Key Tips for Tourists Opening a Bank Account in Singapore

A Guide to Opening a Bank Account in Singapore for Tourists

As global travel and business interactions continue to grow, an increasing number of people are choosing to stay in Singapore temporarily or long-term. For first-time visitors, opening a local bank account can be highly beneficial-not only does it help manage daily expenses more efficiently, but it also enhances the convenience and security of financial transactions.

However, due to differences in financial regulations across countries, many tourists are unfamiliar with the specific procedures, required documents, and key considerations involved in opening a bank account in Singapore. This article aims to provide a practical guide for those planning to open a bank account in Singapore, incorporating recent updates and news.

1. Why Open a Local Bank Account in Singapore?

In recent years, Singapore has been actively promoting a cashless society as digital payment adoption rises. According to data released by the Monetary Authority of Singapore MAS in 2025, over 85% of residents now use e-wallets or bank cards for daily transactions. Credit and debit cards have become the dominant forms of payment.

Major shopping malls, supermarket chains, and public transportation systems are gradually phasing out cash-based services, encouraging customers to use electronic payment methods instead. For tourists, having a local bank card helps avoid high foreign exchange fees and makes it easier to link to local payment apps such as PayNow and NETS for quick transfers and purchases.

This is especially important for those planning to work, study, or reside in Singapore for an extended period-having a local bank account becomes almost essential.

2. Who Is Eligible to Open a Bank Account in Singapore?

Although Singapore is one of the world’s leading financial centers, its banks impose certain requirements on foreign applicants. In general, foreigners holding valid visas-such as student visas, Employment Passes EP, or S Passes-are eligible to open personal accounts at major banks like DBS, OCBC, and UOB.

Some banks also allow tourists on visitor visas to open accounts, albeit under stricter conditions. For example, in July 2025, OCBC updated its policy for foreign clients, explicitly stating that holders of tourist visas may apply for savings accounts provided they present proof of accommodation and a return ticket.

This means that even as a tourist, you may still be able to open a local account if you can demonstrate sufficient local ties.

3. Required Documents for Opening an Account

While specific requirements vary slightly between banks, the following documents are commonly requested

1. Passport original and copy - to verify your identity.

2. Entry stamp or visa page - to confirm your legal stay in Singapore.

3. Proof of address - such as hotel booking records, rental agreements, or utility bills. Some banks accept email-based temporary address proofs.

4. Employer letter or school admission letter if applicable - helpful for applicants on work or student visas.

5. Initial deposit - most banks require a minimum initial deposit; for instance, DBS typically requires at least SGD 1,000.

6. Bank reference letter or credit report optional - some banks may request these from your home country to assess your financial background.

4. Comparison and Recommendations for Major Banks

Singapore's three main commercial banks-DBS, OCBC, and UOB-all offer multilingual services and support account opening for foreigners

DBS Known for a robust mobile banking app and multi-currency accounts, ideal for users with frequent cross-border transactions. However, the account-opening process is relatively strict.

OCBC Generally more welcoming to foreigners, with widespread branches and responsive customer service.

UOB Transparent fee structures, with some accounts offering no annual fees-suitable for short-term users on a budget.

Before visiting any bank, it’s advisable to check their official website or contact customer service to confirm the latest account-opening policies and avoid unnecessary trips.

5. Process and Timeframe for Opening an Account

The entire account-opening process usually takes about one hour, including filling out forms, submitting documents, verifying identity, and setting up passwords. Some banks allow online appointments via their mobile apps, helping tourists save time and skip long queues.

While the account itself can often be activated on the same day, the physical bank card typically takes 3-5 business days to arrive at the designated address. Therefore, it’s recommended to plan ahead and not leave the application until the last minute.

6. Key Considerations and Risk Warnings

Despite the relative ease of opening a bank account in Singapore, there are several points tourists should keep in mind

Account maintenance fees Some accounts come with monthly or annual fees, especially if minimum balance requirements are not met.

Currency conversion costs Using a foreign card for local transactions may incur additional currency conversion charges.

Account closure after departure Closing the account after leaving Singapore can be complicated. It’s wise to clarify the procedure before leaving.

Anti-money laundering AML regulations In recent years, Singapore has tightened financial oversight. Banks conduct stricter reviews of account purposes, so always ensure that the source of funds is legitimate.

Conclusion

Opening a bank account in Singapore may seem challenging at first, but for travelers seeking a deeper immersion into this vibrant city-state, it’s a worthwhile effort. With proper preparation, awareness of the latest regulations, and careful selection of the right bank and account type, you can smoothly access the convenience of Singapore’s efficient financial system.