How to open a bank account in Singapore: The Easy Way - 2024

If you’re moving to Singapore to live, study or work, you’ll probably want an account to handle Singapore dollars for everyday spending. If you’re already in Singapore and have a local proof of residence and valid ID paperwork, opening a bank account isn’t too hard. However, if you’re trying to get a SGD account set up ahead of time - or if you simply don’t have all your documentation yet - the process can be tougher.

Whether you’re planning ahead of a move, or just want to avoid standing in line in a bank branch waiting to open your account, alternative solutions like online accounts from Wise or Revolut can help. More on that later.

Key points: Online bank account opening

• To open an account as a foreigner living in Singapore you’ll need to prove your identity and address - banks also may need proof of income or savings

• Non-resident accounts from banks may be limited in terms of features or who is eligible to apply

• Accounts to manage Singapore dollars are also available for non-residents through non-bank alternatives like Wise and Revolut

• Singapore bank accounts may not have ongoing fees, but transaction fees are pretty inevitable. These vary depending on how you use your account

• There’s no single best Singapore bank account for foreigners, new arrivals and non-residents - compare a few to help you choose

What documents do I need?

Singapore banks ask customers to provide a set of documents to open an account. While the exact paperwork you need might vary depending on your situation, you’ll often require:

• Proof of identity - a valid passport, national identity card or driver’s licence for example

• Proof of residential address - a bank or credit card statement, utility bill or tax return in your name

• Your valid permit  (Employment Pass, Student Pass or Dependent Pass for example) or in principle approval letter showing your right to be in Singapore

These requirements are in place to make sure that banks comply with local legislation, and to ensure accounts aren’t opened or used for fraudulent or criminal purposes. It’s also an easy way for the bank to double check you’re eligible for an account. Unfortunately, as a non-resident or new arrival in Singapore it may be difficult or impossible to provide all the required documents.

The good news is that accounts from specialist providers tend to be easier for non-residents to open. Pick the right provider and you could get yourself a low cost and convenient account to pay and get paid in SGD, even before you head off to Singapore. More on that, later.

Can a foreigner open a bank account in Singapore without an Employment Pass?

To open a standard Singapore bank account you’ll usually be asked to prove you’re a legal resident in Singapore. This refers to a long term resident who holds paperwork like an Employment Pass, Student Pass or Dependent Pass for example.

In some cases you can apply before your pass is issued if you have an in principle approval letter from the Ministry of Manpower, which shows you’re going to be issued a document like an Employment Pass.

Save the paperwork with alternative solutions like Wise or Revolut

Singapore is a hugely popular expat destination - which means that the main Singaporean banks are used to dealing with foreigners arriving in the country to live, study or work. However, the key accounts available aren’t usually suited to non-residents, and gathering all the required paperwork can be tricky for new-arrivals, too.

That’s where specialist services like Wise or Revolut can help. Specialist providers often offer accounts which can hold and handle a range of currencies, and which are available to residents and non-residents alike. Because they’re aimed at people living an international life, they can also usually be opened with a proof of address from your home country, so you can get your account set up before you even move.

Verification is typically done online by uploading images of your paperwork, and - often -  a selfie to show your identity documents match your image. This is quick, convenient, and can be done from home whenever you have time.

How to open a Singapore bank account as a foreigner

Long term residents in Singapore, who hold a valid pass, may be able to open a bank account using their Singpass account. However, in this case, while you can often use Myinfo to complete a lot of your personal information, you’ll usually still need to either visit a branch or manually upload a proof of address document. Not all banks offer online opening to foreign customers, so check the policy of the bank you prefer before you start.

If you’re already in Singapore the steps you’ll usually take to open a bank account are:

1. Choose the perfect account for your needs

2. Get all your documentation ready

3. Apply online, or in a branch in person

4. Submit your documents online or in a branch

5. Once your account is verified you’ll be able to start transacting

What do I need to know before opening a bank account in Singapore?

For most accounts you must be at least 18 years old and possess a valid passport along with proof of your legal residency in Singapore. Some banks may also require proof of address in Singapore, such as a utility bill or tenancy agreement. In some cases, customers aged under 18 are able to open an account - but this may have to be done in joint names with a parent or guardian.

It's important to note that different banks have varying regulations regarding the account opening process. While some may allow you to complete the process online, others may require a physical visit to a branch, so checking the specific requirements of the bank you choose is always recommended. Additionally, some banks may have other requirements for certain types of accounts, such as investment accounts, where you may need to provide proof of income or investment experience.

Can I open a bank account in Singapore only with my passport?

No. To open a bank account in Singapore as a foreigner, you'll typically need a valid passport, alongside other paperwork.

Documents like your Employment Pass, Student Pass or Dependent Pass for example are necessary to verify your identity and legal status in the country. Additionally, some banks may require proof of address in Singapore, although this may vary depending on your chosen bank. It's important to remember that each bank has its own account opening process, so the exact documents required may differ slightly.

Which account is best in Singapore for foreigners? 

