Want to open a bank account in Singapore? Here's a step-by-step guide to help you get started from scratch!

Lately, a lot of people have been talking about the same question Should you open a bank account in Singapore? Some are looking into it for overseas asset allocation, others need it to receive and make payments for cross-border e-commerce businesses, while some simply appreciate Singapore’s stable financial environment and professional services and want an extra option. No matter the reason, opening a bank account in Singapore is increasingly seen as a “must-have” for many.

But here comes the real question How exactly do you go about it? Is it hard? What documents do you need? Let’s walk through this step by step - starting from scratch.

First, some context In early 2025, DBS Bank announced an upgrade to its online account opening system, now supporting remote applications from residents in more countries. Mainland Chinese applicants are even included in the pilot program. While it's still not possible to complete every step 100% online yet, this is already a huge improvement compared to just a few years ago, when you had to fly to Singapore just to open an account. Not long after, OCBC and UOB also updated their guidelines for international clients, showing that Singapore’s banking sector is gradually opening up to global users.

So, can ordinary individuals actually open an account there? The answer is yes - but you’ve got to do it the right way.

Step 1 Choose the Right Bank

Singapore has three major local banks - DBS, OCBC, and UOB. They’re well-established, have wide branch networks, and are relatively welcoming to international customers. If you're doing this for the first time, these three are your best bet.

For example, DBS’s Digibank app offers a smooth user experience with a clean interface and transparent transfer fees. OCBC stands out for business accounts with more comprehensive support. UOB, on the other hand, earns good reviews for customer service.

There are also digital banks like Revolut and Wise formerly TransferWise that offer Singapore-based accounts. These are great for light usage - say, receiving cross-border salaries or making small remittances. But they come with limitations and can’t fully replace traditional banks.

Step 2 Understand the Application Methods

Currently, there are two main ways apply online plus a video interview, or go in person while visiting Singapore.

The online route suits those who don’t want to travel. Take DBS, for instance you submit your ID, proof of address, income documents, etc., via their website or partner platforms. Once reviewed, you’ll be scheduled for a short video call to verify your identity and intent. The whole process usually takes 5 to 10 working days.

One thing to note some banks require an initial deposit - say, 1,000 SGD about 5,300 RMB. Without it, your account might get frozen or closed later.

If you’re already planning a trip to Singapore for work or leisure, consider booking an appointment at a branch. Doing it in person means clearer communication, instant problem-solving, and higher success rates. Plus, some banks offer perks like free financial advice or better exchange rates for walk-in applicants.

Step 3 Prepare the Required Documents

Don’t think you can just fill out a form and be done. Banks take compliance seriously. Here’s what you’ll typically need

- A valid passport with the English information page

- Proof of address from the last three months utility bills, bank statements, etc. showing your name and address

- Proof of income pay slips, tax returns, or business license if self-employed

- A local contact in Singapore could be a temporary phone number or a friend/family member’s address

- A clear explanation of why you’re opening the account - e.g., “for cross-border e-commerce payments” or “personal savings” - and it needs to sound reasonable

Quick tip Your Chinese ID card alone won’t cut it - you must pair it with your passport. Also, if your address proof is issued in China, it’s wise to get it translated into English and stamped with an official seal to avoid rejection.

Step 4 Be Mindful of Tax and Compliance Issues

Many worry whether having an overseas account triggers tax problems. The truth is, as long as your income is legally declared and your usage is normal, there’s nothing to fear. Singapore doesn’t tax based on global income - just because you have an account there doesn’t mean they’ll tax you.

However, China requires residents to report foreign financial accounts. So keep good records of your transactions - stay informed and compliant.

Banks also monitor account activity regularly. If your account sits idle for too long, or if you frequently move large amounts in and out quickly, it could be flagged as “suspicious,” leading to restrictions. So once you open the account, treat it like a living tool - use it occasionally. Maybe keep a small fixed deposit, or link it to regular payments. Show the bank you’re a genuine, active user.

Step 5 Make Full Use of the Account

Don’t let your Singapore account sit unused. It actually comes with several practical benefits

- Multi-currency accounts Hold SGD, USD, EUR, and more. Exchange rates are often better than what you’d get back home.

- Global transfers Fast SWIFT transfers with clear fee structures - ideal for frequent cross-border money movements.

- Investment access Some banks let you invest in local funds, bonds, or even U.S. stocks.

For freelancers or exporters, using a Singapore account to receive USD payments and then transferring them back to China can be more flexible and help avoid high platform fees.

Here’s the bottom line Opening a Singapore bank account isn’t a magic ticket to instant wealth - it’s a tool. And like any tool, its value depends on how you use it. It can help diversify risk and improve fund efficiency, but only if you understand the rules and play by them.

Nowadays, the barriers are lowering and the process is getting clearer. With proper preparation and a bit of patience, not only can you open the account - you can manage it smoothly too.

Instead of just watching from the sidelines, why not give it a try?

Your first overseas bank account might just begin today.