As a foreigner living in Singapore, one of the things I prioritized when I got here was my bank account. Having a bank account in my country of residence made it easier for me to withdraw, deposit, and transfer money on a daily basis. 

If you are a foreigner living in Singapore just like me, this blog is for you. Discover how to open your bank account in Garden City and find out about the necessary documents, fees, and the best banks to open your account. 

Can a foreigner open a bank account in Singapore?

As a foreigner, you are welcome to open a bank account in Singapore as long as you are physically present in the country and have all the necessary documents required by the bank.  

Keep in mind that banks in Singapore might have different rules of eligibility, so you need to invest some time in researching the necessary requirements to create your account. 

Banks like the United Overseas Bank (UOB) state on its website that it will consider bank applications from foreigners regardless if they are not working or studying in Singapore, as long as they can provide their documents in person. 

What types of bank accounts are available in Singapore? 

The types of bank accounts available in Singapore are savings accounts, chequing accounts, and foreign currency accounts. 

These are available in every bank across the country. It is even possible to open multiple accounts depending on what you need. 

Here are the differences between the three most common bank account types in Singapore: 

• Savings account – This type of bank account can accrue interest while also giving you a limit to your withdrawal. Through this, you can start saving more money while keeping your cash in the bank. 

Savings accounts are preferable if you want to have a safe place to store your money and grow your finances. 

• Chequing account – This type of bank account is also known as a current or checking account and is designed for everyday use. It often comes with a book for written cheques. 

The amount you write on your cheque will be drawn to whatever amount is available in your account. This is preferred by people who often make payments since it is cheaper than buying a money order. 

• Foreign currency accounts – This type of bank account is usually denominated in different currencies other than the Singaporean dollar. Foreign currency accounts can be maintained by both onshore and offshore banks. 

How to Open a Bank Account in Singapore as a Foreigner

To open your bank account in Singapore as a foreigner, follow the steps below: 

Step 1: Bring your documents to the bank.

Step 2: Choose the bank account type.

Step 3: Review bank account specifications.

Step 4: Fill up your form and open your account.

Step 5: Make an initial deposit.

Remember that all banks have different qualifications, so be sure to visit the website of your preferred treasury first and find out what are its requirements for opening an account. 

Requirements to Open a Bank Account in Singapore as a Foreigner

The basic requirements for foreigners to open a bank account in Singapore are a passport, proof of residence status, and proof of residential address. 

There might be some additional requirements depending on the bank you select. 

For proof of residence status, you can provide your Employment Pass, S Pass, Dependant Pass, or NRIC. As for proof of residential address, you can provide your credit card bill, copy of bank statement, or utility bill issued within the last 3 months.  

The table below will show you the requirements of the top Singaporean banks for foreigners: 

Process to Open a Bank Account in Singapore for Foreigners

The process to open a bank account in Singapore involves the 5 simple steps below: 

1. Bring your requirements to the bank in person. 
2. Select the account you want to open.
3. Check the specifications of the account. 
4. Fill up documents to open an account. 
5. Make an initial deposit. 

1. Bring your documents. 

Once you selected your bank, check the requirements necessary to open an account. You can find this information on the bank’s website. 

When submitting your requirements, you need to personally go into the bank to present your documents. Be sure to have the following list of papers and identifications with you when you visit: 

• Proof of identity: This could be your passport or national ID card. 
• Proof of residence: This could be your payslip, copy of bank statement, credit card bill, company letter, utility bill issued within the last 3 months, or phone bill. 
• Pass: This could be your employment pass, S Pass, student pass, or dependent pass. 
• Reference letter from your previous bank or trusted bank customer. 

2. Select the account you want to open. 

You can choose between savings, chequing, or foreign currency accounts. Since these accounts have their own set of perks, pick one that would work best with your funds and financial plans. 

Which bank should I choose in Singapore?

The best banks to consider for opening your account in Singapore are the following: 

1. OCBC 
2. Standard Chartered 
3. Citibank 
4. HSBC 
5. UOB 
6. DBD Bank 
7. ANZ Bank 

1. Overseas Chinese Banking Corporation (OCBC)

OCBC is considered one of the best banks for foreigners in Singapore since it has multiple branches outside of the country. The international status of this bank means that you can manage your financial activity wherever you are in the world. 

Its reliable service and multiple offers and promotions for foreigners make it the top choice for expats in Singapore. 

2. Standard Chartered 

Standard Chartered is an American Bank that has been operating in Singapore for decades. This bank is an excellent option since it provides an incredible range of services and deals for foreigners and locals. 

3. Citbank 

Citibank is another international bank that is considered one of the most reliable in Singapore. Among those we listed, this is the only bank that doesn’t require you to personally drop by the bank when submitting your requirements. 

Opening your account can be fully processed online. Plenty of foreigners choose this bank because of the low service price and attractive rates. 

4. Hong Kong and Shanghai Banking Corporation (HSBC)

HSBC is an excellent choice for a bank in Singapore since it has plenty of branches and ATMs scattered around the country. That said, managing your finances would be an easy task. 

This bank is backed with an excellent array of products and offers, especially for expats. HSBC’s multi-currency savings account is geared towards giving foreigners the option to access 11 different currencies and automatically transfer funds between countries. 

5. United Overseas Bank (UOB) 

UOB is one of the largest banks in Singapore. It offers a wide range of products including credit cards, bank accounts, savings accounts, and business loans. 

This bank is popular among locals and foreigners, which means that it has plenty of branches and ATMs available for you to access. UOB is considered one of the most convenient banks to partner with. 

6. DBS Bank 

DBS Bank has a superior digital offering, which makes it an excellent choice for foreigners looking to open a bank account in Singapore. 

Its ATMs and branches are spread out across the country for easier financial management. 

7. ANZ Bank 

ANZ might not be as spread out as the other banks on the list, but that doesn’t mean that it lacks quality in its services. It is an amazing bank with products that could support you in your financial growth. 

It offers bank accounts, credit cards, and loans. IT also frequently introduces new and exciting deals for first-time account owners. 

What fees are charged when you open a bank account in Singapore? 

The fees charged when opening a bank account in Singapore are the service charge, fall below fee, lost passbook, and minimum average daily balance (MADB). 

The table below will show you the fees for Singapore’s top banks: 

Frequently Asked Questions

Singapore is one of the biggest financial centers in Asia, so you won’t find a shortage of banks to consider when creating your account. 

What makes it even better is that opening an account in Singapore is fairly easy. 

Most of the time, you can process it within the day and the bank will send you a message once your account is available for use.