Whether you're an expat settling in, a new resident, or a foreign investor, opening a bank account in Singapore is an essential step to managing your finances. Singapore’s banking system is not only efficient but also offers a wide range of services tailored for both individuals and businesses. This guide will walk you through everything you need to know to get started.

Overview of Singapore’s Banks 

Singapore is home to a mix of local and international banks, providing extensive banking options to suit various preferences and needs. Here are some of the notable banks you may consider: 

1. DBS (Development Bank of Singapore)

• One of the largest banks in Singapore offering digital-first services.

2. OCBC (Overseas-Chinese Banking Corporation)

• Known for customer-friendly services and savings account options.

3. UOB (United Overseas Bank) 

• Popular for competitive interest rates and extensive branch coverage.

4. MayBank 

• Offers a wide range of financial services while also being sustainability focussed.

5. HSBC (The Hongkong and Shanghai Banking Corporation)

• A globally renowned bank with a presence in Singapore.

Requirements for Opening a Bank Account 

When setting up your bank account in Singapore, here’s what you’ll need to provide. Ensure you gather the following documents before visiting a branch or applying online:

1. Valid Passport 

• Essential for identification purposes. 

2. Proof of Address 

• This could be a tenancy agreement, utility bill, or a letter of residence. 

3. Employment Pass/Student Pass/Dependent’s Pass 

• Expats will typically need to show valid work or residency permits. 

4. Initial Deposit 

• Most banks require an initial deposit, which will vary depending on the type of account.  They might also require you to have a minimum amount of SGD in your bank account daily on average.

5. Additional Documents for Foreign Investors 

• Some banks may require additional information such as income statements or proof of investments.

Pro Tip: Some banks allow you to start your application process online, which can be a convenient option.

How to Transfer Money into Your New Account 

Once your account is fully set up, transferring funds is straightforward. Here are the most common methods:

1. International Bank Transfer 

• Use your previous bank’s internet banking portal or app to initiate a transfer. Ensure you have the SWIFT code and account details of your Singapore bank. 

2. Wire Transfer Services 

• Platforms like Wise, Western Union, or Revolut allow quick and cost-effective transfers to your new account. 

3. Cheque Deposit 

• If you already have funds in Singapore, you can deposit a cheque at your bank. 

Check the fees associated with different transfer methods and the foreign exchange rates offered by your bank to ensure you're getting the best deal.

Additional Services Offered by Singaporean Banks 

Beyond basic banking, many Singaporean banks offer a host of additional services tailored for individuals and businesses. Here are some extra features you may find useful:

1. Multi-Currency Accounts 

• Ideal for expats and foreign investors, these accounts allow you to hold and transact in multiple currencies without needing separate accounts.

2. Mobile and Internet Banking 

• Enjoy seamless management of your finances with robust online and app-based banking services. 

4. Wealth Management Services 

• Some banks provide private banking or wealth management services for high-net-worth individuals. 

5. Loan Facilities 

• Access personal loans, home loans, or business loans tailored to your financial requirements.

Final Thoughts 

Opening a bank account in Singapore is a straightforward process when you have the right information and documents on hand. Take the time to research which bank and type of account meet your needs, and don’t hesitate to explore the various tools and services they offer as you settle into this vibrant city.

Need further assistance? Most Singaporean banks have dedicated staff to guide expats and foreign investors through the process. Reach out to your preferred bank and get started on managing your finances with ease!