How to Smoothly Open a SG Bank Account? Step-by-Step Guide Key Tips

In recent years, as more and more Chinese people go overseas for investment, study, or entrepreneurship, opening a bank account abroad has become a practical necessity for many. Singapore, one of Asia’s key financial hubs, stands out with its stable environment, mature financial system, and efficient international banking services-making it a top destination for investors and high-net-worth individuals alike. But how exactly do you open a bank account in Singapore? Is the process complicated? What documents are required, and what should you watch out for? Drawing from real cases and updated policies in 2025, this article breaks it all down clearly and practically.

1. Why Choose a Singapore Bank?

Let’s start with the basics why pick Singapore over other countries? The reasons are straightforward and grounded in reality. Compared to Western nations, Singapore offers smoother communication-especially for Mandarin speakers-thanks to its large ethnic Chinese population. Its legal system is solid, capital flows freely, and banks are generally welcoming to non-residents. The Singapore dollar is pegged to a currency basket effectively linked to the USD, offering exchange rate stability ideal for asset diversification and cross-border trade settlements.

According to Lianhe Zaobao in early 2025, over 12,000 mainland Chinese clients successfully opened personal or corporate accounts at major local banks-DBS, OCBC, and UOB-last year alone. Many were setting up funds for children studying overseas, buying property abroad, or expanding business operations into Southeast Asia.

2. Personal Account vs. Corporate Account Know Which One You Need

Before taking any steps, clarify whether you need a personal or corporate account-the requirements differ significantly.

Personal Account Best suited for students, expats, freelancers, or anyone managing overseas expenses. Typically requires ID proof, address verification, and entry records. Some banks even allow remote video interviews.

Corporate Account For those who’ve registered a company in Singapore or plan to run a business there. These accounts face stricter scrutiny. You’ll need documents like the company constitution, director/shareholder IDs, business plan, and sometimes proof of office space. Banks also assess actual business activity.

By late 2025, many mainland entrepreneurs reported that the days of easily opening accounts for shell companies are long gone. With tighter anti-money laundering rules enforced by the Monetary Authority of Singapore MAS, banks now expect real business presence-like a physical office, a local director if applicable, and clear expectations of legitimate transactions.

3. Step-by-Step Guide to Opening an Account

Step 1 Pick the Right Bank

The Big Three-DBS, OCBC, and UOB-are the most popular choices. They have wide branch networks, strong Chinese-language support, and user-friendly mobile apps. International banks like HSBC and Standard Chartered also offer advantages, especially if you already hold global accounts and want seamless fund transfers.

For mainland applicants, DBS is often the best starting point. In recent years, they launched a pilot program allowing qualified Chinese customers to begin the application process remotely-even before arriving in Singapore.

Step 2 Prepare Required Documents

Regardless of account type, here’s what you’ll generally need

Valid passport original + copy

Singapore visa or entry stamp if already arrived

Proof of address issued within the last 3 months utility bills, bank statements. If using a mainland address, a notarized translation may be accepted.

Proof of income or employment pay slips, tax returns, business license

For corporate accounts, add

Certificate of Incorporation

Director/shareholder identification

Company Constitution Articles of Association

Company seal

Important All non-English documents must come with certified English translations. Some banks accept notarizations from mainland China, but always confirm in advance.

Step 3 Schedule and Attend the Interview

Most banks still require in-person appointments, especially for first-time clients. Book through the official website or contact a relationship manager directly.

Some banks offer pre-screening-you upload scanned copies of your documents first. Once approved, they’ll schedule the face-to-face meeting, saving time later.

During the interview, officers will ask about your source of funds, purpose of the account, and expected transaction frequency. Be honest and specific. For example, if you’re funding your child’s education, bring along admission letters or tuition payment receipts as supporting evidence.

Step 4 Activate Your Account and Set Up Online Banking

After approval, your account is usually activated within 1-3 working days. You’ll receive your account number and can apply for a physical Visa debit card. Immediately download the bank’s mobile app, enable two-factor authentication, and set up secure login methods.

4. Common Pitfalls and How to Avoid Them

Q Can I open an account entirely online?

A Not quite-for mainland residents, fully remote onboarding remains limited. While banks like DBS offer Digital Onboarding, these services are typically reserved for people already holding long-term passes or working in Singapore. Tourists or short-term visitors usually need to show up in person.

Q Is there a minimum deposit requirement?

A Most personal accounts don’t require initial deposits. However, to enjoy premium services or waive monthly fees, maintaining a balance-often S$50,000 or more-is usually expected. Corporate accounts may require an initial deposit ranging from tens of thousands of dollars upward, depending on the bank.

Q What if my account gets frozen?

A Dormant accounts, sudden large inflows/outflows, or unclear fund sources can trigger freezes for investigation. To avoid this, use the account regularly and keep detailed financial records.

Q Do I need to report this to Chinese tax authorities?

A Yes. Holding an overseas account doesn't mean evading taxes. Under regulations from China’s State Administration of Foreign Exchange SAFE, residents must truthfully declare foreign financial assets. Staying compliant isn’t just responsible-it’s essential for long-term peace of mind.

5. Practical Tips for First-Timers

Contact a bank representative ahead of time to get the latest requirements-rules change often.

Visit branches early on weekdays to avoid crowds and speed things up.

Bring both original documents and photocopies. If opening a corporate account, having an English resume ready helps make a professional impression.

Don’t exaggerate income or invent purposes. Honesty builds trust-and increases your chances of approval.

Consider getting a local Singapore phone number. It makes receiving OTPs easier and improves access to ongoing customer service.

Final Thoughts

Opening a bank account in Singapore isn’t reserved for the wealthy or well-connected-it’s achievable for ordinary individuals who prepare properly and follow the right steps. More than just a tool for managing money abroad, it’s a gateway to living and operating globally.

As ties between China and Singapore grow stronger-across trade, education, and travel-having a reliable offshore account is no longer a luxury. It’s becoming a smart, rational move for more and more people. The key? Understand the rules, respect the process, and take each step legally and responsibly.