How to Easily Apply for a Singapore Bank Card as a Mainland Resident? Full Guide Here!

How to Easily Open a Singapore Bank Account from Mainland China A Complete Guide

In recent years, with the acceleration of global economic integration and the growing demand for cross-border financial services, more and more residents of mainland China have begun to pay attention to opening overseas bank accounts. Among all the options, Singapore has become a top choice due to its stable financial environment, convenient international payment system, and relatively open account-opening policies.

Especially in 2025, amid increased fluctuations in the RMB exchange rate and a stronger trend toward global asset allocation, many people are turning to Singapore bank accounts as a way to diversify their assets, invest overseas, and facilitate cross-border consumption.

But is it really possible for an ordinary Chinese resident to easily open a Singapore bank account while staying in China? What should you be aware of, and what tips can help streamline the process?

1. Why Choose a Singapore Bank Account?

Let’s first understand why Singaporean bank accounts are so popular

Strong Financial Stability As one of the world's leading financial centers, Singapore boasts a robust legal framework and strict financial regulations, ensuring high levels of fund security.

No Foreign Exchange Controls Unlike China, which still maintains certain capital controls, Singapore imposes virtually no restrictions on foreign exchange transactions, allowing free inflow and outflow of funds.

Facilitates Cross-Border Investment and Payments With a Singapore bank card, you can directly invest in overseas funds, stocks, REITs Real Estate Investment Trusts, and also link your card to platforms like PayPal or Apple Pay for global spending.

Multi-Currency Accounts Available Most banks in Singapore offer multi-currency accounts supporting USD, EUR, GBP, JPY, and others, making international transactions much easier.

2. Can You Apply for a Singapore Bank Account from Mainland China?

This is a common concern. According to reports from reputable Chinese financial media such as First Financial Weekly and Caixin, while Chinese residents cannot fully complete the account-opening process online without any verification, there are compliant ways to do it remotely without leaving the country.

Here are currently available methods

1. Video KYC Know Your Customer Remote Verification

Some Singapore banks now offer remote account opening via video interviews. For example, DBS Bank, OCBC Bank, and UOB allow customers to verify their identity and submit documents through video conferencing.

Steps include

Submit the online application form;

Schedule a video interview;

Prepare ID documents ID card, passport, address proof;

During the video call, a bank representative will verify your identity and guide you through signing the necessary forms;

Upon approval, the physical card will be mailed to your domestic address.

Please note This service may only be available to residents of certain countries, and applicants must meet requirements such as being at least 18 years old and having a stable income source. Biometric identification like facial recognition or fingerprint scanning might also be required.

2. Assistance Through Third-Party Agencies

Professional financial service providers or bank agents often collaborate with local Singaporean banks. They can assist with preparing documents, translating files, and arranging remote sign-offs.

Although these agencies charge a fee, they significantly simplify the process and improve efficiency. According to a July 2025 report by Southern Weekly, several fintech companies in Shenzhen and Shanghai have established service centers specializing in helping clients open bank accounts in Southeast Asia.

3. Opening the Account In Person Optional

If time permits, you can also choose to travel to Hong Kong or Singapore to open the account in person. However, this method involves higher costs and logistical challenges such as visa applications and travel arrangements, making it more suitable for those with long-term overseas plans.

3. Required Documents for Opening a Singapore Bank Account

Regardless of the method chosen, here is a list of commonly required documents

Original and copies of a valid passport;

Original and copies of your national ID card;

Proof of address e.g., utility bills, credit card statements, or bank statements issued within the last three months;

Income proof e.g., salary slips, tax returns, employer letters;

Signed account opening agreement and related bank documents;

Some banks may also request a personal resume or professional background information.

Requirements may vary slightly among banks, so it’s always best to check with the bank’s official website or customer service before applying.

4. Common Questions and Key Considerations

Is There a Minimum Deposit Requirement?

Most personal accounts in Singapore don’t require a minimum deposit. However, some premium or investment-linked accounts may require initial deposits, such as SGD 50,000 or more.

Can the Card Be Used in Mainland China?

Yes. Most Singapore bank cards can be used at ATMs in China if they support UnionPay. You can also link them to Alipay or WeChat for QR code payments. However, transaction fees may apply in some cases.

Do I Need to Declare It for Tax Purposes?

According to China’s State Taxation Administration, individuals must declare any changes in overseas bank account balances. Make sure to understand the relevant regulations to avoid potential tax risks.

Will the Account Be Frozen?

As long as your transactions are legal and transparent, your account should remain safe. However, frequent large transfers or suspicious activity may trigger additional scrutiny from the bank.

5. Conclusion

Opening a Singapore bank account from mainland China is not only possible but increasingly accessible. With the right preparation and by using legitimate channels, you can complete the entire process without leaving your home country.

For individuals planning overseas investments, studying abroad, or engaging in cross-border e-commerce, holding a Singapore bank account offers significant advantages.

However, as with any cross-border financial activity, caution is key. Always ensure that you thoroughly understand the applicable laws, bank terms, and compliance obligations. Choose reputable banks and service providers to safeguard your funds and maintain regulatory compliance.

If you're ready to start building your international financial presence, a Singapore bank account is a great place to begin - take that first step today.