How to open a bank account in Singapore for foreigners

Key Takeaways 

Eligibility/Bank Requirements

• Must be at least 18 years old.

• Have a valid Singapore-issued pass (e.g., Employment Pass, Student Pass, Long Term Visit Pass) or in-principle approval (IPA) letter.

• Provide proof of identity (passport) and address (utility bills, bank statements).

Step-by-Step instruction to open a bank account:

1. Gather paperwork, choose a bank and account type.

2. Submit documents online or through a representative.

3. Activate the account upon approval.

Top 3 Foreigner-Friendly Banks:

• DBS: Offers various accounts; apply through mobile banking app.

• UOB: Multi-currency options; apply in person with a reference letter.

• OCBC: Allows remote account opening for select non-residents.

Considered the top financial centre in Asia, Singapore has become one of the most popular destinations for foreigners and expats. The country, despite its small size, has a top-notch and diversified banking system that plays a huge role in its global financial success.

This is why Singaporean banks have made it easier for foreign non-residents to open an account. Whether you’re moving to Singapore for work and study or, opening a personal bank account as a foreigner can be a straightforward process.

You need to meet eligibility requirements and present official documents then, you’re good to go.

In this guide, we’ll discuss the types of bank accounts available, a step-by-step guide to opening an account and foreigner-friendly Singaporean banks you can choose from. We’ll also explore additional options, like opening an Instarem account online.

Types of bank accounts for foreigners in Singapore

Singapore’s banks offer a diverse range of bank accounts for foreigners. If you’re new to the country, retail banking terms may differ from what you’re used to in your hometown.

To help you get started, here’s a quick rundown of the most common options for foreigners you need to know:

Savings account

This type of bank account for non locals has a withdrawal cap, allowing you to earn interest. With a savings account, you can start saving more money in the long run and still have cash in the bank.

Checking accounts

Designed for everyday banking needs like paying bills and depositing money, checking accounts typically come with a debit card and cheque book. People who make frequent payments prefer this type of account since it’s less expensive than buying a money order.

Foreign currency accounts

This type of bank account usually have different currencies other than the Singaporean dollar. Both onshore and offshore banks can maintain them.

Although the US dollar is the most widely used currency for foreign exchange accounts in Singapore, other currencies like the British pound, the Australian dollar and the Hong Kong dollar are also common for transactions.

Bank requirements for foreigners: What documents do you need?

Opening a bank account with most of the major banks in Singapore can be simple, especially if you have the right paperwork and can visit a branch in person. Keep in mind that the process and required documents may vary from bank to bank, so you need to do your research beforehand.

The requirements to open a bank account are a universal:

• You must be at least 18 years old.

• Proof of legal status in Singapore – Student Pass, Employment Pass, Long Term Visit Pass or in-principle approval (IPA) letter

• Proof of identity – a valid passport, or national identity card

• Proof of residential address – phone bills, local utility bills or bank statements

Some banks may also require you to submit a referral letter from a former bank. You might also be obliged to provide proof of income or investment experience if you’re planning to open an investment account.

We highly advise you to double-check your requirements before setting an appointment with your preferred bank. For example, you might need a passport valid for at least six months, and proof of address might only be accepted if you’re from a FATF member country.

A step-by-step guide to open bank account in Singapore For foreigners

Now that you know the banking requirements and types of bank account, dive into our step-by-step guide to opening a bank account in Singapore as a foreigner:

Step 1: Gather all the necessary paperwork

Before visiting a branch, ensure you have all the required paperwork. This includes your passport, employment pass and proof of residence, among others. We also recommend getting in touch with the bank you’ve chosen and asking for a complete list of requirements.

This way, you won’t have to worry about being unprepared and potentially facing delays.

Step 2: Choose an account with the Bank

Pick a bank and type of account that ticks all your boxes. Don’t forget to consider interest rates, fees, minimum balance and additional features you might need soon.

Keep in mind that most banks in Singapore don’t levy monthly service fees, but they do apply a ‘fall below fee’ when the required monthly balance falls below a specific threshold, ranging from S$1,000 to S$5,000.

Step 3: Submit your documents for account opening

Once you’ve gathered all your requirements and decided on the bank & type of account, submit the application form to the bank through the representative you’re in touch with. Check if the bank allows online submission of documents in case visiting a branch isn’t convenient for you.

The onboarding (pre-approval stage) will then start. Your selected bank will communicate the status of your application status.

Step 4: Activate the account

Upon approval of your application, you will receive your account details. You’ll also be required to activate the account before you can access the bank’s services and set up an online banking account.

Top 3 foreigner-friendly Singaporean banks to choose from

Singapore has several banks that are known to be foreigner-friendly, offering services tailored to the needs of expats and non-residents. This includes DBS, UOB and OCBC, to name a few.

Take a look at these quick highlights of some of the major banks in Singapore. We’ll dive deeper into each bank’s specifics later on.

DBS Bank account for foreigners

Recognised as the safest bank in Asia, DBS (Development Bank of Singapore) offers a range of accounts, such as savings account and current account. Both are usable in both Singapore dollars and foreign currencies.

The good news is that most accounts are open to foreigners, except the DBS Multi-Currency Autosave, which is only for Singapore citizens and permanent residents. A good choice for foreign non-residents is the multi-currency Multiplier account.

