Singapore possesses independent sovereignty. Its society, politics, and economy are stable, with a high degree of freedom and transparency in the financial industry. The government is also very supportive of the wealth management industry, ensuring that account information is well-protected and highly confidential.
Singapore is the world’s third-largest foreign exchange trading center, with no foreign exchange controls. It has high acceptance of global currencies and excellent currency exchange rates. You can open multi-currency accounts, meeting all your currency needs with a single account, facilitating the free use of various currencies globally: you can freely transfer funds, withdraw cash, and make purchases in any country worldwide.
Furthermore, major global banking institutions have branches in Singapore, leading to high account opening success rates and simple documentation requirements. You can complete the account opening process through remote video verification from your home country, eliminating the need to travel to Singapore, which saves time and effort. The account opening cycle in Singapore is relatively short, usually taking about two weeks. The required documents are simple, typically just a passport and proof of address. The bank card and PIN are mailed to your residential address in your home country, and you can start using the account immediately after activation.
A Singapore bank account supports trading in Hong Kong and US stocks, overseas investment and wealth management, consumer spending, and more. For account management, you will have a one-on-one Mandarin-speaking advisor available via WeChat, making communication very convenient. The account can be used to purchase overseas real estate, insurance and investment products, and to prepare funds for your children’s overseas education or for immigration. You can also use your deposits or investments as collateral for financing, obtaining secondary financing at ultra-low loan interest rates, thereby increasing the flexibility of your capital.
In the current global environment, having an overseas account in Singapore, Asia’s financial hub, is an excellent choice for many high-net-worth families.
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About UOB (United Overseas Bank)
United Overseas Bank (UOB), founded in 1935, is a multinational bank headquartered in Singapore, with subsidiary banks in Singapore, Malaysia, Indonesia, and Thailand.
UOB has 68 branches in Singapore and over 500 offices in 19 countries and territories across the Asia-Pacific, Western Europe, and North America.
By total assets, UOB is currently the third-largest bank in Southeast Asia.
UOB has a stable foundation in the region and understands Asian corporate culture and business philosophies. It leverages this advantage to fully support its clients, helping them create more business opportunities in their interactions with Asian partners.
Table of Contents
Documents Required for UOB Singapore Offshore Account
Documents needed for an offshore account:
1. Passport
2. Proof of address (can be the front and back of your ID card or a bank statement/utility bill/phone bill from any of the last three months)
3. Individuals without a Singaporean pass need to provide additional proof of wealth source.
(If you are employed, you need a letter of employment from your company; if you hold more than a 25% stake in a company, you are considered self-employed and need to provide the company’s business license)
Personal Information:
1. Name:
2. Mother’s maiden name (for later verification):
3. Mobile phone number (where you can be reached):
4. Email:
5. Residential address (must match the proof of address document):
6. Residential postal code:
7. Mailing address (can be different from residential address):
8. Mailing postal code:
9. Tax country:
10. Tax ID number (ID card number):
11. Employment status (Employee / Self-employed / Homemaker / Retiree or Senior Citizen):
Employment Information
Current Employment Information:
• Company name:
• Company’s main business:
• Shareholding percentage (not required if none):
• If shareholding exceeds 25%, please state the company’s annual revenue (please specify currency):
• Position held:
• Years of employment:
• Annual salary (please specify currency):
Previous Employment Information:
• Company name:
• Company’s main business:
• Shareholding percentage (not required if none):
• If shareholding exceeds 25%, please state the company’s annual revenue (please specify currency):
• Position held:
• Years of employment:
• Annual salary (please specify currency):
Account Opening Information
Initial estimated deposit amount:
From which country will the funds be transferred:
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UOB Singapore Offshore Account Opening Process
1. Fill out information: Complete the information above. The bank manager will fill out the UOB account opening form, upgrade form, and disclaimer based on your personal information and send them to you. You will need to print these three forms.
2. Lawyer Witnessing: A lawyer designated by UOB will contact you to act as a witness. Under the lawyer’s supervision, you will sign the three pre-printed forms. Afterward, you will give the lawyer the three original signed forms (UOB account opening form, upgrade form, disclaimer) and two photocopies (passport, proof of address).
3. Bank Video Call: The bank manager will contact you to schedule a 5-10 minute video call (please download the MS Teams software in advance; using a computer is recommended). The video call is to confirm that the information you provided is correct. After the video call, you just need to wait for the account to be opened, which usually takes about a week. The card and PIN will be mailed to your mailing address (which can be different from your residential address). You can deposit funds as soon as the account is opened, without waiting for the card and PIN to arrive.
We believe the steps above have made the process of opening a UOB Singapore account remotely clear. If you need to open an overseas account in Singapore, feel free to contact us.
