In this article, we’re exploring banking in Singapore for foreigners. We’ll share details on how to choose the right bank for individual account holdings and personal bank accounts in Singapore as a foreigner, the benefits of banking in Singapore as a foreigner, and we’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on personal bank accounts in Singapore. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Singapore banking also discusses the largest banks in Singapore, Singapore’s opening requirements, the costs of banking in Singapore, and much more. Use the link above to start exploring all of your free Singapore banking content right now.
Alternatively, use the table of contents to continue exploring more information on banking in Singapore for foreigners.
Table of Contents
- Banking in Singapore for Foreigners: How to Choose the Right Bank?
- What Are the Benefits of Banking in Singapore as a Foreigner?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Banking in Singapore for Foreigners: How to Choose the Right Bank?
Banking in Singapore for foreigners is 100% possible if you know which banks, branches, and bankers to approach. Choosing the right bank involves careful consideration and preparation.
Knowing how to choose the right bank is an important step to successfully opening a bank account in Singapore. This is because not every bank is suitable for every banking client type, especially if you are a US citizen looking to open a bank account in Singapore.
Here is a list of six key questions you need to ask yourself before choosing a bank.
How to Choose the Right Bank in Singapore as a Foreigner
- Does the bank accept your client profile?
- Will the bank allow you to open an account remotely?
- Does the bank offer the financial services you require?
- Can you provide the required proof of documentation?
- Can you meet the bank’s deposit requirement?
- What bank fees are applied to your account activities?
Choosing the right bank as a foreigner can unlock several benefits, which we will share in the following section below.
What Are the Benefits of Banking in Singapore as a Foreigner?
There are numerous benefits of banking in Singapore as a foreigner, including access to well-capitalized and financially sound banks that offer world-class service.
Foreigners looking to bank in Singapore are typically seeking sophisticated premier and private banking services, however, there are other benefits to banking in Singapore.
Here is a list of six benefits most foreigners unlock when opening bank accounts in Singapore.
Benefits of Banking in Singapore as a Foreigner
- Access to a highly reputable banking jurisdiction
- Access to some of the safest banks in the world
- Ability to open bank accounts 100% remotely
- Access to deposit insurance up to S$75,000
- Ability to open multi-currency accounts
- Ability to bank in a stable political environment
The actual benefits foreign non-residents have access to depend on their unique client profile, the type of account they want to open, and the bank they choose to open an account with.
If you are interested in learning more about banking in Singapore, don’t forget to visit our comprehensive guide on banking in Singapore, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Singapore to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring banking in Singapore for foreigners. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Bank Is Best in Singapore for Foreigners?
The bank that is best in Singapore for foreigners depends on the person applying for the account. Generally, foreigners looking to open a bank account in Singapore need to choose banks that specifically cater to non-residents. The best bank for you as a foreigner depends on your citizenship, residency, banking needs, and deposit level.
How Much Do I Need to Open a Bank Account in Singapore?
How much you need to open a bank account in Singapore ultimately depends on the bank you choose, the type of account you want to open, and your specific banking profile. Generally speaking, deposit amounts range anywhere from USD 30,000 up to USD 3,000,000.
Can I Open a Bank Account Online Without Going to the Bank in Singapore?
Yes, you can open a bank account online without going to the bank in Singapore. Opening a bank account online in Singapore requires preparation and careful consideration since not all banks offer online account opening. It’s important to know which banks accept similar client profiles, have requirements you can meet, and don’t require an in person visit.
Do You Want to Open a Singapore Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Singapore in a few clicks.
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+ Expert insights on which banks to choose & why
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+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
