In this article, we’re exploring how much you need for private banking in Singapore. We share details on the minimum deposit requirements you can expect for Singapore private banking as a non-resident and why private banking is so popular in Singapore. We also answer three common questions we receive from people exploring this topic.
This article is part of our free series on private 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 how much you need for private banking in Singapore.
Table of Contents
- How Much Do You Need for Private Banking in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
How Much Do You Need for Private Banking in Singapore?
The amount you need for private banking in Singapore depends on a variety of factors, including the person’s client profile, the bank they choose, and the type of services they require.
Private banking here is relatively expensive compared to other private banking hubs. Non-resident clients are expected to deposit anywhere from USD 1,000,000 to USD 5,000,000 when opening an account with a private bank in Singapore.
Each financial institution in Singapore has a criteria each applicant must meet to be eligible for an account. The deposit amount is one of the many specific exclusive account prerequisites and Singapore private banking requirements most applicants are required to meet. The exact deposit amount required depends on the person’s citizenship, residency, where they are opening the account from, and the financial services they need.
Why Is Private Banking in Singapore So Popular?
Private banking in Singapore is popular because of its safe, secure, and stable financial system. Financial institutions here are highly reputable and sophisticated, however, they do require a significantly large deposit to tap into these attractive financial services and products.
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 much you need for private banking in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Are the Requirements for Private Banking in Singapore?
The requirements for private banking in Singapore depend on various factors including the applicant, the financial institution, and account type. Most applicants need to provide proof of identification, proof of address, proof of source of wealth, and reference letters when applying. It’s important to confirm the requirements your specific client profile is required to meet before starting the application process.
How Much Money Do You Need for Private Banking?
To qualify for private banking with a Singaporean financial institution, most applicants need to submit a deposit in the range of USD 1,000,000 and USD 5,000,000. The exact amount you are required to deposit depends on a variety of factors, including 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.
What Is the Minimum Account for DBS Private Bank in Singapore?
The minimum amount for DBS private banking in Singapore varies based on the person applying. More specifically, their citizenship, residency, the type of account they want to open, and the type of services they need. It’s important to confirm the deposit requirements your client profile is required to make before starting the application process.
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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