For foreigners working or studying in Singapore, opening a bank account is an indispensable step. A Singapore bank account is essential for receiving salary, paying bills, managing finances, and enjoying a range of convenient services.
Key Takeaways
- No EP? Still possible: Work Permit, S Pass, Student Pass, DP/LTVP and other valid passes can open a regular Singapore bank account with broadly the same documents as EP holders.
- Easiest route with NO pass at all: if you are 18+ and hold a Mainland China, Hong Kong, Malaysia or Indonesia biometric e-passport, you can open remotely via the OCBC Digital app — no Singpass, no trip to Singapore needed.
- Work Permit holders have a dedicated account: employers can apply for a POSB Payroll account via MOM’s Work Permit Online, with salary crediting, PayNow and low-cost remittance.
- Digital banks are a dead end without a pass: Trust Bank, GXS and MariBank all mandate Singpass/MyInfo (Trust stopped manual applications on 19 December 2024) — no pass means no Singpass.
- An e-wallet is not a bank account: Wise and similar wallets hold MAS payment licences but are not banks — they are NOT covered by SDIC’s S$100,000 per-person-per-bank deposit insurance.
Table of Contents
Can Foreigners Open a Bank Account in Singapore?
The answer is yes.
Local citizens or Permanent Residents (PR) can easily open an account at any bank. Non-resident foreigners need to have a legal status to open a bank account in Singapore, including an Employment Pass, Student Pass, or Long-Term Visit Pass (LTVP). They can open various types of accounts, such as savings, checking, multi-currency, and investment accounts.
Next, we will provide you with the necessary steps to open a bank account in Singapore as a non-resident, including eligibility requirements. Additionally, we will offer suggestions on choosing a bank and opening a Singapore bank account.
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Eligibility Criteria for Foreigners to Open a Bank Account in Singapore
Generally, handling banking matters in a foreign country can seem daunting without sufficient information. The good news is that most Singaporean banks are very welcoming to foreign customers and offer a variety of account types to meet the needs of different people.
Of course, the main eligibility criteria for foreigners opening a bank account in Singapore include holding a valid passport, being at least 18 years old, and having a valid pass, such as an Employment Pass, Student Pass, or Long-Term Visit Pass (LTVP).
How to Open a Bank Account in Singapore with an Employment Pass?
If you have professional skills or are in a management position at a Singaporean company, you likely hold an Employment Pass (EP). The Employment Pass is a visa issued by the Ministry of Manpower (MOM) in Singapore, allowing highly educated, high-income, and high-level foreigners to work and reside in the country. Holding an EP can also be a significant advantage when opening a corporate bank account in Singapore.
The requirements for Employment Pass holders to open a bank account in Singapore include being at least 18 years old, holding a valid passport and Employment Pass, and providing a residential address in Singapore.
So, how do you choose a bank to open an account with an Employment Pass?
For many foreigners, choosing the right bank can be quite a challenge. According to some sources, DBS Bank (DBS) and Oversea-Chinese Banking Corporation (OCBC) offer more convenience for Employment Pass holders. If you need to transact in multiple currencies, you might also want to consider a multi-currency account.
Note: The validity period of your Employment Pass does not affect the terms of your bank account. It is also very important to choose a bank that offers comprehensive services so you can conduct your business as efficiently as possible while working remotely.
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Types of Singapore Bank Accounts Foreigners Can Open
After determining your identity and eligibility, you can open various types of bank accounts in Singapore. The types of Singapore bank accounts that foreigners can open include:
- Savings accounts
- Checking accounts
- Multi-currency accounts
- Investment accounts
Note: Savings accounts offer convenient international transactions, remittance services, and the ability to transact in multiple currencies. Some accounts (e.g., OCBC 360 Account) offer more competitive interest rates. However, be sure to pay attention to bank service fees or minimum balance requirements.
If you prefer convenience for daily transactions and want to use your bank account for bill payments, a checking account might be your best option. To open a checking account, you will need to provide proof of identity and residence.
If you travel internationally frequently or often deal with foreign currencies, a multi-currency account can provide a cost-effective and convenient option for international transactions.
Process for Foreigners to Open a Bank Account in Singapore
Once you have identified the type of account that meets your needs, we move on to the core step: the process of opening a bank account in Singapore.
This involves choosing the right bank, preparing the necessary documents (e.g., proof of residential address), and visiting the bank in person. If you have a Singpass account, opening a bank account will be very smooth. However, not having a Singpass account is not a deal-breaker. Some banks (like OCBC) offer remote account opening options.
Choosing the Right Bank
The main banks for foreigners include DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank (UOB), Maybank, Revolut, Citibank, Standard Chartered, and HSBC.
Choosing the right bank is an essential step in opening a bank account in Singapore.
Factors to consider when choosing a Singaporean bank include:
- Local and international transfer fees
- Domestic and international ATM fees
- Minimum balance requirements
- Customer reviews
- Interest-free savings accounts
- Whether a free debit card is provided
- Wealth management services
Each Singaporean bank has its own requirements for minimum deposits and Singapore bank account details. For example, DBS requires a minimum average daily balance of S$3,000 for expatriate accounts. DBS also requires the account holder to have a regular Singpass account.
The services offered to foreigners vary from bank to bank. For instance, DBS offers a convenient online account opening process, while UOB requires applicants to be physically present to open an account. DBS, OCBC, and UOB may charge fees of up to 3.25% for overseas or online overseas transactions. Some banks do not charge foreign exchange fees, while others have minimum opening deposit requirements.
Preparing the Required Documents
After choosing a bank, you must prepare the following documents:
- Valid passport (primary identification document or ID card)
- Valid visa (e.g., Employment Pass, Student Pass, Dependent Pass)
- Proof of Residential Address within the last 3 months (a letter from your employer or institution as proof of address, such as a phone bill, bank statement, or government letter)
- Proof of residency status and tax certification in each tax residency country
- Proof of enrollment or employment (e.g., offer letter, student ID, In-Principle Approval (IPA) from a Singaporean authority)
- Singpass electronic identity (only for online account opening)
For students holding an S Pass, other documents may be required, such as:
- Student Pass
- Birth certificate
- Student admission letter
- Proof of enrollment at a Singaporean institution
- Highest academic qualification certificates and transcripts
- Financial/bank statements
Alternative Solutions for Foreigners Opening a Singapore Bank Account
Besides traditional banking, foreigners in Singapore can also use alternative solutions. These include opening an account with a foreign bank like HSBC or Standard Chartered, which can offer a degree of convenience. Another option is to open a digital bank account. GXS Bank, MariBank, ANEXT, and Green Link Digital Bank are well-known digital banks in Singapore that offer the convenience of online banking and faster account opening processes. Of course, there are downsides, such as susceptibility to technical issues or cyber-attacks, no physical bank branches, and limited ATM and CDM access.
Official Sources & References
- OCBC · How to Open a Bank Account in Singapore for Foreigners
- DBS · Documents Required for Account Opening
- POSB · POSB Payroll Account for Work Permit Holders
- Singapore Deposit Insurance Corporation (SDIC) · Deposit Insurance FAQ
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