In this article, we’re exploring the documents required to open a bank account in Singapore. We share details on the seven most commonly requested forms of documents and Singapore banking requirements banks request from applicants during the account opening process. We are also going to answer three questions we received from people exploring this specific topic.
This article is part of our free series on Singapore bank account opening requirements. 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 documents required to open a bank account in Singapore.
Table of Contents
- What Documents Are Required to Open a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Documents Are Required to Open a Bank Account in Singapore?
The general documents required to open a bank account in Singapore include proof of identification, proof of income, and proof of address. Depending on the bank you choose, the type of account you want to open, and your specific client profile, additional documents are required.
The type of documents you need to submit varies depending on your citizenship, residency, banking needs, and the bank you choose. Each bank has its own account opening requirements, onboarding procedures, and deposit levels.
Here is a look at the seven common forms of documents applicants need to submit when applying to open a bank account in Singapore.
Required Account Opening Documents
- Government-issued identification
- Proof of residency in Singapore (or elsewhere)
- Tax ID number from country of residence
- Proof of address in your country of residency
- Proof of income from employment or investments
- Bank reference letter from an existing bank relationship
- Written reason for wanting to bank in Singapore
Do I Need to Make a Qualifying Deposit When Opening a Bank Account in Singapore?
Yes, you need to make a qualifying deposit and meet the minimum amount to open a bank account in Singapore. The exact deposit amount varies depending on your client profile, the type of account you open, and the banking services you need.
It’s important to confirm the exact deposit amount, specific documents, and other banking requirements you need to open a bank account in Singapore before you start the application process.
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 a few of the most common questions we receive from people exploring the documents required to 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 Foreigner?
Yes, you can open a bank account in Singapore as a foreigner as long as you choose the right bank, meet the bank’s account opening requirements, and have a suitable client profile. It’s important to note that not all banks in Singapore accept foreign non-residents. Bank selection is an important factor to consider when choosing where to open an account.
How Much Do I Need to Open a Bank Account in Singapore?
To open a bank account in Singapore, most applicants need to submit a deposit in the range of USD 100,000 and USD 3,000,000. The exact amount you need to deposit depends on a variety of factors. These factors include 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.
How Can a Foreigner Open a Bank Account?
A foreigner can open a bank account in Singapore by submitting the necessary documents, meeting the proper onboarding requirements, and making a qualifying deposit. Each bank has its opening process. It’s important to choose banks that accept similar client types, have requirements you can meet, and offer the services you are after.
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.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ 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!
