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Whether you're an individual looking to open a personal savings account or a business owner managing cross-border payments with a business account, Singapore offers an array of banking options that cater to diverse needs.
This guide will break down the top banks in Singapore, and what to consider when choosing the best bank for your personal or business needs.
1. What are the best Singapore banks?
The Monetary Authority of Singapore (MAS) is the government agency that oversees banks' licensing and operations. Under its supervision per the Banking Act of Singapore, the banking sector is well-diversified, allowing different types of banks to serve various needs—from local consumers to multinational corporations.
MAS licenses banks under different categories based on their capacities and roles in the market. A bank must have a license from MAS to operate as a legal bank.
The 6 licenses are Full bank license, Wholesale bank license, Merchant Bank, Qualifying Full bank license and Digital bank license. In addition, financial institutions may hold more than one license.
1.1. Full Banks
- License overview: Full banks are authorized to provide the most comprehensive range of banking services, including retail banking, corporate banking, and investment services.
- Best full banks: The three major full banks in Singapore are DBS, OCBC, and UOB, all of which are locally incorporated.
- Capabilities: Full banks can operate an unlimited number of branches and ATMs, offer checking, savings, and multi-currency accounts, and provide credit facilities. They are also allowed to handle both domestic and international transactions.
1.2. Wholesale Banks
- License overview: Wholesale banks focus primarily on corporate and institutional clients rather than individual retail customers. While they have fewer consumer-facing services, they play a significant role in international finance and capital markets.
- Best wholesale banks: Some of the well-known wholesale banks in Singapore include HSBC, Standard Chartered, and Citibank.
- Capabilities: Wholesale banks can engage in almost all forms of banking but do not operate many retail branches or ATMs. Their services include corporate loans, foreign exchange, and investment banking.
1.3. Merchant Banks
- License Overview: Merchant banks play a critical role in Singapore’s financial landscape, offering specialized services tailored to corporate and high-net-worth international clients.
- Best merchant banks: Examples of offshore banks operating in Singapore include BANK OF AMERICA SINGAPORE LIMITED BANK OF AMERICA SINGAPORE LIMITED
- Capabilities: These banks operate under specific licensing rules and are vital for global investments, wealth management, and corporate financing.
1.4. Qualifying Full Banks (QFBs)
- License overview: These banks enjoy the same operational flexibility as full banks but have more restrictions on the number of branches and ATMs they can operate. They are typically foreign banks that have been granted additional privileges in Singapore to compete with local banks.
- Best qualifying full banks: Standard Chartered, Maybank, and Citibank are some of the foreign banks that hold QFB licenses.
- Capabilities: QFBs can offer a full range of financial services but often partner with local ATM networks to provide better access to cash for customers. They are a hybrid between full and wholesale banks, capable of serving both corporate and retail markets to a certain extent.
1.5. Digital Banks
- License overview: MAS introduced a digital banking framework in 2020, allowing digital-only banks to operate without physical branches. These banks cater to tech-savvy individuals, and SMEs by offering services exclusively through digital platforms.
- Best digital banks: GXS Bank, ANEXT, and MariBank are among the new digital banks that focus on retail and SME banking in Singapore.
- Capabilities: Digital banks offer the convenience of 24/7 online banking with lower fees and minimum deposits, but they have fewer services compared to traditional full banks, such as wealth management or extensive investment products. Most digital banks only offer services to Singapore citizens with a SingPass account.
2. What are the best digital bank alternatives in Singapore for business accounts?
Singapore, Southeast Asia's fintech hub, hosts 40% of the region's financial technology firms, according to the SGX Market Updates, making it a thriving ecosystem for businesses seeking innovative digital-first banking solutions.
Finance companies operating in Singapore are regulated under the Finance Companies Act and must hold appropriate licenses such as the Major Payment Institution License (MPI), Standard Payment Institution License (SPI), or Money Changing License. These licenses are specific to their permitted banking activities, which include:
- Deposit-taking: Accepting deposits from individuals or businesses and transferring money
- Lending: Providing loans to individuals, SMEs, or corporations.
These digital bank alternatives make it easy for foreigners to open a bank account in multi-currency and deal with cross-border payment more easily without the hassle of money transfers from traditional banks.
Popular fintech business accounts in Singapore are:
Tailored for businesses with global ambitions, Airwallex offers:
- All-in-one business accounts to simplify global payments.
- Over 23 local currency accounts and interbank exchange rates.
- Payments to 150+ countries in 60+ currencies.
Previously TransferWise, Wise is known for:
- International transfers at low cost.
