How to Efficiently Open a Bank Account in Singapore as a Foreigner? A Quick Guide!

How Foreigners Can Efficiently Open a Bank Account in Singapore

For foreigners newly arrived in Singapore, having a local bank account is a fundamental necessity for daily life and work. Whether it's for receiving salary payments, daily expenses, or investment purposes, a fully functional bank account is essential. However, due to language barriers, unfamiliarity with procedures, or restrictions related to foreign status, many foreigners face difficulties when opening a bank account. This article provides a practical and up-to-date guide for foreigners seeking to efficiently open a bank account in Singapore.

1. Choosing the Right Bank

As a global financial hub, Singapore is home to many well-known banks, including DBS Bank, OCBC Bank, UOB, and Citibank. These banks offer services tailored to foreign clients, each with its own strengths

DBS Bank Known for its digital services, DBS provides a powerful mobile banking app, ideal for tech-savvy users and younger customers.

OCBC Bank Friendly toward foreign clients, with a relatively straightforward account opening process.

UOB Offers multilingual support, making it suitable for clients from different countries.

Citibank Ideal for those with international transfer needs, especially employees of multinational corporations.

In recent years, digital banks such as Grab Financial and SeaMoney have rapidly emerged in Singapore, offering more convenient account opening procedures and lower fee structures-perfect for those unfamiliar with traditional banking processes.

2. Preparing Required Documents

While specific requirements may vary slightly between banks, the general documents needed are

1. Original and copy of a valid passport

2. Proof of legal residency in Singapore e.g., Employment Pass, S-Pass, Student Pass, or Long-Term Visit Pass

3. Proof of address e.g., utility bill, rental agreement, or bank statement issued within the last 3 months

4. Employment or student verification letter from employer or school required by some banks

5. Initial deposit some banks require a minimum deposit of at least 100 SGD

It’s important to note that since 2025, the Monetary Authority of Singapore MAS has strengthened its anti-money laundering AML and know-your-customer KYC regulations. As a result, banks have become more stringent in reviewing account applications. It is recommended to prepare all documents in advance and ensure the information is accurate and valid.

3. Step-by-Step Account Opening Process

1. Schedule a Bank Appointment

Most banks offer online appointment booking. It is advisable to book an appointment via the bank’s official website or app to save time. For example, both DBS and OCBC provide in-branch appointment scheduling, allowing users to select a convenient branch and time slot.

2. In-Person Processing and Identity Verification

Upon arrival, a relationship manager will assist with identity verification and help complete the application form. Some banks have introduced video verification technology, especially beneficial for non-native English speakers who can complete identity checks via multilingual video calls.

3. Waiting for Approval and Account Activation

Typically, a temporary debit card is issued on the day of account opening, and the official card will be mailed to the registered address within 3-7 business days. Some banks, like UOB, offer instant card issuance, allowing customers to receive a physical card immediately after account opening.

4. Activating the Account and Setting Up Services

After opening the account, users must activate it via the banking app or at the counter and set up online banking, mobile banking, auto-transfer features, etc. It is recommended to enable SMS alerts and e-statements for better account management.

4. Common Issues and Solutions

No local address proof?

You can use an official letter from your school or company as an alternative address proof, or use a legally compliant virtual office address service.

Account application rejected?

Rejections usually occur due to incomplete identity information or insufficient credit history. It is recommended to consult the bank for specific reasons and supplement the required documents or try another bank.

Must you be present in person?

Most banks still require in-person identity verification, although some are piloting remote account opening. For example, Citibank now allows certain clients to complete the process via video verification.

5. Digital Trends Facilitating Account Opening

With the development of fintech, Singapore’s banking sector is accelerating its digital transformation. In 2025, digital banks like Grab Financial and SeaMoney launched account opening services tailored for foreigners, enabling them to complete the process without visiting a branch. These platforms typically offer multilingual interfaces and more flexible account management options.

DBS has also introduced the DBS Multi-Currency Account, which supports transactions in multiple currencies-ideal for expatriates who frequently send money internationally.

6. Tips and Practical Advice

Check bank operating hours in advance Most banks operate from 900 AM to 500 PM on weekdays, with some branches open Saturday mornings.

Choose a branch near your workplace or home This makes it easier to handle future banking tasks.

Use the bank’s mobile app You can check balances, make transfers, and pay bills anytime.

Avoid frequent bank account changes Frequently switching banks may negatively impact your credit record.

Conclusion

Opening a bank account in Singapore may seem challenging at first, but with proper preparation, the right bank selection, and familiarity with the process, it can be done smoothly. As banking services continue to improve and digitalization progresses, it is becoming increasingly convenient for foreigners to open bank accounts in Singapore. We hope this guide provides you with practical and helpful insights as you settle into life in Singapore.