In this article, we’re exploring whether you can open a bank account online in Singapore. We’ll share details on personal banking services offered in Singapore and how to successfully open bank accounts in Singapore 100% remotely, including the requirements you need to prepare for when applying for an account remotely, and 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 you can open a bank account online in Singapore.
Table of Contents
- Can I Open a Bank Account Online in Singapore?
- What Do I Need to Open a Bank Account Online in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Can I Open a Bank Account Online in Singapore?
Yes, you can open a bank account online in Singapore by submitting an online application, sending supporting documents, making a qualifying deposit, and conducting a video call.
The most important step to successfully opening an account online, specifically a non-resident bank account in Singapore is bank selection. Choosing a bank that accepts your client profile, aligns with your banking needs, and opens accounts without an in-person visit requires careful consideration.
Do All Banks in Singapore Offer Remote Account Opening?
No, not all banks in Singapore offer remote account opening or the option to open a bank account in Singapore without living there. The ability to open bank accounts online varies by bank and client profile. The vast majority of banks in Singapore do not offer remote account opening, however, specific banks and branches do.
Most applicants get rejected because they are contacting the wrong banks, or speaking with Singapore bankers who are not familiar with onboarding foreign clients remotely.
Fortunately, all of these problems can be overcome if you know which financial institutions to contact and you are able to meet the specific requirements for opening accounts in Singapore online.
What Do I Need to Open a Bank Account Online in Singapore?
The requirements for opening accounts online in Singapore vary between financial institutions, account types, and client profiles. It’s important to confirm the requirements your specific client profile needs to meet with your chosen bank before applying.
Here’s a look at the eight common requirements for opening an account online in Singapore.
Requirements for Opening Accounts in Singapore 100% Remotely
- Government identification
- Proof of address
- Tax ID (from country of residence)
- Proof of residency (if applicable)
- Bank statement (from current bank account)
- Bank reference letter
- Professional reference letter
- Qualifying deposit
Banks in Singapore adhere to strict Know Your Customer (KYC) regulations, which makes re-applying at other Singporean banks almost impossible if you are rejected elsewhere in Singapore.
It’s important to know which banks to approach, understand the opening requirements, and ensure you are choosing the right bank 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 you can open a bank account online in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Open a Bank Account Online Without Going to the Bank in Singapore?
Yes, you can open a bank account online without going to the bank in Singapore. Opening an account online in Singapore requires preparation and careful consideration since not all financial institutions offer remote opening. It’s important to know which banks accept similar client profiles, have requirements you can meet, and don’t require an in-person visit.
Can an American Open a Bank Account in Singapore?
Yes, an American can open a bank account in Singapore as long as they choose the right bank and have a suitable client profile. Bank selection is an important factor to consider since not all banks in Singapore accept Americans. Americans, just like other non-residents of Singapore, must meet account opening requirements and provide the proper supporting documents.
Can I Open a Singapore Bank Account Overseas Online?
Yes, you can open a Singapore bank account overseas online as long as you choose a financial institution that accepts your client profile and offers remote opening. The banks in Singapore that offer remote account opening require applicants to submit the necessary documents electronically, undergo identity verification, and adhere to onboarding protocols.
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!
