In this article, we’re exploring the list of commercial banks in Singapore. We’re going to share details on what you need to know before opening accounts with credit organizations and Singapore banks and also answer three common questions we’ve received from people exploring this specific topic.
This article is part of our free series on the list of 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 list of commercial banks in Singapore.
Table of Contents
- List of Commercial Banks in Singapore
- What to Know Before Opening Accounts With Commercial Banks in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
List of Commercial Banks in Singapore
Commercial banks in Singapore cater to residents, domestic businesses, organizations, and entities. The financial services offered by commercial banks include savings and chequing accounts, loans, payment cards, and investment products.
Here is a list of six commercial banks currently operating in Singapore.
Commercial Banks in Singapore
- Citibank
- DBS
- Deutsche Bank
- HSBC
- Oversea-Chinese Banking Corporation (OCBC)
- United Overseas Bank (UOB)
This list only includes six of the many commercial banks currently operating in Singapore. The banks listed are also 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 commercial banks, consumer lending institutions, and list of retail banks in Singapore available to you, their preferences, banking risks, and requirements. This is because not all commercial banks in Singapore are suitable for every client type. Bank selection will be an important factor to consider when applying for an account with a commercial bank in Singapore.
There are other factors you need to consider before opening accounts with commercial banks in Singapore We share these factors, and more, in the next section below.
What to Know Before Opening Accounts With Commercial Banks in Singapore?
Opening accounts with commercial financial institutions and even with the list of international banks in Singapore is a challenging process if you don’t know which banks, branches, and bankers accept you.
The account opening process involves submitting the necessary documents including government-issued identification, proof of address, proof of residency, reference letters, proof of income, and making a qualifying deposit.
Before applying to open an account with a bank in Singapore, it’s important to confirm the requirements you need to meet, the banking services available to you, and the costs for opening and maintaining your account.
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 list of commercial 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.
How Many Full Banks Are There in Singapore?
There are 20 full banks in Singapore. These banks hold a license issued by the Monetary Authority of Singapore (MAS), allowing full banks and other licensed financial institutions in Singapore to offer a wide range of banking services in the country.
What International Banks Are 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.
Do You Want to Open a Singapore Bank Account?
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