The requirements to open a bank account in Singapore include submitting standard documents, identification, references, financial information, and a minimum deposit. You’ll also be required to meet several other specific requirements unique to banking jurisdictions in Asia, specifically Singapore.
That said, meeting these requirements is possible for most applicants. This includes non-residents of Singapore, foreign residents of Singapore, and foreign and offshore entities from outside of Singapore.
This article is based on our team’s experience banking in Singapore for more than a decade, including helping members from around the world successfully open bank accounts in Singapore 100% remotely.
In the following sections, we will break down the requirements for opening personal bank accounts in Singapore, business bank accounts in Singapore, and private bank accounts in Singapore. Of course, we’ll also share a few of the lesser-known Singapore-specific requirements that you should consider before applying here.
If you would like access to our free Singapore banking series, click the link above and unlock our team’s expert take on banks in Singapore, sending money to Singapore, personal and business banking in Singapore, and much more.
You can also use the table of contents and jump to the section that matches your banking needs.
Table of Contents
- Singapore Bank Account Opening Requirements
- Frequently Asked Singapore Banking Questions
- Ready to Open an Offshore Bank Account?
Singapore Bank Account Opening Requirements
Singapore bank account opening requirements for foreign non-residents include high-minimum deposits and strict citizenship and residency restrictions. Additionally, applicants will need to complete standard due diligence processes that involve identity verification, document submission, a video interview, and meeting certain financial qualifications. That said, foreign non-residents from many countries can open Singapore bank accounts remotely.
The three factors that broadly determine whether or not an applicant will be able to unlock cross-border finance solutions with banking offshore in Singapore include their citizenship, residency, and deposit amount. In short, with a high enough deposit, citizenship and residency concerns can be overcome. This is true whether an applicant is coming from a restricted jurisdiction in the eyes of Singapore banks (e.g. the United States) or a high-risk jurisdiction in the eyes of Singapore banks (e.g. Russia).
In other words, most applicants can open bank accounts in Singapore remotely if they have enough money. Of course, this is not a hard rule that is observed by all banks. And, in many instances, only one or two banks will be available to each applicant. Plus, “enough money” is highly subjective and ends up being different for each applicant.
That said, banks in Singapore do have standard account opening requirements for normal client profiles, which we will discuss below. And, these “normal profiles” can also open Singapore bank accounts remotely.
However, in terms of the actual onboarding process, each bank in Singapore will differ slightly. That said, there are a few general guidelines for Singaporean banks that applicants should be aware of, which include the following.
Singapore Bank Account Opening Guidelines & Key Takeaways
- Foreign non-residents can open bank accounts in Singapore
- Foreign and offshore entities can open bank accounts in Singapore
- Bank accounts can be opened remotely in Singapore
- Banks in Singapore will conduct onboarding via video and email
- A clear rationale for wanting to bank in Singapore is needed
- Singapore deposit requirements are usually in the range of USD 180,000 to USD 3,000,000
- Singapore banks impose strict citizenship and residency restrictions
Offshore Bank Accounts in Singapore
In Singapore, an offshore bank account refers to an account held by a foreign non-resident individual or entity. Not surprisingly, the requirements for opening offshore bank accounts in Singapore differ slightly from opening resident accounts. Likewise, the financial tariffs and costs of banking in Singapore as a foreign non-resident are higher than those for residents and vary by bank, so it’s important to compare all of the banking options prior to opening.
In short, the difference between opening offshore accounts in Singapore and resident accounts in Singapore comes down to the applicant, the preferred terms and Singapore banking benefits they are looking to access, and the requirements they’ll need to meet during the account opening process.
Of course, additional proofs, international documentation, and certain certifications may also be required by Singaporean banks. However, this will depend on the bank in Singapore you are applying to. If you would like to explore your banking options, click here to access a list of banking firms and Singapore banks prepared by our team. This list includes the leading financial firms and the largest banks in Singapore, including both foreign and domestic financial institutions.
Alternatively, if you would like to continue exploring Singaporean bank account opening requirements, read on to explore the requirements for opening personal bank accounts in Singapore, business bank accounts in Singapore, and private bank accounts in Singapore for foreign non-resident individuals and entities.
Requirements to Open Personal Bank Accounts in Singapore
Individuals looking to deposit personal funds into a Singapore personal bank account should use this link to review our detailed guide. This guide will be relevant for anyone looking to open Singaporean bank accounts, hold funds in Singapore dollars, the official currency of Singapore, or invest locally. Likewise, anyone with local financial obligations that require them to remit funds overseas or send money to Singapore regularly will find this guide helpful as well.
In addition to providing specific requirements, this guide also provides an assessment of personal banking in Singapore and offers unique insights you won’t find elsewhere. On the other hand, if you are looking for private banking in Singapore you can access our private banking guide below.
