How to open a fee free bank account in Singapore: Guide and Options 2024

Claire Millard
Ileana Ionescu
Last updated
1 September 2022

If you’re looking for a cheap and easy way to manage your money in Singapore you’ll have plenty of account options to choose from. However, while several banks offer accounts which have monthly fees that can be waived easily, they’re not entirely fee free.

Instead, banks commonly make it fairly easy to avoid fees on local everyday transactions, but wrap their fees into other transaction types, like international transfers and withdrawals.

Specialist fintech companies like Wise or Revolut may offer cheaper overall account fees, particularly if you don’t want to maintain a high minimum balance, or if you transact internationally a lot. This guide covers all you need to know.

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Fee free account options in Singapore:

  • Accounts from fintech companies

  • Bank current accounts

Best fee-free account offers in Singapore

If you’re looking for a fee free account with a major bank, you’ll be able to choose between a few products - but in reality none of them are truly fee free. Instead, what’s common is that accounts have fees which can be easily waived if you maintain a fixed minimum balance, or by signing up for other account options like online statements. Fees will still apply on some transaction types.

To find an account which helps you cut your overall costs, looking for low or no fees for the transactions you make regularly is important. To help, we’ve compared a few different options, looking at accounts from both fintech companies and banks, and analysing their products based on whether they have the following:

  • Account opening fee

  • Monthly charges

  • Interest earning opportunity

  • ATM withdrawal fees

  • Foreign transaction fee

  • International money transfer charges

  • Account closure fee

Fee-free accounts from fintech companies 

Banks may be the obvious place to look  if you’re searching for a way to manage your money - but they’re by no means the only option. Choosing a modern fintech provider may actually work out to be cheaper overall. Accounts from fintech providers like Wise and Revolut share many of the features of fee free bank accounts, with online and in-app money management and a range of perks including multi-currency functionality. That can make them a particularly good option if you transact in foreign currencies, or love to travel. Here’s how Wise and Revolut match up on our key measures:

Provider/ serviceWise Revolut
Account opening feeNo feeNo fee
Monthly chargesNo feeFree standard plans are available - or you can upgrade to a fee paid plan up to 19.99 SGD/month
Interest earning opportunityNot applicableNot applicable
ATM withdrawal fees

Up to 2 withdrawals, valued up to 350 SGD/month fee free

1.5 SGD + 1.75% fee after that

350SGD - 1050 SGD/month fee free, depending on account type

2% fee for withdrawals above plan limits 

Foreign transaction fee

Exchange currencies from 0.41%

Free to spend any currency you hold in your account

Exchange currencies for free, subject to plan limits

Free to spend any currency you hold in your account

International money transfer chargesFrom 0.41%

International bank transfers have a variable fee, usually 0.3% - 2%, subject to minimum and maximum charges by currency

Paid plans may offer discounted transfers, depending on account type

Account closure feeNo feeNo fee
Other notable featuresHold and exchange 50+ currenciesHold and exchange 28 currencies 

Pros and cons


  • No minimum balance - and often no ongoing monthly fees

  • Low costs for many services, including foreign currency transactions

  • Choose from a range of different account types depending on your needs

  • Manage your money online or using your smart device


  • Not a bank - so some services, like access to credit, aren’t normally offered

  • No branches for face to face service

  • No cash deposits

Fee free bank current accounts

Let’s move on to the account types on offer from a few of the biggest banks in Singapore. While all of Singapore’s major banks have basic accounts, they’re usually not really fee free. Instead, there are just relatively easy ways to have the fees waived by holding a minimum balance or transacting frequently.

Alternatively, some banks also have basic accounts which are aimed at low income Singaporeans who are in receipt of government support. These accounts have low or no minimum balance requirements, making them more accessible - but you’ll need proof of your eligibility to get started.

Here’s a summary of the key features of basic bank accounts from some of Singapore’s largest banks.

Bank/serviceOCBC 360 AccountDBS My AccountUOB One Account
Account opening feeNo fee - 1,000 SGD minimum opening deposit required No feeNo fee - 1,000 SGD minimum opening deposit required 
Monthly charges

2 SGD, waived for the first year

Monthly charge waived if you hold at least 3,000 SGD in your account 

No fee as long as you accept digital statements

5 SGD, waived for the first 6 months

Monthly charge waived if you hold at least 1,000 SGD in your account 

Interest earning opportunityUp to 2.38%, subject to meeting eligibility requirements which may include signing up for additional products and services Not applicable Up to 3%, subject to meeting eligibility requirements which may include signing up for additional products and services 
ATM withdrawal fees

Local and in network withdrawals may be free 

3% service fee (minimum 5 SGD, maximum 20 SGD) + foreign transaction fee

Fees vary by currency, minimum 10 SGD

Free at UOB ATMs in Singapore, Indonesia, Thailand and Malaysia

5 SGD elsewhere

Foreign transaction fee2.25%Fees vary by currency and linked card3.25%
International money transfer charges

