In this article, we’ll share how to open a personal bank account in Singapore. However, it’s important to note that account opening success will largely depend on your client profile and a few key factors.
In this article, we’re going to help you navigate each of these factors and start the process of opening your Singapore bank account, including 100% remotely.
This article is part of our free series on how to prepare an application to open a bank account in Singapore, which you can access using this link.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- How to Open a Personal Bank Account in Singapore
- Opening a Bank Account in Singapore as a Non-Resident
- Benefits of a Singapore Bank Account
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
How to Open a Personal Bank Account in Singapore
You can open a personal bank account in Singapore with one of the banks that cater to foreign non-resident applicants. These banks include local banks and foreign banks licensed to operate locally.
Opening a bank account in Singapore can be expensive, challenging, and time-consuming. Applicants will need to overcome a strict onboarding process, meet specific requirements, and make a qualifying deposit. This is especially true if you’re looking to access corporate financing services through a business bank account in Singapore.
Of course, each bank has different new account qualifications and banking requirements, deposit requirements, and onboarding processes. This will impact the types of client profiles that can realistically open accounts at each bank.
Singapore is one of the top financial jurisdictions and offshore banking hubs in the world. The country in Asia is perceived as the holy grail of international banking and is financially sound and well-capitalized. However, this means higher deposit levels and challenging account opening procedures. That said, there are some financial pitfalls and risks to banking in Singapore that non-residents should be aware of, which you can learn more about by clicking here and accessing our free guide.
In the next section of the article, we’ll share how to approach opening a personal bank account as a foreign non-resident in order to successfully open accounts in Singapore.
Opening a Bank Account in Singapore as a Non-Resident
Not all banking organizations and banks in Singapore accept non-resident applicants. To successfully open accounts, you need to choose the right bank to apply to. Likewise, you need to select a bank that has the specific account management solutions and Singapore banking services you require and requirements you can meet.
When it comes to account opening requirements, most Singapore banks will request reference letters, proof of income, and source of wealth. In certain instances, they may also require personal financial statements. That said, every major banking entity, including the largest banks in Singapore, is different and may accept alternative documentation for various opening requirements.
Note that if you’re a US citizen, additional documents and a higher deposit amount will likely be required.
Here’s a closer look at the specific requirements you can expect when opening a bank account in Singapore.
Requirements to Open Bank Accounts in Singapore
- Qualifying deposit
- Government-issued identification
- Proof of residency (if applicable)
- Tax ID (from country of residence)
- Reason for wanting to open an account in Singapore
- Bank statement (from current bank account)
- Bank reference letter (not always required)
- Professional reference letter (not always required)
After you have decided which banks you want to apply to, it’s important to review their requirements before contacting the bank. Otherwise, you could end up red-flagging yourself or identifying that you are unable to meet their requirements before you even start the application process.
With this in mind, bank selection is an important step in successfully opening an account or accessing high-value savings solutions with a private bank account in Singapore as a non-resident. So is knowing how to approach the bank to make sure you have the best chance of opening an account. This is especially true if you require an account to transfer funds abroad or send money to Singapore since some banks may have restrictions on how money can be received.
The banks and financial institutions available to each client depend on residency status, the type of bank account they require, jurisdictions that they plan to send and receive money to and from, the banking services they need, and more. That said, if you are looking to open a bank account in Singapore Dollars, the currency of Singapore, Singapore could be an option worth considering. However, it’s important to consider the financial fees and costs of banking in Singapore before applying to open an account here since Singapore is a relatively expensive banking jurisdiction.
For now, we will share the specific benefits that you can unlock when opening a personal account in Singapore. But if you want to consider all of the available options in the offshore world, consider downloading our free guide.
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Benefits of a Singapore Bank Account
Benefits of opening a Singapore bank account ultimately depend on the person looking to bank here. The reason for this is that certain first-class financial providers, including the best banks in Singapore, offer different account types, fee structures, interest rates, and accept different client profiles.
In other words, depending on the type of account and client profile you have, you may only be able to access certain banks and services. For some client profiles, you may find that banks in other jurisdictions are more suitable for your needs
With this in mind, it’s important to consider which banks and jurisdictions offer the exact accounting perks and Singapore banking benefits you’re looking for before applying for accounts. You can do this by using the information in the GlobalBanks IQ Database or by accessing bank-specific information from our advanced international banking reports.
Benefits of a Singapore Bank Account
- Stable jurisdiction
- Some of the safest banks in the world
- Accepting of most passports & residencies
- Access to multi-currency accounts
- Remote opening is 100% possible
- Enhanced asset protection due to strict rule of law
- Deposit insurance up to S$50,000
- And more
Frequently Asked Questions
Below are a few of the most common questions we receive from people exploring how to open a personal bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Much Do I Need to Open a Bank Account in Singapore?
How much you need to open a bank account in Singapore will ultimately depend on the bank, the type of account, and your specific banking profile. Generally speaking, deposit amounts can range anywhere from USD $30,000 up to USD $3,000,000.
Can I Open a Singapore Bank Account Online?
Yes, you can open a Singapore bank account online. However, not all banks in Singapore offer remote account opening. Likewise, not all banks accept foreign non-residents. When opening a bank account in Singapore online, applicants may be required to submit additional documents. So, it’s important to confirm the online account opening process and requirements before applying.
Can I Open a Bank Account in Singapore as a Foreigner?
Yes, you can open a bank account in Singapore as a foreigner. In fact, some banks in Singapore allow foreigners to open bank accounts 100% remotely. Of course, not all banks accept foreign non-resident applicants. Of the banks that do, not all of them offer remote opening.
Can US Citizens Open a Bank Account in Singapore?
Yes, US citizens can open a bank account in Singapore. However, unlike other jurisdictions, banking in Singapore as a US citizen is challenging and expensive. In fact, compared to other jurisdictions, many banks in Singapore are not registered with the US Securities and Exchange Commission. This means there are limited investment products available to US citizens. Additionally, US citizens are required to deposit a higher amount and meet additional onboarding requirements.
Can Foreigners Open Bank Accounts in Singapore DBS?
Yes, foreigners can open bank accounts in Singapore with DBS. In fact, some foreigners can open bank accounts with DBS 100% remotely. DBS may be a suitable banking option for individuals looking for private banking solutions. DBS does also offer non-resident bank accounts and corporate bank accounts.
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
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+ 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.
