Ultimate Guide to Setting Up a Singapore Account Step-by-Step Made Easy

A Complete Guide to Opening a Bank Account in Singapore Step-by-Step Instructions for a Smooth Process

In the context of global economic integration, an increasing number of people are choosing to open bank accounts overseas-especially in countries with mature financial systems, strict regulations, and high-quality services like Singapore. Whether for studying abroad, business operations, or asset allocation, having a local bank account in Singapore can bring great convenience. In recent years, as Sino-Singaporean economic cooperation deepens and the internationalization of the RMB progresses, more and more Chinese residents have shown interest in opening Singaporean bank accounts.

According to media reports from 2025, the Monetary Authority of Singapore MAS continues to optimize the financial services environment and actively encourages the development of fintech, making it easier for international clients to access banking services. This article will walk you through the process of opening a Singaporean bank account by covering preparation of documents, selection of banks, application procedures, and key points to note-helping you avoid unnecessary detours and complete the process smoothly.

1. Clarify the Purpose and Type of Account

Before starting the process, it’s essential to clarify your purpose for opening an account. Is it for daily expenses, investment purposes, or business operations? Different needs determine whether you should open a personal or corporate account, which also affects the required documentation and review criteria.

Currently, Singapore offers several types of accounts

Savings Account Suitable for individuals, low entry barrier, commonly used for daily income and expenses.

Fixed Deposit Account Ideal for those who want to deposit funds for a short period.

Investment Account Such as joint accounts or investment-linked accounts tied to brokers.

Corporate Account For entrepreneurs who have registered a company in Singapore.

2. Choose the Right Bank

Singapore is home to many well-known banks, including domestic institutions such as DBS Bank, OCBC Bank, and United Overseas Bank UOB, as well as international banks like HSBC and Standard Chartered. Each bank has its own strengths and requirements.

For example, DBS excels in digital banking with user-friendly online services, while OCBC provides better support for Chinese-speaking customers. It's recommended to choose a bank based on your specific needs and contact their customer service in advance to confirm the latest policies.

It’s worth noting that due to stricter anti-money laundering AML and Know Your Customer KYC regulations, some banks have raised their requirements for non-resident applicants. Be sure to prepare all necessary documents before visiting the bank.

3. Prepare Required Documents

Typically, the requirements for opening a personal account in Singapore are as follows

1. Valid Passport Original and photocopy.

2. Proof of Address Recent utility bills, credit card statements, or bank statements issued within the last three months, showing the applicant’s name and address.

3. Income Proof or Employer Letter To verify the legitimacy of fund sources.

4. Visa or Residency Permit Such as Employment Pass EP, S Pass, or Student Pass.

5. Initial Deposit Most banks require a minimum deposit, usually starting at SGD 1,000.

For applicants without a long-term visa, some banks may still allow account opening under visitor status, but conditions are stricter-for instance, requiring in-person verification and a higher initial deposit. If you plan to open an account remotely e.g., via video verification, certain banks offer this service, but you must schedule an appointment and submit electronic documents for preliminary review in advance.

4. On-site Bank Visit A Detailed Walkthrough

Although some banks offer online pre-approval options, most require in-person verification at a branch in Singapore. Here is a standard step-by-step guide

Step 1 Schedule an Appointment

Book your time slot via the bank’s official website or phone call to avoid waiting and improve efficiency.

Step 2 Bring All Required Documents to the Branch

Arrive at the designated branch at least 10 minutes early, carrying all the prepared materials.

Step 3 Fill Out Application Forms

The staff will provide the necessary forms. You need to truthfully fill in personal details, employment background, and source of funds.

Step 4 Identity Verification and Document Review

Bank employees will check your passport, visa, proof of address, etc., and enter the information into the system.

Step 5 Set Up Debit Card and Passwords

Once approved, you can receive your debit card on the spot and set up ATM PINs and online banking login credentials.

Step 6 Activate Additional Services

You may activate mobile banking, e-payments, automatic transfers, and other functions according to your needs.

The entire process typically takes about one hour, depending on the bank’s workload and how complete your documents are.

5. Frequently Asked Questions and Key Notes

Is residency in Singapore mandatory to open an account?

No, you can open an account with a valid visit pass, though additional requirements such as in-person verification or employer recommendation letters may apply.

Can I open an account remotely?

Some banks like HSBC and Standard Chartered offer remote account opening, but you’ll need notarized documents and identity verification via video.

Are maintenance fees high?

Many banks waive monthly fees if you maintain a certain minimum balance or link the account to other products like credit cards or insurance.

Is Chinese language support available?

Yes, major banks in Singapore offer Mandarin services, especially in branches located in popular commercial areas.

Is my money safe?

Singapore’s banking sector is highly regulated, with a robust deposit insurance scheme that covers up to SGD 75,000 per depositor.

6. Conclusion

Opening a bank account in Singapore not only improves cross-border financial management efficiency but also lays a solid foundation for future plans such as studying, immigrating, or investing abroad. While the process might seem complex, it becomes straightforward with proper preparation, the right choice of bank, and awareness of relevant policies.

Recently, as Singapore further opens up its financial market, many banks have introduced customized services tailored for foreign clients. It’s expected that the account-opening process will become even more convenient and efficient in the near future.

If you're planning to work, study, or expand your business in Singapore, now is a great time to open a personal or corporate account and embark on a new chapter of global financial life.