The benefits of banking in Singapore as a foreign non-resident individual or foreign non-resident entity include access to reputable and stable banks, sophisticated bankers, and a wide range of international investments. While these benefits are accessible for most nationalities and residencies, many Western individuals will face restrictions when opening accounts in Singapore.
In this article, we’ll be breaking down the specific benefits prospective clients can expect in Singapore when opening personal, business, private, and offshore bank accounts. Of course, we will also touch on the potential challenges and restrictions that certain client profiles will face.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What are the Benefits of Banking in Singapore?
- Who Can Benefit From Banking in Singapore?
- Frequently Asked Singapore Banking Questions
- Ready to Open an Offshore Bank Account?
What Are the Benefits of Banking in Singapore?
The main benefit of banking in Singapore is holding financial assets in one of the most stable banking jurisdictions in the world. Not to mention, accessing world-class banks and sophisticated premier and private banking services.
Additionally, while it’s not possible to open an anonymous bank account in Singapore, it is possible to increase your personal privacy by having accounts outside of your home country. In short, banking in a foreign country like Singapore offers a level of confidentiality that you may not be able to access in your home country.
Likewise, while an offshore bank account in Singapore does not directly offer asset protection, simply banking outside of your home country can offer an extra layer of protection against frivolous lawsuits.
That said, it’s important to point out that international and offshore bank accounts in Singapore (and elsewhere) do not offer tax optimization. Instead, both personal and corporate taxes are typically determined by citizenship, residency, and economic activity.
In other words, there are a number of benefits to banking in Singapore. However, many of the benefits marketed by offshore gurus either don’t exist anymore or require a more complex approach than simply opening bank accounts.
With this in mind, here is a list of the benefits that most people and entities can access when banking in Singapore. We also share account-specific lists below for anyone seeking personal, business, offshore, and private banking in Singapore.
What Are the Benefits of Banking in Singapore?
- Highly reputable banking jurisdiction
- Some of the safest banks in the world
- Knowledgable about international clients
- Access to multi-currency accounts
- Possible to open accounts 100% remotely
- Deposit insurance up to S$75,000
- Multi-language banking staff
- Stable political environment
- And more
Again, the actual benefits, financial planning features, and banking services in Singapore that each individual or entity can access depend on their unique client profile and the type of account they want to open. Likewise, different clients will be charged different maintenance fees, overdraft fees, and other related Singapore banking costs, which should be taken into consideration.
We will dive into these factors when exploring the benefits of banking in Singapore below. But, as always, if you have specific questions about Singapore, don’t hesitate to contact us.
Who Can Benefit From Banking in Singapore?
As mentioned, there are a number of clients who can benefit from banking in Singapore. However, before accessing Singaporean banking benefits, clients need to first open an account.
The first step in opening accounts with banks in Singapore is choosing a bank that matches their profile. Next, the applicant will need to meet the bank’s security measure expectations and Singapore banking requirements and navigate the onboarding process successfully.
To help you successfully open a bank account in Singapore, we’ve published free guides for each of the Singaporean bank accounts listed below. You can access each free guide below the list of corresponding benefits.
Who Can Benefit from a Personal Bank Account in Singapore?
Individuals who can benefit from opening a personal bank account in Singapore tend to be those who are seeking international banking services with higher deposit levels.
Likewise, individuals with clear ties to Singapore, financial obligations in Singapore, or who have a specific desire for exposure to the Singapore Dollar (SGD), the currency of Singapore, can benefit from banking here.
Lastly, individuals from Southeast Asia as well as those willing to deposit high six to seven-figure balances could unlock benefits when banking in Singapore.
Here’s a closer look at the common benefits applicants can expect when opening accounts with financial establishments and banks in Singapore as an individual.
- Highly reputable banking jurisdiction
- Some of the safest banks in the world
- Access to multi-currency accounts
- Possible to open bank accounts 100% remotely
- Deposit insurance up to S$75,000
- Multi-language banking staff
- Stable political environment
If you’d like to learn more about depositing money into a Singapore personal bank account, you can click here and access our free guide.
Who Can Benefit from a Business Bank Account in Singapore?
Businesses that can benefit from banking in Singapore tend to be companies with clear existing ties to the country and region or companies with non-regulated activities that can make a compelling case for account opening. Additionally, offshore entities can also consider banking in Singapore. However, they will be asked to make a larger deposit that is significantly higher than deposit requirements in other jurisdictions.
