In this article, we’re exploring the list of retail banks in Singapore. We’re going to share how to open accounts with finance companies and Singapore banks, whether or not non-residents are eligible, and 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 retail banks in Singapore.
Table of Contents
- List of Retail Banks in Singapore
- How Do I Open an Account With a Retail Bank in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
List of Retail Banks in Singapore
Retail banks in Singapore cater to individuals and small businesses seeking everyday financial services. These financial services offered by retail banks include savings accounts, checking accounts, mortgages, personal financing, investment products, and debit or credit cards.
Here is a list of seven retail banks currently operating in Singapore.
Retail Financial Institutions in Singapore
- CIMB Bank
- Citibank
- DBS Banks
- HSBC
- Overseas Chinese Banking Corporation (OCBC)
- Standard Chartered Bank
- United Overseas Bank (UOB)
This list only includes seven of the many retail banks currently operating in Singapore. The Singaporean banks listed are also presented in alphabetical order and the order does not reflect any rating or suggestion of suitability for account opening.
Can Non-Residents Open Bank Accounts With Retail Banks in Singapore?
Yes, non-residents can open bank accounts with retail banks in Singapore as long as they choose the right bank. Each retail bank and the list of commercial banks in Singapore cater to a specific clientele, has its account opening requirements, and offers different financial services.
It’s important to carefully assess the retail banks available to you, their preferences, banking risks, and requirements. Understanding your banking profile and needs is also 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.
How Do I Open an Account With a Retail Bank in Singapore?
Opening an account with a retail bank in Singapore requires careful consideration and preparation.
Non-residents must overcome a strict onboarding procedure, meet specific account opening requirements, and make a qualifying deposit to successfully open a bank account in Singapore.
The exact requirements, including deposits, vary depending on the bank you choose, the type of account you want to open, and the services you require.
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.
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 list of retail banks in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Largest Retail Bank in Singapore?
The largest retail bank in Singapore is DBS. 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.
What Are the Foreign Retail Banks in Singapore?
Foreign retail banks in Singapore include financial institutions such as HSBC and Citibank. These banks cater to a diverse range of clients and offer several financial services, including savings accounts, loans, credit cards, and even wealth management solutions.
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.
Do You Want to Open a Singapore Bank Account?
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And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