Singapore banks do actively recruit expat customers, offering some services to help people get settled in the country, and learn more about life here. However, the accounts available are usually intended for people who have already relocated or who are moving to Singapore in the near future, rather than non-resident foreigners.

Aside from banks, customers can also look at specialist financial technology companies. These may be cheaper and more flexible than banks. They may not offer the full suite of services you could get from a bank - but they are regulated in a similar way to big Singapore banks for the services they do specialise in, making them a safe bet.

Let’s take a look at a few examples:

The major Singapore banks are well set up to provide accounts to foreigners who are already legally residing in the country, or those who are in the process of relocating. However because you usually need a valid pass and a local address, it’s harder to get set up as a non-resident, visitor or digital nomad.

In this case, customers may be better off with an online specialist provider. Specialists often provide more flexible multi-currency accounts which are cheaper and easier to open.

Wise

Wise is a financial technology company which specialises in international payments and multi-currency accounts for individual and business customers. Over 16 million customers all around the world use Wise to send, receive, hold and exchange 40+ currencies including SGD.

Open a free Wise multi-currency account online or in the Wise app, using your regular proof of ID, and a proof of address from your home country. Accounts can hold and exchange 40+ currencies using the mid-market exchange rate with no markups. You can also get a linked debit card, and local account details for select currencies including SGD, so you can get paid easily, with SWIFT details also available for other currencies.

How to open an account with Wise 

Open a Wise account from Singapore and a broad selection of other countries and regions, with your local ID and proof of address. Exactly what’s needed can vary a little depending on where in the world you are, but the basic steps are the same:

1. Download the Wise app and click Sign up

2. Enter your personal and contact information following the prompts

3. Upload an image of your ID and address documents

4. Once your account is verified you can start to transact

Revolut

Revolut has a range of account options with varying fees, and is available in Singapore and in a selection of other countries and regions globally.

Revolut offers a broad range of account services including multi-currency functionality for 25+ currencies. You can choose between several different account types, from a standard plan which has no monthly fee, to accounts with charges up to 19.99 SGD a month, which unlock more features. All accounts come with some great features like a linked debit card and some weekday currency exchange which uses the Revolut exchange rate with no extra fees every month.

How to open an account with Revolut

Open your Revolut account in the Revolut app in many different countries and regions, using your local ID and address documents:

1. Download the Revolut app and click Sign up

2. Enter your personal and contact information following the prompts

3. Upload an image of your ID and address documents

4. Once your account is verified you can start to transact

DBS

DBS is one of the largest banks in Singapore and offers a good selection of accounts including the My Account which supports 13 currencies. There’s a good branch network with ATMs all over the island, which makes this a popular choice for expats.

There’s usually no monthly fee for the DBS My Account, but be aware of the costs when sending money overseas, and for international card use, which can both be fairly high.

How to open an account with DBS

1. Download the DBS Digibank mobile app and select the account you want to open

2. If you have Singpass, choose this option for instant application or you can fill in your details manually, uploading the necessary supporting documents

3. You’ll be notified once your account is opened, and will receive your debit card by mail

UOB

UOB - United Overseas Bank - is a Singapore bank with a large presence elsewhere in the Southeast Asia region too. To open a UOB account you’ll need to physically attend a meeting in a branch.

As a large bank, UOB has a broad range of account products available, which means that if you’re able to fulfil the eligibility requirements to open an account you’ll almost certainly find one you like the look of.

How to open an account with UOB

As a foreigner you can only open a UOB account in person by visiting a branch in Singapore with your documents.

What is a bank account in Singapore needed for?

If you’re moving to Singapore, you’ll probably need to get a bank account to access basic services, pay rent, and arrange utilities, mobile phones and so on. SGD accounts also offer the following features:

• Easy to receive payments from others in SGD

• Hold SGD and other foreign currencies to make transacting internationally cheap and simple

• Spend conveniently with a local bank card in Singapore

• Access other financial services in Singapore like credit cards or loans

Benefits of opening a bank account in Singapore

Having a Singapore bank account if you live there is helpful to limit your costs and make sure you don’t need to unnecessarily convert from SGD to your home currency or vice versa. A Singapore bank account can also be handy if you travel there often. Again, it can make life more convenient and cheaper, as you can avoid foreign transaction fees.

Can I open a bank account in Singapore before arrival?

If you’re in the process of moving to Singapore you might strike lucky and find a bank which will let you apply online prior to arrival, but this isn’t commonplace. Often if you’re not a Singaporean or Permanent Resident you’ll have to be physically present to open your account, to present your paperwork in a branch.

Having an account which can hold and handle SGD before you arrive is a good way to make sure you can hit the ground running. Specialist providers like Wise or Revolut let you hold, exchange, send, receive and spend SGD - and can be a good alternative to trying to open an account with a Singaporean bank before you arrive.

Can I open a bank account online in Singapore?

Yes. You can open a bank account online if you have a legal proof of your right to reside, such as an Employment Pass, a passport and a local proof of address in Singapore. Not all banks offer online account opening for foreigners though - so double check for your preferred bank before you get started.

