Running a business across borders shouldn’t mean dealing with slow transfers and hidden fees. Yet for companies in Singapore and Hong Kong, traditional banking often creates delays, high FX costs, and limited payment options for international clients. For companies based in the financial hub of Singapore, the traditional “correspondent banking” model is increasingly being replaced by global account that provide local payment systems. Fortunately, modern fintech platforms now offer global, multi-currency business accounts that act like local banking in multiple countries without the need to set up foreign entities. This means you receive and pay as a local entity in each market, slashing fees and delays.
Below is a Singapore-focused guide to opening a global account, including regulatory points and step-by-step actions.
What is a global account?
A global (multi-currency) account provides your company with local banking details in multiple currencies. For example, you might get an EUR IBAN, a USD ACH number, or a GBP sort code under one Singaporean entity. This lets clients pay you via domestic rails (SEPA, ACH, Faster Payments) for fast settlement and low FX costs. This differs from a standard multi-currency account (often SWIFT-based) in that it uses local payment networks.
| Feature | Global Account | SWIFT Model |
|---|---|---|
| Local account details | Yes (IBAN, ACH, etc.) | No |
| Payment rails | Local (SEPA, ACH, FPS) | Single IBAN/SWIFT |
| Settlement speed | Same-day or next business day | 2–5 business days |
| FX fees | Low (often ~0.5% or less) | Higher (2–3%+ markup) |
Why global accounts matter for Singapore companies
The traditional cross-border payment system, mainly governed by the SWIFT network, has long been characterized by its “multi-hop” architecture. In this system, each transaction passes through several intermediary banks. Each bank typically charges a fee ranging from USD 10 to USD 40 and adds an interval period that can extend up to five business days.
By contrast, a global account routes payments through local rails: funds clear in 1–2 days, and FX spreads are near mid-market. A global account provides a company with a local account number, sort code, or IBAN in foreign jurisdictions without the requirement of a local physical entity, effectively treating international receivables as domestic transactions. This means better cash flow and savings:
- Lower costs: Fintech providers charge minimal FX markups (often <1%) and low/no transfer fees. For high-volume firms, this saves thousands of SGD annually.
- Faster transfer: Clients pay via familiar systems (e.g., SEPA, FAST, PayNow), so you get money the same day or next day.
- Local credibility: You invoice with local bank details, ensuring trust with overseas customers.
These benefits allow you to operate globally without opening a subsidiary abroad. A Singapore‐registered company can accept euros, dollars, pounds, etc., all consolidated into its Singapore account.
Regulatory and compliance considerations
Navigating the global account space requires an understanding of the robust regulatory oversight that distinguishes legitimate fintech providers from unregulated payment processors.
MAS Licensing: Global account providers in Singapore are regulated under the Payment Services Act 2019 (PSA) by the Monetary Authority of Singapore (MAS). Most are Major Payment Institutions (MPIs) licensed by MAS. Under the PSA, regulated fintechs must implement strict anti-money-laundering (AML) and KYC processes.
This framework is designed to balance innovation with financial stability, regulating providers based on the volume and nature of their transactions. MAS has even introduced enhanced verification rules (e.g., digital MyInfo checks or in-person ID scans) for account onboarding.
For businesses, this regulatory depth means that while onboarding with a provider like Airwallex or Aspire is digitally seamless, the ongoing monitoring is rigorous. Verification is increasingly conducted through Singpass Myinfo, which allows providers to pull verified corporate data directly from government registries, ensuring that the “Know Your Customer” (KYC) process is both fast and accurate.
Protecting your funds: Note that fintech accounts are not deposit accounts in the traditional sense. However, MAS requires these providers to hold client monies in segregated trust accounts with local banks. (This is similar to escrow – your funds are ring-fenced.) For funds at full banks, Singapore’s Deposit Insurance Scheme protects balances up to S$100,000 per depositor. Emphasize to stakeholders that reputable global account providers are safe: they either partner with licensed banks or hold MAS licenses themselves.
Company eligibility: Your business must be legally registered in Singapore (with ACRA). For foreign-owned companies, Singapore law requires at least one local director or resident authorized signatory to open a corporate account. Unlike opening a bank account overseas, you do not need a separate foreign entity: a single Singaporean company can hold global accounts in multiple currencies.
Not sure if your company is ready for a global account?
How to open a global account
Opening a global account is faster and simpler than traditional international banking. Below is a practical guide on how to open a global account for your business.
Step 1: Choose the right fintech provider
Start by selecting a provider based on where your business operates and which currencies you need. Ensure the provider:
- Is MAS-licensed or partners with a MAS-licensed bank. (Providers will typically advertise their PSI or MPI license.)
- Supports the currencies/rails you need (e.g., EU IBANs for euro, US ACH for USD).
- Offers local Singapore dollar (SGD) accounts as well, if you need domestic collections.
