Can a Foreigner Open a Bank Account in Singapore? Here’s What You Need to Know

Are you planning to relocate to Singapore or simply need a local bank account to manage your finances?

The good news is, opening a bank account in Singapore as a foreigner is relatively straightforward process, provided you know what to expect and how to prepare. 

This article will walk you through everything you need to know about opening a bank account in Singapore as a non-resident, including the different types of bank accounts available and the required documentation. We will also introduce you to the 3 best accounts for your day-to-day banking in Singapore.

Without further ado, let’s dive in.

As a leading global financial hub, Singapore's banking system provides a variety of accounts to meet different needs. Here's a quick overview of the most common options.

Current Accounts (or Checking Accounts)

A current account is essential for managing your day-to-day expenses in Singapore. As a foreigner, you’ll likely need to handle regular payments such as rent, utilities, and groceries.

A current account lets you easily deposit and withdraw money, write cheques, and make electronic transfers both within Singapore (e.g., FAST and GIRO transfers) and abroad. Most current accounts come with a debit card, offering convenient ATM withdrawals and cashless payments using Apple Pay, Google Pay, or Samsung Pay.

For newcomers, a current account is one of the first steps to establishing your financial presence in Singapore. It provides a convenient way to manage your local spending and access essential banking services.

Saving Accounts

If you’re planning to stay in Singapore for a while, a savings account can help you grow your wealth while keeping your money accessible. They usually offer higher interest rates than current accounts but may limit the number of withdrawals you can make each month.

Some savings accounts also offer features like tiered interest rates, where the more you save, the higher the interest you earn. This makes them attractive options for both short-term savings goals, such as a future trip home, and long-term goals, like an emergency fund.

Multi-currency Accounts

If you frequently deal with multiple currencies, a multi-currency account is a practical solution. Whether you’re managing funds in your home currency, travelling, or conducting business across borders, this account allows you to hold and manage different currencies in one place.

This helps you avoid the hassle and costs of constant currency conversions. It’s especially useful if you receive income in a foreign currency or need to make payments in different currencies regularly.

Multi-currency accounts typically offer competitive exchange rates and may include features such as automated currency conversions, allowing you to set up rules for converting money when favourable rates are available.

Corporate Accounts

For foreign entrepreneurs and business owners operating in Singapore, a corporate bank account is vital for effectively managing your company’s finances. This account is tailored to support business activities, from paying suppliers to handling employee salaries and processing customer transactions.

These accounts usually come with business-friendly features, including business credit cards, payroll services, and tools for managing receivables and payables. In addition, many banks offer extra perks such as lower transaction fees for bulk payments, integration with accounting software, and access to business loans or credit facilities.

Investment Accounts

With SGD 5.4 trillion in assets under management, Singapore is one of the top places in Asia for investment. If you're looking to grow your wealth, an investment account is a great way to get started. 

Investment accounts give you access to a variety of financial products, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs), making it a versatile option for managing your investments while living abroad.

Singaporean banks often offer these accounts with access to user-friendly trading platforms, allowing you to execute trades online, monitor market trends, and manage your portfolio from anywhere. Some banks also provide advisory services, offering personalised investment advice tailored to your financial goals and risk tolerance. This way, you can manage your investments effectively and work towards your financial goals during your time in Singapore.

To open a Singapore bank account as a foreigner, you'll typically need to meet the following criteria:

1. Proof of Identity: A valid passport is essential. Some banks may also ask for a secondary identity card, like a driver’s license or national ID card.
2. Proof of Address: You must provide a document displaying your residential address in Singapore, such as a utility bill or lease agreement. Some banks may accept residential addresses outside of Singapore. 
3. Employment Documents: If you're opening an account linked to your employment, you may be required to present documents such as an employment pass, work permit, or employment contract.
4. Student Documents: If you’re a student, you’ll likely need to provide your student pass and a letter of acceptance from your educational institution in Singapore.
5. Business Documents: If you're opening a corporate account, you'll need to provide business-related documents, such as a certificate of incorporation, company profile, and any relevant licenses or permits.
6. Minimum Deposit: Some banks require a minimum deposit to open an account, with the amount varying depending on the account type.

