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:
- Proof of Residence Status – NRIC, Employment Pass, S Pass, Student Pass, or Dependant Pass
- 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:
- 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.
- Choose a bank account type. You can choose between savings, current, digital, or multi-currency account.
- 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.
- Open your account. Fill up the form and submit to the staff.
- 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.