Best SGD account in Malaysia 2024

If you travel to Singapore frequently, or need to send and receive SGD payments, you might be considering opening an SGD account. Singapore dollar accounts can have significant advantages, including letting you receive, hold, and spend SGD, and convert from MYR to SGD or vice versa whenever you need to.

However, SGD accounts offered by some banks in Malaysia may not be your most flexible option. Many can support only one currency, rather than having multi-currency functionality, and as they’re intended for investing primarily, they may not have a linked card for spending. Alternative providers like Wise could be a handy option instead.

In this article, we'll cover what you need to know about opening a SGD account, including a look at some of the best SGD accounts like Wise, Maybank and RHB in Malaysia, the costs involved, and how to open your new Singapore dollar account.

Let's get started.

Quick summary: SGD currency account

Wise SGD account: Hold SGD and 40+ currencies, with a linked debit card and easy ways to manage your money with your phone

RHB SGD account: Hold SGD among 32 currencies, with an international debit card for ease of spending

HSBC SGD account: Hold SGD and 10 other currencies, with a debit card and preferential exchange rates

Maybank SGD account: Hold SGD to invest or hedge against rate fluctuations, transfer in and out from your own accounts only

CIMB SGD account: Hold SGD to invest or for business and trade, with a low minimum deposit

HLB SGD account: Hold SGD for education, employment or investment, opening deposit of 1,000 USD or equivalent required

Can you open a SGD account in Malaysia?

Yes. You can open a SGD account in Malaysia with a major bank, or you could choose an alternative non bank provider like Wise instead. Different accounts are intended for different uses, and so may suit varying customers. This guide walks through your main options for a SGD account in Malaysia.

Best Singapore dollar accounts in Malaysia

Here’s a quick head to head of the accounts we’ll look at in this guide:

*Fees correct at time of writing - 2nd February 2024

Wise SGD account

Wise multi-currency accounts support 40+ currencies for holding and exchange, and come with a linked debit card for spending and withdrawals in 150+ countries. Currency exchange uses the mid-market rate, and fees for conversion or for overseas transfers are low - starting from 0.42%.

Wise is a digital provider which allows you to manage your money through an app or online - there’s no branch service, but you can get everything you might need conveniently with just a phone or laptop.

Wise accounts are have no ongoing fees and no minimum balance to maintain.

• Wise fees: No fee to open a personal account; Currency exchange and international transfer from 0.42%

• Supported currencies: 40+ currencies in one account, including SGD and MYR

• Wise exchange rates: Mid-market rate with no markup

• Receiving payments: Receive payments with local bank details for 10 currencies

• Other notable features: No minimum balance, no ongoing fees, debit card available for spending and withdrawals

Learn more about Wise SGD account here.

RHB

RHB has a multi-currency account which supports 32 currencies. It’s offered as an account for education and employment, or as an investment account. The education and employment account is for managing education funds in foreign currencies, or for individuals working and getting paid in foreign currencies to hold balances more conveniently.

The investment account lets both resident and non-resident customers receive or convert foreign currencies. Accounts come with an RHB multi-currency debit card you can use for global spending.

• RHB fees: 20 MYR annual fee; 20 MYR debit card fee; No RHB transfer fee for online payments, 10 USD over the counter fee in branch

• Supported currencies: 32 including SGD

• RHB exchange rates: Exchange rates may include a variable markup

• Receiving payments: No RHB fee to receive payment in supported currency

• Other notable features: Interest available, debit card available, some fees may be waived based on account usage

HSBC

HSBC’s Everyday Global account lets you hold 11 currencies in one account, and receive payments into your account in all of the supported currencies. You can get a debit card to spend any currency you hold with no extra fee and preferential exchange rates when you exchange.

HSBC has several different account tiers which have their own fee arrangements - to access the higher tiers you’ll need to hold a substantial balance with HSBC across eligible accounts.

• HSBC fees: Variable fees depending on account status; Transfer fees equivalent of 4 USD

• Supported currencies: 11 currencies in one account

• HSBC exchange rates: Exchange rates may include a variable markup

• Receiving payments: Receive in 11 currencies

• Other notable features: Different account tiers with their own fee scheduled and minimum balance requirements

Maybank

Maybank has foreign currency accounts in 16 currencies, including SGD. Each account opened holds one currency only. These accounts are intended as a way of investing in foreign currencies rather than for day to day use.

There’s no debit card and the account is meant to be used to transfer to and from accounts in your own name, rather than for sending payments to other people.

• Maybank fees: 4 USD or equivalent transaction fee; 10 MYR overseas remittance fee

• Supported currencies: 16 currencies supported, accounts are intended to hold one currency only

• Maybank exchange rates: Exchange rates may include a variable markup

• Receiving payments: Receive payments in the currency of the account

• Other notable features: 1,000 USD minimum balance, intended to transfer to and from your own accounts

Learn more about Maybank SGD account here.

CIMB

Malaysian residents can open a CIMB foreign currency account in one of 13 currencies, usually to invest or for business and trade purposes. You can transfer in and out of the account from a MYR account or through a foreign currency bank transfer, and hold money in a foreign currency to hedge against changes in the exchange rates, or for future use.

• CIMB fees: 20 USD annual fee

• Supported currencies: 13 currencies supported, accounts are intended to hold one currency only

• CIMB exchange rates: Exchange rates may include a variable markup

• Receiving payments: Receive transfers and demand drafts in the currency of the account

• Other notable features: Intended for resident individuals and entities, for investment and trade

Hong Leong Bank

HLB has foreign currency accounts in SGD and a selection of 9 other major currencies, which can be used to receive a foreign currency salary, to save for overseas education, or to invest, among other specific uses.

