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Opening a bank account in Singapore is pretty simple and can be done online or in-branch. In order to open a bank account, you need to decide the type of account you want and gather the required documents. Once approved, your account will be opened in minutes.
To find out exactly what you need to do to open an account in Singapore, see our steps below.
You can open a Singapore bank account in a few simple steps:
There are a couple of different types of bank accounts in Singapore, including current accounts and savings accounts. Current accounts work the same in Singapore as they do in other countries, namely letting you manage your day-to-day banking. However, savings accounts also come with many of the same functions as current accounts. In fact, many Singaporeans choose to use a savings account rather than a current account.
Here are the account types you can consider:
Consider if you want to open an account for yourself or one to share with a partner. If you open a single account, you’re the sole owner and no one else can access your money. With a joint bank account, you share ownership with someone else, usually a family member, significant other or business partner. They have equal access to the account and can use the money however they wish.
The process to open a single or joint account is pretty similar. You’ll just need the required documents for both account holders to open a joint account.
The best bank account is one that suits your needs, so you’ll first have to understand your priorities and reasons for opening a new bank account.
Let’s take a look at some of the most popular considerations:
To open a bank account, you’ll generally need to:
|Residential status||Document types||Online vs local branch|
|Singaporean||ID and the latest copy of proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)||Singaporeans registering online can use their Singpass ID for hassle-free form filling and instant approval. Singaporeans registering at a local branch can use their NRIC as proof of residence.|
|Permanent Resident||ID and the latest copy of proof of residence (e.g. local utility bill, local telecommunication bill, local bank statement)||Online registration requires a scanned copy of each of these documents|
|Foreigner (working in Singapore)||Passport, Employment Pass, Proof of residence (e.g. IPA issued by MOM, Work Permit issued by MOM)||Online registration requires a scanned copy of each of these document|
|Foreigner (studying in Singapore)||Passport, Matriculation/student card approved by the ICA / proof of residence (e.g. utility bill, telecommunication bill, bank statement)||Online registration requires a scanned copy of each of these documents|
Do note that online applications can be made with scanned copies of the required documents, but registration at local bank branches must be done with the original documents. Existing customers, on the other hand, can apply for new accounts instantly online.
After you complete an online application for a bank account, you’ll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. It may come with instructions on verifying your identity, or you may need to do that first.
Most accounts will require you to make an opening deposit using a debit card or from an existing bank account. If this is your first bank account and you plan to make an opening deposit in cash, you’ll need to sign up for an account at a bank branch.
If the account you signed up for includes a debit card, it’ll arrive in the mail after you’ve been approved. You’ll find out how long it takes to ship in the confirmation email. The debit card and PIN are sent to you separately for security reasons. When you get your card, you need to sign the back and activate it so you can make withdrawals. This is a simple process that can be completed via mobile, ATM or online.
Your account is ready to go. You’ll be able to make deposits and withdrawals, as well as use any other features associated with your account. To finish setting everything up:
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Here’s how you can apply for a bank account with some of the most popular banks in Singapore:
New customers can apply for an account conveniently through the digibank Mobile app or digibank Online banking platforms. If you have a MyInfo profile, you may pre-fill your online application form via Singpass login. Otherwise, you’d need to fill in the various fields on the form and upload the required documents manually.
Once you have an account in mind, simply click on the ‘Apply online’ button on the OCBC website to begin your application. New customers can apply for an account instantly with MyInfo via Singpass login. For those without Singpass, you can apply online with the required documents. As for existing OCBC customers, you can apply instantly through your Internet Banking account.
Alternatively, you may also visit the nearest OCBC branch and apply in person.
To begin, simply click on the ‘Apply now’ button and you can choose if you’d like to apply via your internet banking account (for existing customers) or MyInfo (for new customers). With MyInfo, SingPass holders can easily retrieve their personal details and complete the application within a few clicks.
If you’re a foreigner or don’t have a MyInfo account, you’ll need to head down to the nearest UOB branch and apply in person.
New applicants (for Singaporeans and Singapore PRs only) can either apply for an account using Myinfo (auto-fill out e-form) or manually fill in an online application form. If you’re a foreigner, you can also apply digitally by filling up the online application form.
There’s no need to visit a branch to open a bank account anymore. You can open a bank account, deposit money and set up automatic payments all from the comfort of your home. Once you’ve applied, just wait for the card to be sent to you in the mail, activate the account and you’re good to go.
Make sure you’ve considered the following when you open a bank account online.
The days of spending an hour at the bank to open an account are gone, and you can open a new current or savings account from your computer or phone in minutes. But don’t let the speed and convenience rush you into making a decision. Compare savings accounts or current accounts before getting started to find the one that’s right for you.
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.
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