Not surprisingly, foreign and non-resident businesses and offshore entities will have a harder time opening with the major financial groups and the largest banks in Singapore than with foreign financial institutions that specifically cater to foreign non-residents.
Here’s a closer look at the common benefits applicants can expect when opening accounts with banks in Singapore for a foreign non-resident business.
- Highly respected offshore banking jurisdiction
- Accepts offshore and foreign entities that can qualify
- Guaranteed deposit insurance up to S$75,000
- Strong rule of law and stability
- Accessible merchant services and payment processing
- Treasury management services
- And much more
If you’d like to learn more about managing your business’s cash flow with a Singapore business bank account, you can click here and access our free guide.
Who Can Benefit from a Private Bank Account in Singapore?
When it comes to foreign non-resident clients, Singapore is primarily a premier and private banking jurisdiction. So individuals who are looking to benefit from everyday transactional banking will want to consider banking in more accessible jurisdictions.
In most cases, applicants who benefit from opening private bank accounts in Singapore include individuals who are willing to deposit high six to seven-figure balances or those seeking their own personal relationship manager for wealth management and investing.
Of course, individuals from Southeast Asia who want to access private banking in a nearby country can also find Singapore interesting.
That said, it’s important to note that requirements for opening a private bank account in Singapore vary. In most cases, applicants will be required to deposit USD $1,000,000. However, in order to access some of the elite banking groups and best banks in Singapore, deposits up to USD $3,000,000 may be required.
Here’s a closer look at the common benefits applicants can expect when opening a private bank account in Singapore.
- Banks in Singapore are financially sound and well-capitalized
- Singaporean bankers are competent and well-informed
- World-class banking and investment services are available
- Sophisticated wealth management solutions are accessible
- Singapore private bank accounts can be opened by most people
- And more
If you’d like to learn more about personalized financial services through Singapore private banking, you can click here and access our free guide.
Who Can Benefit from an Offshore Bank Account in Singapore?
The banks in Singapore that offer offshore banking services tend to be those that specifically cater to foreign non-residents of Singapore, international investors, and foreign entities.
With this in mind, the benefits that can be accessed by these groups when opening in Singapore tend to include remote account opening, multi-currency accounts, and relatively low deposits.
That said, foreign non-residents looking to open an offshore bank account in Singapore should also consider the potential banking restrictions, threats of cross-border banking, and the specific risks of banking in Singapore they are exposed to. For example, certain banks in other countries may have difficulties transferring funds electronically and sending money to Singapore and fees for offshore banking are often higher than for retail banking.
With this in mind, it’s important to consider the specific goals of opening an offshore bank account in Singapore prior to applying.
- Banks here are among the safest in the world
- Access to investment and banking products
- Stable and reputable banking jurisdiction
- Enhanced asset protection due to the strict rule of law
- Guaranteed deposit insurance up to S$75,000
- Accepting most nationalities & residences
- Relatively stable currency
If you’d like to learn more about overseas financial solutions and offshore banking in Singapore, you can click here and access our free guide.
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people looking into Singapore banking benefits. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Are the Benefits of Having a Bank Account in Singapore?
The benefits of having a bank account in Singapore include attractive investment and banking products, stable and reputable banks, deposit insurance, and access to some of the best banks in the world. Additionally, Singapore banks accept a wide range of nationalities and residences, including many that struggle in other jurisdictions. Of course, bank selection is an important factor in successfully opening and unlocking the benefits of having a bank account in Singapore.
What Are the Benefits of Private Banking in Singapore?
The benefits of private banking in Singapore include well-established banks, sophisticated bankers, and the fact that banks in Singapore are among the safest in the world. In other words, opening a private bank in Singapore offers stability, security, and safe diversification outside of your home country. That said, to open a private bank account in Singapore, applicants will be expected to deposit between six and seven figures, which is often higher than other established banking jurisdictions.
Can a Foreigner Have a Singapore Bank Account?
Yes, a foreigner can have a Singapore bank account as long as they meet bank-specific requirements and have a suitable client profile. In most cases, this includes meeting specific residency and citizenship requirements. Of course, banks also require a qualifying deposit, supporting documentation, and other account opening requirements to be met.
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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