In this article, we’re exploring whether a non-resident can open a bank account in Singapore. We’ll share details on why Singapore is a popular non-resident banking jurisdiction and the benefits of opening Singapore personal bank accounts. 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 whether a non-resident can open a bank account in Singapore.
Table of Contents
- Can a Non-Resident Open a Bank Account in Singapore?
- Why Do Non-Residents Open Bank Accounts in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Can a Non-Resident Open a Bank Account in Singapore?
Yes, a non-resident can open a bank account in Singapore with a financial institution that caters specifically to non-resident applicants. Bank selection involves careful consideration since banks in Singapore can afford to pick and choose who they open accounts for.
Banking in Singapore is not a suitable option for every client type. Non-residents who are low on cash and unprofitable for the bank are likely to be rejected. It’s important to understand the bank’s account opening requirements and whether or not you are able to meet the requirements before applying to open a bank account online in Singapore.
Here is a look at the six common requirements you need to meet when banking in Singapore as a foreigner.
Account Opening Requirements
- Government-issued identification
- Tax ID (from country of residence)
- Proof of residency (if applicable)
- Proof of income or source of wealth
- Bank statement (from currency bank account)
- Qualifying deposit
Depending on the bank you choose, if you want to apply in person, or if you want to apply to open a bank account online in Singapore, additional documents may be required, including a bank reference letter, a professional reference letter, and a valid reason for wanting to open an account in Singapore.
It’s important to note that the specific requirements you are required to meet vary depending on your client profile, the type of account you are applying for, and the bank you choose.
Why Do Non-Residents Open Bank Accounts in Singapore?
Non-residents open bank accounts in Singapore for various reasons. One main reason is, that Singapore is the pinnacle of banking stability. Non-residents choose Singapore because financial institutions here are financially sound, well-capitalized, and offer world-class service.
How Much Do I Need to Open a Bank Account in Singapore?
Great quality service, experienced bankers, and sophisticated banking services come with a price. Generally speaking, non-residents are required to make a qualifying deposit in the range of USD 30,000 to USD 3,000,000.
The exact amount you are required to deposit depends on the bank you choose, the type of account you want to open, and your specific banking profile.
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 whether a non-resident can open a bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Open a Bank Account in Singapore?
Yes, a foreigner can open a bank account in Singapore. Bank selection is an important factor to consider since not all banks in Singapore accept foreigners, and of the ones that do, not all offer remote account opening.
Can I Open a Bank Account as a Non-Resident?
Yes, you can open a bank account as a non-resident in Singapore as long as you choose the right bank, meet the bank’s opening requirements, and make a qualifying deposit. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
Can I Open an Online Bank Account in Singapore?
Yes, you can open an online bank account in Singapore. It’s important to choose financial institutions that accept non-residents remotely. The online account opening process typically involves filling out an online application, submitting the necessary documents electronically, and undergoing an identity verification process.
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!
