Foreigners can open bank accounts in Singapore, subject to meeting specific eligibility criteria such as possessing an Employment Pass, Student Pass, or Dependent Pass.
Required documents include a valid passport, proof of address, and a valid pass. Some banks may ask for secondary ID, like utility bills or employer letters.
Top banks in Singapore for foreigners include DBS Bank, United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation (OCBC), offering various account types and services.
Costs associated with Singapore bank accounts include minimum deposit requirements and monthly service fees, with additional charges for falling below minimum balances.
Remote account opening is possible with certain digital platforms and banks.
This guide details the eligibility requirements and steps you need to follow to set up a bank account as a non-resident. Whether you’re here for work, study, or family, we’ll walk you through the process of integrating into Singapore’s banking system with ease.
Eligibility for Foreigners Opening a Bank Account in Singapore
Foreign nationals looking to create a banking presence in Singapore are welcome, provided they meet the necessary criteria. This usually includes holding one of the following:
- Employment Pass
- Student Pass
- Dependent Pass
These passes help verify identity and legal status in Singapore and are essential for KYC (Know Your Customer) compliance.
Speaking of traditional banks that will need evidence of residence when it comes to account openings, United Overseas Bank offers smoother procedures for individuals purchasing property here who can satisfy this requirement with ease compared to those without residential addresses already established in Singapore as part of their valid pass documents needed upon application.
Legal Status Requirements
The process of opening a corporate bank account in Singapore is heavily dependent on an individual’s legal status. In order to have their application accepted, non-citizens need to possess the appropriate pass granting them access.
Such requirements guarantee that everyone can benefit from the great banks available within this nation using these various types of visas, regardless if they are professionals, pupils, or relatives.
Documentation Requirements
To open a bank account, foreigners must provide proper identification and address verification. Required documents typically include:
For Working Professionals:
- Valid passport
- Employment Pass
- Proof of address (e.g., letter from employer, utility bill)
For International Students:
- Valid passport and Student Pass
- Proof of enrollment or matriculation card
- Birth certificate
- Highest academic certificate and transcripts
- Recent bank or financial statements
Some banks may request a secondary ID (e.g., a utility bill or letter from a school/employer issued within the last 3 months), especially when opening online.
Top Singapore Banks for Foreigners
For foreign banking requirements in Singapore, there is no shortage of trustworthy and reliable banks offering a wide selection of services tailored to their specific needs. Among the leading ones are DBS Bank, UOB Bank, and OCBC Bank.
All three provide multi-currency accounts and remittance solutions, allowing them to access various currencies according to different plans fitting any budget.
Development Bank of Singapore Limited
DBS Bank is the most reliable and secure bank in Singapore, as it functions under the full regulation of the Monetary Authority.
The My Account from DBS provides users with flexibility by allowing them to handle 13 currencies, while their Expatriate Program furnishes customized services like remittance options along with normal checking/savings accounts tailored towards foreigners like him.
With POSB joining hands with this institution, too, one can create an account employing overseas proof of address, which will later be updated when they obtain valid local residence documentation.
United Overseas Bank
UOB Bank offers individuals multiple types of accounts, like day-to-day SGD and multi-currency ones.
In order for non-residents to open one at UOB, they have to meet certain requirements, such as having an introducer present and maintaining a minimum balance of SGD 1,000 to avoid fall-below fees.
This attribute is beneficial to anyone considering they could easily manage their finances during the period when living abroad.
Oversea-Chinese Banking Corporation
OCBC Bank offers non-residents from select countries the chance to open a bank account in Singapore.
Also, OCBC Bank has made an effort to provide top-quality banking solutions even as they remain selective of who can apply and make use of these accounts in Singapore.
While their eligibility criteria can be stricter, they provide strong customer service and offer various account types, multi-currency capabilities, and tailored services for eligible foreigners.
Sample Bank Account Costs and Fees
Opening a bank account in Singapore as a foreigner typically requires an initial deposit. This amount varies depending on the bank and the type of account you choose.
Most banks have a minimum balance requirement that must be maintained after the account is opened. If your balance dips below this threshold, you’ll likely incur a monthly fall-below fee. These fees are small but can add up over time if not monitored.
| Bank | Account | Initial Deposit | Fall-below Fee |
|---|---|---|---|
| DBS | Multiplier | SGD 0 | SGD 5 if balance < SGD 3,000 (fee waived under some conditions) |
| UOB | One Account | SGD 1,000 | SGD 5/month if balance < SGD 1,000 |
| OCBC | 360 Account | SGD 1,000 | SGD 2/month if balance < SGD 3,000 |
Note: Some banks are more flexible than others. For example, DBS and UOB often accept foreigners with EPs, while OCBC may limit account openings to select nationalities or residents.
What Kinds of Bank Accounts Can Foreigners Open in Singapore?
Foreigners in Singapore generally have access to the same range of banking options as residents. Here’s a breakdown of the main types available:
Savings Accounts
Basic and easy to open, savings accounts allow you to receive salary or remittances, withdraw via ATM and debit card, and make everyday payments and GIRO transfers.
