In this article, we’re exploring who can open an offshore bank account in Singapore. We’ll share details on how to decide if overseas finance services or offshore banking in Singapore is right for you as a foreign non-resident. We’ll also answer common questions we receive from people exploring this topic.
This article is part of our free series on offshore 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 who can open an offshore bank account in Singapore.
Table of Contents
- Who Can Open an Offshore Bank Account in Singapore?
- Should I Open an Offshore Bank Account in Singapore?
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
Who Can Open an Offshore Bank Account in Singapore?
Offshore bank accounts in Singapore are accessible to a wide range of client types, including permanent residents of Singapore, Singapore citizens, foreigners, and non-resident entities.
Banks in Singapore do have restrictions on citizenship and residency and typically require non-resident clients to make higher deposits. It’s important to confirm with your chosen bank whether or not they accept your specific client type before starting the application process.
Other factors you need to consider to know how to open a bank account in Singapore from abroad include opening requirements, deposit level, and banking accessibility. Depending on your citizenship and residency, certain banking products and services are limited.
Bank selection is a critical step in successfully opening an offshore bank account. Below we share details on how to choose the right Singaporean bank for your banking needs.
How to Choose the Right Singaporean Bank
- Does the bank accept similar client profiles?/
- Will the bank allow you to open an account remotely?
- Does the bank offer the financial services you require?
- Can you provide the required proof of documentation?
- Can you meet the bank’s deposit requirement?
- Can you support the ongoing account fees?
Choosing the right bank, as you can see, involves careful consideration and preparation. Depending on your client profile, banking needs, and deposit level, there are other banking jurisdictions worth considering.
We share details on why foreign non-residents choose Singapore to open offshore bank accounts in the next section below. The information provided is a guide to help you make an informed decision on whether or not Singapore is the right choice for you.
Should I Open an Offshore Bank Account in Singapore?
Determining whether to open an offshore bank account in Singapore involves considering various factors. These factors include your reason for wanting to bank in Singapore, how much money you are willing to deposit and invest, and whether or not you can travel to Singapore to open the account in person.
Each bank in Singapore caters to specific client types, offers different financial services, and has different opening requirements. Some banks are even more challenging to access than others and require higher deposit amounts.
Depending on your client profile and banking needs, banking in Singapore can be a suitable option. There are several benefits to banking in Singapore, we share six of them below.
Benefits of Offshore Banking in Singapore
- Access to a highly reputable banking jurisdiction
- Access to some of the safest banks in the world
- Ability to open accounts 100% remotely (varies by bank)
- Access to deposit insurance up to S$75,000
- Access to a safe and stable political environment
- Ability to open multi-currency accounts
The actual benefits you have access to depend on your unique client profile, the type of account you open, and the bank you choose to open an account with.
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 an offshore 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 Foreigner Open a Citibank account in Singapore?
Yes, a foreigner can open a Citibank account in Singapore as long as they meet the bank’s opening requirements, submit the necessary documents, and make a qualifying deposit. The requirements vary depending on the applicant’s citizenship, residency, and banking needs. It’s important to confirm the specific requirements your client profile is required to meet before applying.
Can a Foreigner Open a Business Bank Account in Singapore?
Yes, a foreigner can open a business bank account in Singapore as long as they submit relevant corporate documents, meet opening requirements, make a qualifying deposit, and have a suitable client profile. It’s important to note that not all banks in Singapore accept foreign businesses, so bank selection will be an important factor to consider when choosing where to apply for a business account.
Can a Foreigner Not Working in Singapore Open a Bank Account?
Yes, a foreigner not working in Singapore can open a bank account. The banks available to them depend on their citizenship, residency, banking needs, and reason for wanting to bank in Singapore. Bank selection is an important factor to consider since not all banks in Singapore accept foreigners.
Do You Want to Open a Singapore Bank Account?
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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!
