In this article, we’re exploring how long it takes to open a bank account in Singapore. We share details on the factors that impact your account opening timeline and the Singapore banking requirements you’re required to meet. We’ll also answer three common questions we received from people exploring this 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 minimum amount you need to open a bank account in Singapore.
Table of Contents
- How Long Does It Take to Open a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
How Long Does It Take to Open a Bank Account in Singapore?
Opening a bank account in Singapore takes anywhere from a couple of business days to a few weeks. The exact timeframe depends on your banking profile, the bank you choose, the type of account you want to open, and whether you are opening an account in person or remotely.
The time it takes to open a bank account in Singapore as a non-resident also depends on the bank’s internal process and how quickly they review your application and supporting documents.
What Factors Impact How Long It Takes to Open Accounts in Singapore?
Several factors impact how long it takes for you to open an account in Singapore. These factors include the complexity of your client profile, where you are opening the account from, and whether or not you have submitted all of the necessary documents.
The account opening process, specifically how easy it is to open a bank account in Singapore, requires careful consideration and preparation. Before applying, it’s crucial to confirm the bank’s opening requirements your specific profile needs to meet, including the initial deposit and minimum amount to open a bank account in Singapore, to ensure you are submitting the proper documents and meeting the bank’s criteria.
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.
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Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring how long it takes 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.
Is It Easy to Open a Bank Account in Singapore?
Opening a bank account in Singapore is a straightforward process. Applicants are required to submit proper documents, meet specific requirements, and make a qualifying deposit. Choosing the wrong bank leads to a challenging account opening process, so it’s important to carefully consider your banking options and know which banks accept you before starting the application process.
Which Is the Best Bank in Singapore for Foreigners?
The best bank in Singapore for foreigners depends on the person applying. More specifically, their citizenship, residency, banking needs, and deposit level. It’s important to choose a bank that accepts similar client types, has requirements you can meet, and offers the services you need.
Can I Open a Bank Account in Singapore Remotely?
Yes, you can open a bank account in Singapore remotely as a foreign non-resident as long as you choose the right bank, meet the bank’s opening requirements, and have a suitable client profile. It’s important to note that not all financial institutions in Singapore offer remote opening, so bank selection is an important factor to consider.
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!
