Multi-Currency in Xero, QuickBooks and Zoho: Which Plan You Need

Which plan unlocks multi-currency

Each vendor puts multi-currency on a different tier, so the cheapest plan that fits your size may not be the one you need.

Prices from Xero, QuickBooks and Zoho Books Singapore pricing pages on 21 October 2026, list prices without introductory discounts. Xero's price update page lists Starter, Standard and Premium at S$42, S$77 and S$99 from 1 November 2026. For a wider comparison see Xero vs QuickBooks in Singapore.

What multi-currency actually does in the software

Without multi-currency, you can only record a USD invoice by converting it to SGD yourself, and the books cannot track what the customer still owes in dollars. With it, the software does several jobs for you.

• Invoices, bills and quotes in the foreign currency, with the SGD equivalent stored at the transaction date's rate. Xero's help says it supports more than 160 currencies.
• Foreign currency bank accounts, so a USD account at your bank, Airwallex or Wise can be reconciled in USD.
• Realised gains and losses when an invoice is paid at a different rate from the one it was raised at. Xero journals these automatically at the time of payment.
• Unrealised gains and losses on invoices and bills still outstanding, revalued at the reporting date.
• Reports in SGD for your accounts and tax, with the foreign currency detail kept underneath.

GST: what IRAS expects for foreign currency transactions

Software handles the arithmetic, but the GST rules decide which rate and which box. IRAS's page on foreign currency transactions sets them out.

Choose one rate source, use it consistently, and make sure your software's realised gains account can be reported per GST period.

Foreign currency bank feeds: Airwallex, Wise and your bank

Multi-currency accounts from Airwallex and Wise are common for businesses selling overseas; our Airwallex vs Aspire vs Wise comparison covers the accounts themselves. Connecting them to your books works like this:

• Airwallex to Xero: Airwallex's help centre says it syncs transactions to Xero every hour and creates a separate Xero bank account for each wallet currency, because a Xero bank account holds one currency. Syncing several currencies needs a Xero plan with multi-currency.
• Wise to Xero: Wise's help page says each Wise currency is connected to a matching Xero bank account, and you need a Xero plan that supports multi-currency.
• Local bank USD accounts: check whether your bank offers a direct feed for the foreign currency account; if not, import statements in the bank's file format.

Treat each currency balance as its own bank account in your books. Transfers between your SGD and USD balances are transfers, not income or expenses; the difference between the two sides is an exchange gain or loss. Our bank reconciliation explainer covers how feeds and matching work.

Choosing between them for a Singapore business

Do it yourself or get help?

Turning on multi-currency is a few clicks, but the setup choices are hard to undo: the home currency, which accounts hold which currency, and how transfers between currencies are coded. Agree them with your accountant before the first foreign invoice.

Our Accounting Software Setup (S$490) sets up Xero, QuickBooks Online or Zoho Books in your name, with bank feeds, branded invoices and quotes, user access and your accountant invited, including foreign currency accounts where your plan supports them. IT Sorted is a Singapore-based team of developers with over 10 years of experience; you pay upfront, send the brief in writing and follow progress on your order page. We set up the software; your accountant remains responsible for the accounts and GST returns.