Want to Open a Bank Account in Singapore? Must-Know Requirements and Steps

How to Open a Bank Account in Singapore Requirements and Procedures You Must Know

In recent years, as the global economic landscape has evolved, Singapore’s robust financial system has increasingly attracted international investors. More and more individuals-ranging from private investors and freelancers to multinational corporations-are choosing to open bank accounts in Singapore. This city-state is renowned for its efficient financial services, strong credit system, and favorable tax environment.

1. Why Open a Bank Account in Singapore?

As one of the world's most competitive financial centers, Singapore boasts a strictly regulated yet highly efficient banking sector. It hosts branches of many globally recognized banks, including DBS Bank, OCBC Bank, and UOB. The country adopts a prudent regulatory approach to finance, ensuring both fund security and system stability.

Singapore also maintains a low-tax regime that is particularly welcoming to foreigners and businesses, drawing a large number of high-net-worth individuals and startups. According to the 2025 Global Financial Centres Index, Singapore ranks consistently among the top five global financial hubs and remains Asia’s leading financial center after New York and London.

2. Basic Requirements for Opening a Personal Bank Account

If you are a foreigner or non-resident looking to open a personal bank account in Singapore, you must meet the following criteria

1. Valid Passport and Visa Proof

A valid passport is required, along with visa documentation proving legal entry into Singapore, such as an Employment Pass, Long-Term Visit Pass, or Student Pass.

2. Proof of Address

Most banks require address verification documents, such as utility bills, credit card statements, or lease agreements bearing your name and residential address.

3. Proof of Income Source

Some banks may request recent pay slips or bank statements covering the past three months to confirm a stable source of income.

4. Minimum Deposit Requirement

Banks vary in their minimum deposit requirements. For example, DBS requires at least SGD 5,000, while some foreign banks impose no such restrictions.

5. In-Person Interview Requirement

Most banks still require applicants to appear in person for identity verification and account opening procedures. Remote account opening options remain limited, especially for non-residents.

3. Procedures for Opening a Corporate Bank Account

For entrepreneurs or investors planning to set up a business in Singapore, opening a corporate bank account is a crucial step toward operational readiness. Here's how to proceed

1. Complete Company Registration

Register your company through the Accounting and Corporate Regulatory Authority ACRA, submitting details such as company name, shareholder information, director data, and registered address. The process typically takes 1-2 days.

2. Prepare Required Documents

Banks will usually ask for the following Certificate of Incorporation Business Profile, company constitution, identification documents of directors and shareholders, business plan, and financial projections.

3. Schedule a Bank Appointment

Major banks in Singapore enforce strict due diligence procedures. Appointments must be scheduled in advance, and in many cases, company directors are required to attend in person.

4. Capital Deposit Expectations

While there is no mandatory minimum capital requirement, certain banks recommend initial deposits ranging from SGD 10,000 to SGD 50,000 to demonstrate company strength.

5. Choose the Right Bank

Selecting the appropriate bank depends on your company’s size and stage of development. Startups might consider HSBC or Standard Chartered, which offer startup support programs, while larger enterprises may prefer established local banks like DBS or OCBC.

4. Key Considerations and Common Issues

Despite Singapore’s excellent banking environment, several factors should be taken into account

Stricter AML/KYC Checks

The Monetary Authority of Singapore MAS has intensified anti-money laundering AML and know-your-customer KYC protocols in recent years. As a result, the account-opening process may take longer. Applicants should prepare complete documentation to avoid rejection due to incomplete submissions.

Language and Cultural Differences

Although English is widely used, service styles may differ across banks. First-time applicants are advised to familiarize themselves with the process or seek professional guidance.

Fee Transparency

Different banks have varying fee structures for account maintenance, transfers, and annual charges. It’s advisable to understand these costs before opening an account to avoid unexpected expenses.

Growth of Digital Banking

Singapore has issued digital banking licenses to several institutions, including ANEXT Bank a subsidiary of Ant Group and Grab Financial. These digital banks offer lower fees and user-friendly interfaces, mainly targeting local residents. Foreigners currently have limited access to these services.

5. Conclusion

Overall, Singapore offers high-quality banking services under a well-developed and internationally integrated financial system. Whether you're planning to live, invest, or expand your business overseas, understanding the specific requirements and procedures for opening a bank account is essential.

Proper planning and early preparation will help you establish a solid financial foundation in Singapore, paving the way for new opportunities and growth.