Can foreigners open a bank account? Yes. Most banks require a valid long-term pass (Employment Pass, S Pass, Dependant’s Pass, or Student Pass).
Online account opening? Available for eligible pass holders via Singpass or bank mobile apps. Others may need to visit a branch.
Best traditional banks for foreigners: DBS, OCBC, and UOB remain the most accessible and foreigner-friendly.
Non-residents: Fewer options, but accounts are still possible through select banks or digital alternatives.
Can a Foreigner Open a Bank Account in Singapore?
Foreigners can open a bank account in Singapore, and this is common for individuals who are opening a business, relocating, working, studying, or staying long term.
Most banks require the applicant to hold a valid long-term pass—such as an Employment Pass, S Pass, Dependant’s Pass, or Student Pass—and to meet the bank’s identification and compliance checks.
While every bank and account type has its own eligibility rules, Singapore’s banking system is generally accessible to foreigners who can demonstrate a legitimate reason to maintain a local account.
Eligibility for Foreigners Opening a Bank Account in Singapore
Foreigners can open a personal bank account in Singapore provided they meet the bank’s eligibility and compliance requirements. The key factor banks assess is legal status, as all applicants must satisfy Know Your Customer (KYC) and anti-money laundering checks.
Legal Status Requirements
Singapore banks generally require foreign applicants to hold a valid long-term pass, which confirms lawful residence and supports identity verification. The specific requirements may vary by bank and account type.
Employment Pass (EP) and S Pass Holders
Foreign professionals holding an Employment Pass or S Pass can usually open a full-service personal bank account. Banks typically require a passport, a valid pass, and proof of a local residential address. Most traditional banks are familiar with these profiles and process applications smoothly.
Dependant’s Pass and Long-Term Visit Pass (LTVP)
Dependants of pass holders may also open bank accounts. Some banks apply additional checks for family pass holders, which may include in-branch verification or supplementary documents, depending on the applicant’s profile.
Student Pass Holders
International students are eligible to open bank accounts for day-to-day use during their studies. Certain banks and digital offerings provide student-friendly accounts with simplified requirements, although in-person verification may still be required.
Non-Residents (Tourists and Short-Term Visitors)
Options for non-residents are more limited. While some traditional banks may consider applications on a case-by-case basis—often requiring an in-person visit and strong supporting documents—approval is not guaranteed. Digital alternatives such as Wise do not require a Singapore-issued pass but operate differently from licensed local banks.
Required Documents for Account Opening
Each bank in Singapore has its own procedures, so the exact documents required may vary depending on the bank and account type. In most cases, foreigners can expect to be asked for the following:
- A valid passport for identity verification. Banks usually require the passport to have sufficient remaining validity at the time of application.
- Proof of residential address, such as a recent utility bill, tenancy agreement, or bank statement showing your name and current address.
- A valid long-term pass, depending on your situation. This may include an Employment Pass, S Pass, Dependant’s Pass, Student Pass, or an In-Principle Approval (IPA) letter issued by the relevant Singapore authority.
- Some banks may request additional supporting documents or require an in-person visit, particularly if you are a non-resident or do not yet have a local address. It is advisable to confirm the document requirements in advance to avoid delays during the application process.
3 Best Traditional Banks in Singapore for Foreigners (Traditional)
| Bank | Popular Account | Why Foreigners Choose It | Account Opening Notes |
|---|---|---|---|
| DBS Bank | Multiplier Account | Flexible everyday banking with savings and multi-currency features | Eligible pass holders may start DBS bank account opening online via the DBS/POSB digibank app using Singpass. Proof of address or additional checks may still be required. |
| United Overseas Bank (UOB) | One Account | Well-suited for foreign residents with salary crediting or everyday transactions | In-branch verification is commonly required. Online account opening options are more limited compared to DBS. |
| OCBC Bank | 360 Account | Savings account with bonus interest features for active users | Available to foreigners, though eligibility depends on residency status, pass type, and OCBC account conditions. |
Sample Costs and Fees
Opening a personal account in Singapore usually requires meeting initial deposit and minimum balance requirements. If your balance falls below the required threshold, a monthly fall-below fee typically applies.
