Personal Finance Bank accounts

OCBC multi-currency accounts in Singapore: The only guide you need

Elle Kasser
Elle Kasser
02.08.21 (updated more than 1 year ago)
Read time 6 minutes

OCBC has several multi-currency and foreign-currency account options - which may suit you if you’re looking for a way to save, spend and transact in other global currencies. This guide covers all you need to know about OCBC multi-currency account features, fees and more.

To help you select the perfect multi-currency account for your needs we’ll also introduce the Wise multi-currency account as an alternative for comparison. Wise offers fast, secure online ways to manage your money across currencies, for less. Wise is fully MAS regulated, and already helps over 10 million customers around the world to save on international transactions. Let’s dive right in.

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📝Table of contents:

Which foreign currency accounts does OCBC offer?

OCBC offers the following multi-currency and foreign currency account options for personal customers:

  • OCBC Global Savings Account
  • OCBC USD Current Account
  • OCBC Foreign Currency Time Deposit Accounts

These account options are designed to suit customers with differing priorities, from day to day transactions in USD through to longer term savings goals in a range of major foreign currencies.

OCBC Global Savings account

The OCBC Global Savings Account is a good all rounder, offering customers the opportunity to hold and spend 8 major world currencies¹. There is a minimum deposit amount by currency, and you’ll have to maintain this amount to earn any interest. However, you’re able to link your debit card to the account for ease of spending - making this a less restrictive option than the foreign currency time deposit products which are also available from OCBC.

OCBC Global Savings Account features

  • Hold 8 foreign currencies in one account, and earn interest when you hit the minimum daily balance for the currencies you choose
  • Link your OCBC debit card to spend your foreign currency balance without foreign transaction fees
  • Convert currencies online using the OCBC foreign exchange platform

OCBC Global Savings Account eligibility

Any Singapore resident over the age of 18 can apply for the OCBC Global Savings Account. It’s worth noting that you’ll need to provide Proof of identity and residence - and if you’re not a Singapore citizen or PR you’ll also have to show your valid pass to open an account. Documents required are as follows:

  • Proof of ID - NRIC or valid passport
  • Proof of residence - phone bill, CPF statement or bank statement
  • For foreign residents - valid pass such as employment or student pass

OCBC Global Savings Account fees

Service OCBC Global Savings Account fee²
Account opening fee Free
Fall below or service fee No fall below fee is applied. However, to earn interest you must maintain a minimum deposit set by currency - 5,000 currency units for AUD, USD, GBP, EUR, NZD, CAD, CNH and 50,000 for HKD
Local ATM withdrawal fee Free from ATMs in the OCBC network
Overseas ATM withdrawal fee Overseas withdrawals from OCBC network ATMs are free For other international ATMs, the following fees apply: Service charge of 3% on withdrawals via the Visa/Plus service (min SGD5 and max SGD20 per transaction) +Administrative fee of 2.25% of the withdrawal value+Additional service fee, which may vary from bank to bank, may be imposed by the ATM bank
Currencies available 8 foreign currencies - AUD, USD, GBP, EUR, NZD, HKD, CAD, CNH
Currency exchange costs No conversion fee is applied. Access attractive exchange rates on weekdays through the OCBC foreign exchange platform³. A markup may be applied to the mid-market rate when calculating the OCBC rate for your currency.
Foreign transaction fee Free to spend currencies you hold in your account If you spend in a foreign currency and don’t have enough balance to cover the payment, a foreign transaction fee of 3.25% applies⁴
Cost to send and receive international payments Receive international payment: SGD10 Send an international payment with currency conversion: 1/8% commission (min SGD10, max SGD120) + Agent fee (if applicable) + Cable Charge (SGD20) Send international payment without currency conversion: 1/8% commission (min SGD10, max SGD120) + 1/8% commission in lieu of exchange (min SGD25, max SGD120) + Agent fee (if applicable) + Cable Charge (SGD20)
Early closure fee USD20 or currency equivalent

OCBC USD current account

The OCBC USD Current Account comes with the option of a cheque book which can be handy if you need to make USD payments often. You’ll also be able to send USD bank transfers and keep all your USD transactions in one place.⁵

OCBC USD Current Account features

  • Easy USD transactions to let you manage your daily financial needs separately to your USD savings
  • Linked chequebook, as well as USD bank transfers for ease
  • Low minimum deposit requirements make this an accessible account for daily transactions

OCBC USD Current Account eligibility

Eligibility requirements for this account are the same as the OCBC Global Savings Account. You can apply if you’re over 18 and live in Singapore. You’ll also find a handy list of required documents set out above which you can check out before you make your application.

