In this article, we’re exploring the largest private banks in Singapore. We’re going to share three respected banking institutions, including the largest banks in Singapore, the common account opening requirements to expect, and the benefits private banking has to offer. 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 private banks in Singapore.
Table of Contents
- What Are the Largest Private Banks in Singapore?
- What Are the Benefits of Private Banking in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Largest Private Banks in Singapore?
The largest private banks in Singapore include DBS Bank, Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). These three financial institutions are also some of the best private banks in the world.
The private banks in Singapore are well-capitalized and well-managed, offering sophisticated financial services and exceptional customer service to a diverse range of client types.
Singapore is the pinnacle of banking stability. Opening accounts with private banks in Singapore though, is not a suitable banking option for everyone. Applying for private bank accounts with key international financial institutions and the largest foreign banks in Singapore, such as DBS Bank, OCBC Bank, and UOB Bank requires careful consideration and preparation.
Here is a list of the nine common requirements DBS, OCBC, and UOB require from applicants applying for a private bank account.
Private Account Opening Requirements
- Government-issued identification
- Proof of residency in Singapore (or elsewhere)
- Tax ID number from country of residence
- Proof of income from employment or investments
- Proof of address from country of residence
- Reason for wanting to bank in Singapore
- Bank reference letter from an existing banking relationship
- Proof of source of funds
- Qualifying minimum deposit (varies by bank, account type, and client profile)
Private banking in Singapore requires significantly higher minimum deposits compared to personal or business banking. Non-resident clients must deposit between USD 1,000,000 to USD 5,000,000 when opening a private bank account in Singapore. Depending on your client profile, some banks require an even higher minimum deposit of up to USD 10,000,000.
Non-residents willing to meet the deposit demands have better chances of taking full advantage of what private banking in Singapore has to offer. We share these specific benefits in more detail below.
What Are the Benefits of Private Banking in Singapore?
Private banking in Singapore offers several advantages, including financial stability, strong security measures, sophisticated customer service, and robust banking services.
Private banks in Singapore are financially sound, stable, and well-capitalized. Most private banking clients benefit from personalized banking solutions, including wealth management services, estate planning, and investment advisory.
The benefits available to you vary depending on your client profile and the leading domestic bank or the largest local bank in Singapore you choose. Here is a list of the five most common benefits private banks in Singapore have to offer.
Benefits of Singapore Private Banking
- Singaporean private banks are financially sound & well-capitalized
- Bankers are sophisticated & experienced
- Clients get access to a wide range of customized financial services
- Banks here accept most nationalities and residences
- Clients have access to some of the safest banks in the world
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.
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 the largest private 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 Banks in Singapore?
The top 3 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.
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.
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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