Singapore Bank Account for Foreigners: How to Open One

As an international financial center, Singapore holds a prestigious position in the world. Many foreigners choose to study or work in Singapore, and whether for employment or education, a bank account is necessary to receive salaries or pay tuition fees. This article will provide detailed information on opening a bank account in Singapore, including eligibility requirements, necessary documents, and the features of different bank accounts.

Singapore Bank Account Opening Requirements

The requirements for opening a bank account in Singapore mainly include the following:

1. Residency Status: Some accounts are exclusively for Singapore Citizens/Permanent Residents (PR), while others are available to foreigners residing temporarily (for work/study).
2. Age Limit: Current accounts typically require you to be at least 18 years old, while savings accounts usually require you to be at least 15/16 years old.
3. Initial Deposit: A certain amount of money must be deposited when opening the account.
4. Minimum Account Balance: A certain balance must be maintained, otherwise the bank may charge a low-balance service fee.

Required Documents for Opening a Singapore Bank Account

To open a bank account in Singapore, you typically need to prepare the following documents:

• Valid passport.
• Valid visa (e.g., Employment Pass (EP), Student Pass, Dependent Pass (DP)).
• Proof of address within the last 3 months (e.g., phone bill, bank statement, government letter).
• Proof of residency and tax identification number for each tax jurisdiction.
• Proof of enrollment or employment (e.g., letter of admission, student card, In-Principle Approval (IPA) letter from a relevant Singapore authority).
• Singpass digital ID (only for online account opening).

Process for Opening a Singapore Bank Account

Most banks offer online/mobile account opening services, but this requires the applicant to have a Singpass, which is Singapore’s digital identity. The conditions for foreigners to apply for Singpass are being at least 15 years old and having a FIN number. FIN is an identification number issued by government departments to foreigners working, studying, or residing in Singapore. Besides Singpass, you will often see MyInfo in the bank’s account opening guides. MyInfo is an electronic personal data platform that can auto-fill personal details, saving time.

If you do not intend to or are not eligible to open an account online, you can also go directly to a branch to complete the process. Just bring the required documents, and you can open the account on the same day. For example, OCBC Bank is open from Monday to Sunday, so even if you are busy on weekdays, you can handle your banking matters on the weekend.

Major Banks in Singapore

1. Development Bank of Singapore (DBS) and POSB Bank

Singapore’s largest bank, offering a wide range of financial products and services. The main advantages of DBS Bank are as follows:

• A comprehensive range of financial products and services, including savings accounts, credit cards, loans, investments, and insurance. Whether you are a business or an individual, DBS Bank can provide you with a full suite of financial solutions.
• Enjoys an excellent global reputation and has won numerous international financial awards. DBS Bank has established a strong reputation in the international financial market for its innovation and high-quality service.
• Provides efficient and convenient online and mobile banking services, allowing customers to manage their accounts anytime, anywhere. DBS Bank’s digital banking platform is user-friendly, making it easy to manage your finances.

Since DBS acquired POSB some years ago, their services are somewhat interconnected. For example, POSB’s My Account can be used with a DBS Visa Debit Card. Both banks offer similar account types, such as the My Account and eMySavings Account, with nearly identical application requirements and applicable fees.

2. Oversea-Chinese Banking Corporation (OCBC)

Singapore’s second-largest bank, known for its stable performance and high-quality service. The main advantages of OCBC Bank are as follows:

• Offers a variety of account types to meet the needs of different customers, including savings accounts, checking accounts, and foreign currency accounts. OCBC Bank has launched various promotions and packages for different customer segments to meet your financial needs.
• OCBC Bank has an extensive network of branches and services in Singapore and other Southeast Asian countries, providing you with convenient and fast in-person services. Within Singapore, you can find OCBC branches or self-service banking facilities in almost every area.
• OCBC has a deep understanding of the needs of Chinese-speaking customers. The bank offers bilingual services in Chinese and English, making it easier for Chinese customers to open bank accounts and access financial services in Singapore.

OCBC and UOB share their Automated Teller Machines (ATMs). There are over 1,000 ATMs and 33 branches in Singapore, making cash withdrawals very convenient. Some branches are also open on weekends, which is suitable for working professionals to handle their banking matters.

3. United Overseas Bank (UOB)

Singapore’s third-largest bank, popular with customers for its stable operations and diverse financial products. The main advantages of UOB Bank are as follows:

• UOB Bank has a range of competitive financial products, including savings accounts, credit cards, loans, investments, and insurance. UOB Bank offers tailored financial solutions and professional wealth management advice for the different needs of individual and corporate clients.
• UOB Bank has an extensive service network in Singapore and other Asian regions. Through UOB’s cross-border financial services, you can easily transfer funds and conduct investment activities in Singapore and other countries.
• UOB Bank provides high-quality customer service. Whether you are consulting at a branch or through phone and online platforms, UOB’s staff can provide you with warm, professional service to help you solve your financial problems.

