In this article, we’re exploring what you need to open a bank account in Singapore. We share details on the account approval steps and Singapore banking requirements non-residents need to meet when applying for a bank account. We are also going to answer three common questions we receive from people exploring this topic.
This article is part of our free series on Singapore bank account opening requirements. 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 what you need to open a bank account in Singapore.
Table of Contents
- What Do I Need to Open a Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
What Do I Need to Open a Bank Account in Singapore?
What you need to open a bank account in Singapore depends on various factors, including your client profile, the bank you choose, and the type of account you want to open. Generally, all applicants must provide proper documentation, demonstrate their source of income, and make a qualifying deposit.
Here is a list of the eight items you need to open a bank account in Singapore.
Account Opening Requirements
- Government-issued identification
- Proof of residency in Singapore (or elsewhere)
- Tax ID number from country of residence
- Proof of address in your country of residency
- Proof of income from employment or investments
- Bank reference letter from an existing bank relationship
- Reason for wanting to bank in Singapore
- Qualifying minimum deposit (varies by bank, account type, & client profile)
Depending on your citizenship, residency, and whether you are looking for personal, business, or private banking, additional forms of documentation are required.
It’s important to confirm the exact application forms and documents required to open a bank account in Singapore your client profile needs to submit before starting the application process. This is because financial institutions in Singapore undergo a KYC verification process for applicants applying for accounts. This means banks have the right to request additional information regarding your financial situation and personal background.
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 what you need to open a bank account in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Open a Bank Account in Singapore as a Foreigner?
Yes, you can open a bank account in Singapore as a foreigner as long as you choose the right bank, meet the bank’s opening requirements, and have a suitable client profile. It’s important to note that not all banks in Singapore accept foreigners, so bank selection is an important factor to consider when choosing where to open an account.
How Much Do I Need to Open a Bank Account in Singapore?
To open a bank account in Singapore most applicants need to make a qualifying deposit in the range of USD 1,000,000 and USD 3,000,000. The exact amount you need to deposit depends on a variety of factors, including the bank you choose, the financial services you need, and your client profile. It’s important to confirm the deposit amount before starting the application process.
How Can a Foreigner Open a Bank Account?
A foreigner can open an account by selecting a proper financial institution, submitting the necessary documents, and making a qualifying deposit. It’s important to confirm the exact requirements your specific client profile needs to meet before starting the application process. This is because requirements vary between Singaporean banks, client profiles, and account types.
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.
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+ 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!