For many customers, non-bank alternatives like Wise and Revolut are a more straightforward option, with a fully digital application, verification and onboarding.

Can a tourist open a bank account in Singapore?

Most banks do not offer account opening to tourists in Singapore as you must provide proof of your legal right to reside in the country, as well as a local address. If you want an account and card for travel spending in Singapore and other countries, consider non-bank services like Wise or Revolut instead.

How long does it take to open a bank account in Singapore?

If you open a bank account in Singapore online you’ll be able to complete the process quickly, but you’ll then have to wait a few days for your connected card to be mailed to you. Opening an account in a branch could take longer but you should be OK to get all your account documents and card on the same day as long as verification is complete.

What are the types of bank accounts in Singapore

When it comes to banking in Singapore, there are various types of bank accounts available to suit different financial needs and goals. Whether you require an account for day-to-day transactions, short-term savings, managing multiple currencies, or long-term deposits, Singapore's banks offer a range of options to cater to your specific requirements. Let's explore some of the common types of bank accounts available in Singapore:

• Current Account: A transactional account used for daily financial activities, such as making payments, using a linked debit card, and transferring funds.

• Savings Account: An account designed for short-term savings and emergency funds. It offers interest on deposits and provides convenient access to funds through online banking, debit cards, and ATMs.

• Multi-Currency Account: This account allows you to hold multiple currencies, making it ideal for individuals who frequently receive or spend money in different currencies. It helps avoid foreign exchange costs and simplifies transactions in various currencies.

• Fixed Deposit: Also known as a time deposit, a fixed deposit account offers higher interest rates than other accounts. It’s suitable for individuals looking to save and grow their money over a longer period. Funds are held for a specific duration, and early withdrawals may incur penalties.

These are some common types of bank accounts offered by banks in Singapore. Choosing the right account type depends on your financial goals, spending patterns, and the flexibility of access you require for your funds.

How to choose a bank account in Singapore

Spend a bit of time researching bank account options in Singapore to help you pick one. You’ll find plenty of options with no maintenance fees, but it’s worth digging a bit deeper to make sure the bank’s costs aren’t just hidden in the transaction fees.

Banks in Singapore have generally very good online and mobile banking, which means you’ll seldom need to visit a branch. However, it’s definitely worth checking if the bank you prefer has good in person, online and phone customer service which you can access easily if the self service banking options fail and you need help.

How much does it cost to open a bank account in Singapore? 

Unless you pick a premium account type which requires a high minimum deposit, you’ll probably find that there’s no fee for opening your Singapore bank account. However, with accounts which have no monthly charge, there are likely to be transaction fees, including ATM and payment fees which can be pretty steep, especially for international transactions.

It’s worth investing the time to read the account fee schedule carefully before you get started, to make sure you don’t run into any unexpected charges when you transact.

Is it possible to open a fee-free account in Singapore?

It may look like you can access fee free banking in Singapore, but that’s not really true. Most Singapore bank accounts have a selection of transaction fees which depend on how you use your account. These costs may not look like the bank fees you’re used to at home, so reading the account terms and conditions is essential.

If you’re looking for an international account which has transparent pricing for services, compare the bank options you’re considering against Wise and Revolut, as non-bank services with clear and simple pricing and low costs.

What are the additional costs?

Costs to look out for can include:

• Monthly maintenance fees - or fall below fees

• International payment fees

• Foreign transaction fees when spending or withdrawing with your card

• Overdraft fees

• Credit card costs including cash advances and interest

• Account dormancy or early closure fees

Choosing a specialist provider instead can mean you get a more flexible account with no minimum deposit or monthly fees. You might also be able to access lower transaction fees, and a more intuitive user experience through online and in-app services.

Tips for sending money to or from Singapore

Whether you’re moving to Singapore or just pass through the country often, you might find yourself needing to move funds from your home currency to SGD.

Unfortunately sending a cross border payment with a Singapore bank can be complex and expensive. Fees include a transfer fee, cable charge and possible agent fees, plus a markup on the exchange rate applied. Before you move your money, check out these tips:

• Compare the exchange rate you’re offered against the mid-market exchange rate to see if a markup is being used

• Review the terms and conditions of your specific account to see the transfer fee which will apply - usually there’s a minimum payment value, but there may not be a maximum cap to the amount paid

• Check if there are agent fees which can push up the overall costs

Instead of sending your payment with your bank you might be better off sending your transfer with a specialist service like Wise or Revolut.

Conclusion: Open a bank account online Singapore

Singapore banks are well set up to provide accounts for foreigners who have a local residential address and valid permit like an Employment Pass or Student Pass. However, if you’re a non-resident or new arrival without an address in Singapore yet, getting a bank account can be tricky.

Specialist online services like Wise or Revolut can often make the account opening process easier, with online application and verification. You’ll be able to hold, send, spend and receive SGD using your account - and you’ll often also get lower fees and better exchange rates compared to a Singapore bank.