Singapore freelancers often invoice or get paid in USD, EUR, HKD, TWD, and more. If you only “remember the foreign number,” your SGD profit picture and filing prep drift off reality.
Why it gets messy
- Bank credits SGD after FX and fees
- Different gateways: PayPal, Wise, bank TT—each with its own rate and timing
- Picking a random Google rate on some days and the bank on others
Without a rule, totals don’t tie out.
Mistakes to avoid
Logging only “USD 100” with no SGD line
You can’t sum your year in one currency for your own dashboard—or hand a clean file to IRAS/your accountant.
Changing FX logic every week
Inconsistent = untrustworthy profit.
Ignoring fees
Net deposited often ≠ gross invoice.
Simple three-step approach
Step 1: Normalise to SGD
For internal books, pick SGD as your reporting currency unless you have a strong reason not to.
Example: USD 100 × 1.35 (illustrative) → SGD 135 booked on the rule you chose.
Step 2: One consistent rate method
Common choices:
- Rate on payment / value date
- Actual credited SGD from the bank (very defensible for “what hit the account”)
Use the same approach all year (or document changes clearly).
Step 3 (recommended): Keep original currency + rate
Example line: USD 100 → SGD 135 @ 1.35
Easier to reconcile when someone asks “why?”
FX differences add up
USD 1,000 at 1.30 vs 1.35 is SGD 50 on one invoice—repeat across a year and gaps grow.
Multiple platforms
PayPal, Wise, and banks rarely match perfectly. Log:
- Gross in foreign currency (if known)
- Fees
- Net SGD landed
Then you’re not guessing from memory.
Invoices: state the currency
“USD 500”—not a bare “500”—so clients and your ledger agree.
FAQ
Q: Can I use the bank’s credited SGD?
Often yes—as long as you’re consistent and understand fees.
Q: Exact daily rates forever?
No—reasonable + consistent beats perfection you won’t maintain.
Q: Tiny foreign amounts—skip?
No—they compound.
Takeaway
- Report in SGD for clarity
- One FX rule
- Keep foreign + rate when possible
That puts you ahead of most ad hoc spreadsheets.
General information only; not tax or legal advice.