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Frequently Asked Questions
• What is an offshore bank account?
An offshore bank account is a bank account opened in a country other than your country of residence, also known as an overseas bank account. It can be used for payments, receiving funds, storing money, and also supports setting up savings and investment accounts in various currencies.
• What is the minimum deposit required for a UOB Singapore account?
The UOB Privilege Account, an offshore VIP account, requires a minimum of SGD 350,000 or its equivalent in other currencies.
The first deposit must be a transfer from an account under the same name and must be greater than or equal to SGD 10,000 or USD 8,000.
• Can I deposit SGD 200,000 and USD 110,000?
Yes, as long as the total funds in the account are above SGD 350,000. You can hold US Dollars, Australian Dollars, British Pounds, Euros, Canadian Dollars, New Zealand Dollars, Japanese Yen, Hong Kong Dollars, and Swiss Francs.
• Is an ATM card provided?
Yes, it is.
• Can I withdraw cash from overseas ATMs?
You can withdraw cash from any ATM with the PLUS logo. The fee for each withdrawal is SGD 5.
• Is the UOB ATM card a Visa or Mastercard?
Both are available, you can choose.
• Is the card a credit card or a debit card?
It is a Debit Card.
• How long does it take to open an account?
It takes about three to four weeks from the time the account manager receives your documents.
• What is the lawyer’s fee for account opening?
The lawyer’s fee is around 800-1000 RMB. UOB partners with several law firms, and the final fee depends on which one is used.
• How soon do I need to deposit funds after the account is opened?
Within two months.
• How long must the funds remain in the account before they can be transferred out?
They must be maintained for at least three months.
• Can I use the account to invest in stocks like US stocks, Hong Kong stocks, etc.?
Yes, you can.
• What is the interest rate for deposits in a Privilege Account?
The normal interest rate for this account is 0.05%. From time to time, there are promotional offers for fixed deposits in SGD and other foreign currencies, allowing you to enjoy higher interest rates.
• Can fixed deposits be withdrawn early?
Yes, but it will affect the principal. You will not only lose the interest but also incur a penalty.
• Will my account be downgraded if I transfer funds out?
After maintaining the funds for three months, if you transfer out a portion and the balance falls below SGD 350,000, the account will not be downgraded and will remain a Privilege Account.
• If I initially deposit SGD 350,000, leave it for a few months, and then transfer out a portion, leaving a balance of only SGD 200,000, will there be a monthly service fee?
No monthly service fee will be charged.
• Can I deposit Chinese Yuan (RMB) directly and then exchange it for other currencies through the bank?
There is no onshore RMB account here, only an offshore RMB (CNH) account. You cannot deposit onshore RMB directly. You need to deposit other foreign currencies first and then exchange them into offshore RMB to be held in the offshore RMB account.
• What happens if the bank goes bankrupt?
If the bank fails, the Deposit Insurance (DI) Scheme will protect your savings. The Singapore Deposit Insurance Corporation (SDIC) will automatically handle compensation, so you do not need to file a claim. Each depositor is insured up to SGD 100,000 for their SGD deposits.
• Is there a fee for transferring SGD between Singapore banks?
There is no fee.
• What are the fees for a Telegraphic Transfer (TT)?
Inward Remittance: SGD 10 or equivalent, plus applicable agent charges (if any)
Outward Remittance:
At a branch or by phone: 1/8% + cable charges + applicable agent charges
Online: 1/16% + cable charges + applicable agent charges
Cable Charges:
To/from Malaysia: SGD 20
All other countries: SGD 30
• Will I have issues with the Common Reporting Standard (CRS) after I deposit funds?
This is handled by regulatory authorities, and we are not privy to that information.
• Do I need to file a personal tax return in Singapore annually after opening the account?
No, you do not.
• Do offshore accounts also have risk control measures?
Accounts in any reputable country have risk control mechanisms. The documents required during the account opening process are part of the bank’s risk management.
• Is there an age requirement for opening an account?
You must be 18 years of age or older. There is no upper age limit.
• Why can foreigners only open a Privilege Account and not a regular account?
Because accounts for foreign nationals are offshore accounts opened remotely. Currently, the only account the bank supports for remote opening is the Privilege Account. If a foreigner has a work pass or a student visa in Singapore, they can open a regular account locally.
• My passport is valid for only three more months. Can I still apply?
Your passport must be valid for at least 6 months. If it’s less than 6 months, you will need to provide proof of a new passport application.
• Are there any nationalities that cannot open an account?
Nationals from sanctioned countries, such as Syria, and a few other small nations are not eligible.
For further enquiries, please get in touch:
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Telegram: sgleokwek
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