In this article, we’re exploring whether Australians can open a bank account in Singapore. We’ll share details on how to unlock individual banking services with a Singapore personal bank account as an Australian, how to properly choose the right bank, and what to expect during the account opening process. 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 Australians can open a bank account in Singapore.
Table of Contents
- Can Australians Open a Bank Account in Singapore?
- How Do I Choose the Right Bank in Singapore as an Australian?
- What Do I Need to Open a Bank Account in Singapore as an Australian?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Can Australians Open a Bank Account in Singapore?
Yes, Australians can open a bank account in Singapore as long as they choose the right bank, submit the proper documents, and meet the necessary criteria. The banks available to you depend on your client profile, banking needs, and deposit level.
If you’re wondering whether or not other non-resident clients like US Citizens can open bank accounts in Singapore, the answer is yes, as long as they overcome the onboarding process. Opening bank accounts in Singapore is challenging due to strict KYC and AML regulations, intense account opening requirements, and the fact that banks here can pick and choose who they want to open accounts for.
Knowing which banks to approach and what requirements to meet are two crucial steps to successfully opening bank accounts in Singapore as an Australian. We share details on both of these steps below.
How Do I Choose the Right Bank in Singapore as an Australian?
Bank selection in Singapore is an important factor to consider before applying for an account. This is because not all banks in Singapore accept Australians, and of the ones that do, not all of them offer remote account opening.
Here are six questions you need to ask yourself when deciding whether the bank you chose is a good fit or not.
How to Choose the Right Bank in Singapore
- 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?
The next step in successfully opening a bank account in Singapore as an Australian is knowing which requirements your specific client profile is required to meet.
What Do I Need to Open a Bank Account in Singapore as an Australian?
Opening a bank account in Singapore as an Australian, like any other foreign non-resident, requires careful consideration and preparation. Banks in Singapore are known for strict account opening requirements, strong KYC and AML protocols, and challenging onboarding procedures.
Here is a look at five common requirements Australians can expect when applying to open a bank account in Singapore.
Singapore Account Opening Requirements
- Government-issued identification
- Proof of income & source of wealth
- Proof of address
- Reason for wanting to open an account in Singapore
- Qualifying deposit
Depending on the bank you choose, additional requirements may be required, including a bank reference letter, a professional reference letter, your tax ID, and more. It’s important to confirm the requirements your specific client profile needs to meet before starting the application process.
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 Australians 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 Foreigners Open Bank Accounts in Singapore DBS?
Yes, foreigners can open bank accounts in Singapore with DBS. Some foreigners can even open bank accounts with DBS 100% remotely. DBS may be a suitable banking option for individuals looking for private banking solutions. That said, DBS also offers non-resident bank accounts and corporate bank accounts.
Can I Open a Singapore Bank Account Online?
Yes, you can open a bank account in Singapore online. It’s important to note that not all banks in Singapore offer remote account opening, and of the banks that do, not all are suitable for every client type. Knowing which banks have requirements you can meet and align with your banking needs are two critical factors that need to be considered when choosing where to open a bank account in Singapore online.
Can I Open a Bank Account in Singapore as a Non-Resident?
Yes, you can open a bank account in Singapore as a non-resident as long as you choose a suitable bank, meet the bank’s account opening requirements, and make a qualifying deposit. The requirements you are required to meet as a non-resident, including the deposit amount, vary depending on the bank you choose to open an account with.
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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+ 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!
