need to consider alternative accounts.
Debit card access
A debit card can be linked to the account. Overseas transactions via Mastercard attract a fee of up to 3.5% of the amount transacted.
Deposit insurance note
Foreign currency deposits are not insured by the Singapore Deposit Insurance Corporation (SDIC). Only SGD deposits are insured up to SGD $100,000 per depositor per scheme member by law.
Standard Chartered Business Non-USD Foreign Currency Account fees and charges
The account's fee structure is relatively straightforward, with the main costs being the minimum balance requirement and telegraphic transfer (TT) fees. The table below summarises the key charges based on Standard Chartered's Business Banking Pricing Guide.
[Table:2]
Documents required for Standard Chartered Business Non-USD Foreign Currency Account
Standard Chartered lists the following documents required for the Business Non-USD Foreign Currency Account:
- Business Account Opening Form
- Photocopy of National Registration Identity Card (NRIC) or Passport of at least 2 directors (including managing director), all principal shareholders (with 10% or more shareholding), and all signatories (directors)
- Company Constitution/Memorandum of Articles of Association (M&A)
Who is the Standard Chartered Business Non-USD Foreign Currency Account best suited for
It works well for:
- Established Singapore-registered businesses that regularly hold, send, or receive payments in AUD, GBP, HKD, or NZD
- Companies that can consistently maintain a USD $10,000 average balance without triggering the fall-below fee
- Importers, exporters, or businesses with overseas operations in the supported currency markets
- Businesses that need digital banking access for payment processing and account management
It is less suitable for:
- Businesses that transact primarily in USD, as this account does not support USD balances
- Startups or SMEs that cannot consistently maintain a USD $10,000 minimum balance
- Businesses that want to earn interest on foreign currency holdings, as the account does not pay interest on any balances
- Companies that need a cheque book facility
- Businesses that need expense management, accounting integrations, or corporate cards as part of their banking setup
Pros and cons of the Standard Chartered Business Non-USD Foreign Currency Account
The value of this account depends almost entirely on how much foreign currency volume your business moves. Here are the pros and cons:
[Table:3]
Ratings across platforms
The ratings below reflect user feedback on Standard Chartered general business banking services and the SC Mobile app, not specifically on the Business Non-USD Foreign Currency Account.
- App Store (iOS): SC Mobile app is rated 4.7 out of 5. Users generally praise the app's ease of use, though some business banking users note that certain corporate features require desktop access via Straight2Bank.
- Google Play: SC Mobile app is rated 4.6 out of 5. Common feedback includes appreciation for the interface, with some reports of login issues and transaction delays.
Standard Chartered Business Non-USD Foreign Currency Account vs competitors in Singapore
The Standard Chartered Business Non-USD Foreign Currency Account sits in the traditional bank multi-currency business account segment. Here is how it compares against the most commonly considered alternatives for Singapore businesses needing foreign currency account capabilities.
[Table:4]
Other alternatives to the Standard Chartered Business Non-USD Foreign Currency Account
- DBS Business Multi-Currency Account: DBS supports 13 currencies and offers more flexible balance requirements. The Standard tier requires a minimum balance of SGD $10,000, with an SGD $40 monthly fee if this is not maintained, while the Starter Bundle for businesses under three years old has no minimum balance requirement and costs SGD $10 per month. The account also integrates with Xero, QuickBooks, and Financio. For businesses seeking broader currency support and lower entry requirements from a local bank, DBS is a strong alternative.
- OCBC Multi-Currency Business Account: OCBC supports 13 currencies and offers a simpler fee structure, with no minimum balance requirement and no fall-below fees. The SGD $10 monthly account fee is permanently waived when the account is bundled with an OCBC Business Growth Account. Businesses also get access to Xero integration and InvoiceNow at no additional cost. For companies seeking a multi-currency account without balance-maintenance requirements, OCBC is a great alternative.
- Wise Business: Supports 40+ currencies at mid-market rate with fees shown upfront before every transaction. There is a one-time SGD $99 setup fee and no monthly charges. For businesses that prioritise transparent FX pricing and fast international transfers, Wise is a practical alternative.
- UOB Corporate Global Currency Account: UOB supports 10 currencies, including USD, and provides access to trade finance services. The account has currency-specific minimum balance requirements and fall-below fees, while foreign currency balances currently earn no interest. For businesses that need USD alongside other major currencies within a traditional banking setup, UOB is a worthwhile alternative to compare.
- Airwallex Business Account: Airwallex lets businesses hold and manage funds in 23+ currencies and send payments to over 150 countries. There are no minimum balance requirements or monthly account fees, and FX costs are shown upfront before each transaction. The platform also includes expense management tools, corporate cards, and integrations with Xero, QuickBooks, and NetSuite. For businesses looking for broad global payment capabilities alongside built-in financial management tools, Airwallex is a compelling alternative.
Conclusion
The Standard Chartered Business Non-USD Foreign Currency Account is a straightforward option for businesses that regularly transact in foreign currencies. It supports 4 non-USD currencies, offers digital banking through Straight2Bank, and enables international payments via telegraphic transfers. For established Singapore businesses with consistent foreign currency activity, it provides access to Standard Chartered's broader business banking services.
That said, the account's USD $10,000 minimum balance requirement, non-interest-bearing structure, and relatively limited feature set mean it may not be the best fit for every business. Alternatives such as Aspire offer support for 30+ currencies, no minimum balance requirement, transparent FX pricing, and built-in tools for expense management, corporate cards, and accounting integrations. Businesses should compare both the direct costs and operational features before deciding which solution best suits their international payment needs.
FAQs
Which currencies are supported by the Standard Chartered Business Non-USD Foreign Currency Account?
The account supports 4 non-USD currencies: AUD, GBP, HKD, and NZD.
What is the initial deposit needed to open the Standard Chartered Business Non-USD Foreign Currency Account?
Businesses must deposit at least USD $10,000 (or its equivalent for the 4 supported currencies) when opening the account and maintain the same average monthly balance thereafter.
Does the Standard Chartered Business Non-USD Foreign Currency Account pay interest on balances?
No. This is a non-interest-bearing account. No interest is earned on any currency balance held in the account.
Does the Standard Chartered Business Non-USD Foreign Currency Account come with a business debit card?
A debit card can be linked to the account, with overseas Mastercard transactions subject to a fee of up to 3.5% of the transaction amount.
Is the Standard Chartered Business Non-USD Foreign Currency Account suitable for SMEs with international clients?
Whether this account is a good fit largely depends on your business's foreign currency activity and cash position. If you regularly receive, hold, or make payments in one of the 4 supported currencies and can comfortably maintain the required USD $10,000 average balance, the account can be a practical solution. However, for smaller businesses or those with irregular foreign currency flows, the minimum balance requirement may be difficult to justify and could make more flexible alternatives worth considering.
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