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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.
Non-residents can hold bank accounts in Singapore as long as they meet certain requirements. These include:
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 you know what type of account you want, it’s time to compare your options. Here are some of the 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 a deposit into your account.
While an employment pass is generally required, you can still open a bank account without one. For example, UOB will consider applications from foreigners as long as they visit a branch to provide their documents. Digital banks are also great to consider as you do not have to provide proof of employment in Singapore.
You need to provide proof of a permanent place of residence to open a bank account in Singapore. Because of this reason, tourists cannot open bank accounts. You may want to consider a digital bank account that you can use across countries and with little foreign currency fees.
That depends on the account type you’ve chosen. Current accounts, for example, can be opened without a credit check. However, specialised accounts like high-yield accounts may involve credit checks. In this case, your foreign credit rating may be taken into consideration.
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