How Long Does It Take to Open a Bank Account in Singapore? A Guide to the Process and Key Considerations

How Long Does It Take to Open a Bank Account in Singapore? A Comprehensive Guide to the Process and Key Considerations

As a global financial hub, Singapore offers efficient and well-regulated banking services, attracting a large number of expatriates, international students, and investors. However, despite the mature banking system, many still wonder how long it takes to open a bank account. This article provides a detailed explanation of the process, timeline, and key considerations involved in opening a bank account in Singapore.

1. The Basic Process of Opening a Bank Account

Singapore’s banking system is highly developed, with major banks including DBS Bank, OCBC Bank, United Overseas Bank UOB, and HSBC. While procedures may vary slightly among banks, the overall process is largely consistent.

1. Schedule a Bank Appointment

Most banks require customers to book an appointment online, especially for foreigners or first-time account holders. For example, DBS offers an online booking system on its official website, allowing customers to choose a convenient branch and time slot. Due to crowd control measures during the pandemic, appointments have become essential.

2. Bring Required Documents

To open a bank account, you must present valid identification documents, typically including a passport, entry visa, Employment Pass EP, or Student Pass. Some banks may also request proof of address, such as utility bills or a tenancy agreement.

3. Identity Verification and Background Checks

Bank staff will verify your identity and conduct a KYC Know Your Customer process. This may include a brief interview to understand the purpose of the account, your occupation, and financial background.

4. Account Opening and Card Issuance

Once approved, the bank will open your account on the spot and issue a bank card. However, some banks do not issue physical cards immediately but instead mail them, which can extend the overall processing time.

2. Time Required to Open a Bank Account

Based on recent customer feedback and official bank information, the time required to open a bank account in Singapore typically ranges from 1 to 5 business days. Several factors influence this timeline

First-time account opening First-time applicants, especially foreigners, may undergo more rigorous background checks, leading to longer processing times.

Appointment status Not having an appointment may result in long waits or even denied service.

Card delivery method Some banks mail the card via registered post, which usually takes 2-3 days.

For example, in June 2025, OCBC introduced a fast-track account opening service for foreign clients, completing the process within 1 hour. However, the physical card still takes 3 business days to arrive. This service is generally available to clients holding long-term passes such as EP or SP.

3. Important Considerations When Opening a Bank Account

In addition to time considerations, several key points should be noted when opening a bank account in Singapore

1. Choose the Right Bank Carefully

Different banks offer varying services and account-opening requirements. For instance, DBS excels in digital banking and is ideal for customers who prefer mobile banking, while HSBC is more suitable for those with international financial needs.

2. Minimum Deposit Requirements

Some banks impose minimum balance requirements. For example, certain OCBC accounts require a minimum balance of SGD 3,000 to avoid monthly maintenance fees.

3. Language and Communication Barriers

Although English is one of Singapore’s official languages, some bank branches-especially those catering to local clients-may primarily use Mandarin, Malay, or Tamil. It is advisable to choose a branch offering English services to avoid communication issues.

4. Restrictions for Minors

Individuals must be at least 18 years old to open an account independently. Minors can open accounts with parental or guardian consent and must provide documents such as a birth certificate.

5. Use of Digital Banking and Physical Cards

Even if you don’t receive your physical card immediately, most banks allow you to use mobile banking on the same day to make transfers, payments, or link digital wallets such as PayNow and NETS.

4. Alternative Methods for Special Circumstances

With the rise of fintech, some banks now offer remote account opening options. For instance, starting in 2025, DBS introduced a video-based verification process that allows certain customers to complete identity checks and open accounts without visiting a branch. However, this service is currently limited to individuals with long-term work permits and is not available to all nationalities.

Additionally, some freelancers and entrepreneurs have reported that banks conduct stricter reviews for business or self-employed personal accounts, resulting in longer approval times. According to a May 2025 report, the Monetary Authority of Singapore MAS has intensified its scrutiny of suspicious accounts to prevent money laundering, further extending the review process in some cases.

5. Conclusion

While the process of opening a bank account in Singapore is generally straightforward, it is crucial to prepare in advance and understand the specific requirements of each bank. For most expatriates, booking an appointment, preparing complete documentation, and choosing the right bank are key to a smooth experience.

Under normal circumstances, the entire process can be completed within 1-5 business days. With continued advancements in fintech, account opening efficiency is expected to improve further. Whether you're staying short-term or planning a long-term future in Singapore, having a local bank account will significantly enhance your daily life and professional activities.

We hope this article helps you better plan your banking process and smoothly integrate into the daily rhythm of this financial hub.