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Opening a bank account in a new country is never easy. The sign-up process might feel unfamiliar, the terms could seem foreign and the eligibility requirements could just get confusing.
However, as a foreigner in Singapore, you could benefit greatly from taking the time and effort to open a local bank account.
Whether you’re here in Singapore for study or work, you’ll need a local bank account for day-to-day transactions including using it to receive your salary or make rent payments. Having a local bank account also allows you to withdraw cash from ATMs and send and receive money in Singapore.
If you’re looking to invest or trade, you’ll also need a local bank account to make settlements and fund your trades.
Non-residents can hold bank accounts in Singapore as long as they meet certain requirements and provide the necessary documents.
While the account opening process, criteria and documents required may vary from bank to bank, you can typically expect to be asked for the following:
Setting up a bank account in Singapore is quick and simple:
There are a few different types of bank accounts available in Singapore, so you first need to decide what type of account you want:
Now that you know the different types of accounts available, it’s time to compare your options. Here are some features to consider:
Singapore bank accounts come with a few fees you need to watch out for, including:
You can apply for a current account in-person or online, depending on the bank. You will need the documents outlined above, including proof of ID and residency, and also be prepared to make an initial deposit (if applicable) into your account.
If you have just arrived in Singapore and don’t have any proof of residential address yet, applying for a savings account with a local bank might not be possible.
However, you can still sort out your everyday banking needs and even get a free debit card with one of the many digital payment service providers in Singapore.
Here are some popular local bank accounts you can consider, broken down by bank:
Should you save or invest? With high inflation and pending global recession, what you do with your money is more important than ever.
The Maybank SaveUp Account offers a maximum interest rate of 3% p.a. on the first S$50,000 of your account balance.
With the KrisFlyer UOB Deposit Account, you can earn up to 6.4 KrisFlyer miles per dollar spent on an eligible UOB card and enjoy a wide range of enhanced privileges.
Benefit from up to S$200,000 protection against female-related cancers and a range of health benefits when you save with the UOB Lady’s Savings Account.
Earn boosted interest rates on the first S$80,000 of your Standard Chartered Bonus$aver account balance when you engage in any one (or more) of the five eligible categories.
Benefit from higher interest rates as you maintain or grow your monthly balance with UOB Stash Account.
It’s possible to open more than one savings account with the same or different banks, but each comes with its own set of benefits and downsides.
Find out what you need to do to unlock the highest interest rate offered by UOB One Account.
A simple feature like compound interest can make a big difference in how your savings grow.
If you’re an international student in Singapore, having a local bank account can help you manage your finances with ease.