How to Open a Singapore Bank Account from Mainland China? Here’s the Complete Guide

In recent years, as more and more Chinese people travel abroad, study overseas, invest, or work internationally, the demand for overseas bank accounts has steadily grown. Singapore, in particular, has emerged as a top choice due to its stable financial environment, strong privacy protections, and convenient cross-border services. Many friends have messaged me asking Can I open a bank account in Singapore while living in mainland China? How does it work? Today, let’s break down this topic-from policy background to practical steps-with a clear, real-world guide.

Bottom line up front Yes, it's possible-but not easy. It requires meeting certain conditions and involves a much more complex process than opening a local account. That said, with proper preparation and understanding of the rules, your chances of success are quite good.

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Why Open a Bank Account in Singapore?

Before diving into how, let’s first understand why. For many, this isn’t just a trend-it’s driven by real needs

- Studying or working abroad If you're studying or employed in Singapore, having a local bank account is essential for receiving salaries, paying tuition, and covering rent.

- Diversifying assets Keeping part of your savings overseas helps spread risks related to currency fluctuations and domestic policies-a common strategy among middle- and high-income families.

- Easier cross-border payments Some e-commerce platforms or international bill payment systems only accept foreign currency accounts or cards from specific countries.

- Investment access With a Singapore bank account, you can tap into local financial markets-investing in REITs real estate investment trusts, mutual funds, and other instruments.

These practical needs are driving growing interest. According to a 2025 survey, about 18% of high-net-worth individuals in China already hold at least one overseas bank account-and Singapore’s share is rising year by year.

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Which Banks Can You Choose From?

Singapore has several major commercial banks that are relatively welcoming to mainland residents

- DBS Bank The largest bank in Singapore, with multiple liaison offices across China and well-established services for international clients.

- OCBC Bank Has deep roots in the Chinese community and offers smoother communication for Mandarin-speaking customers.

- UOB United Overseas Bank Known for flexible procedures; some branches even support preliminary remote reviews.

All three allow non-residents to open accounts, but they come with high entry barriers. You’ll typically need to provide identification, proof of address, documentation on the source of funds, and sometimes meet minimum deposit or investment requirements.

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How Can Mainland Residents Apply?

Opening an account face-to-face in mainland China is almost impossible since Singaporean banks don't operate full retail branches here. However, there are still viable pathways

1. Use the Bank’s Cross-Border Service Channel Most Common Method

This is currently the most popular route. For example, DBS has “International Financial Services Desks” in cities like Beijing, Shanghai, Guangzhou, and Shenzhen. These desks help mainland clients submit pre-application forms for Singapore-based accounts.

You’ll usually need

- Original passport and photocopies

- Mainland ID card

- Proof of address recent utility bill or bank statement

- Employment or income verification

- Flight itinerary or visa showing plans to visit Singapore

After submitting your documents, the bank will conduct an initial review and schedule a video interview. Once approved, you must personally visit a designated branch in Singapore within a set timeframe-usually 30 days-to activate the account. Otherwise, it will be closed.

2. Hire a Licensed Financial Agency

Some regulated cross-border financial service providers such as compliant wealth management firms have official partnerships with Singapore banks and can assist with document submission and interview arrangements. They charge a fee, which makes them ideal for busy individuals or those unfamiliar with the process.

⚠️ Important Only use reputable agencies. Scammers posing as intermediaries may steal your personal data or money. Whenever possible, go through channels officially recommended by the banks themselves.

3. Open the Account In Person While Visiting Singapore

If you’re planning a trip to Singapore-for tourism, family visits, or business-you might as well open the account while you’re there. Just book an appointment online in advance and bring all required documents. On-site processing is usually faster and more straightforward.

One thing to note Singapore banks conduct strict checks during first-time account openings, especially regarding the legitimacy of fund sources. Avoid using sudden large transfers as proof of financial standing-it could raise red flags.

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Key Tips Common Questions

- Account types Most people start with a savings account. Credit cards or investment accounts can be applied for later.

- Minimum balance Many banks require a daily average balance e.g., SGD 50,000 or less may waive monthly fees; falling below triggers charges.

- Mandarin support All three major banks offer Mandarin-speaking customer service, and some branches even have dedicated Chinese counters.

- ATM withdrawals UnionPay cards work at most ATMs in Singapore, but linking to a local account often gives better rates and lower fees.

- Tax and forex regulations Opening the account doesn’t trigger tax issues in China, but transferring money out must comply with China’s foreign exchange rules-currently capped at USD 50,000 per person per year.

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What’s the Future Looking Like? Will It Get Easier?

As financial cooperation between China and Singapore deepens, cross-border banking services are gradually improving. For instance, the upgraded version of the China-Singapore Free Trade Agreement launched by the end of 2025 includes provisions to encourage mutual establishment of representative offices and streamline cross-border account management.

While fully online remote account opening isn’t yet available, we may soon see end-to-end digital processes involving video interviews and electronic signatures.

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Final Thoughts

Opening a Singapore bank account today takes effort, time, and careful planning-but it’s far from impossible. The key is to prepare early, gather complete documents, and stick to official, trustworthy channels.

If you genuinely need long-term offshore banking capabilities, treat this as the starting point of your “financial globalization” journey-and take each step seriously.

And one last reminder Don’t open an account just because everyone else is doing it. Every financial decision should be based on real needs and a solid risk assessment. After all, an unused account can turn into a silent cost-monthly fees piling up with no benefit.

Hope this guide clears the fog and saves you some hassle along the way.