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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:
To open a bank account, you’ll generally need to:
New customers can sign up for a bank account either at their nearest local branch or via an online application. Here are the various documents required for each option.
|Residential status||Document types||Online vs local branch|
|Singaporean||ID and 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 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.
There are generally four types of bank accounts in Singapore:
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:
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.
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