How to open a fee free account in Singapore: Options from Banks and Specialist Services
f 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 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. They can also present a great alternative to a free multi currency bank account. This guide covers all you need to know.
Fee free account options in Singapore:
Accounts from specialist companies
Bank current accounts
Best fee-free account offers in Singapore
If you’re looking for a fee free account with a 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.
A few bank accounts with no minimum balance are available in Singapore - but 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 specialist 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
Learn about the best bank accounts for international transfers for business - and the best bank for personal international transfers in Singapore here.
Fee-free accounts from specialist 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 specialist provider may actually work out to be cheaper overall. Accounts from specialist providers like Wise and Revolut aren’t bank accounts - but they do 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, looking in particular at accounts for personal customers:
| Provider/ service | Wise | Revolut |
|---|---|---|
| Account opening fee | No fee | No fee |
| Monthly charges | No fee | 0 SGD/month - 19.99 SGD/month |
| Interest earning opportunity | Available on SGD and USD balance | Not applicable |
| ATM withdrawal fees | Up to 2 withdrawals, valued up to 350 SGD/month fee free 1.5 SGD + 1.75% fee after that | Withdraw 350 SGD - 1050 SGD/month with no Revolut fee, depending on account type 2% fee for withdrawals above plan limits |
| Foreign transaction fee | Exchange currencies from 0.31% Free to spend any currency you hold in your account | Exchange currencies using the Revolut rate with no additional fee, subject to plan limits Up to 1% fair usage fee, and 1% out of hours conversion fee may apply No fee to spend any currency you hold in your account |
| International money transfer charges | From 0.31% | 0.4% for same currency transfer + any applicable exchange cost Plans may offer discounted transfers, depending on account type |
| Account closure fee | No fee | No fee |
| Other notable features | Hold and exchange 40+ currencies | Hold and exchange 30+ currencies |
Pros and cons
Pros:
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
Cons:
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. Plus, if you’re looking for a free multi currency bank account you may struggle - costs including fees for currency exchange generally apply.
Here’s a summary of the key features of low cost bank accounts from some of Singapore’s largest banks.
| Bank/service | OCBC 360 Account | DBS My Account | UOB One Account |
|---|---|---|---|
| Account opening fee | No fee - 1,000 SGD minimum opening deposit required | No fee | No 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 opportunity | Up to 4.65%, subject to meeting eligibility requirements which may include signing up for additional products and services | Varies based on currency | Up to 6%, 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 MEPS in Malaysia - 5 SGD Otherwise: 3% service fee (minimum 5 SGD, maximum 20 SGD) + foreign transaction fee | Up to 7 SGD for overseas withdrawals | Free at UOB ATMs in Singapore, Indonesia, Thailand and Malaysia 5 SGD elsewhere |
| Foreign transaction fee | 2.25% | Up to 3.25% | 3.25% |
| International money transfer charges | 1/8% (minimum 10 SGD, maximum 100 SGD) + agent charge + 20 SGD cable fee 10 SGD fee to receive payment | 5 SGD to 25 SGD + agent charge + 20 SGD cable fee 10 SGD fee to receive payment | 1/8% or 1/16% (minimum 10 SGD, maximum 100 SGD) + agent charge + cable fee 10SGD fee to receive payment |
| Account closure fee | 30 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 features | Credit your salary, save, insure or invest to earn higher interest | Add in a selection of features to customise your account to your needs | Interest earned depends on the way you use your account |
Pros and cons of bank checking accounts
Pros:
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
Cons:
Transaction fees still apply
Accounts often offer SGD as the sole currency
Eligibility requirements apply for all account types
Learn about the best USD business bank accounts in Singapore here.
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 prefer to stick with a bank, choosing bank accounts with no minimum balance can also be a big help and make your money more flexible.
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 bank with in person service options, looking for a bank account with no minimum balance, with options to have ongoing fees waived can be a smart move and mean you pay less overall.
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 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 you can't get a fee-free account 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.
Conclusion
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 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.
FAQ
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.
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.
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.