- Multi-currency wallets and ATM withdrawals.
- Accepting payments in 9 currencies and sending transfers to 80+ countries.
Ideal for freelancers and businesses, Payoneer offers:
Overseas payment acceptance and business expense handling.
Currency conversion and capital advances based on payment volume.
PingPong supports cross-border businesses with:
- Local bank accounts in key markets for seamless global payments.
- Multi-currency management and competitive exchange rates.
- Solutions for e-commerce payouts, supplier payments, and tax compliance.
3. What to consider when choosing the best bank for your personal or business needs?
When choosing the best bank for your personal or business needs, there are several additional features to consider beyond just interest rates or fees.
Here are our banking tips from the experts of Global Link Asia Consulting on key factors to guide your decision:
The rise of digital banking means that having an easy-to-use mobile app or online platform is essential.
You should consider banks that offer intuitive interfaces, seamless mobile banking, and tools for tracking spending, budgeting, or managing investments.
For those who prefer in-person banking, the size of a bank’s ATM and branch network can make a big difference. You should check if the bank offers fee-free ATM access both locally and internationally, or if there are partner networks you can use.
All Singapore banks offer exceptional customer support. However, for foreigners residing outside Singapore, the customer support may not be as good as that for Singapore residents.
Take into account if they offer 24/7 customer support via phone, chat, or in-person, and whether they provide specialized support for businesses, such as dedicated relationship managers for corporate accounts.
Hidden costsForeign Exchange (FX) Fees: If you handle international transactions, understanding FX fees is critical. Multi-currency accounts and international banks can help reduce conversion costs, but some banks charge significant premiums for foreign transfers or currency conversions.
Some accounts may seem appealing with low fees but come with additional costs for services like overdrafts, wire transfers, ATM withdrawals, or maintaining a minimum balance.
Look out for these hidden charges, especially if your personal or business account will require frequent transactions or international banking.
Our suggestion table above only list out the essentials, you should deep dive into the bank website to learn all those details.
Make sure the bank is part of a regulatory deposit insurance scheme, such as Singapore’s Deposit Insurance Scheme (SDIC), which insures up to SGD 100,000 per depositor.
This ensures your deposits are protected in case the bank fails. All listed Singapore does have this security feature
While most people look at the base interest rate, it’s also important to understand the conditions required to earn the maximum rate.
Some accounts only offer higher interest rates if you meet specific requirements like salary crediting, bill payments, or maintaining certain account balances.
In addition, some banks offer sign-up bonuses, cashback, or promotional interest rates for new customers or for opening a business account.
4. How can we help you open a bank account in Singapore with ease?
With more than 10 years of helping thousands of cases successfully, we specialize in helping individuals and businesses open a bank account in Singapore.
Our services are valuable for non-residents and businesses seeking offshore banking solutions, saving you time and minimizing administrative hurdles.
- Recommend the right bank and the right bank account for your need
- Support you in opening a reliable, trusted digital bank account or traditional bank account;
- Prepare necessary documents for account opening;
- Schedule an appointment with a Singapore bank representative;
- Monitor and assist in opening personal bank accounts (physical and digital) for clients in Singapore.
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you
- Register a company in Singapore;
- Open a corporate bank account in Singapore with a 99% success rate;
- Choose the right company types for tax optimization in Singapore;
- Apply for Singapore business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
5. FAQs about Singapore banks
The best bank in Singapore is DBS bank.
Formerly known as the Development Bank of Singapore, DBS has maintained its status as Singapore's premier bank, securing the title of Asia's safest bank for 15 consecutive years (from 2009 to 2023) as per Global Finance's ratings. With over 12 million customers, and more than 100 branches in Singapore, DBS offers a comprehensive suite of services for all, including small and medium enterprises (SMEs).
HSBC, Citibank, and Standard Chartered have the best interest rates. The account with the best interest rates are HSBC Everyday Global Account, Citi Wealth First Account, and Standard Chartered Bonus$aver Account
- Bank of China is best for a fixed deposit rate of 3 months: 3% for the minimum account of S$500.
- Maybank is best for a fixed deposit rate of 6 months: 3.25% for the minimum account of S$20,000.
- DBS is best for a fixed deposit rate of 12 months: 3.20% for the minimum account of S$1,000.
Many banks in Singapore require a minimum initial deposit that ranges from S$3,000 to open an SGD account or an equivalent of 1000 SGD in an other-currency account such as a USD, or Euro account depending on the type of account.
However, accounts from digital banks or digital payment institutions do not require this requirement.
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
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- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
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With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
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