In this article, we’re exploring the best banks in Singapore for foreigners. We’re going to share details on how to choose the right institution, the best bank in Singapore for your client profile, and the benefits of banking here as a foreigner. We’re also going to 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 foreigners.
Table of Contents
- What Are the Best Banks in Singapore for Foreigners?
- How to Choose the Best Bank in Singapore as a Foreigner?
- What Is the Benefit of Banking in Singapore as a Foreigner?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Best Banks in Singapore for Foreigners?
Determining the best banks in Singapore for foreigners depends on the person applying. Citizenship, residency, banking needs, and deposit level are all important factors that influence the banks that are best suited for their banking profile.
It’s important to consider other factors, including account types, accessible services, and account fees when choosing an account as a non-resident or the best banks in Singapore for expats.
We share how to choose the best banks in Singapore for foreigners in the following section.
How to Choose the Best Bank in Singapore as a Foreigner?
Choosing the best bank in Singapore as a foreigner requires careful consideration. This is because not all banks in Singapore accept foreign applicants.
Knowing which banks accept your client profile and offer the services you are after requires some preparation.
Here are six important questions foreigners need to consider before applying to open a bank account in Singapore.
Questions to Consider Before Applying
- Does the bank accept similar client types?
- Are you able to meet the bank’s account opening requirements?
- What is the initial deposit requirement?
- What fees are associated with opening and maintaining the account?
- Does the bank offer the financial services you are after?
- Does the bank offer the currency you need?
These questions are important to ask because they provide clarity on whether the bank accepts your client profile, has requirements you can meet, and offers the services you are after.
Choosing the best bank in Singapore as a non-resident leads to unlocking numerous benefits, which we share below.
What Is the Benefit of Banking in Singapore as a Foreigner?
Banking in Singapore as a foreigner has its benefits, including country stability, strong banking correspondents, and accessible financial services.
Here is a list of five other benefits foreigners unlock when opening accounts in Singapore.
Benefits of Banking in Singapore as a Foreigner
- Remote account opening
- Secure deposits with safe and stable banks
- Multi-currency accounts
- Accepting individuals from most nationalities and residencies
- English-speaking support
The benefits available to you, as a foreigner, depend on the bank you choose to open an account with.
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.
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Frequently Asked Singapore Banking Questions
Below are three of the most common questions we receive from people exploring the best banks in Singapore for foreigners. 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, Overseas 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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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!