Some banks also offer promotional interest rates or incentives that apply only to fresh funds, meaning new money transferred from outside the bank rather than existing balances held with the same institution.
| Bank | Account | Initial Deposit | Minimum Balance and Fall-Below Fee |
|---|---|---|---|
| DBS | Multiplier | SGD 0 | SGD 5/month if balance falls below SGD 3,000 (fee may be waived under certain conditions) |
| UOB | One Account | SGD 1,000 | SGD 5/month if balance falls below SGD 1,000 |
| OCBC | 360 Account | SGD 1,000 | SGD 2/month if balance falls below SGD 3,000 |
UOB and DBS bank Singapore account opening options tend to be more accessible for Employment Pass holders, while OCBC may apply tighter eligibility criteria based on residency and applicant profile.
Digital Alternatives: Neobanks and Fintech Providers
For individuals who do not hold a Singapore-issued pass—or who prefer greater international flexibility—digital banking platforms can be a practical all in one account alternative to traditional banks.
Wise offers multi-currency accounts with local account details in several jurisdictions, including Singapore. Users can hold and manage Singapore Dollars alongside other major foreign currencies without Singapore residency. Wise accounts typically do not require a minimum deposit or balance and do not charge monthly fees, though transaction and conversion fees apply.
Other fintech options, subject to eligibility and onboarding checks, include Airwallex and Aspire. These platforms are commonly used by internationally mobile individuals and businesses seeking multi-currency wallets, cross-border payments, and digital-first account management, rather than full-service retail banking.
What Kinds of Bank Accounts Can Foreigners Open in Singapore?
Once you meet the eligibility requirements, the next step is choosing the right type of account. Singapore banks generally offer foreigners access to several common account types, each designed for different financial needs — from daily expenses to cross-border money management and savings.
Savings Accounts
Savings accounts are the most common choice for foreigners living in Singapore. They support salary crediting, local transfers, ATM withdrawals, cashless payments, and debit card spending, while earning interest on balances.
Many banks offer bonus interest savings accounts—such as DBS Multiplier and OCBC 360—where higher rates apply if conditions like salary crediting or card spending are met. Foreigners should review minimum balance requirements, fall-below fees, and eligibility criteria carefully. Deposits with licensed banks are generally insured by the Singapore Deposit Insurance Corporation (SDIC), up to the prescribed limits.
Checking (Current) Accounts
Checking, or current, accounts are designed for frequent transactions rather than interest. They are commonly used for bill payments, local transfers, cheque usage, and higher transaction volumes. While interest is typically minimal, these accounts offer flexibility and are available to foreigners who meet identity and address verification requirements.
Multi-Currency Accounts
Multi-currency accounts are popular with expatriates, frequent travellers, and individuals with overseas income or expenses. They allow you to hold and transact in multiple currencies within a single account and are especially useful for international transactions and cross-border transfers. Options include traditional bank MCAs and digital platforms such as Wise, which provide SGD bank account details without requiring a Singapore residence pass.
Fixed Deposit and Investment-Linked Accounts
Foreigners may also open fixed deposit accounts, subject to minimum placement amounts and eligibility checks. These accounts offer fixed returns over a set tenure. Some foreigners also open investment or brokerage accounts to access stocks, ETFs, and other securities, which usually involve additional onboarding and regulatory checks.
| Account Type | Primary Use | Key Features | Typical Requirements |
|---|---|---|---|
| Savings Account | Everyday banking and earning interest | Interest on deposits, debit card access, local transfers, possible bonus interest | Valid passport, proof of address, valid pass; minimum balance may apply |
| Checking (Current) Account | High transaction volumes and bill payments | Local transfers, cheque facilities, debit card access | Valid passport and proof of address |
| Multi-Currency Account | Managing multiple currencies and international transfers | Hold and transact in multiple currencies, FX flexibility | Valid passport; proof of address or pass may be required |
| Fixed Deposit / Investment Account | Capital preservation or investing | Fixed interest returns or access to securities | Application form, valid passport, additional bank or broker requirements |
Why Open a Local Bank Account in Singapore?
