How to Smoothly Open a Singapore Account in Mainland China? A Guide to the Process!

How to Open a Singapore Bank Account from Mainland China A Step-by-Step Guide to Master the Process

In recent years, with the deepening trend of globalization, more individuals and businesses have begun seeking overseas financial services to diversify assets and expand international operations. As one of the world’s leading financial hubs, Singapore has attracted a growing number of international investors due to its stable financial system, low tax rates, and transparent regulatory environment. For residents of mainland China, opening a Singapore bank account has become an essential step in cross-border financial management.

This article provides a comprehensive guide on how to smoothly open a Singapore bank account from mainland China, covering the process, required documents, common questions, and key considerations.

1. Why Open a Bank Account in Singapore?

First, let’s explore why Singapore is increasingly becoming a preferred choice for overseas banking.

According to recent reports from multiple financial media outlets, Singapore ranked highly in the 2025 Global Financial Centres Index GFCI. Its robust financial infrastructure and regulatory system have earned global recognition. Singapore maintains an open policy toward international clients, with many banks offering multilingual services-especially for Mandarin-speaking customers-making it particularly accessible for users from mainland China.

Additionally, Singapore enforces low tax rates and imposes minimal restrictions on fund movements for non-resident accounts, facilitating international capital allocation and asset management. For entrepreneurs engaged in foreign trade, cross-border e-commerce, or overseas investments, having a Singapore bank account significantly enhances financial flexibility.

2. Methods to Open a Singapore Bank Account

Currently, mainland Chinese residents can open a Singapore bank account through the following methods

1. In-Person Opening in Singapore

This is the most traditional and reliable method. Applicants must travel to Singapore and submit the required documents in person at a local branch. The advantage of this method is a transparent process, direct bank verification, and a higher success rate.

2. Domestic Witness Account Opening

Some Singapore banks have representative offices or partnerships with local banks in China, offering domestic witness account opening services. For example, OCBC Bank and DBS Bank provide such services. Applicants can complete identity verification and document submission at a cooperating bank in China, and the Singapore headquarters will review and open the account accordingly.

3. Assistance from Third-Party Service Providers

Professional financial service agencies also offer account opening assistance, especially for applicants unfamiliar with the process or with limited time. However, it is crucial to choose reputable and licensed providers to avoid risks such as data leakage or financial loss.

3. Required Documents for Opening an Account

Regardless of the chosen method, you typically need the following documents

Valid passport original and copy

Singapore entry visa or arrival record if opening the account in person

Proof of address, such as utility bills or bank statements issued within the last three months

Personal identification some banks accept a copy of your ID card

Proof of fund sources, such as bank deposit certificates, salary statements, or investment income records

Account opening purpose statement some banks require this

Initial deposit amount, which varies by bank usually between SGD 1,000 and SGD 5,000

For business users, additional documents include

Company registration documents

Business plan

Shareholder identification documents

4. Common Questions and Key Considerations

1. Is a Singapore Entry Visa Required?

Yes, if you choose to open the account in person. It is advisable to apply for a business or tourist visa in advance and ensure the visa validity covers the entire account opening period.

2. Can I Open an Account Remotely?

Most Singapore banks have strict requirements for remote account opening by mainland residents. In most cases, you still need to be physically present or use a witness service.

3. Is There a Minimum Asset Requirement?

Some banks impose a minimum deposit requirement. For example, OCBC requires at least SGD 1,500, while DBS requires SGD 1,000. Business accounts may require higher thresholds.

4. Does the Account Support RMB Chinese Yuan?

Singapore bank accounts typically support multiple currencies, including RMB, USD, and SGD. Some banks also offer multi-currency account management services, which are convenient for cross-border transactions.

5. How to Manage the Account After Opening?

After opening the account, you can manage it via the bank’s mobile app or online banking platform, including transfers, remittances, and balance checks. It is recommended to activate SMS or email alerts to monitor account activity in real time.

5. Conclusion

As global economic integration continues to deepen, having an overseas bank account has become an essential tool in modern financial management. Singapore, with its stable and efficient financial environment, remains a top destination for international investors.

For mainland Chinese residents, as long as they prepare in advance, understand the process, and choose the appropriate account opening method, setting up a Singapore bank account is entirely feasible. We hope this guide provides you with practical insights and helps you seize opportunities in the wave of globalization.