Can a foreigner open a bank account in Singapore? (Must read)

Foreigners can open a bank account in Singapore—and the best part is that you can use this account no matter where you are, whether you’re living in Singapore or managing your finances from abroad.

However, there are a lot more to consider, such as the eligibility criteria, the required documents, the opening process, the types of accounts available, and the fees associated with maintaining them

This guide provides everything you need to know about opening a bank account in Singapore as a foreigner, so you can make an informed decision and avoid surprises.

1. Why foreigners should open a bank account in Singapore?

As one of the most advanced financial centers in the world, Singapore’s banking system offers cutting-edge financial services, robust security, and various account types catering to international clients. 

2. Eligibility criteria for foreigners

Most banks have streamlined processes for expatriates, students, and other foreign nationals provided they meet the minimum requirements.

The general eligibility requirements are:

1. Passport (Original and photocopy)
2. Proof of residential address (In Singapore or overseas)
3. Proof of employment or student status (Work permit, Student ID, or IPA letter)
4. Tax residency declaration if applicable

Tip: Each bank has its specific documentation requirements. It’s best to check directly with the bank before applying.

2.1. Visa and residency status

Foreigners must hold a valid pass, such as an Employment Pass (EP), S Pass, Student Pass, Dependent Pass, or a Long-Term Visit Pass (LTVP). 

In some cases, banks also accept the In-Principle Approval (IPA) letter issued by the Ministry of Manpower (MOM) before your visa is formally approved.

Foreigners only need to prepare company documents for verification in some banks if they have a company in Singapore and need to open a corporate bank account. They do not need to have a valid pass as listed above.

2.2. Proof of identity and address

Foreigners are typically required to provide both proof of identity and proof of address, regardless of whether they are applying for an account in person or online.

Proof of Identity:

• Valid Passport: The passport should be current and not expired.
• Work Permit/Student ID: Depending on your status, a relevant visa or ID (such as a student pass or work permit) is required.

Proof of Address:

• Local Address: You’ll need to provide proof of residence in Singapore, such as a utility bill, tenancy agreement, or letter of residence from your employer.
• Overseas Address: If you are opening the account remotely or have not yet moved to Singapore, some banks may accept your overseas address.

2.3. Minimum age of 18 

Singaporean banks require account holders to be at least 18 years old to open a bank account independently. In cases of minors aged 15 to 17, they need to open joint accounts with parental or guardian consent.

2.4. Eligible nationals

One crucial consideration  is the country of origin of the foreigners.

The Monetary Authority of Singapore (MAS), along with international sanctions frameworks, restricts banking services for nationals of countries under international sanctions.

Countries commonly subject to international financial sanctions by MAS include:

1. North Korea
2. Iran
3. Syria
4. Cuba
5. Sudan
6. Crimea Region

The specific list of sanctioned countries may change over time, and each bank will have its compliance guidelines that go beyond MAS’s official list.

2.5. Proof of tax residency

Foreigners are required to declare their tax residency (If applicable).

This is part of Singapore’s compliance with the Common Reporting Standard (CRS), an international framework for the automatic exchange of tax information.

• Tax Identification Number (TIN): Some banks may ask for your TIN, particularly if you are from a country with a double-taxation agreement (DTA) with Singapore.
• FATCA Declaration: If you are a U.S. citizen or U.S. resident for tax purposes, you will also need to complete a Foreign Account Tax Compliance Act (FATCA) declaration.

3. Types of bank accounts available for foreigners

Singaporean banks offer various types of accounts depending on your needs. The 6 banks account foreigners can open are:

4. Popular banks for foreigners to open a bank account

With a renowned reputation and presence all over the world,  some local and international banks are capable of providing account options tailored for foreigners. The top popular Singapore foreigners can choose from are:

1. The top renowned Singapore local banks are DBS Bank, UOB Bank, and OCBC BANK.
2. The top popular international banks are HSBC Bank, Citi Bank, Bank of America, Bank of China, and Standard Chartered.
3. The top digital banks are GXS Bank, ANNEXT Bank, and Mari Bank.
4. The top digital (Interned-only) payment service providers are Wise, Airwallex, and Aspire.

5. How can a foreigner open a bank account in Singapore?

Foreigners have 2 options to open a bank account: in-person account meeting and online account meeting

5.1. In-person account meeting

• Step 1: Visit the bank branch  

You have to travel to Singapore and visit the nearest branch of your chosen bank. You must bring the required documents such as a passport, proof of address, and employment or student pass.

• Step 2: Complete the application

For traditional banks, it is required to have a meeting with a banker to discuss your account options and provide assistance with the application process. 

This is also a mandatory KYC process to gather customer information: The Banker will ask questions regarding your company, your business models, and your personal information, and double-check after the interview.

During the interview, you need to fill out the necessary application forms and provide verification documents.

• Step 3: Receive your account and card

If the bank deems your application eligible, you will receive an email for account approval and will receive your card within 3-5 days.

5.2. Remote account opening

Banks in Singapore like OCBC, and DBS allow for remote account opening via digital meetings with bankers if foreigners hold a valid visa.
Some banks also allow remote account opening for foreign business owners incorporating a company in Singapore.

• Step 1: Download the app:

You must use apps such as OCBC Digital or DBS Digibank to initiate the account opening process and provide your passport and other necessary documents (e.g., employment pass, student pass).

• Step 2: Identity verification

In the process of opening, you will need to complete verification through biometric or video methods. (An online meeting with a banker for the KYC process)

• Step 3: Activate the account

Once approved, you can start using your account immediately for online transactions

Regardless of the method you choose, you can consider seeking advice from the banking experts of Global Link Asia Consulting.

Our insight and long-valued relationships with major banks in Singapore will guide you through the complexities of banking regulations and help you select the most suitable account for your needs, ensuring a successful banking experience in Singapore.

6. How to manage your bank account as a foreigner?

To maximize your account use, and avoid account freezing and costly maintenance fees, foreigners must take into consideration these factors

• Most banks require a minimum balance to avoid fall-below fees. This ranges from S$1,000 to S$3,000 depending on the account type.
•  If your balance drops below the minimum threshold, you may be charged a monthly fee of S$2 to S$10.
• Using your Singapore card abroad may incur foreign exchange conversion fees ranging from 1.5% to 3%.
• While ATM withdrawals are usually free within Singapore, international withdrawals may incur charges of S$5 to S$15 per transaction.
• Banks will freeze accounts if they detect unusual or high-risk activities, such as large, unexpected deposits, or international transfers from unfamiliar sources. Be sure to provide all necessary documentation if you're receiving large sums or conducting frequent transactions with foreign entities.
• Your account’s transaction limits are aligned with your financial needs. If you anticipate higher activity, talk to your bank to adjust these limits and avoid unnecessary flags.

7. How can we help you open a bank account in Singapore with ease?

As a recognized partner of Singaporean banks, our expertise lies in simplifying the process of opening Singapore bank accounts. We ensure a smooth, prompt, and thorough experience for our clients, prioritizing professionalism throughout the entire procedure.

• 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.

8. FAQs about Singapore bank accounts

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Yes, OCBC and DBS allow foreigners to open accounts remotely before arriving in Singapore. You can opt for a digital bank account as they do not require an in-person visit.

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

Our areas of expertise include:

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