What Do You Know About Things Chinese People Should Know When Opening Accounts in Singapore?

Things You Need to Know About Chinese Citizens Opening Bank Accounts in Singapore

In recent years, with China’s sustained economic growth and deepening international engagement, more and more Chinese citizens have chosen to go overseas for investment, study, work, or immigration. As one of Asia's key financial centers, Singapore has become a top destination for many Chinese due to its stable political environment, mature financial system, and relatively convenient business climate.

In this context, the demand for Chinese citizens to open bank accounts in Singapore has steadily increased. Whether for asset allocation, cross-border fund management, or preparing for life abroad, opening a local bank account has become an essential step for many. So, what exactly are the procedures, requirements, and challenges involved in opening a bank account in Singapore as a Chinese citizen?

1. Procedures and Required Documents

Currently, Singapore’s major commercial banks include DBS Bank, OCBC Bank, and UOB. These banks offer account-opening services to non-residents, though specific procedures and requirements may vary slightly.

Generally, Chinese citizens need to prepare the following documents

1. Original and photocopy of a valid passport - serves as the primary form of identification.

2. Visa or entry permit - proof of legal residency status in Singapore.

3. Proof of address - such as recent utility bills, bank statements, or official residence documents.

4. Employer or school verification if applicable - may be required if opening the account for work or study purposes.

5. Initial deposit - some banks require a minimum deposit, which varies by institution.

It’s worth noting that Singapore’s financial regulations have become stricter in recent years. Banks have enhanced their Know-Your-Customer KYC and Anti-Money Laundering AML procedures. Applicants must truthfully complete all required forms and cooperate with the bank’s verification process.

2. Diversified Account Opening Methods

In the past, Chinese citizens had to personally visit a bank branch in Singapore to open an account. However, with the development of financial technology, some banks now offer more flexible options.

For example, certain banks allow clients to complete the process through video verification, eliminating the need for an in-person visit. Others have partnered with Chinese financial institutions to offer remote account opening services. With this method, part of the process can be completed in China, and the account is activated after a quick in-person verification at a local branch upon arrival in Singapore.

However, this approach is not available for all banks or all customer profiles. Eligibility depends on individual circumstances and the bank’s specific policies.

3. Tax Compliance and Information Transparency

With increasing global oversight on cross-border capital flows, tax transparency has become a major trend. Since China officially joined the Common Reporting Standard CRS for automatic exchange of financial account information in 2017, the tax authorities will automatically receive information about Chinese tax residents’ overseas financial accounts.

When opening an account in Singapore, Chinese citizens are required to declare their tax residency status truthfully. Banks will ask clients to complete relevant tax forms, such as W-9 or CRS self-certification forms. If identified as a Chinese tax resident, information about the account’s income, interest, and other financial activities may be reported back to the Chinese tax authorities.

This underscores the importance of compliance. Investors should ensure that their overseas asset allocations follow all relevant laws and regulations to avoid potential legal risks due to information asymmetry.

4. Recent Trends and Policy Changes

Since 2025, Singaporean banks have introduced new policies regarding account opening for non-residents. Some banks have raised the bar, requiring more background information and even detailed scrutiny of fund sources.

This is partly due to increased AML and compliance requirements, and partly a reflection of the Monetary Authority of Singapore’s MAS heightened focus on cross-border financial flows.

Meanwhile, with the growing influence of Chinese banks in Singapore-such as ICBC and CCB-Chinese clients now have more options. These banks are often more familiar with the backgrounds and needs of Chinese clients, and their account-opening processes are more tailored to Chinese users.

5. Practical Tips and Suggestions

For Chinese citizens planning to open a bank account in Singapore, here are several recommendations

1. Prepare all required documents in advance - Avoid delays caused by missing paperwork.

2. Choose the right bank carefully - Different banks offer varying services, fee structures, and mobile banking features. Choose based on your personal needs.

3. Understand the fee structure - Be aware of management fees, transfer charges, and ATM withdrawal costs to avoid unexpected expenses.

4. Maintain account activity - Some banks require regular activity to avoid dormancy fees or automatic account closure.

5. Stay informed and compliant - If you have questions, communicate with the bank promptly and ensure all your actions comply with local laws and regulations.

Conclusion

Opening a bank account in Singapore as a Chinese citizen is a structured but not always straightforward process. While the procedures are relatively standardized, there are still certain thresholds and challenges to overcome. With tighter regulations and technological advancements, the ways to open an account have diversified, but so have the compliance requirements.

Whether for investment, daily living, or asset management, understanding the relevant policies and processes, and preparing thoroughly, will help ensure a smoother and safer experience in managing finances overseas.