In this article, we’re exploring the best private banks in Singapore. We’re going to share eight characteristics to look for when choosing between leading finance organizations and the best banks in Singapore, including the top private financial institutions that currently operate 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 private banks in Singapore.
Table of Contents
- What Are the Best Private Banks in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Best Private Banks in Singapore?
The best private banks in Singapore offer tailored banking solutions to their clients. These services typically include wealth management, estate planning, and investment advisory.
Singapore is the pinnacle of banking stability. Private banks here are highly reputable, financially stable, and well-capitalized. Private banks in Singapore also comply with strong banking regulations.
The majority of private financial institutions in Singapore, including the best corporate banks in Singapore, cater to high-net-worth individuals who are able to make sizeable deposits in the range of USD 1,000,000 and USD 5,000,000.
It’s important to note that not all private banks in Singapore are created equal. There are various factors you need to consider, as a non-resident, when choosing a bank to open an account with.
Listed below are eight characteristics of the best private financial institutions in Singapore. Understanding these eight characteristics helps you choose suitable financial institutions that not only accept your client profile, but that align with your banking needs.
Characteristics of the Best Private Banks in Singapore
- Well-managed, financially stable, & highly reputable
- Offers personalized financial solutions
- Offers the currency you need
- Has international investment products you are after
- Accepts your citizenship & residency
- Has exceptional customer service
- Supports transactions to & from desired countries
- Has strict privacy laws & regulations
What Are the Top Three Private Banks in Singapore?
The top three private financial institutions in Singapore are DBS Bank, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). These three Singapore banks are also in fact some of the best private financial institutions in the world.
Choosing the top financial institution and best offshore banks in Singapore as a foreign non-resident is a challenging process. It’s important to know which banks accept your client profile, have requirements you can meet, and offer the services you are after.
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 private banks in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Is the Best Bank for Private Banking?
The best bank for private banking in Singapore depends on the person applying. More specifically, their citizenship, residency, banking needs, and deposit level. This is because not all financial institutions in Singapore are suitable for every client type. It’s important to choose banks that match your banking needs and financial goals.
What Is the Minimum Balance for a Private Bank Account in Singapore?
The minimum balance for private banking in Singapore is between USD 1,000,000 and USD 5,000,000. The exact amount you are required to deposit depends on a variety of factors, including the bank you choose, the financial services you need, and your client profile. It’s important to confirm the deposit amount before starting the application process.
Is the Bank of Singapore a Good Private Bank?
Yes, the Bank of Singapore is a good private bank. Bank of Singapore is a highly reputable financial institution, offering sophisticated customer service, and exceptional private banking services.
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!