OCBC USD Current Account fees

Service OCBC Global Savings Account fee
Account opening fee Free
Fall below or service fee Fall below fee of USD10/month is applied if your account falls below the minimum deposit of USD1,000
Currencies available USD
Fee for deposit in foreign currency notes Minimum 1% commission in lieu of exchange is applied for deposit in foreign currency. This is not applied if you deposit in SGD and convert to USD
Fee for foreign currency cheques cleared locally No fee for USD cheques cleared on local clearing participating banks USD cheques drawn on non-participating banks: 1/8% commission (min SGD30, max SGD100) + Postage (if applicable) + Agent Fees (if applicable)
Fee for returned cheques USD40
Replace lost cheque book USD30
Cost to send and receive international payments Receive international payment: SGD10 Send an international payment with currency conversion: 1/8% commission (min SGD10, max SGD120) + Agent fee (if applicable) + Cable Charge (SGD20) Send international payment without currency conversion: 1/8% commission (min SGD10, max SGD120) + 1/8% commission in lieu of exchange (min SGD25, max SGD120) + Agent fee (if applicable) + Cable Charge (SGD20)

OCBC Foreign Currency Time Deposit Accounts

Time deposit accounts offer a higher rate of interest to customers who are willing to lock their funds away for a specified time⁶. If you need to withdraw your balance early you’ll lose out on the interest and may also pay penalty charges.

OCBC Foreign Currency Time Deposit Account features

  • Save in a range of foreign currencies for different deposit tenures
  • Earn higher interest rates the longer you leave your money - and access promotional rates from time to time

OCBC Foreign Currency Time Deposit Account eligibility

You can apply for a time deposit account as long as you’re over 18 and legally resident in Singapore.

OCBC Foreign Currency Time Deposit Account fees

Service OCBC Foreign Currency Time Deposit Account fee
Account opening fee Free
Minimum deposit amounts Set by currency - 5,000 currency units for AUD, CAD, UER, GBP, NZD, USD Or HKD50,0000 Or CNH250,000
Tenure options Varies by currency from 1 - 12 months
Early closure penalties Early closure may mean you lose the interest you had expected to earn, and pay additional penalty fees

Wise multi-currency account - a worthy alternative

The account products available from OCBC may not give you the flexibility and low cost international services you need. Check out the Wise multi-currency account as a smart alternative before you make your final decision.

With the Wise multi-currency account you can hold 50+ different currencies in the same place, with no minimum balances or fall below fees to worry about. Switch between currencies within your account easily whenever you want. All currency exchange from Wise uses the real mid-market exchange rate so you’ll know you’re getting a fair deal. Just pay a low, transparent fee when you convert your currency - which may work out up to6x cheaper than using a traditional bank.

Your Wise multi-currency account also comes with a linked debit card to make spending and withdrawing money easy all over the world.

Comparing OCBC and Wise multi-currency accounts

Here’s a side by side comparison to review both account products:

Service Wise multi-currency account fee⁷ OCBC multi-currency account fee
Account opening Free Free
Fall below fee/service fee Not applicable Fall below fees may be applied depending on the account. Alternatively, you may need to hold a minimum balance to earn interest
Available currencies 50+ Up to 8
International ATM withdrawal costs First 2 withdrawals a month, to the value of SGD350 are free 1.75% fee applies after that Where available: Overseas withdrawals from OCBC network ATMs are free For other international ATMs, the following fees apply: Service charge of 3% on withdrawals via the Visa/Plus service (min SGD5 and max SGD20 per transaction) +Administrative fee of 2.25% of the withdrawal value
Cost to send an international payment Low, transparent fee Sending an international payment with currency conversion: 1/8% commission (min SGD10, max SGD120) + Agent fee (if applicable) + Cable Charge (SGD20) Sending international payment without currency conversion: 1/8% commission (min SGD10, max SGD120) + 1/8% commission in lieu of exchange (min SGD25, max SGD120) + Agent fee (if applicable) + Cable Charge (SGD20)
Cost to receive an international payment Free to receive payments SGD10
Exchange rate The real mid-market exchange rate with no markup The OCBC exchange rate - compare it against the mid-market exchange rate for your currency to see if a markup has been added

There you have it - a full guide to the multi-currency account options available from OCBC Singapore. Now you have all you need to be able to compare accounts, and choose the best one for you. Check out these products against alternatives like the

Wise multi-currency account to make a final decision.

Sources:

  1. OCBC Singapore - Global Savings Account
  2. OCBC Singapore - Banking pricing guide
  3. OCBC SIngapore - Forex Trading
  4. OCBC Singapore - Fees & Charges for Debit Cards
  5. OCBC Singapore - USD Current Account
  6. OCBC Singapore - Time Deposit (Fixed Deposit)
  7. Wise account pricing: What are the fees?

Sources checked on 29th June 2021

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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