How to Open a Bank Account in Singapore? Step-by-Step Guide to the Process Requirements

Opening a bank account in Singapore might sound as simple as filling out a few forms and submitting some documents. But for foreigners new to the country-especially international students, fresh immigrants, or expatriate workers-the process can be far more complicated than expected. Recently, discussions about the difficulty of opening accounts have been trending on social media and local forums. Some users report that certain banks have tightened their checks on non-resident applicants, with appointment wait times stretching up to several weeks.

Behind this is Singapore’s Monetary Authority MAS, which has been strengthening anti-money laundering rules and customer identification requirements in recent years. So how exactly can you smoothly open a bank account in Singapore? Since different people have different needs, the process naturally varies. Let’s break it down clearly based on real-life situations and current trends.

1. Who Needs a Local Bank Account?

First, figure out which group you belong to

Students Holding a Student Pass, usually need an account for tuition, living expenses, or part-time income.

Working Professionals On Employment Pass EP, S Pass, or EntrePass-need a local account for salary disbursement.

New Immigrants or Permanent Residents PRs Planning to settle long-term, often dealing with property, investments, taxes, and other financial matters.

Different statuses mean slightly different document requirements and banking options.

2. Which Banks Should You Choose From?

Singapore’s three major local banks are DBS, OCBC, and UOB. They have wide branch networks, mature services, and multilingual support-making them the top choice for most people. International banks like HSBC and Citibank also operate locally and suit those with cross-border financial needs.

According to a 2025 Straits Times report, DBS and OCBC have upgraded their online application systems, allowing some eligible foreigners to start the process via app. However, in-person identity verification is still required at the end. That means while digitalization helps, you can’t skip the face-to-face interview just yet.

When choosing a bank, consider these factors

Does your employer have a partnership with a specific bank?

What are the fees-like transfer charges or ATM withdrawal costs?

How user-friendly is the mobile app? Younger users especially care about smooth digital experience.

Are branches and ATMs conveniently located? For example, if you live in Jurong, OCBC has more branches there; if you prefer digital banking, DBS’s Digibank app offers robust features.

3. Basic Documents You’ll Need

No matter your background, here’s what you’ll almost always need

1. Valid passport original

2. Singapore ID or work/study pass e.g., EP, SP, DP, PR card

3. Proof of address-rental agreement, utility bill, or official letter from a bank/company showing your name and address

4. Income proof-payslips, employment letter, tax statements-especially important if applying for credit cards or loans

For students, a school enrollment letter or student card can serve as supporting documents. If you’ve just arrived and haven’t received your formal pass yet, some banks allow you to open a temporary account using your IPA In-Principle Approval letter-but with limited functions, such as no PayNow registration.

Note Some users recently reported stricter address verification. For instance, rental contracts not in English may require certified translations. Always prepare clear photocopies and make sure all information matches across documents.

4. Step-by-Step Account Opening Process

Most banks now use a hybrid model online pre-application followed by in-person verification. Take DBS as an example

1. Download the DBS digibank app, register, and fill in basic details.

2. Upload scanned copies of your passport, pass, and address proof.

3. Once the system approves your application, you’ll get a text message inviting you to book an appointment at a branch.

4. Attend the appointment with original documents; staff will verify everything and activate your account on the spot.

5. Collect your ATM card some banks mail it-it usually arrives within 1-3 days.

If all documents are ready, the whole process can take less than a day. But during peak periods-like or graduation season-appointments can fill up fast. One Reddit user shared that when he tried to book an OCBC appointment in August, the earliest slot was two weeks away. So act early-don’t wait until the day before payday.

5. Common Issues and How to Avoid Them

No local address yet?

If you haven’t rented a place, you can use your company’s address or a friend/family member’s. But you’ll likely need a signed authorization letter from them, along with their ID and a utility bill. Some banks accept hotel stay records, but only for short-term use.

Account frozen or application rejected?

Occasionally, banks reject applications due to risk assessment issues-often linked to unclear fund sources or frequent cross-border transfers. Be transparent about your intentions and provide clear explanations.

Should you open multiple accounts?

One main account is usually enough for daily use. But some people separate savings and spending. The DBS Multiplier Account is popular-it offers higher interest when you link salary, spend regularly, or invest.

How to set up PayNow?

After opening your account, register for PayNow in the app. It’s Singapore’s go-to instant payment system. Once linked to your phone number or NRIC, splitting bills with friends or paying rent becomes super easy.

6. Pro Tips Small Details That Help

Call ahead or check the bank’s website to confirm whether a branch handles foreign applicants.

Dress neatly and be polite during the interview-briefly explain your purpose, e.g., receiving salary or managing daily expenses.

If your English isn’t strong, bring a friend to help translate, or choose branches with Mandarin-speaking staff-like those in Chinatown or Little India.

After opening the account, set up internet banking and enable two-factor authentication. Security first.

Final Thoughts

A bank account in Singapore is like a key-it unlocks access to everyday financial life here. While the process may seem tedious, it’s manageable with proper preparation and understanding. Even though banks have become stricter lately, they remain welcoming to compliant customers.

The key is to stay informed and plan ahead. Don’t let something as small as a bank account delay your bigger goals. In this efficient and well-organized city-state, getting your finances in order is truly the first step toward a smooth and stable life.