In this article, we’re exploring the minimum amount to open a bank account in Singapore. We share details on the minimum deposit amounts and other Singapore banking requirements for account opening based on personal, business, and private bank accounts. We are also going to answer three common questions we received from people exploring this specific topic.
This article is part of our free series on Singapore bank account opening requirements. 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 minimum amount you need to open a bank account in Singapore.
Table of Contents
- What Is the Minimum Amount to Open a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Is the Minimum Amount to Open a Bank Account in Singapore?
The minimum amount to open a bank account in Singapore varies depending on the applicant, the chosen bank, and the account type. Banks in Singapore typically require an initial deposit ranging from USD 100,000 up to USD 3,000,000.
Non-resident individuals applying for personal or business bank accounts need to expect minimum deposit levels in the six-figure range. The exact amount depends on the type of banking services you need and the bank you choose to open the account with.
Non-resident individuals seeking private banking in Singapore are required to deposit significantly more. Most banks in Singapore require applicants to deposit between USD 1,000,000 and USD 3,000,000 when applying for a private bank account.
Is Bank Selection Important When Opening a Bank Account in Singapore?
Yes, bank selection is an important factor to consider whether you are opening a personal, business, or private bank account in Singapore. Each bank has its preferred client types, minimum deposit levels, identification requirements, and documents required to open a bank account in Singapore.
It’s important to confirm these factors directly with the bank before starting the application process. Doing so increases your chances of choosing the right bank for your client profile and banking needs.
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 minimum amount to open a bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Foreigners Open Bank Accounts in Singapore With DBS?
Yes, foreigners can open bank accounts in Singapore with DBS as long as they meet the bank’s opening requirements and have a suitable client profile. It’s important to confirm the requirements your client profile needs to meet before starting the application since requirements vary depending on the person applying.
How Much Do I Need to Open a Bank Account in Singapore?
To open a bank account in Singapore, applicants need to make a qualifying deposit. The exact amount you need to deposit varies depending on various factors. These factors include your client profile, the bank you choose, the type of account you open, and the financial services you are after.
Is There a Minimum Amount to Open a Bank Account?
Yes, there is a minimum amount to open a bank account in Singapore. The minimum amount for you depends on your client profile, the bank you choose to open an account with, the type of account you apply for, and the type of services you are after.
Do You Want to Open a Singapore Bank Account?
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