Ultimate Guide to Opening a Savings Account in Singapore All Key Points You Need to Know!

A Comprehensive Guide to Opening a Savings Account in Singapore Everything You Need to Know

With the deepening of global economic integration, an increasing number of people are choosing to open bank accounts in Singapore - a world-renowned international financial hub. Whether you're an international student, a working professional, or an investor looking to diversify your overseas assets, having a local savings account can greatly simplify daily financial management and cross-border transactions.

This article will walk you through the process, required documents, and key considerations for opening a savings account in Singapore, helping you complete the procedure smoothly.

1. Why Open a Savings Account in Singapore?

Singapore is not only one of the most competitive economies globally but also a crucial financial hub in Asia. Its banking sector is known for strict regulation, high efficiency, and robust security, attracting numerous foreign banks and private clients. According to a 2025 Bloomberg report, Singapore ranks among the top global financial centers, following New York and London.

For non-residents, having a local savings card account helps manage income or tuition expenses in Singapore while offering benefits such as lower foreign exchange fees, convenient cross-border transfers, and multi-currency support e.g., SGD, USD, CNY. Some banks even provide features like fee-free credit cards and access to investment platforms, offering comprehensive financial services.

2. Who Can Open a Bank Account in Singapore? Are Foreigners Eligible?

Generally, the following groups can legally open a savings account in Singapore

1. Foreigners with valid long-term work passes, such as Employment Pass EP, S Pass SP, or Long-Term Visit Pass LTVP

These individuals form the most common and straightforward group. Employers often assist employees with the account-opening process as part of their onboarding.

2. International students

Students holding a Student Pass may open accounts at certain banks, although some may require a letter from the school or parental guarantor.

3. Short-term visitors or tourists

Most banks do not accept pure tourist applications unless strong proof of residence or income is provided.

Please note that requirements vary slightly between banks. For example, OCBC, DBS, and UOB are more welcoming to foreign clients, while HSBC typically serves customers with existing asset bases.

3. Documents Required to Open an Account

Although specific requirements may differ slightly across banks, the following documents are generally needed

Original and photocopy of passport

Valid visa or pass e.g., EP, SP, Student Pass

Proof of address utility bill, credit card statement, or tenancy agreement showing the applicant’s name and address

Employment letter or contract for working professionals

Admission letter or student ID for students

Initial deposit some banks require a minimum amount, usually between SGD 100-500

We recommend checking the exact document list via the bank's official website or customer service in advance and bringing multiple copies to avoid delays.

4. Step-by-Step Guide to the Account Opening Process

1. Schedule an Appointment

Most major banks in Singapore offer online appointment booking

DBS Use the Open Account feature on their website to select a branch and time slot

OCBC Book through the mobile app

UOB Offers similar online scheduling options

After booking, you'll typically receive a confirmation email or SMS. Bring this to the designated branch on the appointed day.

2. Visit the Branch

Arrive punctually at the bank with all required documents. Staff will verify your identity and guide you through the application form. The process may include

Identity verification using a scanner

Photo taking for card production

Setting up online banking credentials and security questions

Choosing optional features like e-wallets or credit card linking

The entire process usually takes 30 minutes to 1 hour.

3. Wait for Card Production and Activation

Once the account is opened, your debit card will be mailed to your registered address within 7-10 business days. Upon receipt, activate it via the bank app or ATM. Some banks also issue temporary debit cards for immediate use.

5. Recommended Banks for Foreigners

1. DBS Bank

As Singapore’s largest commercial bank, DBS offers extensive service coverage, a powerful mobile app, and multi-currency account management.

2. OCBC Bank

OCBC provides various account types tailored for foreigners, with friendly customer service ideal for newcomers.

3. UOB Bank

Known for its flexible procedures and strong cross-border payment capabilities across Southeast Asia.

4. HSBC Singapore

Ideal for those with overseas assets or planning international investments, thanks to its global account consolidation services.

6. Frequently Asked Questions FAQ

Q Can I open an account remotely?

A Most banks still require an in-person visit, though HSBC offers video interviews for certain cases. Check with the bank directly.

Q What if I don’t have a fixed address?

A You can use a company address or a landlord’s letter. Without formal proof, some banks may decline your application.

Q Is there a requirement for regular deposits?

A Most standard savings accounts don't require mandatory deposits, though premium accounts may impose average monthly balance conditions.

Q Will my account be automatically closed?

A Yes, if there's no transaction activity for a prolonged period. We recommend logging into online banking or making small transactions at least every six months.

7. Tips How to Choose the Best Account for You

When selecting a bank and account type, consider the following factors

Does the bank offer Chinese language support?

Is the mobile app user-friendly?

Are there fee waivers for overseas ATM withdrawals?

Does the account support multiple currencies?

How responsive is the customer service?

You can also refer to annual rankings published by local media, such as The Straits Times, which evaluates top-performing banks in Singapore each year.

Opening a savings account in Singapore doesn’t have to be complicated. With proper preparation and the right choice of bank, you’ll be able to set up your account smoothly. Whether you're a new arrival or an investor planning overseas asset allocation, a local bank account will significantly enhance your financial convenience and quality of life.

If you’re planning to move to Singapore soon, make sure to include bank account setup in your travel itinerary. Research the unique features of each bank in advance and choose the account that best suits your needs - and begin your financial journey in Singapore confidently.