USD business account in Singapore

USD business accounts in Singapore: the short answer

A Singapore company has three main ways to hold and receive US dollars: a USD foreign currency account at a Singapore bank, USD account details from a provider that accepts Singapore companies, or an account held by a US company the owners set up. Most companies start with the first, because every major Singapore bank offers foreign currency accounts beside the Singapore dollar (SGD) account.

The routes differ in one important way. A USD account at a Singapore bank is paid from abroad by SWIFT, the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. It does not come with a US routing number, the 9 digit code that identifies a bank in the United States. Without one, a US buyer cannot pay you by ACH, the low-cost US domestic bank transfer system most US companies use for supplier payments, or by Fedwire, the Federal Reserve's same-day system for large dollar payments, and must send an international wire instead.

That is why many Singapore importers, exporters, trading companies, agencies and software firms hold a second set of USD details with a US routing and account number. This guide covers the Monetary Authority of Singapore (MAS) rules that apply to holding dollars, published bank charges, which foreign providers accept Singapore companies according to their own pages, the US company route, documents, the MAS position on stablecoins such as USDC and USDT, and where a Helm account fits.

MAS rules: no exchange controls on holding USD

MAS fulfills all the functions of a central bank in Singapore, including issuing the currency. The US government's Country Commercial Guide for Singapore, last published on 22 August 2025, states that Singapore places no limitations on the reinvestment or repatriation of earnings and capital, and that it has no significant restrictions on remittances, foreign exchange transactions and capital movements. The Singapore dollar is the unit of legal tender.

MAS runs monetary policy through the exchange rate. It manages the Singapore dollar against a trade-weighted basket of the currencies of major trading partners and competitors, within an undisclosed target band, and may intervene in the foreign exchange market to prevent the rate from fluctuating too much. Unlike a fixed peg, the rate against the US dollar moves, so a company that holds dollars carries currency risk against its Singapore dollar costs.

Sources: International Trade Administration, Singapore Country Commercial Guide, Trade Financing (last published 22 August 2025); MAS, Singapore's Monetary Policy. As published on 29 October 2026.

In practice, the controls a Singapore company meets are a bank's own checks, not exchange control rules. Banks ask who your buyers and suppliers are, what you trade and why a payment is coming in. Keep invoices and contracts ready for the first large payments from each new counterparty.

Option 1: a USD account at a Singapore bank

Singapore banks offer USD current accounts to companies alongside the SGD account. The account is in the company's own name and is paid from abroad by SWIFT through the bank's correspondent in the United States. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency.

Banks publish their charges. The figures below are from the DBS guide to deposit account and transaction fees for corporate customers.

Source: DBS, Deposit account and transaction fees (corporate), as published on 29 October 2026. Fees charged by agent and overseas banks are not included and are subject to change.

A telegraphic transfer is the bank term for an international wire. Commission in lieu of exchange is a charge some banks apply when a foreign currency payment goes out without a conversion, for example dollars sent from a USD account. DBS IDEAL is the bank's online banking platform for companies.

The intermediary banks in the chain can also deduct their own fees. OUR, SHA and BEN are SWIFT charge codes: OUR means the sender pays all fees, SHA means fees are shared so intermediaries can deduct theirs from the amount, and BEN means the receiver pays them all. For large invoices, agree OUR terms with the buyer in the contract, or ask the buyer to cover intermediary fees.

The minimum balance is the cost most trading companies notice. A company that pays suppliers soon after buyers pay can fall below the average and pay the monthly charge. Ask the bank whether balances in all currencies count toward the minimum.

Option 2: providers that give US account details

Some Singapore companies want US account details, a routing and account number, so US buyers can pay by ACH or Fedwire as they would pay a domestic supplier. Singapore companies have more choice here than companies in most markets. The table records what each provider states on its own pages.

Sources: Airwallex, eligible countries and territories, and Airwallex Singapore, USD account; Wise, where do I need to live to hold money with Wise, and can I get USD account details; WorldFirst Singapore, best USD account in Singapore (updated 9 July 2026); Mercury, eligibility. As published on 29 October 2026. Eligibility lists change; check each provider's page before applying.

Before you apply, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name, because a buyer's accounts payable team and your auditors will compare the name on the account with the name on the invoice. Second, which rails the details accept: ACH only, or also Fedwire and SWIFT. Third, the provider's pricing for receiving each type of payment and for converting dollars to Singapore dollars, from its own pricing page.

For the difference between the US payment rails from the buyer's side, see our guide to SWIFT, ACH and Fedwire.

Option 3: a US company with its own account

Some Singapore founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, and states that founders do not need to be US citizens or residents. Its page also lists countries where it cannot support founders, so check it first: see Mercury eligibility.

The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no principal place of business in the United States may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone.

