The costs of banking in Singapore vary depending on the applicant’s personal ties to the country, local economic substance, Singapore banking requirements, how they plan to submit an application for a bank account in Singapore, and their account activity.
We’ll dig into each of these cost variables for Singapore below. On the other hand, if you would like access to our free Singapore banking series, click the link above and unlock our team’s expert take on Singapore banks, Singapore opening requirements, sending money to Singapore, and much more.
You can also use the table of contents and jump to the section that matches your Singapore banking needs and continue learning about the costs of banking in Singapore.
Table of Contents
- Costs of Banking in Singapore?
- How Much Does It Cost to Open a Bank Account in Singapore?
- Costs of Operating a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Ready to Open an Offshore Bank Account?
Costs of Banking in Singapore?
The costs of banking in Singapore primarily center around account maintenance fees, transaction fees, and withdrawal fees. However, because foreign non-residents typically open premier and private bank accounts in Singapore, additional costs tied to investment management and performance can apply.
Not surprisingly, costs vary by bank and will also be influenced by the individual applying for a personal bank account in Singapore. However, in most cases, these costs can be offset through various services and bank products, resulting in no cost to banking in Singapore at all.
That said, banking in Singapore is moderately expensive when compared to other jurisdictions. However, considering Singapore is among the best banking hubs in the world, a higher cost of entry is to be expected.
Key Takeaways
- Singapore is a moderately expensive banking jurisdiction
- Account opening fees are rare for most applicants
- Monthly account fees can be high but can be offset at most banks
- Transaction fees can be high but vary based on value
- Singapore banks have residency and citizenship restrictions
- Deposit requirements are low when compared to similar jurisdictions
In the following section, we will start with a general look at the relevant expenses when opening an offshore bank account in Singapore. This will then be followed by personal bank accounts, business bank accounts, as well as private bank accounts.
How Much Does it Cost to Open a Bank Account in Singapore?
When it comes to opening and operating a bank account in Singapore, there are seven (7) main expense categories that Singapore banks typically charge individuals and entities.
Not surprisingly, the costs will vary depending on which Singaporean bank you have accounts with and your client profile. But, generally speaking, financial providers and banks in Singapore have been known to charge account maintenance fees, transaction fees (domestic and international), foreign currency transaction fees, custody fees, managed service fees, debit and credit card fees, and more.
Costs to Open and Operate a Bank Account in Singapore
- Account maintenance fees
- Domestic transaction fees (domestic and international)
- International transaction fees
- Foreign currency transaction fees
- Custody fees (private banking)
- Managed service fees (private banking)
- Debit and credit card fees
- And more
Importantly, banks in Singapore vary widely in the way they charge fees to foreign and non-resident individuals and entities. Unfortunately, regardless of whether you bank with one of the leading firms and largest banks in Singapore or an international bank in the country, you will need to compare fees before applying.
Likewise, while foreigners with Singaporean residency can access a wide range of banks and account types in Singapore, non-residents with no ties to Singapore will have limited (and more expensive) options. In most cases, these foreigner-friendly options include international accounts that require higher deposits and involve higher costs of banking in Singapore. So, needless to say, it’s best to review all of your banking options, including the best banks in Singapore (and abroad) before deciding which bank is best for you.
That said, there are additional fees that you may be charged when opening a bank account in Singapore. With this in mind, let’s look at the extra charges and explore how much it really costs to open offshore bank accounts in Singapore.
How Much Does it Cost to Open Offshore Bank Accounts in Singapore?
Offshore bank accounts in Singapore can include personal bank accounts, business bank accounts, or private bank accounts. That said, each account is only available to specific client profiles. With this in mind, we will cover each of these accounts and their Singapore-specific cost considerations below.
But first, we want to discuss the costs that everyone should expect when opening a bank account in Singapore. These costs center around the minimum deposits and banking requirements that most Singaporean banks will require you to provide. More specifically, the costs involved with obtaining documents from other banks and jurisdictions.
Singapore Account Opening Document Costs
- Bank reference letters (Certain banks charge fees)
- Document authentication (Required in certain instances)
- Certificate of good standing (Certain entities older than one year)
- Sending documents to the bank by courier (Sometimes required)
Of course, if you are planning on visiting Singapore to open your Singaporean bank account in person, you will have many more (and much higher) expenses to consider as well. That said, visiting Singapore in person may not increase your chances of successfully opening – instead, in most cases, the same account opening restrictions will still apply.
If you are looking for global wealth management or offshore banking in Singapore, you can use this link to access our free guide.
On the other hand, if you are looking to open a personal bank account in Singapore, here are the Singapore-specific costs to be aware of.
How Much Does it Cost to Open Personal Bank Accounts in Singapore?
Whether you are a Singaporean permanent resident or a non-resident of Singapore, you can open a Singapore bank account without paying application or opening fees. Of course, you still need to pass each bank’s onboarding and compliance process and navigate the account opening restrictions. If you are looking for corporate solutions, specifically a business bank account in Singapore, here are the Singapore-specific costs to be aware of.
How Much Does it Cost to Open Business Bank Accounts in Singapore?
Business banking in Singapore is a powerful tool that can offer offshore companies exceptional banking services managed by some of the best banks in the world. However, opening a business bank account for a non-Singapore entity has become increasingly challenging. While still possible, most foreign non-resident businesses need to supply many supporting documents, financial information, shareholder and director information, and it’s possible that an in-person visit will be required.