UOB offers a wide variety of account types, mainly categorized into daily use, savings, foreign currency management, fixed deposits, and children’s accounts, catering to those who are not long-term residents of Singapore.

4. Standard Chartered Bank (SCB)

This is an international bank with a long history, offering a diverse range of financial services in Singapore. The main advantages of SCB are as follows:

• As an international bank, it offers a rich variety of financial products and services both in Singapore and globally, including savings, credit cards, loans, investments, and insurance. This ensures you receive consistent service quality in Singapore and other countries.
• SCB has strong cross-border financial service capabilities, helping customers transfer funds, invest, and trade globally. This is a significant advantage for customers who need to conduct financial activities in multiple countries.
• The bank excels in digitalization and innovation, providing many user-friendly online and mobile banking services. You can easily manage your Standard Chartered account no matter where you are.

5. The Hongkong and Shanghai Banking Corporation (HSBC)

This is a major bank with global influence, providing comprehensive financial services in Singapore. The main advantages of HSBC are as follows:

• With branches and business networks all over the world, it provides financial services on a global scale. Whether you are in Singapore or another country, you can enjoy HSBC’s consistently high-quality service.
• HSBC has extensive experience and strength in wealth management and investment. For customers wishing to invest in Singapore or international markets, HSBC can provide professional advice and support.
• The bank has advanced digital services and technology, allowing you to easily manage your accounts online and on mobile devices. Additionally, HSBC offers services in multiple languages, which is convenient for customers from different countries and regions.

6. Commerce International Merchant Bankers Berhad (CIMB)

CIMB is an international bank headquartered in Malaysia, offering a range of financial products and services in Singapore. The main advantages of CIMB Bank are as follows:

• CIMB Bank has an extensive business network in the Southeast Asian region, especially in countries like Malaysia, Indonesia, Singapore, and Thailand. This is a great advantage for customers who need to conduct financial activities in the Southeast Asia region.
• CIMB Bank provides various financial products and services for individual and corporate clients, including savings accounts, credit cards, loans, investments, and insurance. CIMB’s financial products are designed to be flexible to meet the diverse needs of customers.
• As a bank with regional influence, CIMB Bank has advantages in cross-border financial services. Customers can conveniently transfer funds, invest, and trade between Singapore and other Southeast Asian countries.

7. Malayan Banking Berhad (Maybank)

As one of Malaysia’s largest banks, Maybank offers a diverse range of financial products and services in Singapore. The main advantages of Maybank are as follows:

• Maybank has an extensive business network in Southeast Asia, particularly in Malaysia, Singapore, and Indonesia. This allows customers to conduct financial activities conveniently between Singapore and other Southeast Asian countries.
• Maybank provides a variety of financial products and services for individual and corporate clients, including savings accounts, credit cards, loans, investments, and insurance. This allows customers to choose suitable financial products based on their needs.
• It offers convenient online and mobile banking services, enabling customers to check account information, conduct transactions, and manage their finances anytime, anywhere. These digital services save customers time and effort.

Regardless of which bank you choose, a Singaporean account is an excellent choice for those looking to diversify their investment portfolio in Asia. If you are interested in taking action, feel free to contact us. AnjiaSG can help you open a Singapore bank account remotely from your home!

FAQ on Opening a Bank Account in Singapore

Can I open an account without a Singapore pass/visa?

While you cannot open a regular bank account without a long-term pass (see the full guide to opening an account without an Employment Pass), you can open a priority banking account (Priority Banking / Premier Banking / Privilege Banking). Priority accounts require a deposit of S$350,000 or its equivalent in foreign currency (this may vary slightly between banks). After successfully opening the account, you can use the funds for property loans, wealth management, investments, or purchasing insurance products.

I will only be in Singapore for 2-3 days. Is that enough time to open an account?

Yes, that is sufficient. Depending on the applicant’s background, opening an account typically only takes a few hours.

Must I be physically present in Singapore to open an account?

For priority banking accounts, some banks offer remote account opening services, so you do not need to be present in person.

Which clients are considered high-risk, leading to the bank refusing to open an account and their information being flagged as suspicious?

Relevant information is shared among major banks. If an applicant has been reported by other countries for illegal activities such as money laundering, bribery, smuggling, human trafficking, or involvement in terrorist activities, they will be classified as a high-risk client.

Currently, the Monetary Authority of Singapore (MAS) regulates banks strictly. Some banks do not accept cash deposits, or only accept cash deposits below S$200,000 to S$350,000. If you wish to make a cash deposit, you must provide a clear explanation to the bank. Additionally, transferring funds from a licensed remittance company, a third-party account such as a friend’s, or a corporate account to your personal account is a sensitive matter for banks. You will need to provide proof of the source of funds when opening the account.

Official Sources & References

• Monetary Authority of Singapore (MAS) · MAS Notice 626 — Prevention of Money Laundering
• Singapore Deposit Insurance Corporation (SDIC) · Deposit Insurance FAQ
• IRAS · CRS — Information for Account Holders
• IRAS · FATCA — Information for Account Holders

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