In this article, we’re exploring Singapore’s private banking requirements. We share a list of the most common requirements you need to meet to successfully unlock custom financial solutions with Singapore private banking as a non-resident. We also answer three common questions we receive from people exploring this topic.
This article is part of our free series on private bank accounts in Singapore. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Singapore banking also discusses the largest banks in Singapore, Singapore’s opening requirements, the costs of banking in Singapore, and much more. Use the link above to start exploring all of your free Singapore banking content right now.
Alternatively, use the table of contents to continue exploring more information on Singapore’s private banking requirements.
Table of Contents
- What Are the Singapore Private Banking Requirements?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Singapore Private Banking Requirements?
The Singapore private banking requirements vary between Singaporean financial institutions and client profiles. Generally, all applicants must provide proper documentation, demonstrate their source of wealth, and make a qualifying deposit.
The exact forms of documentation, minimum account balances, and how much you need for private banking in Singapore, vary depending on the bank the applicant chooses and of course, their client profile. More specifically, their citizenship, residency, reason for wanting to bank in Singapore, and the services they require.
Here is a look at the eight most common requirements non-resident applicants are often required to submit when applying for a private bank account in Singapore.
Requirements for Opening Private Bank Accounts in Singapore
- Government-issued identification
- Proof of residency
- Tax ID number from country of residence
- Proof of address from country of residence
- Bank reference letter from an existing banking relationship
- Reason for wanting to open a private bank account in Singapore
- Proof of income from employment or investments
- Qualifying minimum deposit (varies by bank, account type, and client profile)
Opening a private bank account in Singapore as a non-resident takes careful consideration and preparation. Knowing the requirements your specific client profile needs to meet is critical to successfully opening an account and unlocking financial rewards and the benefits of a private bank in Singapore.
Want to learn more about banking in Singapore? Visit our comprehensive guide on banking in Singapore, available in the link above.
Alternatively, if you want to explore all of your offshore banking options, download our free guide and compare Singapore to some of the top banking jurisdictions available.
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Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring the Singapore private banking requirements. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is the Minimum Amount for DBS Private Bank Singapore?
The minimum amount for DBS private banking in Singapore varies based on the person applying. More specifically, their citizenship, residency, the type of account they want to open, and the type of services they need. It’s important to confirm the deposit requirements your client profile is required to make before starting the application process.
What Are the Requirements for Private Banking?
The minimum requirements for private banking depend on various factors including the applicant, the bank, and account type. Most applicants need to provide proof of identification, proof of address, proof of source of wealth, and bank reference letters when applying for a private bank account in Singapore. It’s important to confirm the requirements your specific client profile is required to meet before starting the application process.
What Is the Eligibility Criteria for Private Banking?
The eligibility criteria for private banking in Singapore varies between financial institutions. Private banking in Singapore, however, typically caters to clients who are able to make a significantly large deposit in the range of USD 1,000,000 to USD 5,000,000.
Do You Want to Open a Singapore Bank Account?
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