In this article, we’re exploring the major banks in Singapore. We share the three top financial institutions, including the largest banks in Singapore, determine whether or not these financial institutions are suitable for non-resident clients, and answer three common questions we receive from people exploring this specific topic.
This article is part of our free series on the largest banks 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 the major banks in Singapore.
Table of Contents
- What Are the Major Banks in Singapore?
- Frequently Asked Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Are the Major Banks in Singapore?
The major banks in Singapore include domestic banks, such as DBS Bank, OCBC Bank, and UOB, and foreign banking institutions ranging from Swiss private banks to US commercial banks.
The top three major financial institutions operating in Singapore are DBS, OCBC, and UOB, with USD 509.1 billion, USD 402.2 billion, and USD 340.7 billion in total assets.
These three banks, also known as the “Big Three” Singaporean banks, play a critical role in the country’s banking system. UBS Bank, OCBC Bank, and UOB Bank are all highly reputable financial institutions that offer a wide range of financial services and products to a diverse customer base.
Can Non-Residents Open Accounts With the Top Financial Institutions in Singapore?
Yes, non-residents can open accounts with the top banking institutions and top banks in Singapore (by assets) as long as they have a suitable client profile, meet the opening requirements, and make a qualifying deposit.
Opening accounts with DBS, OCBC, or UOB as a non-resident does have its challenges. This is due to strict regulatory requirements, limited services available to non-resident clients, and additional compliance measures associated with onboarding certain non-resident clients.
Non-residents have more banking opportunities when opening bank accounts with financial institutions that cater to non-resident clients and that offer international bank accounts.
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 Banking Questions
Below are a few of the most common questions we receive from people exploring the major banks in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Are the Top 3 Banks in Singapore?
The top 3 banks in Singapore are DBS, Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). According to the Central Bank of Singapore, the Monetary Authority of Singapore (MAS), the total assets of Singapore’s banking sector are approximately $2 trillion.
What Are the Major International Banks in Singapore?
The major international financial institutions in Singapore include Citibank, HSBC, and Bank of America. These banks offer a wide range of banking services and products. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
Can Foreigners Open an Account in Singapore?
Yes, foreigners can open an account in Singapore as long as they choose the right financial institution, meet the opening requirements, and have a suitable client profile. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
Do You Want to Open a Singapore Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Singapore in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
