In this article, we’re going to be sharing a list of banks in Singapore that includes many of the 158 financial institutions operating in the country.
Each of these banks caters to specific client types, offers different banking services, requires different deposit levels, and has a different onboarding process.
In this article, we’re going to help you navigate how to choose from these 158 banks and start the process of opening a Singapore bank account today, even remotely.
This article is part of our free series on how to open accounts in top banking jurisdictions, like Singapore, which you can access by clicking here right now.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- List of Banks in Singapore
- How to Choose Where to Open a Bank Account in Singapore
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
List of Banks in Singapore
There are 158 banks in Singapore, spanning several license categories and catering to a wide range of clientele. The most popular financial institutions in Singapore include:
- DBS Bank Ltd.
- United Overseas Bank (UOB)
- Bank of Singapore
- Overseas Chinese Banking Corporation (OCBC)
- Citibank Singapore
Here is a look at the breakdown of how banks are categorized in Singapore.
- Local banks
- Foreign banks
- Full banks
- Offshore banks
- Merchant banks
- Wholesale banks
Not all banks in Singapore are suitable for foreign non-residents and foreign entities. So, it’s important to carefully assess each bank’s client preferences, banking risks of Singapore, identity verification standards, and Singapore banking requirements before choosing where to apply for an account.
To help you start the process of deciding where to open, here is a selection of popular foreign banks currently licensed to operate in Singapore.
List of Banks in Singapore
- Banco Santander
- Bank Central Asia
- Bank of America Singapore Limited
- Credit Suisse Singapore Limited
- HSBC Bank (Singapore) Limited
- JP Morgan Chase Bank
- Royal Bank of Canada
Please note this list only includes 7 of the 158 banks currently licensed in Singapore. Additionally, the banks are listed in alphabetical order and do not reflect any rating or suggestion of suitability for account opening.
Needless to say, the bank that is best for you will depend on whether or not you have residency, the reason for the account, the type of services you need, and the amount you are able to deposit. That said, there are many additional factors you need to consider when deciding where to open a bank account in Singapore. Additional factors you need to consider are the potential market disruptions threats and Singapore banking risks that non-residents can face.
In the following sections of the article, we’ll share how to identify which banks among the large list of banks in Singapore accept your client profile and offer the services you need.
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How to Choose Where to Open a Bank Account in Singapore
To choose where to open a bank account in Singapore, you first need to understand your client profile and banking requirements.
This means understanding how banks perceive you, the risks associated with your profile, and how desirable you may (or may not) be as a prospective client. You also need to know which financial account management options and Singapore banking services you require. This includes the secure payment methods you need to use to send money to Singapore and elsewhere, which investments you want to access, and which currencies are important to you.
That said, each respected financial provider, including the best bank in Singapore, has its own account opening requirements, onboarding process, and fee structures. For example, if you are looking to open a corporate expense account or business bank account in Singapore, you might be required to submit more detailed documentation and a higher deposit than if you were to open a personal bank account.
To help you determine how to choose a deposit account, like a Singapore personal bank account, let’s look at the key factors to consider before choosing a bank.
Factors to Consider When Choosing Where to Open a Singapore Bank Account
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- Can you meet the bank’s deposit requirement?
- Does the bank have English language support?
- What fees will be applied to your account activities?
- And more
It’s important to note that there may be better banking options for your needs outside of Singapore.
While Singapore banks are highly regarded, they typically charge higher account fees, and deposit levels, and have higher banking costs. There are also some limitations on the services that banks in Singapore provide. So, unless you have a specific reason for banking in Singapore or require an account in Singaporean dollars, the official currency of Singapore, it may be worth considering other jurisdictions as well.
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the list of banks in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch.
What US Banks Are in Singapore?
The US banks that are in Singapore include Citibank, Bank of America, JP Morgan Chase Bank, and The Bank of New York Mellon. That said, there are many other banks to choose from, including local banks in Singapore. The best option for you will depend on your client profile, banking needs, and deposit level.
Can US Citizens Open a Bank Account in Singapore?
Yes, US citizens can open bank accounts in Singapore. However, unlike many other international banking jurisdictions, offshore banking in Singapore as a US citizen has its limitations. For example, US citizens have very limited access to investment products in Singapore and are required to meet different requirements than other non-residents. It’s important to know which top-tier financial companies, including the largest banks in Singapore, accept US citizens before applying for an account.
Can I Open a Bank Account in Singapore From Overseas?
Yes, you can open a bank account in Singapore from overseas. Of course, the banks available to you will depend on your residency, deposit level, banking needs, and more. Not all banks in Singapore accept non-resident applicants. Likewise, not all banks offer remote account opening. That said, when you open an account with the right bank, you can unlock free services and Singapore banking benefits as a non-resident.
What Bank Account to Open in Singapore?
What bank account to open in Singapore will depend on your client profile and banking needs. In other words, your residency, deposit level, and your reason for wanting to bank in Singapore. Generally speaking, most non-residents can open traditional bank accounts and unlock various types of loan products, high-end management services, Singapore private banking services, and other banking services.
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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