With this in mind, we suggest reviewing our free guide on how to open a business bank account in Singapore before deciding where to apply.
On the other hand, if you are looking to open a private bank account in Singapore, here are the main costs to be aware of.
How Much Does it Cost to Open Private Bank Accounts in Singapore?
Unlike personal and business banking, private banking has a long list of costs that prospective customers need to consider. This is true whether you are looking to open private bank accounts in Singapore, Switzerland, Liechtenstein, or any other banking jurisdiction.
Singapore Private Banking Costs to Consider
- Outbound transaction fees from Singapore to abroad
- Fees for executing investments with Singapore banks
- Custody fees for holding certain assets (e.g. gold and silver)
- Discretionary management fees charged by Singaporean banks
- Active advisory fees charged by Singaporean banks
- Fees for related services like accounting support, structuring, etc.
- And more
In most cases, the costs for wealth management solutions and Singapore private banking are low compared to other jurisdictions and when considering the quality of banks and services provided. That said, every jurisdiction has something different to offer when it comes to private banking. So, if you are looking for specific financial incentives or banking benefits in Singapore, you may want to compare a few similar jurisdictions as well before starting to apply.
Costs of Operating a Bank Account in Singapore?
To recap, the costs of operating a bank account in Singapore will differ depending on the type of account and client profile you have. That said, the financial offerings and Singapore banking services that the client uses will also impact the costs associated with banking in the country. With this in mind, here is a look at the typical costs that you can expect when operating a bank account in Singapore.
How Much Are Bank Fees in Singapore?
The following are examples of standard bank fees charged by banks in Singapore. Before applying for a bank account in Singapore, always request an up-to-date fee list from each Singaporean bank you are considering.
- Account maintenance in Singapore: USD 5.00 to USD 40.00 (higher depending on the value)
- Inbound SWIFT fees in Singapore: Up to USD 30.00 (higher depending on the value)
- Outbound SWIFT fees in Singapore: Up to USD 30.00 (higher depending on the value)
- Inbound Singapore transfers: Often free
- Outbound Singapore transfers: USD 5 (higher depending on the value)
It’s important to note that Singapore banks will charge additional fees as well, including fees for falling below the minimum account balance. With this in mind, before opening accounts, you should confirm whether balance requirements are applied to each account (in the case of multicurrency) or if they only apply to your primary Singapore Dollar account, the official currency of Singapore.
How Much Does It Cost to Use an ATM in Singapore?
The following are examples of the costs of using an ATM in Singapore and abroad with Singaporean bank cards. That said, each bank in Singapore will set its own fees. So, before using a Singaporean ATM card abroad, be sure to confirm all relevant fees with the bank.
- Domestic ATM fees in Singapore: as low as 0
- International ATM fees outside of Singapore: 3% of the transaction amount (min 5 & up to 20.00)
How Much Does it Cost to Transfer Money to Singapore?
The following are examples of how much it would cost to make a wire transfer or send money to Singapore from the United States using bank transfers via SWIFT, money transfer providers like Western Union, and digital transfer services like Wise.
- International bank transfers to Singapore: up to USD 30.00 (higher depending on the value)
- International money transfer to Singapore: up to USD 2.00 (higher depending on the value)
- Digital transfer service to Singapore: USD 1.55 to USD 6.00 (higher depending on the value)
What Are the Other Costs of Banking in Singapore?
Generally speaking, the costs of banking in Singapore are considered reasonable. However, different client risk profiles can experience additional expenses in terms of onboarding and account maintenance. Of course, If you plan on visiting Singapore (or another location in Singapore) in order to open a Singapore bank account, you will need to pay for flights, hotels, transportation, and daily expenses.
However, it’s important to note that showing up in Singapore does not guarantee account opening success. This is especially true since there are only a handful of banks in Singapore that accept foreign non-residents.
Additionally, certain individuals need to consider the additional costs of disclosing and making tax-related filings about their bank account in Singapore to their home country. For example, US citizens are required to complete an FBAR (FinCen 114) and Form 8938 when their Singapore bank account (and other foreign accounts) surpass certain thresholds.
Lastly, like everywhere, it’s important to note that there are cybersecurity threats and banking risks in Singapore, albeit limited. So, be sure to use the available resources shared above in order to navigate your options and find the best country and bank for your needs.
Frequently Asked Singapore Banking Questions
Below are a few questions we receive from people exploring the costs of banking in Singapore. If you have further questions you would like answered about Singapore banking don’t hesitate to get in touch with us directly.
How Much Does a Bank Account Cost in Singapore?
How much a bank account costs in Singapore will ultimately depend on the type of account you open and how you decide to open it. Of course, the specific fees charged by the bank will also impact the cost of opening and maintaining the account. Generally speaking, banks in Singapore charge monthly account fees, transaction fees, ATM withdrawal fees, and fees for special requests. The cost per service will differ between banks and accounts. So, it’s important to confirm the bank’s fee structure before opening an account.
What Is the Transaction Fee in Singapore?
A transaction fee in Singapore may refer to a domestic transaction fee, an international transaction fee, or a foreign currency transaction fee. Not surprisingly, the actual fee charged by banks for any of these transactions will vary. Before applying for an account, it’s important to request an up-to-date fee list to confirm all of the fees associated with the account you are applying for, including transaction fees.
Ready to Open an Offshore Bank Account?
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