In this article, we’re exploring how to open a bank account in Singapore from abroad. We’ll share details on the exact process non-residents need to follow to successfully access international monetary services and offshore banking in Singapore. We’re also going to answer common questions we receive from people exploring this topic.
This article is part of our free series on offshore 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 to open a bank account in Singapore from abroad.
Table of Contents
- How to Open a Bank Account in Singapore From Abroad?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
How to Open a Bank Account in Singapore From Abroad?
Determining how to open a bank account in Singapore from abroad as a foreign non-resident requires knowing which bank, branch, and banker to approach, the requirements your specific profile needs to meet, and how much you need to deposit.
The account opening process involves careful consideration and preparation. The most important factor to consider is bank selection as not all banks in Singapore allow accounts to be opened from abroad.
Opening a bank account in Singapore from abroad involves a six-step process. We share the six steps below.
Step 1: Choose a Reputable Bank
It’s important to choose a bank that not only offers remote account opening, but that meets your banking needs and has requirements you can meet. It’s also important to know which client types and exactly who can open an offshore bank account in Singapore.
who can open an offshore bank account in Singapore
Step 2: Prepare the Necessary Documents
The exact documents you are required to submit vary between banks and account types. Before submitting your application, it’s important to confirm the exact documents your client profile is required to submit.
Common requirements include a completed application form, proof of identification, proof of address, proof of income, and reference letters.
Step 3: Review & Submit Application Online
Review and submit your application and supporting documents. During this process, the bank reviews your application and verifies your identification. This process takes anywhere from a couple of days to several weeks depending on your client profile and the bank you have chosen.
Step 4: Receive Approval or Denial
Once the bank has reviewed your application, you will receive a confirmation on whether the bank has approved or denied your application.
Step 5: Make a Qualifying Deposit
Applicants who receive an approval confirmation are required to make a qualifying deposit to activate their account. Minimum deposit amounts vary depending on the bank, account type, and client profile. Most banks in Singapore do require a sizeable deposit of up to six figures.
Step 6: Activate Bank Account
This step-by-step process for opening a bank account in Singapore from abroad is a general guideline. The exact requirements and deposit amounts you specifically need to meet highly depend on your citizenship, residency, the bank you choose, the type of account you want to open, and where you are opening the account from.
It’s important to confirm these requirements with your chosen 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 how to open a bank account in Singapore from abroad. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can You Open a Singapore Bank Account from Overseas?
Yes, you can open a Singapore bank account from overseas. Bank selection is an important factor to consider since not all banks in Singapore accept remote account opening. And, of the ones that do, not all accept every client type. It’s important to know which banks, branches, and bankers to approach before starting the application process.
Can I Open a Bank Account in Singapore if I Don’t Live There?
Yes, you can open a bank account in Singapore if you don’t live there. It’s important to confirm the bank’s specific account opening requirements before applying as some banks do require proof of local ties to open an account. The requirements also vary depending on your citizenship, residency, banking needs, and deposit level.
Can I Open a Bank Account in Singapore Online?
Yes, you can open a bank account in Singapore online as long as you meet specific opening requirements, make a qualifying deposit, and have a suitable client profile. It’s important to note that not all banks in Singapore offer online account opening. Bank selection is an important factor to consider when choosing where to open a bank account in Singapore online.
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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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
