In this article, we’re exploring whether or not it is easy to open a bank account in Singapore. We share details on the account opening factors and Singapore banking requirements to consider as a non-resident. We also answer three common questions we receive 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 financial institutions 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 it is easy to open a bank account in Singapore.
Table of Contents
- Is It Easy to Open a Bank Account in Singapore?
- What Do I Need to Open a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Is It Easy to Open a Bank Account in Singapore?
Yes, it is easy to open a bank account in Singapore as long as you choose the proper bank, meet the bank’s opening requirements, submit the necessary documents, and make a qualifying deposit.
Opening a bank account in Singapore as a non-resident is generally straightforward. The opening process and exactly how long it takes to open a bank account in Singapore depends on the bank they choose.
Choosing a bank involves considering various factors. Considering these factors increases your chances of having an easy account opening experience. We share six of the factors below.
Factors to Consider Before Opening a Bank Account in Singapore
- Eligibility criteria
- Account types
- Bank reputation
- Customer service quality
- Accessible online banking
- Deposit requirements
Let’s dive into some of these factors in more detail.
Eligibility Criteria & Account Types
Banks in Singapore cater to a variety of different client types. This means not all banks in Singapore are created equal. Some banks only accept residents or citizens of Singapore, whereas others accept non-residents.
Applicants need to meet certain criteria to apply and open a bank account with their chosen bank. Before applying, it’s important to determine whether or not your chosen bank matches your client profile and offers the type of account you need.
Bank Reputation & Customer Service Quality
Banking in Singapore is the pinnacle of banking stability. Banks here are financially sound, well-capitalized, and offer world-class banking. This does not mean that every bank in Singapore is stable and suitable for every client type. It’s important to choose banks that are highly reputable and offer sophisticated customer service.
What Do I Need to Open a Bank Account in Singapore?
Opening a bank account in Singapore requires careful consideration and preparation.
Submitting the proper documentation, making a qualifying deposit, and meeting the bank’s criteria increase the chances of having an easier account opening experience.
Here is a list of the eight most common requirements Singaporean banks request from non-resident applicants.
Singapore Account Opening Requirements
- 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
- Bank reference letter from an existing bank relationship
- Written reason for wanting to bank in Singapore
- Qualifying deposit
This is a general list of the requirements imposed by banks in Singapore. Additional requirements need to be met depending on your profile and the type of account you apply for. Unfortunately, not all requirements imposed by Singaporean banks are publicly available.
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 whether or not it is easy 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 Foreigners Open a Bank Account in Singapore?
Yes, foreigners can open a bank account in Singapore as long as they choose the right financial institution, meet the opening requirements, and have a suitable client profile. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
How Much Do I Need to Open a Bank Account in Singapore?
Banking in Singapore requires making a qualifying deposit in the range of USD 100,000 and USD 3,000,000. The exact amount you need to deposit depends on the bank you choose, the type of account you open, and your client profile.
Which Bank Should I Open an Account With in Singapore?
The bank you should open an account with in Singapore ultimately depends on your citizenship, residency, banking needs, and deposit level. Each bank caters to different client types. It’s important to choose a bank that accepts similar client profiles, matches your banking needs, and has requirements you can meet.
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!
