In this article, we’re exploring whether US citizens can open a bank account in Singapore. We’ll share details on the specific proof of documentation you need to open a Singapore personal bank account as a US citizen 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 US citizens can open a bank account in Singapore.
Table of Contents
- Can US Citizens Open a Bank Account in Singapore?
- How to Open a Bank Account in Singapore as a US Citizen?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Can US Citizens Open a Bank Account in Singapore?
Yes, US citizens can open a bank account in Singapore as long as they know which banks accept US clients. Opening an account in Singapore as a US citizen involves meeting specific requirements, overcoming an intense due diligence process, and making a qualifying deposit.
It’s important to note that not all banks in Singapore comply with FATCA reporting requirements. This means certain financial institutions in Singapore cannot open accounts for US citizens.
Other banks in Singapore are not registered with the US Securities and Exchange Commission (SEC), making it impossible for US citizens to access certain investment products and banking services after opening a bank account.
It’s important to know which banks comply with both FATCA and SEC, however, it’s also important to know which banks actually accept your client profile.
Knowing how to choose the right bank, whether you’re an Australian opening a bank account in Singapore, a Canadian, or a US citizen, is a critical step in successfully opening an account.
How to Open a Bank Account in Singapore as a US Citizen?
Opening a bank account in Singapore as a US citizen involves careful consideration and preparation. Like opening accounts anywhere in Asia, banking in Singapore for foreigners, including US citizens, requires meeting specific requirements, submitting supporting documents, overcoming strict due diligence processes, and making a sizeable deposit.
banking in Singapore for foreigners
Here is a look at the common five documents US citizens will need to submit when applying to open a bank account in Singapore.
Account Opening Requirements
- Completed application form
- Government-issued identification
- Proof of income & source of wealth
- Reason for wanting to open an account in Singapore
- Qualifying deposit
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 US citizens 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 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.
How Much Does It Cost to Open a Bank Account in Singapore?
The amount it costs to open a bank account in Singapore depends on the bank you choose, the type of account you want to open, and your specific banking profile. Generally speaking, deposit amounts range anywhere from USD 30,000 up to USD 3,000,000.
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.
Do You Want to Open a Singapore Bank Account?
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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