The choice of a banking hub depends on the specific operational requirements of the business, from supply chain geography to funding needs.
| Provider | Core Strength | Onboarding | Advantage |
|---|---|---|---|
| Airwallex | Several global accounts & Fast onboarding | 1 – 3 Days (Digital) | An extensive network of global accounts and growing platform features suitable for small and medium-sized businesses. |
| Aspire | Integrated financial suite | 1 – 2 Days (Digital) | Integrated “Yield” products (up to 3.45% return) and an integrated financial suite. |
| Wise | Very competitive fees | 1 – 5 Days (Digital) | Massive currency reach (40+ types) and transparent, tiered pricing for bulk payments. One of the lowest fee providers. |
Step 2: Prepare required business documents
Standard required documents included:
- Company Incorporation Documents: ACRA Certificate of Incorporation and Business Profile (current, showing UEN and shareholders). Company Constitution (Memorandum & Articles of Association). If your company name changed, include the amendment notice.
- Board Resolution: Formal resolution authorizing the account opening and naming the authorized signatories (optional).
- Director/Shareholder IDs: Clear copies of passports or National IDs for all directors, shareholders, and the Ultimate Beneficial Owner(s).
- Proof of Address: Recent utility bills or bank statements (≤3 months old) for each director/UBO to confirm their residential address.
- Ownership Structure Chart: (Sometimes required) showing shareholding and parent companies.
- Business Activity Details: Describe your business model, major products/services, and expected transaction volumes. Providing sample invoices, contracts, or revenue projections can speed approval.
Complete the provider’s online application. Upload the required documents. Common providers have online portals that guide you step-by-step. Be prepared to use digital verification: many platforms allow SingPass login for Singapore-registered businesses.
The “rejection rate” for corporate account applications is often high, not due to business illegitimacy, but due to documentation incongruity. A professional-grade application must be proactive in addressing the “Economic Substance” and “Ultimate Beneficial Ownership” (UBO) requirements.
Step 3: Undergo compliance review
Once submitted, the provider’s compliance team will vet your company and directors. They will verify:
- Company registration (via ACRA/UEN).
- Director and UBO identities (checking IDs and addresses).
- Business legitimacy (reviewing business description, contracts).
This step typically takes 1–3 business days for a standard case, depending on complexity and document completeness.
Some business account providers may even approve the opening within a few hours.
Step 4: Receive local account details
Upon approval, the platform will issue you multiple sub-accounts or account numbers: e.g., an IBAN for EUR, an account/routing for USD, etc. Each will be under your company name. You can immediately share the relevant local bank details with clients in each region. For instance:
- EUR payments → use your new EU IBAN and SEPA rail.
- USD payments → use the ACH details provided.
- GBP payments → use the local UK account and Faster Payments.
With everything in place, you can invoice clients as a local business in each market. Funds you receive via local rails appear quickly in your dashboard, and the platform’s FX rates will be applied.
Example in Practice
A Singapore-based software exporter implements a global account:
- Clients in the EU: Invoices state the company’s new EUR IBAN. Customers pay via SEPA, and funds clear within ~24 hours.
- Clients in the USA: Invoices show the US ACH account details. USD payments arrive via ACH in a day or two.
- UK Suppliers: The company sends payments via Faster Payments using its GBP account, receiving same-day settlement.
All these local currency flows then get consolidated in the Singapore dashboard. The finance team sees real-time balances in SGD, USD, EUR, etc., in one place. This reduces FX fees and speed issues, giving the company better liquidity and forecasting.
How MBiA helps companies set up and manage global accounts
For many founders, the digital onboarding process still presents a “compliance anxiety”. A corporate service provider like MBiA serves as the critical intermediary that ensures the business is “Banking-Ready”. Our expertise lies in the “pre-audit” of the application file. We significantly reduce the risk of rejection. Rejections from a traditional bank are often recorded and can negatively impact future applications; therefore, getting the first submission right is a strategic priority.
MBiA simplifies setting up a global account for your company by handling the complexity end-to-end, allowing businesses to stay focused on daily operations. As a long-term partner, MBiA helps founders as you scale globally with confidence.
Frequently Asked Questions
1. Do I need local entities to receive international payments?
No. Global accounts let you receive payments through local rails in multiple countries while operating under a single Singapore entity; no foreign subsidiaries required.
2. How long does onboarding typically take?
Most businesses complete onboarding in 1–2 weeks. Timelines depend on how quickly documents are submitted and the complexity of the company structure.
3. Are global accounts regulated and safe?
Yes. Reputable providers are regulated or partner with licensed banks, and funds are usually held in segregated accounts. Always verify licenses and regulatory coverage.
4. Which providers are popular in Singapore?
Airwallex, Aspire, Wise, and Revolut are common choices. The best choice depends on regions served, transaction volume, and required features.
