The largest banks in Singapore include both local and foreign financial institutions. In most cases, these banks cater exclusively to residents and large commercial clients. However, there are a few exceptions.
In this article, we’re going to share the largest financial institutions in Singapore and help you navigate your options when choosing where to open accounts. This article is part of our free series on banking countries in Asia, specifically 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
- Largest Banks in Singapore
- Opening Bank Accounts in Singapore
- Frequently Asked Singapore Banking Questions
- Ready to Open an Offshore Bank Account?
Largest Banks in Singapore
The largest banks in Singapore in terms of assets are DBS Bank, OCBC Bank, and UOB Bank with USD 509.1 billion, USD 402.2 billion, and USD 340.7 billion respectively.
Of course, just because these financial institutions are the “largest” banks in Singapore, does not mean they are the best options for everyone.
Finding the right financial institution needs to be a combination of finding a trustworthy bank and a bank that will accept your client profile.
This means you need to understand your own client profile, personal or business banking needs, desired deposit level, and much more before you start the process of applying for accounts.
We discuss the application fees and Singapore banking costs in our free guide, which you can access by clicking here. But, for now, let’s take a look at the largest financial institutions in Singapore.
Not surprisingly, the largest financial institutions in Singapore play a critical role in Singapore’s economy, providing a wide range of financial services, driving growth across multiple sectors, and supporting the needs of both individuals and businesses.
Largest Banks in Singapore
- DBS
- Overseas Chinese Banking Corporation (OCBC)
- United Overseas Bank (UOB)
- Bank of Singapore
- Citibank Singapore
Opening Bank Accounts in Singapore
Opening an account with one of the largest financial institutions in Singapore can be complicated and expensive to do. This is especially true if you plan on traveling to Singapore to open an account.
Fortunately, many foreign non-residents can open bank accounts without traveling to the country. It’s even possible for some non-residents to unlock high-end financial solutions and Singapore private banking. Though, this option is not available to everyone.
So, suppose you are looking for international financing solutions or offshore banking in Singapore as a foreign non-resident. In that case, other financial institutions (not listed above) will typically be better suited to your needs. We share a detailed roster of institutions and a list of banks in Singapore, which you can access through the link here.
To find the leading finance companies and best banks in Singapore for your needs, it’s important to find the ones that will realistically open accounts for you. In other words, you should directly compare all of the account opening options, including the account promotions and Singapore banking benefits so you can identify the one that is best suited to your banking needs. Of course, depending on your client profile, there could be economic threats and risks to banking in Singapore you may need to consider as well. This is especially true if you are looking to make a payment online or send money to Singapore since some banks may have restrictions on how money is received.
It’s important to note that the largest banks in the country are often more difficult to open with and you will have a hard time getting them to respond to your account opening requests. This is especially true if you want individualized account management with a Singapore personal bank account.
If you want to compare your banking options, a Singapore business bank account or a personal bank account, you can immediately access hundreds of banks in the GlobalBanks IQ Database. Each bank profile includes detailed opening documentation and Singapore banking requirements, the bank’s preferred clients, important considerations and risks, and much more. You can see everything you get instant access to when you join GlobalBanks IQ below.
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Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people asking about the largest financial institutions in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch.
What Are the Big 5 Banks in Singapore?
The big 5 banks in Singapore include DBS, Overseas Chinese Banking Corporation (OCBC), United Overseas Bank (UOB), Bank of Singapore, and Citibank Singapore. Though they are the largest, not all of these banks offer suitable financing features and banking services to non-resident foreigners and businesses. In fact, most banks in Singapore that accept foreign non-residents offer accounts in foreign currency or accounts in the local tender or Singapore’s currency, the Singapore Dollar.
Which is the Largest Bank in Singapore?
The largest bank in Singapore is DBS. DBS is ranked the number one bank and the top bank in Singapore by assets with USD 509.1 billion. DBS is also ranked the 69th largest bank in the world.
What Are the Three Major Banks in Singapore?
The three major banks in Singapore are DBS, Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). According to the Monetary Authority of Singapore (the central bank of Singapore) the total assets of Singapore’s banking sector is approximately $2 trillion.
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.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus, FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
