Can foreigners open a bank account in Singapore?

Katie Lee, A food and travel enthusiast, a dog lover.
Answered April 16, 2021

Foreigners who are working, studying, or dependents of local residents can open a bank account in Singapore. Foreigners who are 15 years old and above can open a savings bank account while those who are 18 years old and above can open a current or time deposit account.

These are the requirements for opening a bank account in Singapore:

  1. Passport
  2. Proof of Residence Status – NRIC, Employment Pass, S Pass, Student Pass, or Dependant Pass
  3. Proof of residential address – Copy of bank statement, payslip, company letter, credit card bill, phone bill, or utility bill issued within the last 3 months

Once you complete the requirements, follow these steps to open your first bank account in Singapore:

  1. Bring your documents to your preferred bank. There are a lot of banks in Singapore so choose the bank and branch that suits your needs.
  2. Choose a bank account type. You can choose between savings, current, digital, or multi-currency account.
  3. Choose your bank account options. Ask about minimum deposit, minimum balance, ATM withdrawal, debit card inclusion, mobile or online banking, and rewards. Also consider the fees like card fees, fall-below fees, currency conversion fees, and service charges.
  4. Open your account. Fill up the form and submit to the staff.
  5. Make your initial deposit. Some banks have zero initial deposit promotions so check with your chosen bank.

 A lot of foreign banks are operating in Singapore. If you already have an existing account with any of these banks, you might want to open a bank account with its Singapore branch. The same requirements may apply but some people prefer dealing with banks from their home country.

If you are planning to open a bank account for corporate use, look into company registration service providers who can open the bank account for you.

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