In this article, we’re looking at the best banks in Singapore for expats, foreigners, and foreign and offshore entities.
The following information is based on our team’s experience helping members from around the world successfully open accounts with the best banks in Singapore over the last decade. This includes opening bank accounts in Singapore for individuals, companies, and wealth management entities both in person and from abroad.
If you would like to access our free Singapore banking series, click the link above and unlock our team’s expert take on Singaporean banks, Singapore banking requirements, personal and business banking in Singapore, and much more.
You can also use the table of contents and jump to the section that covers your area of interest in Singapore.
Table of Contents
- What Are the Best Banks in Singapore?
- Benefits of Opening an Account With Singapore Banks?
- Frequently Asked Singapore Banking Questions?
- Alternative Countries to Banking in Singapore
- Ready to Open an Offshore Bank Account?
What Are the Best Banks in Singapore?
The best banks in Singapore include both domestic Singaporean banks and foreign banking institutions licensed to operate in Singapore. Domestic banks include DBS Bank, OCBC Bank, and UOB, while foreign banking institutions range from Swiss private banks to US commercial banks. Each bank has a different client profile and opening requirements, which means the best banks in Singapore for each prospective client will vary.
Not surprisingly, foreign non-residents and foreign non-resident entities looking to bank in Singapore have a more limited selection of banks to choose from. In large part, this is due to the strict regulatory environment in Singapore, the limited services foreign non-resident clients can access, and the additional compliance, monitoring, and reporting costs associated with onboarding certain clients.
With this in mind, most applicants looking to open accounts in Singapore apply with one of the banks offering international, premier, or private banking services in Singapore. The Singapore and foreign banks that fall into these categories tend to be more accepting of foreign nationals, will consider foreign and offshore entities, and offer services that support the banking needs of a wider range of clients.
Needless to say, if you are actively looking to open a bank account in Singapore, you should confirm whether the banks you are considering actually offer the financial assistance and Singapore banking services you require. Likewise, you should clarify whether each bank caters to clients with your profile and will accept an initial deposit you can afford.
If you would like to explore a more detailed list of institutions and Singapore banks, you can click here to access our free guide. Alternatively, we’ve also compiled details on the leading banking firms and the largest banks in Singapore, though these banks are more challenging to access for foreign non-residents, especially those individuals from developed Western countries.
What Are the Best Banks for Expats in Singapore?
To help you further explore your options, we’re going to start by looking at Singaporean banking options for expats. But, before discussing the best Singaporean banks for expats, it’s important to point out that we are defining “expats” as foreign individuals who have the legal right to work or reside in Singapore, either on a visa or with residency status.
best banks in Singapore for foreigners
Not surprisingly, expats in Singapore typically have more options to consider than foreign non-residents who do not reside in the country. That said, even with the legal right to be in the country, the top-rated institutions and best banks in Singapore for foreigners can still be difficult to access.
With this in mind, we typically suggest that expats in Singapore look for financial institutions with the following attributes.
Characteristics of the Best Banks in Singapore for Expats
- Accepting foreigners with Singaporean residency and work permits
- Flexible requirements for proof of address in Singapore
- Minimum deposit requirements for foreigners with clear ties to Singapore
- Low-cost domestic transfers between Singaporean banks
- Accepts deposits via transfer services from outside of Singapore
- Reasonable hours for in-person services in Singapore
- Competent and English-speaking customer support
Again, these are the characteristics that individuals living and working in Singapore should consider when deciding which accounts to apply for.
If you fit into this category and would like to take a closer look at personalized banking services through Singapore personal bank accounts, you can click this link to access our free guide now. Alternatively, if your objectives are more aligned with international financing offered through offshore banking in Singapore, you may find our dedicated offshore banking guide more helpful.
What Are the Best Banks for Foreign Non-Residents in Singapore?
Foreign non-residents of Singapore, meaning individuals without the legal right to reside or work in Singapore, need to consider Singaporean banks that specifically cater to international clients.
Fortunately, as a major international banking jurisdiction, Singapore does have international options that will open accounts for foreign non-residents, including remotely. However, it’s important to note that these Singaporean financial institutions do require a minimum deposit, usually starting at USD 180,000. That said, depending on the type of bank account, required services, and client profile, deposit requirements can increase up to USD 3,000,000.
When it comes to foreigners opening accounts in Singapore, we typically suggest Singaporean financial institutions with the following attributes.
Characteristics of the Best Banks in Singapore for Foreign Non-Residents
- Accepting foreign non-residents of Singapore
- Accepts your citizenship and residency
- Requires supporting documents you can provide
- Does not require Singaporean documents you don’t have
- Does not require ties to Singapore that you don’t have
- Requires a deposit amount you can afford
- Allows transfers to/from Singapore and desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- Offers international debit and credit cards
- Competent English-speaking customer support
If you are a foreign non-resident of Singapore and would like to explore your options further, you can use the personal guide linked above.
