In this article, we’re exploring the largest local bank in Singapore, whether or not non-residents are eligible to bank with local Singaporean institutions, including the largest banks in Singapore, and the requirements to expect when applying for an account. We also answer two common questions we receive from people exploring this specific 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 local bank in Singapore.
Table of Contents
- What Is the Largest Local Bank in Singapore?
- How to Open Accounts With Local Banks in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Is the Largest Local Bank in Singapore?
The largest local bank in Singapore is DBS Bank. DBS is ranked the number one financial institution in Singapore with USD 509.1 billion in total assets and is also ranked as the 69th largest bank in the world.
DBS is well-managed and offers excellent customer service to its clients. Banking with DBS is not a suitable option for everyone. Like all banks in Singapore, DBS caters to a specific clientele, offering private banking, retail banking, corporate banking, and investment banking. DBS is also one of the top esteemed banking institutions and one of the largest private banks in Singapore.
Can Non-Resident Individuals Open Bank Accounts With DBS in Singapore?
Yes, non-resident individuals can open bank accounts with DBS in Singapore as long as they meet the opening requirements, make a qualifying deposit, and have a suitable client profile.
DBS, however, has a strong preference for residents, and opening bank accounts for non-residents is a very challenging process. It’s important to understand the exact requirements and deposit amount your specific client profile is required to meet and submit before starting the application process.
We outline the requirements in more detail below.
How to Open Accounts With Local Banks in Singapore?
Opening bank accounts with local financial institutions in Singapore involves preparation and careful consideration. Like all banks in Singapore, DBS has a set of requirements each applicant must meet to successfully open a bank account.
Listed below are the five most common requirements most applicants need to meet.
Account Opening Requirements
- Government-issued identification
- Proof of residency in Singapore or elsewhere
- Proof of address in your country of residence
- Proof of income from employment or investments
- Qualifying deposit (varies depending on client profile)
It’s important to note that additional requirements (not shown above) are required depending on your citizenship, residency, the type of account you want to open, and whether you are applying for the account in person or remotely.
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 two of the most common questions we receive from people exploring the largest local bank 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 bank’s opening requirements, and have a suitable client profile. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
What Are the Top 3 Local Banks in Singapore?
The top 3 local 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.
Do You Want to Open a Singapore Bank Account?
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