A local account allows you to receive salary payments, pay bills, and make domestic transfers efficiently, without incurring high international transfer fees.
Singapore banks are regulated by the Monetary Authority of Singapore, which enforces strict standards on financial stability, customer protection, and cybersecurity.
Eligible deposits with licensed banks are insured by the SDIC for up to SGD 100,000 per depositor, per bank, providing an additional layer of protection.
In addition, many savings accounts offer bonus interest when certain conditions are met, such as salary crediting, bill payments, or card spending, allowing existing and new account holders to earn higher returns on their balances. Some banks also provide cash rewards to attract new customers, subject to specific promotional terms and eligibility criteria.
Step-by-Step: How to Open a Bank Account in Singapore
Step 1: Choose Your Account Type
Select a bank and account type—such as a basic savings account, multi-currency account, or digital account—based on your residency status, banking needs, and eligibility.
Step 2: Prepare Documents (Singpass vs. Manual)
If you have a Singpass account, online applications may be partially pre-filled. Otherwise, be ready to provide scanned copies of your passport, valid work or study pass, proof of address, and any tax residency information requested by the bank.
Step 3: Apply Online or In Person
Some banks, such as DBS Bank and POSB, allow eligible applicants to open accounts through their mobile apps. If you do not have Singpass account or are not eligible for online onboarding, you will usually need to visit a branch to complete the account application.
Can I Open a Bank Account Online in Singapore?
Most major banks in Singapore offer instant account opening online. That said, foreign customers may still be required to submit additional documents, provide proof of address, or visit a branch to complete identity verification.
Opening an account remotely is available at certain banks. DBS Bank and POSB allow eligible applicants to apply through the Digibank mobile app using Singpass, with documents uploaded digitally. Approval typically takes a few working days, subject to verification.
For those opening an account before arriving in Singapore, fintech platforms such as Wise offer multi-currency accounts that can be set up remotely, without requiring physical presence or a Singapore-issued pass.
Banking Costs and Fees for Foreigners
Some bank accounts in Singapore do not require an initial deposit—such as DBS My Account or POSB My Account—while other banks require a minimum average balance to be maintained. If your balance falls below this threshold, a monthly fall-below fee may apply.
Fall-below fees are charged when the required average daily balance is not met. While the fees are usually modest, they can add up over time if the account is not actively managed.
In addition, certain bank accounts impose early account closure fees if the account is closed within a specified period, typically within the first six to twelve months. It is advisable to review the account’s terms and conditions before opening.
Opening a Singapore Bank Account in a Nutshell
Opening a bank account in Singapore as a foreigner is generally straightforward if you meet eligibility requirements and have the necessary documents ready. Depending on your profile, you may be able to apply online or complete the process in person at a branch. For entrepreneurs and internationally mobile founders, banking often goes hand in hand with offshore company formation when setting up regional or cross-border structures.
If you’re planning to set up an offshore company or need guidance on choosing the right structure, Air Corporate can help you get started.
FAQs
It is possible for non-residents to open a bank account in Singapore, but options are limited and approval is discretionary. Traditional banks may require an in-person visit and strong supporting documents, and some may decline applications without a long-term pass. As an alternative, digital providers such as fintech platforms can offer multi-currency accounts without requiring Singapore residency.
Foreigners in Singapore commonly bank with DBS, United Overseas Bank (UOB), and OCBC. UOB’s One Account requires a minimum average daily balance of SGD 1,000, with a fall-below fee of SGD 5 per month. OCBC offers a range of savings and current accounts, though eligibility for foreigners may vary based on residency status and applicant profile. DBS is often regarded as one of the most accessible options for foreign residents, particularly Employment Pass holders.
Foreign individuals can open a personal bank account in Singapore provided they meet the bank’s eligibility and compliance requirements. It typically involves identity verification, legal status checks, and submission of documents such as a passport, a valid work or study pass (if applicable), and proof of address. Requirements and onboarding methods vary by bank and account type.
