In this article, we’re exploring the best banks in Singapore for expats. We’re going to share details on the key factors expats need to consider when choosing between elite banking firms and the best banks in Singapore. We’ll also answer three common questions we’ve received from people exploring this specific topic.
This article is part of our free series on the best banks 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 the best banks in Singapore for expats.
Table of Contents
- What Are the Best Banks in Singapore for Expats?
- How to Choose the Best Banks in Singapore as an Expat?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Best Banks in Singapore for Expats?
The best banks in Singapore for expats depend on the banking needs of the applicant. More specifically, the type of account they want to open, the services they are after, and how much money they are able to deposit.
An expat is an individual who resides outside of their country of origin for usually an extended period of time. Opening an account in Singapore provides accessibility and convenience to the needs of an expat during their time abroad.
However, choosing between a respected international institution or the best offshore bank account in Singapore for US citizens or non-residents of Singapore requires careful consideration and preparation.
It’s important to note that not all banks in Singapore are expat-friendly. Knowing how to choose the right bank is an important step when applying for a Singaporean bank account as an expat. We share exactly how to do this in the section below.
How to Choose the Best Banks in Singapore as an Expat?
Choosing the best bank in Singapore as an expat requires careful consideration and some preparation. There are, in fact, several factors expats need to consider before selecting a bank to open an account with.
We share six of these factors below.
Factors to Look For When Choosing a Bank in Singapore
- Offers the currency you need
- Has an accessible online banking platform
- Has no hidden account fees
- Accounts can be opened remotely
- Has a straightforward account opening process
- Has low international transfer fees
It’s important to compare these factors among the prime financial firms and the best banks in Singapore for foreigners available to you. This helps you choose the best bank that aligns with your expat banking needs, offers the services you need, and supports your international lifestyle.
Want to learn more about banking in Singapore? Visit our comprehensive guide on banking in Singapore, available in the link above.
Alternatively, if you want 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 three of the most common questions we receive from people exploring the best banks in Singapore for expats. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Is the Best Bank in Singapore for Foreigners?
The best bank in Singapore for foreigners is often the financial institution that caters specifically to international banking clients. The best bank, however, differs between each client type. It’s important to understand your banking needs and choose banks that match your financial goals.
Can Foreigners Have a Singapore Bank Account?
Yes, foreigners can have a Singapore bank account. Bank selection is an important factor to consider as not all banks in Singapore accept foreigners. Knowing which bank accepts your client profile, offers the services you need, and has requirements you can meet before applying is a critical step in successfully opening a bank account in Singapore as a foreigner.
What Are the Top 3 Banks in Singapore?
The top 3 banks in Singapore are DBS, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). According to the Central Bank of Singapore, the Monetary Authority of Singapore (MAS), the total assets of Singapore’s banking sector are approximately $2 trillion.
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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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
