Want to Open a Bank Account in Singapore? Have You Prepared These Documents?

Opening a Bank Account in Singapore Have You Prepared These Documents?

In recent years, with the globalization of financial markets and the growing popularity of remote work, more and more people are choosing to live, work, or invest in Singapore. As one of Southeast Asia's most influential international financial centers, Singapore not only offers a stable economic environment but also provides efficient and convenient financial services.

For newcomers, opening a local bank account is often the first step toward integrating into daily life in Singapore-whether for everyday spending, receiving salary payments, or managing investments. So, what documents do you need to prepare in order to open a bank account in Singapore smoothly in 2025?

This article outlines the latest requirements and practical experiences to help guide you through the process.

1. Identity Proof The Essential Foundation

Whether you're a Singapore citizen, permanent resident PR, or foreigner, the first step in applying for a bank account is providing valid identification documents. Typically accepted forms include

Passport original and copy This is the most basic form of ID, especially for non-Singaporean applicants.

NRIC National Registration Identity Card or FIN Foreign Identification Number Required if you hold permanent residency or a long-term pass.

Entry Visa Page or Work Permit/Employment Pass EP Used to confirm your legal stay status in Singapore.

In June 2025, the Monetary Authority of Singapore MAS issued updated guidelines, emphasizing stronger customer due diligence procedures. It’s advisable to bring all relevant documents to the bank and ensure they remain valid for an extended period.

2. Address Proof Confirming Your Residential Status

To comply with anti-money laundering AML and know-your-customer KYC regulations, banks typically require proof of address. Acceptable documents may include

Local utility bills electricity, water, etc.

Tenancy agreement or a residence certificate from your landlord

Recent bank statements or credit card bills

Official letters issued within the last three months by government agencies such as the Inland Revenue Authority of Singapore IRAS or Ministry of Manpower MOM

If you've just arrived in Singapore and don’t yet have formal address records, some banks may accept temporary accommodation proof like hotel bookings or short-term rental agreements. However, it's best to confirm specific requirements with the bank beforehand to avoid unnecessary trips.

3. Income or Employment Proof A Key Factor for Approval

For non-citizens, banks often require additional documentation to assess the legitimacy and stability of your income sources. Commonly requested documents include

Employment verification letter from your employer

Salary slips for the past three months

Company business license for self-employed individuals or business owners

Since late 2025, several international banks operating in Singapore have tightened their account-opening policies, particularly when verifying foreign clients’ backgrounds. For instance, HSBC and Standard Chartered have raised the bar on income transparency. Submitting clear and complete financial documentation can significantly speed up the approval process and improve your chances of success.

4. Additional Supporting Documents Depending on Individual Circumstances

Depending on the bank and your personal situation, you might also be asked to provide supplementary materials such as

Educational certificates or professional qualifications for freelancers or professionals

Tax returns or asset statements for high-net-worth individuals

Referral letters or introductions from existing banks

If you’re opening a corporate account, additional documents will be required, including company constitution, shareholder register, and business registration proof.

5. Is Online Account Opening Possible?

In recent years, many Singapore banks have introduced online account-opening services, especially for overseas clients. Banks like UOB and OCBC now offer remote video verification processes.

However, this method is usually limited to customers who already have prior banking relationships or referrals, and the review standards remain strict. In early 2025, DBS announced enhancements to its digital onboarding platform, introducing AI-based identity recognition to improve both efficiency and security.

Despite these advancements, most banks still recommend that first-time account holders visit a branch in person. This allows for real-time clarification of doubts and immediate submission of any missing documents.

Conclusion

Opening a bank account in Singapore is generally well-regulated, but it does come with certain requirements. Being fully prepared with the necessary documents and understanding each bank’s specific criteria can greatly enhance your chances of success and streamline the entire process.

Whether you're preparing to relocate for work or looking to diversify your assets, having this essential knowledge will help you start your financial journey in Singapore with confidence.