There are a few different specific account types depending on what you’re looking for, which HLB states can help protect you from currency exchange fluctuations and to avoid double charges on currency exchange.

• HLB fees: 60 MYR annual fee; 10 MYR transaction fee; International transfers have variable commission and cable charges

• Supported currencies: 10 currencies supported, accounts are intended to hold one currency only

• HLB exchange rates: Exchange rates may include a variable markup

• Receiving payments: Payments can be received in the currency of the account only

• Other notable features: Intended for specific uses such as investing or for Malaysians earning in foreign currencies

Learn more about HLB foreign currency accounts here.

What is a Singapore dollar currency account?

A SGD account allows you to hold and exchange SGD. Some accounts are intended for investment or business, and support only one currency while others let you hold SGD alongside a selection of other currencies.

Here are some things you can do with a SGD account:

• Spend in SGD when you travel

• Shop with international ecommerce stores and pay in SGD

• Make one off or recurring SGD payments

• Get paid by others in SGD

How does a SGD account work?

Opening a SGD account in Malaysia lets you hold, exchange, send and receive payments in SGD without having to convert back to MYR every time. That’s convenient if you receive money in SGD and need to pay bills in SGD later for example, or if you like to travel to Singapore and want easy ways to spend while you’re there.

SGD account with debit card

Some SGD accounts in Malaysia are intended for investment or paying for overseas study - or for business customers. These accounts often do not have a linked debit card. If what you need is an account to spend and make cash withdrawals you’ll need to choose one of the SGD account options in Malaysia which have a linked international debit card, including:

Wise: Open a Wise account online to hold 40+ currencies and spend in 150+ countries with your debit card

Learn more about How to use Wise card in Singapore.

RHB: Get a RHB multi-currency card to hold and spend 32 currencies

HSBC: Use the HSBC Everyday Global account and card to spend around the world with preferential exchange rates and 11 supported currencies

How to open a Singapore dollar account in Malaysia

The process to open a SGD account in Malaysia will vary depending on which bank or non-bank provider you pick. Some accounts can be opened online, but with banks you’ll usually also need a MYR account which may mean calling into a bank branch to show your paperwork and get everything organised.

In all cases you’ll need some ID to open your SGD account - usually:

• Proof of ID - like your passport, or Mykad

• Proof of address - like a utility bill or government letter in your name

How to open SGD account online

If you prefer to have a fully digital onboarding process this is possible as well. Some banks offer online opening, and if you pick a digital provider like Wise you can get everything done with just your phone. As an example, here’s how to open a Wise SGD account conveniently without leaving home:

1. Download the Wise app or open the Wise desktop site

2. Register with your email, Facebook, Apple or Google ID

3. Complete the verification step

4. You’re ready to send or receive a transfer, order a card or add a balance

What are the advantages of a SGD account in Malaysia?

If you open a SGD account in Malaysia you can receive and hold SGD - and often other foreign currencies, too. This can make it easier to manage fluctuations in the currency exchange rates. For example, you can hold SGD for an upcoming payment without having to change back to MYR and pay conversion fees - or buy SGD in advance when the rates look good, and hold them in your account until you need them.

Business owners can also use a SGD account and bank details to get paid by customers with a local transfer. That’s usually free for the sender, and for you as the recipient, too. Or if you’re an online seller, use your account to collect payments from PSPs like Stripe and marketplaces like Amazon, allowing customers to pay in their preferred currency for ease.

How to use a SGD account

Once you have your SGD account open you can use it whenever you need to send, receive, hold or exchange Singapore dollars. How you use your account will depend on your personal needs, but your options include:

• Invest in SGD to diversify your portfolio

• Hold SGD for future payments or for overseas education purposes

• Hold Singapore dollars to spend in SGD with your debit card when you travel

• Shop with international ecommerce stores and pay in SGD

• Make one off or recurring SGD payments  and get paid by others in SGD - for business and individual customers

SGD account details

Some SGD accounts come with local details you can use to allow customers to pay you conveniently by local transfer in Singapore dollars. For example, if you open a Wise SGD account you can get FAST payment network details, including the bank name, code, account number and address. Just give this to the person sending you money for an easy transfer.

Singapore dollar accounts in Malaysia reviewed: Conclusion

There are plenty of different options for a SGD account in Malaysia. If you want to invest or hold a balance to pay for education overseas, you might want to look at major banks like Maybank or HLB. Some banks also offer multi-currency accounts which support SGD, and which come with a debit card to let you spend and make withdrawals as you travel.

If you’re not sure about using a bank SGD account, or if you’re looking for a more flexible option with low costs and the mid-market exchange rate, take a look at Wise. Wise accounts support 40+ currencies, let you send money to 160+ countries from 0.42%, and have international debit cards you can use in 150+ countries for spending and withdrawals.

Singapore dollar bank account in Malaysia FAQs

Can I open a SGD account in Malaysia?

Yes. You can open a SGD account in Malaysia with a major bank, or you could choose an alternative non bank provider like Wise instead. Which is best for you will depend on your preferences and needs.

How does it cost to open a SGD account?

Many SGD accounts are free to open, but banks may impose a minimum balance or a minimum opening deposit. There are also likely to be transaction fees - so reading the terms and conditions for the account you pick is crucial.

Which Malaysia banks offer SGD currency accounts?

Banks including HSBC, CIMB, Maybank and HLB offer SGD accounts in Malaysia of different types. You may also think about choosing an alternative non bank provider like Wise instead, which comes with a convenient debit card, options to hold, send and spend 40+ currencies and ways to get paid in 10 currencies easily.