How to open an account with DBS

1. Check your eligibility for the type of DBS account you need.

2. Download the DBS Digibank app in app store or Play store and navigate to the application type. You will be directed to a page with all the available products.

3. Click the one you prefer. Once done, follow the instructions when entering your personal details. You can also use your Singpass for instant application.

4. For non locals, you will be required to upload a photo of your passport and other documents. Make sure that you also prepare your FIN number and Singapore (+65) mobile number.

5. Register for Singpass online if you don’t have it. Choose face verification for speedy registration.

6. Deposit the minimum deposit required.

UOB Bank account for foreigners 

UOB (United Overseas Bank) is Singapore’s third-largest bank, with over 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. Aside from Singapore dollar accounts, the bank offers multi-currency options, making it one of the most popular banks among foreigners.

One of the best products offered by UOB is the UOB One Account. It is a flexible SGD account that lets you earn up to 2.5% bonus interest and get 3% cash back on eligible card spend. There’s also a S$1,000 minimum balance to avoid monthly fees.

Unfortunately, UOB requires you to be in Singapore to start the application process. Eligible non-residents will also need the assistance of an introducer.

How to apply for a UOB account

1. Since there’s no online application available for non locals, you should visit a UOB branch in person.

2. If you frequently visit Singapore without living or working there, you may qualify to open an account by attending a meeting at a UOB branch.

3. Gather important documents, such as proof of address and proof of identification.

4. Obtain a reference letter from your current bank or an existing UOB customer.

5. Visit a UOB branch to submit your application.

6. Remember that UOB evaluates every application individually, so prepare the required paperwork ahead of time.

7. Once you have your account, put in the minimum deposit required.

OCBC Bank account for foreigners

Also known as Oversea-Chinese Banking Corp, OCBC Bank is one of the largest banks in the Asia-Pacific region. It allows non-residents and expats from Hong Kong, Malaysia, Indonesia and China exclusively to open savings, chequing and foreign currency accounts in Singapore.

What makes OCBC Bank ideal is that you are able to open an account remotely. You don’t have to physically visit a branch to start the process, which is good if you’re still in your home country finalising relocation.

How to open your account with OCBC

1. Download the OCBC Digibank app in app store or Play store.

2. Click on the ‘Sign Up’ button and select ‘Foreigner with e-passport.’

3. Have your e-passport and ID card ready for verification.

4. Easily open your account online within minutes.

Once your application is approved, you can enjoy a range of convenient digital banking services through OCBC Digital. This enables you to:

• Check your account balances and transactions

• Download bank statement

• Make payments

• Make a deposit

• Transfer money

• Convert foreign currency

A Good Starter: Get an account with Instarem in Singapore

Once you’ve set up your bank account, the next thing on your list is probably moving money across borders.

Banks can definitely help with that. But if you’re looking for better exchange rates, lower transfer fees, and the convenience of doing everything in app, it’s worth exploring cross-border payment app too.

Thankfully, Instarem offers a great starting point for expats like you. As you settle into a new country, we can help simplify how you manage your finances. While we’re not a bank, we give you flexibility to move money from your host country bank back to your home country easily and efficiently.

• Fast and Easy Setup: Ditch the paperwork and lengthy application processes. Instarem lets you open an account online within minutes, often ideal for urgent financial needs.

• Accessibility: No minimum income or employment proof is required, making it accessible for newcomers settling in or short-term residents.

• International Money Transfer: Send and receive money internationally with competitive rates and transparent fees.

• Mobile-First Convenience: Manage your account on the go with our user-friendly app, eliminating the need for frequent physical branch visits.

• InstaPoints: Earn with each transfer and use them to save up on future payments

*rates are for display purposes only

Ready to take the next step? Feel free to explore what Instarem offers, and if you decide on this digital route, we’re ready to assist you every step of the way. sign up for your account or download the app in app store today!

Frequently asked questions

Can non-residents open a bank account in Singapore? 

Yes. Many banks allow non-residents to open a bank account in Singapore, although the process and eligibility may vary depending on the bank and your specific situation.

Which bank account is best for foreigners in Singapore?

This depends heavily on your individual needs and circumstances. Consider factors like:

• Your visa/pass: Different banks have different requirements for non-residents based on their pass type (work, student, long-term visit, etc.).

• Fees and minimum balances: Compare monthly fees, transaction fees and whether the account offers no minimum balance or requires you to maintain one.

• Features and services: Do you need online banking, ATM access, debit cards and international transfers?

• Accessibility: How important is online account opening or proximity to branches?

Some popular banks for expatriates and non-residents include DBS Bank, OCBC Bank and United Overseas Bank (UOB).

As a foreigner, is it possible to open a bank account in Singapore without a pass?

It may be challenging but it’s up to the bank. Some banks may accept proof of residency in another country alongside a valid passport. Contact different banks directly to inquire about their specific requirements as a non-resident without a pass.

Do bank accounts in Singapore come with a debit card?

Yes but it depends on the type of deposit account you open. Some include a debit card automatically, while others may not. For the most accurate details, it’s best to check directly with the financial institution when you apply.

*Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products.