In this article, we’re exploring the largest retail banks in Singapore. We’re going to share a list of some of the best banking institutions, including the largest banks in Singapore that offer retail banking, how to open accounts with retail banks in Singapore, and answer three common questions we’ve received 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 retail banks in Singapore.
Table of Contents
- What Are the Largest Retail Banks in Singapore?
- How to Open Bank Accounts With Retail Banks in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Largest Retail Banks in Singapore?
The largest retail banks in Singapore include renowned financial institutions such as DBS Bank, United Overseas Bank (UOB), and Overseas Chinese Banking Corporation (OCBC), all offering exceptional customer service and sophisticated retail banking services.
These financial institutions cater to various banking clients, offering a wide range of retail banking services and products. Such services include savings accounts, chequing accounts, investment products, attractive financing, and much more.
Depending on your client profile, banking needs, and deposit level, there are additional retail banks in Singapore worth considering, including the following seven financial institutions.
Retail Banks in Singapore
- CIMB Bank
- Citibank
- DBS Banks
- HSBC
- Overseas Chinese Banking Corporation (OCBC)
- Standard Chartered Bank
- United Overseas Bank (UOB)
These top institutions, including the largest foreign banks in Singapore, are not all created equal. Like all banks in Singapore, each bank caters to a specific clientele, has its account opening requirements, and offers different financial services.
Understanding your banking profile and financial needs before applying for a bank account is important. This helps to ensure you are choosing a bank that aligns with your client profile, matches your banking needs, and has requirements you can meet.
Knowing which banks, branches, and bankers to approach is also an important step to successfully opening bank accounts in Singapore. We share details on how to open an account with a retail bank in Singapore in the following section.
How to Open Bank Accounts With Retail Banks in Singapore?
Opening accounts with retail banks in Singapore is an easy process as long as you choose the right bank, meet the opening requirements, and have a suitable client profile.
The account opening process for non-residents requires overcoming strict onboarding procedures, meeting specific requirements, and depositing a significant amount of money.
Most non-residents need to expect deposit requirements in the range of USD 100,000 and USD 5,000,000. The exact amount you are expected to deposit depends on the bank, the account type, and your required banking services. It is possible to open bank accounts in Singapore with lower deposits, but, it depends on your client profile and the bank you choose.
Below is a list of the six common requirements non-resident applicants need to meet to successfully open an account with a retail bank in Singapore.
Singapore Account Opening Requirements
- Government-issued identification
- Proof of residency in Singapore (or elsewhere)
- Proof of address from country of residence
- Proof of income from employment
- Bank reference letter from an existing banking relationship
- Qualifying minimum deposit (varies by bank, account type, and client profile)
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 retail 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.
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.
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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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