Standard interest rates are low, but bonus interest accounts offer better rates if you:
- Credit your salary
- Make GIRO bill payments
- Spend a set amount on a linked credit card
- Purchase financial products like insurance or investments
Multi-Currency Accounts (MCAs)
For anyone managing funds across borders, multi-currency accounts are a smart choice. These accounts let you hold and transact in multiple currencies, help avoid immediate conversion to SGD , saving you on exchange rates, and allow strategic currency conversion when rates are in your favor.
Popular options include:
- Wise
- Revolut
- YouTrip
- DBS/POSB My Account
- HSBC EGA
- Instarem
- Standard Chartered Bonus$aver
For example, if you're Malaysian and notice favorable exchange rates, you can convert and store SGD as Ringgit in your MCA for future use.
Fixed Deposit Accounts
If you’re looking for low-risk returns, fixed deposits offer guaranteed interest over a set period.
You can deposit a lump sum with the bank and it stays untouched for a fixed duration (typically 6–24 months); then you’ll receive a fixed interest payout at maturity, along with your full principal
These accounts are ideal for capital preservation and short-term savings growth with predictable outcomes.
Why Open a Local Bank Account in Singapore?
Opening a local account in Singapore isn’t just about fulfilling administrative needs—it also comes with real, practical benefits.
Effortless Banking
Top banks offer:
- Fully digital onboarding
- Intuitive mobile apps for transfers, bill payments, investing
- 24/7 access with secure login features
Top-Tier Security and Regulations
Singapore has a global reputation for financial integrity. Its banking system is tightly regulated by the Monetary Authority of Singapore (MAS), ensuring your funds are well protected.
It ensures:
- Stringent anti-money laundering controls
- High cybersecurity standards
Deposit Protection
Every eligible deposit you place in a licensed bank is automatically insured by the Singapore Deposit Insurance Corporation (SDIC). This covers up to SGD 100,000 per depositor, per bank, offering peace of mind in the rare event of a bank failure.
Bonus Interest
Some banks reward customers (including foreigners) with higher interest rates for meeting conditions such as salary crediting or GIRO transactions.
Opening a Bank Account Remotely or Before Arrival
For a foreign professional planning to move to Singapore, opening a bank account remotely can be a major convenience. Digital platforms offer multi-currency accounts, including SGD, allowing users to send, receive, and store funds before even arriving in the country.
Opening a bank account in Singapore enables foreigners to manage expenses, receive payments, and handle business or personal transactions in advance, making the transition to Singapore smoother.
Remote Account Opening Process
Some Singapore banks, such as DBS, allow certain account types to be opened remotely. The process is simple:
- Download the DBS app.
- Choose ‘Continue with Singpass’ (if applicable).
- Submit the required documents (valid passport, proof of address, and employment pass).
- Follow the guided steps in the app to complete the process.
The interface is user-friendly, making remote account opening efficient and accessible.
Pre-Arrival Account Opening Options
Prior to this, you will find the pre-arrival bank account opening options invaluable.
Services such as Wise or Revolut offer multi-currency accounts for those coming to Singapore that are very convenient and cost-effective.
They only require a government-issued ID plus other documents like proof of address or tax number in some cases and eliminate any monthly fees alongside minimum balance too.
All these features were highly appealing to each foreigner when it comes down to choosing the right bank account service before arriving in Singapore.
General Costs and Fees to Take Note Of
Foreign entrepreneurs in Singapore should be aware of the key costs involved in opening and maintaining a bank account. These typically include:
- Minimum Initial Deposit: Ranges from SGD 500 (USD 365) to SGD 5,000 (USD 3,650), depending on the bank and account type.
- Monthly Maintenance Fees: Some banks charge as low as SGD 10 per month. Others apply an annual fee (e.g., SGD 50) if the account balance falls below a set threshold.
- Transaction Charges: Additional fees may apply for certain services, such as credit card payments or international transfers.
Opening a Singapore Bank Account In a Nutshell
Opening a bank account in Singapore as a foreigner is straightforward. With your valid visa/pass and documentation ready, you can choose from various local or international providers offering tailored services.
Whether you're here for work, study, or business, Singapore’s banking system is accessible, secure, and expat-friendly.
Wondering how to register your company in Singapore? Let Air Corporate help!
FAQs
It is possible for non-residents to open a bank account in Singapore. They will usually require proof of local residency and an authorized permit demonstrating that their stay there is legitimate. Another option might be using the services of a digital specialist provider. All these steps remain necessary when looking into opening an account in this country.
Foreigners who are looking for a reliable financial institution to deposit their money in Singapore can consider United Overseas Bank (UOB) and OCBC. UOB’s One Account has a minimum average daily balance requirement of S$1,000 with an incurred fall below fee of S$5 per month. Meanwhile, the long-established bank known as OCBC provides various products and services that could cater to foreigners’ needs.
Non-U.S. citizens can create bank accounts in the United States.
Documentation may be necessary to complete this process, such as obtaining an ITIN number for identification purposes.
