Opening a Bank Account in Singapore Made Easy? Check Out the Full Guide Here!

How to Easily Open a Bank Account in Singapore A Complete Guide

In recent years, with the growing awareness of global asset allocation and increasingly frequent cross-border business activities, more people have begun to pay attention to opening overseas bank accounts. As Asia’s financial hub, Singapore has become a top destination for many due to its stable financial environment, efficient financial services system, and strong international reputation.

Especially since the second half of 2025, with multiple Chinese banks establishing branches in Singapore, competition among local banks has intensified, resulting in lower account opening thresholds and more streamlined processes. For individual investors, freelancers, or those engaged in cross-border e-commerce, having a Singapore bank account can significantly enhance fund management efficiency and facilitate overseas investments, studying abroad, and property purchases.

So how can you smoothly open a bank account in Singapore? This guide will walk you through the entire process.

1. Understand Major Banks and Their Services

Singapore is home to three major local banks DBS Bank, OCBC Bank, and UOB Bank, along with international banks such as HSBC and Citi, which operate local branches. Each offers unique services

DBS Bank Known for its leading digital banking experience and robust mobile features-ideal for tech-savvy users.

OCBC Bank Offers attentive customer service and substantial support for small and medium-sized enterprises SMEs.

UOB Bank Excels in flexible foreign exchange services, perfect for users frequently dealing in foreign currencies.

HSBC Bank Highly internationalized, ideal for entrepreneurs or individuals living overseas long-term.

Citi Bank Provides a comprehensive premium client service system, suitable for clients with significant assets.

When choosing a bank, consider your specific needs-such as whether you require foreign currency transactions, fixed deposit plans, or online banking capabilities.

2. Available Account Opening Methods

There are generally three ways to open a bank account in Singapore

1. In-Person Visit to Singapore

This is the most traditional and reliable method. You’ll need to bring

A valid passport

Proof of address e.g., utility bills, credit card statements

Income proof e.g., payslips, tax returns, employer letters

Some banks may also require advance appointment booking. The advantage is that documents can be reviewed on-site, increasing approval chances. However, it involves travel time and expenses-best suited if you already plan to visit Singapore.

2. Remote Video Account Opening via Agent or Partner Institutions

Certain banks collaborate with third-party agencies to offer remote video verification for account opening. For example, some Chinese banks partner with Singaporean banks, allowing mainland customers to complete the process remotely via video.

This saves travel costs but is usually limited to specific banks and account types, and may require higher initial deposits or come with usage restrictions.

3. Company Registration Linked Account Opening

Ideal for business owners planning to set up a company in Singapore. After company registration, directors can apply for a corporate account by presenting relevant documents. While the process is more complex, it facilitates future international trade and fund settlements.

3. Required Documents for Account Opening

Regardless of the method chosen, the following documents are typically required

Original and copy of a valid passport

Address proof issued within the last three months e.g., utility bill, credit card statement, bank statement

Income proof e.g., salary slips, tax returns, employment letter, business license

Proof of Singapore residency e.g., hotel reservation, rental agreement

Bank application forms and declaration documents

Initial deposit amount varies between banks, usually SGD 1,000-5,000

Please note Some banks impose stricter requirements on non-residents and may request additional background information or explanations regarding the source of funds.

4. Step-by-Step Account Opening Process In-Person Example

If visiting Singapore in person, follow these steps

1. Schedule an Appointment - Book a time slot via the bank’s official website or customer service line.

2. Prepare Documents - Organize all required materials and translate them into English if necessary.

3. Visit the Branch - Arrive at the designated branch on time and inform the teller of your intent to open an account.

4. Complete Forms - Fill out personal information, anti-money laundering declarations, and tax-related forms.

5. Identity Verification Interview - Bank staff will verify your identity and conduct a brief interview.

6. Set Password Receive Debit Card - Upon approval, set your ATM PIN and collect your debit card.

7. Activate the Account - Some banks require activation via online banking or their mobile app.

The entire process usually takes about an hour. Some banks issue cards and activate accounts on the same day, while others may take 1-3 business days.

5. Key Tips and Practical Advice

Maintain a Good Credit Record - Banks assess applicants’ financial backgrounds; previous negative records may affect approval.

Be Honest About Fund Sources - To comply with anti-money laundering regulations, always provide truthful information.

Language Shouldn’t Be a Barrier - While English is the official language, many bank employees speak Mandarin.

Watch Out for Maintenance Fees - Some accounts charge monthly fees if minimum balance requirements aren’t met; opt for low-cost or fee-free options.

Make Use of Digital Banking - Download the bank’s mobile app and link it to payment tools for greater convenience.

6. Conclusion

In today’s increasingly globalized world, holding a Singapore bank account has become a popular choice for both individuals and businesses. Whether for expanding your business, diversifying investments, or managing daily cross-border payments, a Singapore account offers strong support.

With proper preparation, understanding of the procedures, and accurate submission of required documents, opening a bank account in Singapore can be a smooth and straightforward process. We hope this guide helps you embark on your Singapore financial journey with confidence.