Which bank account should I open in Singapore that allows me to store IDR currency?
I have a bank account in Indonesia. I intend to open a bank account here in SG that allows me to store my IDR cash. I have read up DBS etc on multi-currency accounts but none seem to support IDR. I would like to know if there are any recommendations on suitable Singapore bank accounts that support storing of IDR.
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INDR is not a major currency and the banks (OCBC, DBS, Stan Chart, HSBC, UOB, CIMB, Maybank) do not accept it under their multi currency account. However, if your INDR is from a small business, you can open a SME MCA account with DBS.
Alternatively, you can convert it to other major currencies like USD/EUR or SGD for foreign/local deposit. Transferwise allows for Indonesian rupiah account in Singapore, but do not accept physical curencies.