Bank Reference Letter: In some cases, you might need a reference letter from your current bank to establish your financial credibility.

There is no definite answer, as not all accounts are created equal. Therefore, the best account for you depends on your specific needs. However, we have selected the 3 best bank accounts for foreigners for daily transactions, which are:

• OCBC Bank 360 Account
• HSBC Everyday Global Account
• UOB One Account

Let's take a look.

The OCBC 360 Account stands out as one of the best savings accounts available. This account rewards you with bonus interest when you engage in specific financial activities, making it a good tool for maximizing your savings.

OCBC Bank 360 Key Features

• Earn up to 4.65% a year on your first SGD 100,000 when you credit your salary (via GIRO or PayNow), save and spend with OCBC credit cards.
• Earn an additional 3.00% a year when you insure and invest.
• A complimentary debit card for ATM withdrawals and make payments.
• Manage your finances effortlessly with online banking platforms, including mobile apps.

OCBC Bank Eligibility & Required Documents

To open an account with OCBC Bank as a foreigner, you must meet the following criteria and provide the necessary documents:

• Must be at least 18 years old
• Provide a valid passport
• Hold a valid pass, such as an Employment Pass (EP), S-Pass, or Student Pass.
• Provide proof of residential address

OCBC Bank Fees

Please refer to OCBS’s Personal Banking Fees and Charges Document

The HSBC Everyday Global Account is a versatile multi-currency account designed for individuals who frequently deal with multiple currencies. This account allows you to hold, spend, and withdraw money in 11 different currencies, making it ideal for travellers, expats, and digital nomads.

HSBC Everyday Global Account Key Features

• Hold and manage funds in SGD and 10 foreign currencies: AUD, CAD, EUR, JPY, NZD, GBP, CHF, USD, HKD, and RMB.
• Convert money between currencies with real-time exchange rates
• Earn 1% cashback on all eligible spends with HSBC Everyday Global Debit Card
• Earn 1% cashback on all eligible GIRO bill payments

HSBC Everyday Global Account Eligibility & Required Documents

To open the HSBC Everyday Global Account, you may need to apply in person or through HSBC EasyID (mobile apps). You'll need the following documents to apply, which include:

• An original identity document — such as your Singapore NRIC, Malaysia MyKad, and your passport
• Proof of your latest address, such as a utility bill, phone bill, and government-issued identity documents.

HSBC Everyday Global Account Fees

Please refer to HSBC’s Fees and Charges Document for details.

UOB One Account is another account designed to help you maximise your savings while enjoying various benefits. It offers competitive interest rates and cashback rewards, making it an attractive choice for anyone looking to grow their deposits and earn money on daily expenses.

H3: UOB One Account Key Features

• Earn interest rates of up to SGD 6,000 per year on deposits of up to SGD 150,000.
• Earn up to 3% cashback when spending with UOB One debit card on dining, online shopping, groceries, transport, and more.
• Enjoy favourable exchange rates with no conversion fees when bundled with the Mighty FX multi-currency account.
• Online banking platforms to manage your funds and request e-bank statements on the go.

UOB One Account Eligibility & Requirement Documents

For Foreigners and U.S. persons, you need to visit the United Overseas Bank’s branch near you to apply. You will require:

• A valid passport
• Proof of residential address
• A valid Employment Pass, S Pass, or Dependent Pass

UOB One Account Fees

For a detailed pricing structure, please refer to UOB’s Fees & Charges document.

Singapore's banking system offers a convenient and efficient environment for non–residents to open accounts and manage their finances. Whether for personal use, business, or investment, Singapore offers a reliable and supportive banking environment to support your financial endeavours.