Although Singapore’s population is less than 6 million, it is a major financial hub in Southeast Asia. The city developed rapidly in the early 21st century, and today it ranks among the world’s top banking centers. Singapore is continually taking market share from competitors like Switzerland. Therefore, the demand for foreigners to set up bank accounts in Singapore is now greater than ever.
Of course, if you are a local citizen or a Permanent Resident (PR), you can easily walk into any bank branch and open an account. However, it is more difficult for non-resident foreigners to open an account here. Therefore, this guide is more applicable to non-resident foreigners who wish to open a bank account in Singapore.
We will also cover the easiest banks for foreigners to deal with in Singapore and mention what each bank specializes in. The most suitable bank for your personal goals will depend on your own needs, and there is no one-size-fits-all solution. For example, the ideal bank for wealth management and high-net-worth individuals does not have the best international branch coverage.
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Table of Contents
Can Non-Residents Open a Bank Account in Singapore?
In short: yes! However, the situation is much more complex than that. The account opening process for foreign non-residents depends on the specific bank and its policies. Minimum deposit requirements can be as high as S$200,000 to S$350,000, and certain nationalities will also face restrictions, especially citizens with passports from smaller countries or those without residency in Asia.
Generally, if you are willing to deposit enough money, any bank in Singapore will be willing to open an account for you. However, this is not an absolute statement. Several banks have their own unique restrictions, and it is not unheard of for someone to be rejected for an account simply because an employee dislikes their appearance or professional profile.
Banks can reject an applicant for any reason. Wide variations depend on whether the bank insists you sign up for a wealth management package, whether you have a local friend who can sign a letter of recommendation, which country you are from, whether you have residency in Asia, and various other factors.
Opening an Account with the Top Three Local Banks in Singapore
Some banks offer remote account opening services, but some will require you to fly to Singapore and visit a bank branch in person to open an account there. Once the setup process is complete, you can manage your account remotely, either online or through your relationship manager.
The Best Banks in Singapore for Foreigners
Below is an overview of the three major banks in Singapore: DBS Bank (DBS), United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation (OCBC). We will discuss the minimum deposit amount for each bank, assess their friendliness towards foreign clients, and mention their unique strengths.
1) DBS Bank (DBS)
Established in 1968, DBS is the largest bank in Singapore and Southeast Asia by assets, with total assets exceeding US$500 billion. The vast majority of individuals in the high-net-worth individual (HNWI) or ultra-high-net-worth individual (UHNWI) categories will tell you that DBS offers the most premium private banking services in Singapore, although this can be subjective.
Non-resident foreigners can only open a lower-tier wealth banking account, branded as “DBS Treasures,” by depositing a minimum of S$350,000. It is worth noting that DBS has been rated as the safest bank in Singapore.
In fact, according to Global Finance’s annual report for 2022, it is the most stable bank in Asia and ranks 11th globally.
2) United Overseas Bank (UOB)
Among all major financial institutions in Singapore, UOB can claim to have the largest overseas presence. You will find UOB branches in Thailand, Malaysia, and even as far as London. Despite its extensive international network, UOB remains the smallest of Singapore’s “Big Three”.
But that doesn’t say much, as they are still the third-largest bank in Southeast Asia by total assets, ranking ahead of all other competitors in the region outside of Singapore. If you are interested in precious metals and bullion, UOB is the best banking option. They are the only major bank in Singapore that buys and sells physical gold and silver bullion.
Additionally, UOB offers gold and silver savings accounts pegged to the spot prices of the respective metals. The entry point for UOB Wealth Banking is the same as DBS, with a minimum deposit of S$350,000.
UOB’s asset size is about half that of its two main Singaporean competitors, with total assets of “only” US$250 billion. However, they are more flexible internationally and have several unique investment products.
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3) OCBC Bank (OCBC)
Established in 1932, OCBC is the longest-running bank in Singapore after the Post Office Savings Bank (POSB). In fact, OCBC is older than the Lion City itself. As its name suggests, it was originally a Chinese company serving overseas Chinese clients living in Singapore at the time.
The bank’s size reflects its nearly century-long history of growth. In terms of assets, OCBC is the second-largest bank in Southeast Asia, second only to its rival DBS. Compared to DBS and UOB, OCBC’s minimum deposit is only S$200,000, the lowest requirement among the top three local banks.
Like other Singaporean financial institutions, OCBC ranks high on the list of safest banks in Asia. It is ranked 12th globally, just behind DBS.
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4) Additional Option: Citibank
Citibank is headquartered in the United States and is not a Singaporean bank, so we are putting it in a separate category. However, the bank is very useful for certain specific purposes. If you are a US citizen or someone who does business in the US, having a Citibank account is very useful for transfers.
You can send funds between the two countries instantly without a wire transfer. This feature is called “Citibank Global Transfer” and is an effective way to send funds to the other side of the world on weekends or outside normal banking hours. You don’t have to wait two business days for a wire transfer to clear. Global transfers also work for Citibank accounts worldwide, as they have branches in over a dozen countries.
For example, if you have an account in Malaysia or Hong Kong, you can send funds from Singapore to those countries using the same method. Citibank’s minimum deposit is US$250,000.
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Regardless of which bank you choose, an account in Singapore is an excellent option for those looking to diversify their portfolio in Asia. If you are interested in taking action, feel free to contact us. Anjia SG can help you open a Singapore bank account remotely from your home!
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