Singapore Personal Banking Requirements
- Government-issued identification
- Proof of residency in Singapore (or elsewhere)
- Tax ID number from country of residence
- Reason for wanting to bank in Singapore
- Bank reference letter from an existing banking relationship
- Proof of income from employment or investments
- Proof of address in the country of residence
- Proof of source of funds (especially for higher deposit amounts)
- Qualifying minimum deposit (varies by account type and client profile)
Importantly, when applying for a business bank account in Singapore, the above requirements will be requested for each shareholder and director of the company as well. That said, there are additional documents you will also need to provide to Singaporean banks for the business, which we discuss next.
Requirements to Open Business Bank Accounts in Singapore
Individuals looking to manage their company’s cash flow with a Singapore business bank account should use this link to review our detailed business banking guide.
The guide provides a more detailed assessment of business banking in Singapore and shares important information that could impact your entity’s banking choices.
Singapore Business Banking Requirements
- Certificate of incorporation
- Certificate of good standing (entities older than one year)
- Tax identification number from country of operation
- Proof of address in the country of operation
- Description of ties to Singapore
- Financial statements (or similar)
- Bank reference letter (not always required)
- Commercial reference letter (not always required)
In addition to the documents Singaporean banks require, businesses also need to supplement their application with the following information.
Additional Business Information Required by Banks in Singapore
- Detailed description of business activities
- List of clients and suppliers
- Expected transaction activities
- A clear rationale for banking in Singapore
- A business website that meets specific onboarding criteria
In the following section, we’ll take a look at the requirements for opening a private bank account in Singapore for foreign non-residents.
Requirements to Open a Private Bank Account in Singapore
When opening a private bank account in Singapore, prospective customers need to provide the same documents, identification, and proof that Singaporean banks require for personal accounts. That said, depending on the deposit, banks in Singapore will put a stronger emphasis on the source of wealth and the individual’s reason for wanting to bank in Singapore. Individuals looking for boutique financial services through Singapore private banking should click here to access our free guide on the topic.
Here’s another look at the requirements that applicants will need to meet to open private bank accounts in Singapore.
Private Banking Requirements in Singapore
- Government-issued identification
- Proof of residency in Singapore (or elsewhere)
- Tax ID number from country of residence
- Reason for wanting to bank in Singapore
- Bank reference letter from an existing banking relationship
- Proof of income from employment or investments
- Proof of address in the country of residence
- Proof of source of funds (especially for higher deposit amounts)
- Qualifying minimum deposit (varies by account type and client profile)
Like elsewhere, Singaporean banks require significantly higher deposits to access private banking over personal banking. In most cases, the starting deposit to access private banking in Singapore ranges between USD 1,000,000 and USD 3,000,000.
That said, below private banking is the premier banking tier, which most foreign non-residents will be considering. In Singapore, premier bank accounts can usually be opened with an initial deposit of around USD 180,000 to USD 300,000. However, the same restrictions referenced above still apply.
While we view Singapore as one of the best banking jurisdictions in the world, we consider USD 3,000,000 very high when considering the banking restrictions, payment processing options, and other Singapore banking services offered compared to other banking jurisdictions in the world. That said, individuals who can open at the premier level and entry-level private banking deposits may find Singapore an attractive option.
Of course, despite Singapore’s pristine reputation, it’s still important to consider the legal liabilities and risks of banking in Singapore, the risks of each bank you are considering opening with and comparing both to the other options available to you. That said, if you have a specific reason for wanting to open a private bank account in Singapore, you can use our free Singapore insights to navigate your options.
Alternatively, if you want access to superior banking providers and the best banks in Singapore and unlock expert insights on how to quickly and affordably open Singapore accounts, join GlobalBanks IQ using the link below.
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring bank account opening requirements in Singapore. If you have further questions about Singapore, don’t hesitate to contact us directly.
Can a Foreigner Open a Bank Account in Singapore?
Yes, a foreigner can open a bank account in Singapore. In fact, it is possible for foreign non-residents from a wide range of countries to open Singapore bank accounts 100% remotely. That said, not all citizenships and residencies are eligible to open accounts. So, it’s important to first confirm whether or not you are eligible and can meet the financial requirements to open an account.
What Is Required to Open a Bank Account in Singapore?
A completed account opening application is required to open a bank account in Singapore along with supporting documentation, government-issued identification, proof of address, proof of income, and source of wealth documents. Additionally, applicants will need to make a qualifying deposit, which will range from USD 180,000 to USD 3,000,000, depending on the type of account and applicant.
What Is the Minimum Balance in a Singapore Bank Account?
The minimum balance in a Singapore bank account for foreign non-residents is USD 180,000. However, the specific requirements that each applicant needs to meet will be determined by the bank they choose, their citizenship and residency, and the type of account they want to open. Generally speaking, the minimum balance requirement at Singapore banks ranges from USD 180,000 to USD 3,000,000.
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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Use this link to see how GlobalBanks Insider can help you successfully open accounts.
