In this article, we’re exploring who can open a bank account in Singapore. We’ll share details on whether or not you’re eligible for offshore banking and a Singapore personal bank account. We’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on personal 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 financial institutions 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 who can open a bank account in Singapore.
Table of Contents
- Who Can Open a Bank Account in Singapore?
- Should You Consider Banking in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Who Can Open a Bank Account in Singapore?
Both domestic and international clients can open a bank account in Singapore. This includes individuals and entities with existing ties to Singapore, planned future ties to Singapore, and no ties to Singapore whatsoever.
Here is a closer look at the four client types that typically want to open accounts in Singapore.
Client Types That Can Open Bank Accounts in Singapore
- Foreign non-residents
- Foreign businesses
- Wealth management entities
- Offshore entities
It’s important to note the client types are eligible to open a bank account in Singapore without living there, not all financial institutions in Singapore are created equal. Some banks are more challenging to access, require higher deposits, and only accept citizens of Singapore.
Consider choosing banks that accept your profile, offer the services you are after, have requirements you can meet, and align with your banking needs.
Should You Consider Banking in Singapore?
Singapore is recognized as one of the best banking jurisdictions in the world, however, it isn’t a suitable banking option for every client type.
Determining whether Singapore is the right banking jurisdiction for you requires considering various factors, including opening requirements, deposit levels, and financial services available to you.
There are other reasons why individuals consider Singapore as a banking option. We list four of them below.
Reasons for Banking in Singapore
- Highly reputable banking jurisdiction
- Access to multi-currency bank accounts
- Remote account opening is 100% possible
- Deposit insurance up to S$75,000
If you are interested in learning more about banking in Singapore, don’t forget to visit our comprehensive guide on banking in Singapore, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Singapore to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring who can 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 a Non-Singaporean Open a Bank Account in Singapore?
Yes, a non-Singaporean can open a bank account in Singapore as long as they choose the right financial institution, meet the proper requirements, and have a suitable client profile. Some non-Singaporeans can even open accounts in Singapore without visiting the country. Bank selection will be an important factor to consider when choosing where to open an account in Singapore.
Can a Foreigner Open a Bank Account?
Yes, a foreigner can open an account in Singapore. Some financial institutions in Singapore allow foreigners to open accounts 100% remotely. Bank selection is an important factor to consider since not all banks in Singapore accept foreign non-resident applicants. Likewise, of the banks that do, not all of them offer remote opening.
Who Are Eligible to Open a Bank Account?
Individuals who are eligible to open a bank account in Singapore include permanent residents of Singapore, non-residents of Singapore, and Singaporean citizens. The banks available to you depend on your banking needs, deposit level, and client profile.
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
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+ 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!
