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 how to open a bank account in 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
- Do You Want to Open a Singapore 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 costs of banking in Singapore 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
- 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 personal, business, and private bank accounts in Singapore without traveling to the country. Though, this option is not available to everyone.
So, if you are looking to open offshore bank accounts in Singapore as a foreign non-resident, other financial institutions (not listed above) will typically be better suited to your needs. Here is the full list of Singapore financial institutions, including local and foreign institutions.
To find the best bank 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 benefits of banking in Singapore, so you can identify the one that is best suited to your banking needs. Of course, depending on your client profile, there could be risks to banking in Singapore you may need to consider as well. This is especially true if you are looking to send money to Singapore since some banks may have restrictions on how money is received. But also, if you are opening business or personal bank accounts as a foreign non-resident. In these instances, 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.
If you would like to start directly comparing your personal or business account opening options in Singapore, you can immediately access hundreds of financial institutions in the GlobalBanks IQ Database. Each bank profile includes detailed account opening 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 banking services to non-resident foreigners and businesses. In fact, most banks in Singapore that accept foreign non-residents offer accounts in the local currency, the Singapore Dollar, or foreign currency.
Which is the Largest Bank in Singapore?
The largest bank in Singapore is DBS. In terms of total assets, DBS is ranked number one in Singapore 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.
Do You Want Help to Open a Singapore Bank Account?
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