1/8% (minimum 10 SGD, maximum 100 SGD) + agent charge + 20 SGD cable fee 

10 SGD fee to receive payment

1/8% (minimum 10 SGD, maximum 120 SGD) + agent charge + 20 SGD cable fee 

10 SGD fee to receive payment

In branch or by phone: 1/8% (minimum 10 SGD, maximum 100 SGD)+ agent charge + cable fee 

Online: 1/16% (minimum 10 SGD, maximum 100 SGD)+ agent charge + cable fee 

5 SGD fee to receive payment

Account closure fee30 SGD if you close within 6 months of opening account 30 SGD if you close within 6 months of opening account 30 SGD if you close within 6 months of opening account 
Other notable featuresCredit your salary, save, insure or invest to earn higher interest Add in a selection of features to customise your account to your needsInterest earned depends on the way you use your account

Pros and cons of bank checking accounts


  • Lots of options from different banking brands

  • Branch network for in person transactions

  • Access a full range of financial services from one provider

  • Many fees can be waived


  • Transaction fees still apply

  • Accounts often offer SGD as the sole currency

  • Eligibility requirements apply for all account types

    To sum up: It’s pretty much impossible to avoid all banking fees - but you can definitely cut the costs of managing your money, by choosing an account which has low fees for the transactions you make often, and no ongoing charges. If you’re a frequent traveller or shop online with international ecommerce retailers, the costs of foreign transactions can make a big difference to your overall banking fees. In this case, having a low cost multi-currency account from a provider like Wise or Revolut can be a useful tool in bringing down overall costs. If you prefer to manage your money through a regular bank with in person service options, looking for an account with options to have ongoing fees waived can be a smart move and mean you pay less overall.

Go to Wise

How to choose a fee-free bank account?

Finding an account which offers you fee free everyday transactions can allow you to really make the most of your money. However, choosing the right account for you will mean doing a bit of research. Because banks and account providers often use low headline fees, but wrap their operating costs up in specific transaction types, you’ll need to read through all the fees which can apply to your account carefully. Look in particular at the costs of sending and receiving international payments, and spending and withdrawing in a foreign currency - as these are commonly areas where banks add extra costs.

Use this guide as a starting point, and remember to compare both banks and modern alternative providers such as Wise or Revolut to find one which best suits your individual needs.

Documents and eligibility

You can open many accounts from Singapore banks online or via the bank’s own app. However you’ll usually need to be signed up to SingPass to get started, and if you’re not a Singapore citizen or PR you’ll also often need to upload a few extra documents to show you’re legally resident.

Normally to open a fee free account from a regular bank you’ll need:

  • Proof of identity

  • Proof of address

  • Valid pass (employment pass or dependent pass for example) if you’re a foreigner

If you’re applying for an account from a specialist online service like Wise or Revolut you’ll need to provide proof of ID and address. If you’re not based in Singapore you may be able to use a foreign proof of ID to get your account set up.

When you might need a fee-free basic bank account

Getting a Singapore account which doesn’t charge a monthly fee can mean cutting down your overall banking costs. That’s appealing for many people including new arrivals in Singapore, international students, people opening their first bank account - and more or less anyone who wants to cut down the costs of managing their money.

However it’s worth noting that some of the basic accounts from major Singapore banks still have minimum deposit requirements which can be restrictive if you don’t want to tie up your SGD funds.

Options when we can't get a fee-free with your bank

While it’s pretty easy to open a bank account once you’re established in Singapore and have all the right documentation to hand, it’s almost impossible to open an account if you don’t have a proof of address and legal residency.

If you’re moving to Singapore and looking for a way to manage your money for a lower cost, picking an online and digital provider like Wise or Revolut can be an easier and more flexible option. You’ll be able to use your normal ID and proof of address from your home country, to get your account up and running, and may be able to access SGD bank details to send and receive payments even before you arrive in Singapore.


There are costs involved in providing financial services - which ultimately means that completely fee free banking isn’t an option. However, it is possible to bring down the costs of managing your money, by picking an account which offers low or no fees for the transactions you make often, with no ongoing service fees.

Depending on your personal preferences, you might find an alternative specialist provider like Wise or Revolut offers better value compared to a traditional bank. Accounts are typically flexible and packed with features - but with no ongoing fees or minimum balances to worry about. Compare a few different options to find the perfect fit for your needs.


Which banks have no monthly fees?

Basic bank accounts in Singapore often come with no monthly fees as long as you fulfil eligibility requirements, like signing up for digital statements, or holding a fixed minimum balance amount. If you don’t want to tie up your funds in a minimum balance clause, check out online alternatives like Wise and Revolut which can often offer cheaper and more flexible options.

How to keep a current account fee free?

Transaction fees apply on all accounts - so to keep your current account fee free you’ll need to look carefully at the costs applied, and avoid the types of transactions that come with fees. You can often cut down costs by using in-network ATMs for example, and avoiding foreign currency transactions.

Do current accounts pay interest?

Current accounts may pay interest, depending on the specific product and provider. It’s often the case that you’ll need to sign up for additional products and services like credit or insurance from a bank to access their best interest rates.