Opening a Bank Account in Singapore - Complete Guide
Everything you need to know about banking in Singapore. Compare local and international banks, understand account types, digital banking options, and learn the step-by-step process for account opening.
Overview
Singapore's banking system is highly developed, secure, and expat-friendly, consistently ranking among the world's safest. With numerous local and international banks, sophisticated digital services, and English as the primary business language, opening and managing a bank account is straightforward for foreigners.
Most banks offer accounts specifically designed for expatriates, with features like multi-currency options, international transfers, and competitive foreign exchange rates. The Monetary Authority of Singapore (MAS) ensures strict regulatory standards, providing account holders with deposit insurance up to S$75,000.
Types of Bank Accounts
Singapore banks offer various account types to suit different needs and customer profiles.
Savings Accounts
Current/Checking Accounts
Multi-Currency Accounts
Fixed Deposit Accounts
| Feature | Savings | Current | Multi-Currency |
|---|---|---|---|
| Min. Balance | S$500-3,000 | S$3,000-10,000 | S$3,000-5,000 |
| Interest Rate | 0.05-3.5% | 0-0.05% | Varies by currency |
| Best For | Salary, savings | Business, checks | Travel, forex |
| Monthly Fee | S$2-5 if below min | S$10-15 if below min | S$5-10 if below min |
| Card Type | Debit | Debit + Checks | Multi-currency debit |
Major Banks in Singapore
Choose between local banks with extensive networks or international banks with global services.
Local Banks Singapore's three local banks dominate the market with comprehensive services.
International Banks Global banks offering specialized services for expatriates.
Requirements for Account Opening
Documentation and eligibility criteria for opening a bank account as a foreigner.
For Employment Pass Holders
For Dependant's Pass Holders
For Students
Account Opening Process
Step-by-step guide to opening your bank account in Singapore.
Application Steps
Digital Account Opening
Digital Banking Services
Singapore's advanced digital banking ecosystem offers comprehensive online and mobile services.
International Transfers
Options for sending money overseas from Singapore.
Bank Wire Transfers
Alternative Transfer Services
Banking Fees and Charges
Understanding common fees to manage banking costs effectively.
| Service | Local Banks | International Banks |
|---|---|---|
| Fall Below Fee | S$2-5/month | S$5-10/month |
| ATM Withdrawal (Other Bank) | S$0.30-1 | S$2-5 |
| Overseas ATM | S$5 + 3% | S$5-10 + 2-3% |
| Wire Transfer (Local) | S$0-10 | S$5-20 |
| Wire Transfer (Intl) | S$20-30 | S$25-35 |
| Checkbook | S$10-15 | S$15-20 |
| Statement Request | S$5-10 | S$10-20 |
Tips for Expat Banking
Practical advice for managing your finances effectively in Singapore.
Credit Building
Frequently Asked Questions
Yes, some banks like DBS, OCBC, and Standard Chartered offer overseas account opening for EP holders with In-Principle Approval (IPA). You'll need to complete the process and collect your debit card after arrival.
DBS and OCBC are popular for their extensive ATM networks and digital services. Standard Chartered and HSBC offer good international connectivity. Choose based on your needs: local convenience vs global services.
With complete documents, accounts are usually activated immediately or within 1-2 business days. Debit cards arrive in 5-7 working days. Digital account opening with SingPass can be instant.
Yes, most banks allow you to maintain accounts as non-residents, though terms may change. Some require minimum S$20,000 balance. Inform your bank about your departure to avoid account closure.
Very safe. Singapore banks are well-regulated by MAS, and deposits are insured up to S$75,000 per depositor per bank by SDIC. The banking system consistently ranks among the world's safest.
For large amounts, bank wires are secure but expensive. For regular transfers, services like Wise or Revolut offer better exchange rates and lower fees. Compare total costs including fees and exchange rates.
Overview
Singapore's banking system is highly developed, secure, and expat-friendly, consistently ranking among the world's safest. With numerous local and international banks, sophisticated digital services, and English as the primary business language, opening and managing a bank account is straightforward for foreigners.
Most banks offer accounts specifically designed for expatriates, with features like multi-currency options, international transfers, and competitive foreign exchange rates. The Monetary Authority of Singapore (MAS) ensures strict regulatory standards, providing account holders with deposit insurance up to S$75,000.
Types of Bank Accounts
Singapore banks offer various account types to suit different needs and customer profiles.
Savings Accounts
Current/Checking Accounts
Multi-Currency Accounts
Fixed Deposit Accounts
| Feature | Savings | Current | Multi-Currency |
|---|---|---|---|
| Min. Balance | S$500-3,000 | S$3,000-10,000 | S$3,000-5,000 |
| Interest Rate | 0.05-3.5% | 0-0.05% | Varies by currency |
| Best For | Salary, savings | Business, checks | Travel, forex |
| Monthly Fee | S$2-5 if below min | S$10-15 if below min | S$5-10 if below min |
| Card Type | Debit | Debit + Checks | Multi-currency debit |
Major Banks in Singapore
Choose between local banks with extensive networks or international banks with global services.
Local Banks Singapore's three local banks dominate the market with comprehensive services.
International Banks Global banks offering specialized services for expatriates.
Requirements for Account Opening
Documentation and eligibility criteria for opening a bank account as a foreigner.
For Employment Pass Holders
For Dependant's Pass Holders
For Students
Account Opening Process
Step-by-step guide to opening your bank account in Singapore.
Application Steps
Digital Account Opening
Digital Banking Services
Singapore's advanced digital banking ecosystem offers comprehensive online and mobile services.
International Transfers
Options for sending money overseas from Singapore.
Bank Wire Transfers
Alternative Transfer Services
Banking Fees and Charges
Understanding common fees to manage banking costs effectively.
| Service | Local Banks | International Banks |
|---|---|---|
| Fall Below Fee | S$2-5/month | S$5-10/month |
| ATM Withdrawal (Other Bank) | S$0.30-1 | S$2-5 |
| Overseas ATM | S$5 + 3% | S$5-10 + 2-3% |
| Wire Transfer (Local) | S$0-10 | S$5-20 |
| Wire Transfer (Intl) | S$20-30 | S$25-35 |
| Checkbook | S$10-15 | S$15-20 |
| Statement Request | S$5-10 | S$10-20 |
Tips for Expat Banking
Practical advice for managing your finances effectively in Singapore.
Credit Building
FAQs
Yes, some banks like DBS, OCBC, and Standard Chartered offer overseas account opening for EP holders with In-Principle Approval (IPA). You'll need to complete the process and collect your debit card after arrival.
DBS and OCBC are popular for their extensive ATM networks and digital services. Standard Chartered and HSBC offer good international connectivity. Choose based on your needs: local convenience vs global services.
With complete documents, accounts are usually activated immediately or within 1-2 business days. Debit cards arrive in 5-7 working days. Digital account opening with SingPass can be instant.
Yes, most banks allow you to maintain accounts as non-residents, though terms may change. Some require minimum S$20,000 balance. Inform your bank about your departure to avoid account closure.
Very safe. Singapore banks are well-regulated by MAS, and deposits are insured up to S$75,000 per depositor per bank by SDIC. The banking system consistently ranks among the world's safest.
For large amounts, bank wires are secure but expensive. For regular transfers, services like Wise or Revolut offer better exchange rates and lower fees. Compare total costs including fees and exchange rates.