A Comprehensive Guide to Smoothly Applying for a Bank Card in Singapore

How to Successfully Open a Bank Account in Singapore A Comprehensive Guide and Practical Tips

For foreigners arriving in Singapore, having a local bank account is essential for daily life convenience. Whether it's for daily spending, paying utility bills, receiving salary deposits, or managing investments, a bank account plays an indispensable role. However, due to Singapore's strict financial regulations, the process of opening a bank account can be confusing for many newcomers. This article provides a detailed breakdown of the entire process, based on the latest banking services and practical experience, to help you open a bank account in Singapore smoothly.

1. Understanding Singapore’s Major Banks and Their Services

Singapore’s banking sector is dominated by three major banks DBS Bank, OCBC Bank, and United Overseas Bank UOB. All three offer banking services for foreigners, though there are differences in account opening requirements, fees, and account management.

DBS Bank introduced the Welcome Account in 2025 specifically for new immigrants, streamlining the account opening process and allowing customers to open accounts without local address proof to attract international talent.

OCBC Bank provides multilingual customer service, making it suitable for clients from diverse backgrounds.

UOB has enhanced its digital banking services, with a highly-rated mobile banking app among users.

2. Preparations Before Opening an Account

To successfully open a bank account, ensure you have the following documents ready

1. Valid Identification

All banks require your original passport and a copy. Some may also ask for your visa or entry permit to confirm your legal residency status.

2. Proof of Address

While some banks have relaxed this requirement, most still require recent proof of address, such as utility bills, rental agreements, or official letters. If you’ve just moved, temporary accommodation proof like a hotel bill or a rental confirmation email may be accepted.

3. Employment or Income Proof

Non-Singaporeans are typically required to provide employment verification or payslips from your employer to confirm your income source. Some banks may also request CPF Central Provident Fund contribution records or tax documents.

3. Step-by-Step Account Opening Process

1. Schedule an Appointment

It is highly recommended to book an appointment online or via the bank’s customer service to avoid long queues. All three major banks now offer online appointment systems.

2. Visit the Branch

Bring all original documents and copies to the appointed branch on time. The bank officer will verify your identity and ask about your purpose and usage needs.

3. Complete the KYC Know Your Customer Process

This standard compliance procedure includes filling out personal information forms, identity verification, and risk assessment. Some banks have digitized this process, saving time.

4. Choose the Right Account Type

Banks in Singapore offer various account types, including savings accounts, checking accounts, and joint accounts. Choose based on your needs and understand the terms, such as maintenance fees and minimum balance requirements.

5. Receive Your Debit Card and Set Up Passwords

After opening the account, you will receive a debit card. Some banks offer instant card issuance at the branch. You’ll need to set up your PIN for ATM withdrawals and online transactions.

4. Practical Tips and Key Points to Note

Visit During Off-Peak Hours

Bank counters are usually busy in the mornings and at lunchtime. Try to go before noon or later in the afternoon to minimize waiting time.

Inquire About Account Opening Promotions

Some banks offer incentives for new customers, such as cash rebates or waived maintenance fees. Ask your relationship manager about current promotions.

Make Use of Digital Banking Services

All major banks in Singapore offer fully digital banking via mobile apps. Download and link your account to easily perform money transfers, bill payments, and investment activities.

Be Mindful of Account Fees

Some savings accounts have minimum balance requirements. If not met, maintenance fees may apply. Choose an account type that suits your financial situation.

Update Personal Information Promptly

If your address or contact details change, update your information via the bank’s app or visit a branch to avoid any disruption in account usage.

5. Special Cases and Solutions

Students or Short-Term Workers

Some banks offer specialized accounts. For example, DBS provides a student account with no minimum balance requirement and free transfer quotas.

Freelancers or Self-Employed Individuals

You may need to provide additional income proof, such as bank statements or copies of contracts.

6. Conclusion

While the process of opening a bank account in Singapore is strict, with proper preparation and knowledge of the rules, most people can complete the process smoothly. Choosing the right bank and account type, and leveraging digital banking tools, can greatly enhance your daily life in Singapore.

We hope this guide equips you with the necessary knowledge and practical tips to confidently start your financial journey in Singapore.