A global account is an account specifically designed to manage finances across different currencies. It simplifies dealing with multiple currencies, which is especially beneficial when conducting international transactions, such as purchasing goods or transferring money to individuals or entities in foreign countries.
A global account is invaluable for businesses engaged in global trade that require seamless cross-border financial management. Global accounts can help provide cost savings through reduced currency conversion fees, streamlined international payments, and access to international financial opportunities.
Yes, you can open a USD, GBP or EUR account in Singapore, and you have two main choices. Traditional banks like Citibank, OCBC and UOB offer global accounts, but this typically involves visiting a branch, providing necessary documents, and meeting minimum deposit requirements.
Alternatively, fintech providers like Aspire offer a quicker and more convenient option. With them, you can open a global account entirely online, often within a day. Keep in mind that account features and fees can vary widely, so it's essential to research thoroughly to find the right global account that suits your needs best.
A global account is an invaluable asset for businesses with international operations. It simplifies expenses such as travel, foreign invoices, and online purchases from international merchants. This account streamlines transactions with clients who pay in USD, EUR, GBP, IDR or SGD, eliminating the need for currency conversion and exchange rate fluctuations.
Furthermore, having a global account ensures readily available funds, providing the flexibility to cover various expenses or convert to SGD when favourable exchange rates apply. It also enables businesses to diversify their portfolio by trading in multiple currencies, gaining a competitive edge, and making significant savings during repeated transactions.