In this article, we’re exploring the largest foreign banks in Singapore. We’re going to list out seven of the top foreign financial institutions, including the largest banks in Singapore, determine which client types are suitable for opening accounts with foreign banks, and answer three common questions we’ve received from people exploring this topic.
This article is part of our free series on the largest banks 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 the largest foreign banks in Singapore.
Table of Contents
- What Are the Largest Foreign Banks in Singapore?
- Who Can Open a Foreign Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Ready to Unlock the Benefits of Singaporean Banking?
What Are the Largest Foreign Banks in Singapore?
The largest foreign banks in Singapore include renowned financial institutions such as Citibank, HSBC, Standard Chartered Bank, Bank of America, and JP Morgan Chase Bank.
These foreign financial institutions play a critical role in the country’s economy, providing access to a financially stable and well-managed banking system that offers a wide range of sophisticated financial services.
Here is a list of seven foreign banks currently operating in Singapore.
Foreign Banks in Singapore
- Bank of America
- BNP Paribas
- Citibank
- Deutsche Bank
- HSBC
- JP Morgan Chase Bank
- Standard Chartered Bank
Please note this list only includes seven of the 150-plus major consumer financial institutions and largest retail banks in Singapore currently licensed to operate in Singapore. Additionally, the banks listed are presented in alphabetical order and the order does not reflect any rating or suggestion of suitability for account opening.
It’s important to carefully assess the foreign banks available to you, their preferences, banking risks, and requirements before choosing where to apply for an account in Singapore.
Who Can Open a Foreign Bank Account in Singapore?
Banking in Singapore is not a suitable option for every client type. Banking here is reserved for individuals who are willing (and able) to make a six-figure deposit.
Singapore is home to some of the best banks in the world. Most people who are looking to bank here are seeking private banking services such as wealth management, investment advisory, and estate planning.
Here is a closer look at the four types of client profiles that consider Singapore as a banking option when looking to open foreign bank accounts.
Client Types That Can Open Foreign Bank Accounts in Singapore
- Foreign non-residents
- Foreign businesses
- Wealth management entities
- Offshore entities
The influential financial institutions, including the largest private banks in Singapore available to you depend on your citizenship, residency, banking needs, and deposit level. Choosing banks with requirements you can meet and that align with your banking needs is important.
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 the largest foreign banks in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Are the Top 3 Largest Banks in Singapore?
The top 3 largest banks in Singapore are DBS, Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). According to the Central Bank of Singapore, the Monetary Authority of Singapore (MAS), the total assets of Singapore’s banking sector are approximately $2 trillion.
What Are the Major International Banks in Singapore?
The major international banks in Singapore include Citibank, HSBC, and Bank of America. These banks offer a wide range of banking services and products. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
Which Bank Is Best in Singapore for Foreigners?
The bank that is best in Singapore for foreigners is typically an international financial institution that caters to non-resident clients and offers non-resident banking services. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
Ready to Unlock the Benefits of Singaporean Banking?
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