Easily Open a Singapore Bank Account Step-by-Step Guide to Kickstart Your New Financial Journey

How to Easily Open a Bank Account in Singapore A Step-by-Step Guide to Entering the New Financial World

In today’s increasingly globalized world, more and more people are paying attention to opening overseas bank accounts due to needs such as work, investment, studying abroad, or cross-border trade. As a major financial hub in Asia, Singapore has become a top choice for many thanks to its stable financial environment, efficient banking system, and welcoming policies for international clients.

In recent years, with growing economic ties between China and Singapore, the demand for Singapore bank accounts has also risen significantly. According to a report by Lianhe Zaobao in August 2025, data from the Monetary Authority of Singapore MAS shows that the number of foreign individual clients opening bank accounts in Singapore increased by more than 15% year-on-year in the past year. This trend not only reflects Singapore’s appeal as an international financial hub, but also shows that more non-residents are recognizing the convenience of having a local bank account.

So, how can you easily open a Singapore bank account? This article will guide you through the process step by step, helping you smoothly enter this efficient and secure financial world.

Step 1 Clarify Your Purpose and Choose the Right Bank

Before deciding to open a bank account in Singapore, it’s important to clarify your purpose. Will the account be used for daily transactions, investment and wealth management, or cross-border trade settlements? Different uses may correspond to different types of accounts and banks.

Currently, the three major commercial banks in Singapore are DBS Bank, OCBC Bank, and UOB. There are also international banks such as HSBC and Citibank that offer a variety of services. Each bank has its own strengths - for example, DBS excels in digital banking, OCBC is strong in personal finance, while HSBC specializes in serving international clients.

It is recommended to choose a bank based on your personal habits and financial needs, and to familiarize yourself with the bank’s account-opening requirements and required documents in advance.

Step 2 Confirm Eligibility and Required Documents

Although Singapore banks are relatively open to foreign clients, there are still certain eligibility requirements. Generally, non-residents can open accounts through the following methods

1. Opening an Account in Person in Singapore

This is the most common method. You will need to bring your valid passport, proof of address such as utility bills or bank statements, proof of source of funds such as pay slips or investment income, and a statement of the purpose of opening the account to a bank branch for an interview.

2. Using Remote Account Opening Services

Some banks now offer remote account opening services, especially since the pandemic. For example, both DBS and OCBC allow clients from certain countries to complete the process through video verification and electronic signatures, without needing to visit Singapore in person.

3. Assistance Through Partner Institutions or Intermediaries

Some professional service providers, law firms, or wealth management companies can assist clients with the account opening process - especially useful for those unfamiliar with the process or short on time.

Take OCBC as an example in July 2025, the bank updated its website with a new guide for non-resident clients, clearly stating that identity verification can be done via video call, and applications are accepted from clients in China, India, Indonesia, and other regions. This policy significantly lowers the barrier for non-residents to open accounts.

Step 3 Prepare Funds and Choose the Right Account Type

Most Singapore banks do not require a minimum deposit for new accounts, although some premium accounts - such as private banking or investment accounts - may have asset thresholds.

Common types of accounts include

Savings Account Suitable for daily deposits and withdrawals, with support for multi-currency transactions.

Fixed Deposit Account Ideal for short-term savings with higher interest rates.

Investment Account Used for buying stocks, funds, bonds, and other financial products.

Corporate Account Designed for clients with cross-border trade or a Singapore-based company.

Choosing the right account type based on your financial goals will help you manage your money more effectively.

Step 4 Complete the Account Opening Process and Activate Your Account

Once your application is submitted and approved, the bank will notify you via email or SMS. Some banks will mail your debit card, password envelope, or security token such as a USB key. For remote account openings, banks typically provide account details electronically and offer online banking login options.

It’s important to note that Singapore banks have strict anti-money laundering AML and know-your-customer KYC checks. Therefore, you must provide accurate and complete information to avoid rejection due to inconsistencies or incomplete documentation.

Step 5 Familiarize Yourself with Banking Services and Usage Tips

After successfully opening an account, it’s advisable to become familiar with the bank’s online banking system. Most Singapore banks offer multi-language interfaces and powerful mobile banking apps. For example, DBS’s digibank app supports real-time transfers, foreign exchange, and investment transactions, greatly enhancing convenience.

Additionally, many Singapore banks offer multi-currency accounts, allowing you to manage multiple currencies - such as USD, CNY, EUR, and JPY - within a single account. This is especially beneficial for those with cross-border financial needs.

Singapore banks are known for transparent interest rates, clear fee structures, and no foreign exchange controls, making fund transfers in and out very flexible.

Conclusion

Opening a bank account in Singapore is not complicated. With proper preparation, understanding of the process, and careful selection of the right bank and account type, you can easily enter this efficient and secure financial ecosystem.

Whether for personal finance, overseas investment, or cross-border business, having a Singapore bank account will open up broader financial opportunities and provide you with a more globalized financial perspective.