Alternatively, if you’re looking to make a larger deposit, you can explore customized financial solutions through private banking in Singapore using our free guide here.
What Are the Best Banks for Foreign Entities in Singapore?
Foreign entities refer to legal entities registered as holding companies, operating businesses, and foreign trusts and foundations outside of Singapore. In the past, Singapore was much more accessible for foreign and offshore entities. Today, opening a bank account for a foreign operating business is very challenging, and offshore entities are often asked to make very high deposits. With this in mind, foreign and offshore entities often find other jurisdictions much more accessible.
Of course, even if you have a qualifying entity, you still need to pass compliance, make a qualifying deposit, and meet account security measures and Singapore banking requirements. With this in mind, we typically suggest Singapore financial institutions with the following attributes for foreign entities
Characteristics of the Best Banks in Singapore for Foreign Entities
- Accepting entities from outside of Singapore
- Accepts your entity’s specific country of registration
- Accepts the citizenship and residency of the shareholder and directors
- Supports the specific industry or purpose of the entity (e.g. investments)
- Does not require Singaporean documents that your entity doesn’t have
- Does not require ties to Singapore that your entity doesn’t have
- Requires a deposit amount your entity can provide
- Allows transfers to/from Singapore and desired countries
- Charges reasonable international transaction fees
- Charges reasonable account maintenance fees
- English-speaking customer support
If you’re interested in unlocking financial solutions for legal entities and a Singapore business bank account, you can click this link to access our free guide now.
Benefits of Opening an Account With Singapore Banks?
When compared to other offshore jurisdictions, the potential exclusive promotions and Singapore banking benefits of opening accounts in Singapore include easy access, country stability, strength of correspondents, and available services. More specifically, a Singapore account can be opened remotely, is available to a wide range of citizenships and nationalities, and in certain instances can also be opened by both foreign and offshore entities.
Here is a full list of the benefits you can receive when you open accounts in Singapore.
Benefits of Opening a Bank Account in Singapore
- Secure deposits with very safe and stable banks
- Remote account opening
- Multicurrency accounts
- Online account management
- Relatively low deposit amounts
- Accepting individuals from most nationalities and residencies
- English-speaking support
Lastly, Singapore financial institutions also offer access to a wide range of foreign account services, ranging from investment products to multi-currency accounts. Of course, this is in addition to offering direct access to the Singapore dollar accounts (SGD), Singapore’s official currency.
Foreign Bank Account Services in Singapore
- Multi-currency accounts
- Online account management
- International debit cards
- International credit cards
- International transfers
- Domestic transfers
- Fixed deposit accounts
- Investment products
Importantly, Singapore banks restrict access to many of these services based on the residency of the account holder. So, prior to opening accounts, make sure you confirm which services you or your entity will (and will not) be able to access.
Alternative Countries to Banking in Singapore
There are a number of alternative countries you may want to consider instead of banking in Singapore. However, each Singapore alternative has its own unique considerations as well.
In the case of Singapore, applicants typically include individuals seeking offshore banking services in well-established banking jurisdictions with medium to high deposit levels. For this reason, Singapore is often suitable for anyone looking for highly reputable banking jurisdiction, some of the safest banks in the world, or access to multi-currency accounts.
However, it’s important to keep in mind that there are financial account fees and specific Singapore banking costs, as there are in the alternative jurisdictions you might be considering. Likewise, depending on where you are located, you may have difficulties making global payments and sending money to Singapore from your existing accounts.
With this in mind, it’s important to compare all of the important considerations that can impact account opening, account operation, and restrictions between banks in Singapore and the alternative jurisdictions you are considering. That way, you’ll be sure to find the best banks for your unique requirements.
Here are a few alternative banking hubs to Singapore that you might want to consider. These first three alternatives were selected because they are home to institutions with similar onboarding processes and deposit requirements as Singapore. However, the last two typically cater to a different clientele than banks in Singapore. With this in mind, they may be worth considering if Singapore is not the right fit for your needs.
Alternatives to Banking in Singapore
- Switzerland
- Liechtenstein
- Jersey
- The Isle of Man
- Panama
Needless to say, there are risks to banking in any of these countries just as there are financing concerns and risks to banking in Singapore.
So, before deciding where to apply, don’t forget to do your research. At a minimum, this means understanding the risks of each country and bank, and choosing the option that best meets your profile and needs.
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people searching for the best Singapore banks. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Largest Bank in Singapore?
The largest bank in Singapore is DBS Bank Ltd. In terms of total assets, DBS is ranked number one in Singapore with USD 509.1 billion. DBS is also ranked the 69th largest bank in the world.
Is My Money Safe In a Singapore Bank?
Yes, your money is safe in a Singapore bank. However, you need to deposit your money in a safe bank that will manage your deposits responsibly. Likewise, if you are concerned with deposit insurance, you should maintain a balance that is below the insured maximum. Lastly, whether applying in Singapore or elsewhere, you need to take the time to assess your banking options correctly. This means choosing banks that are stable, financially sound, and well-established.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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