The cost is a second company: state filings, a registered agent, separate accounts and US tax returns. Money paid to the US company belongs to the US company. If your contracts, invoices and shipping documents are in the Singapore company's name, a buyer paying the US company creates a mismatch your bank and auditors will ask about. Take Singapore and US tax advice before choosing this route.

The options compared

The table compares types of account, not providers, and is not a ranking. Many Singapore companies use two: a Singapore bank for SGD payroll, rent, taxes and local suppliers, and a USD account with US details for receipts from US buyers and payments to suppliers abroad.

Source: Helm Editorial Team, drawing on the bank and provider pages cited in this guide, as published on 29 October 2026.

How to choose: start from where the dollars come from and where they go. A regional trading company that buys from suppliers in China and sells to buyers across Asia may be well served by a Singapore bank USD account, because most of its counterparties pay and expect to be paid by SWIFT. A company that sells to US buyers gains most from US account details, because the buyer's finance team can pay by ACH as it does every other vendor. For the same choice in another regional hub, see our guide to a USD business account in Hong Kong.

Documents you need

Banks and providers ask for broadly the same company file. The list below is a typical checklist; each bank and provider sets its own.

Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.

ACRA is the Accounting and Corporate Regulatory Authority, which registers Singapore companies. The UEN is the Unique Entity Number, the identification number ACRA gives each registered company. The NRIC is the National Registration Identity Card held by Singapore citizens and permanent residents.

Keep the same company name on every document. A trading name on one form and the registered name on another is a common cause of delay. Directors who live outside Singapore should ask early whether the bank needs to meet them in person.

USDC and USDT in Singapore: the MAS framework

Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar. USDC and USDT are the two most widely used dollar stablecoins. Singapore regulates stablecoins through MAS, and three MAS sources set the position.

• The stablecoin framework (15 August 2023). MAS finalized a framework for single-currency stablecoins pegged to the Singapore dollar or any G10 currency and issued in Singapore. Issuers must meet requirements on reserve assets, capital, disclosure and redemption, including returning the par value to holders within five business days of a redemption request. Only issuers that meet all requirements can have their stablecoins labeled MAS-regulated stablecoins, and anyone who falsely presents a token as MAS-regulated may face penalties.
• Draft legislation (1 September 2026). MAS consulted on amendments to the Payment Services Act 2019 to put the framework into law, with comments due by 16 October 2026. The proposals include prohibiting interest on MAS-regulated stablecoins and recognizing a limited number of foreign-issued stablecoins regulated under a comparable foreign framework for cross-border wholesale use. Stablecoins not regulated by MAS would be treated as digital payment tokens (DPTs).
• Digital token service providers (30 June 2025). Under Part 9 of the Financial Services and Markets Act 2022, Singapore entities that provide digital token services only to customers outside Singapore must be licensed, MAS has said it will generally not issue such licenses, and no transitional arrangement was given. Providers serving customers in Singapore remain regulated under the Payment Services Act and other existing laws.

Sources: MAS, MAS Finalises Stablecoin Regulatory Framework (15 August 2023); MAS, consultation on legislative amendments to implement the stablecoin regulatory framework (1 September 2026); Allen & Gledhill, regulatory framework for digital token service providers under the FSMA (June 2025). As published on 29 October 2026.

For a trading company, the practical reading is to deal in stablecoins only through a provider licensed for the service, keep the underlying invoice and shipping documents for every stablecoin receipt, and treat the balance as a digital token held with a provider, not as dollars in a bank.

Where a Helm USD account fits

Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR details (IBAN, SEPA and SWIFT) and GBP details (sort code, Faster Payments and SWIFT). SEPA is the euro bank transfer system across Europe and Faster Payments is the UK's near-instant transfer system.

For a Singapore company, it sits beside the Singapore bank account, not instead of it:

• Exporters and service firms can give US buyers domestic US payment details, so the buyer pays by ACH or Fedwire as it would pay a US vendor.
• Importers and trading companies can hold dollars and send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending, and convert between balances.
• Companies paid in stablecoins can receive, send and convert USDC and USDT to USD inside the account, within the MAS rules above.

Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.

Questions

References

1. International Trade Administration: Singapore Country Commercial Guide, Trade Financing
2. Monetary Authority of Singapore: Singapore's Monetary Policy
3. Monetary Authority of Singapore: MAS Finalises Stablecoin Regulatory Framework (15 August 2023)
4. Monetary Authority of Singapore: MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework (1 September 2026)
5. Allen & Gledhill: Regulatory framework for digital token service providers under the Financial Services and Markets Act 2022, in operation on 30 June 2025
6. DBS: Deposit account and transaction fees (corporate)
7. Airwallex: Eligible countries and territories
8. Wise: Where do I need to live to hold money with Wise?

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.