How to Open a Bank Account in Singapore in 2024

Singapore’s strong financial sector, along with its economic and political stability and low corporate tax rate of 17%, makes it a prime location for foreign entrepreneurs. Whether you’re considering registering a business or relocating to the country for other reasons, opening a bank account is one of the first essential steps you need to take. But where to begin?

In this article, we’ll guide you through everything you need to know about opening a bank account in Singapore, including the requirements for foreigners, the step-by-step process, and the common fees. We’ll also cover your options, from traditional to digital banks, to help you choose the right bank for your needs. 

In Singapore, bank accounts are separated into personal and corporate accounts. For business owners, using a corporate or business account is essential to keep finances separate, simplifying cash flow management and enabling transactions under the company’s name.

Once you've identified whether you need a personal or business account, you can choose the account type according to your banking needs and purpose. The common types of bank accounts in Singapore include:

• Savings Accounts: These accounts provide interest on deposits and easy access to funds. They are the most common type of account in Singapore and are commonly used by individuals and small businesses. 
• Current Accounts: Also known as checking accounts, these are accounts that support frequent transactions and are suitable for everyday banking and business needs. 
• Multicurrency Accounts: Multi-currency accounts allow you to hold and manage other foreign currencies in addition to the Singapore dollar (SGD) under one account number.
• Fixed Deposit Accounts: These accounts are designed for those who want to invest their savings by locking funds for a set period. 

While most major banks in Singapore offer these types of accounts, some might market them under unique product names. Before applying, make sure to check the specific features and availability of each account type at your chosen bank. 

Opening a bank account in Singapore is easy if you are a Singapore citizen or a Permanent Resident (PR). Foreigners can also open accounts, and many banks, like OCBC and DBS, allow foreigners with valid passes to apply. These passes include:

• Employment Pass (EP) or Student Pass for those working or studying in Singapore.
• Entrepreneur Pass (EntrePass) for foreign entrepreneurs.
• Long-Term Visit Pass (LTVP) for foreigners who are staying in Singapore for an extended period.
• S Pass for those who are employed by Singapore companies.

Non-residents without these passes may face a more complex process and may need to provide additional documents (such as proof of address in their home country), a higher initial deposit, or complete an in-person visit to the bank, depending on each bank’s eligibility criteria.

For business accounts, banks typically require the company to be incorporated in Singapore. Non-resident foreign owners may open an account on behalf of the business if they have registered their company with Singapore’s ACRA and can provide supporting documents, such as a Tax Identification Number (TIN).

If you have a Singpass, you can usually set up a bank account in minutes with minimal additional documents, and in most cases, you can even open the account online. 

However, you will generally need to prepare the following documents if you do not have a Singpass or if the bank requires them.

Personal Bank Account

Singaporean/Permanent Resident:

1. National Registration Identity Card (NRIC)
2. Proof of Residential Address, such as a phone or utility bill
3. Proof of Tax Residency

Foreigner:

1. Passport (some banks accept Malaysian Identity Cards)
2. Valid passes, such as Employment Pass or Student Pass
3. Proof of Residential Address
4. Proof of Tax Residency

Corporate Bank Account

Your company is usually required to be incorporated in Singapore to open a business bank account, and the documents needed vary depending on your company’s type of business entity. Generally, most banks will request the following information and documents:

1. Proof of Incorporation, such as an ACRA Business Profile or a Unique Entity Number (UEN) showing your business’s registration with Singapore's Accounting and Corporate Regulatory Authority (ACRA).
2. Tax Identification Number (TIN), if applicable, to verify the company's tax registration.
3. Identity Cards or Passports of the company’s directors, shareholders, and authorised signatories.
4. A Board Resolution authorising the opening of the bank account and specifying the authorised signatories.
5. Memorandum and Articles of Association outlining the company’s regulations and structure.
6. Proof of Ultimate Beneficial Ownership (UBO), showing details of the individuals who ultimately own or control the business.
7. Proof of Address, including proof of residential and business addresses, such as recent utility bills or lease agreements. 

Companies incorporated outside Singapore are likely to be asked for additional documents, such as a recommendation letter from a reputable bank, an original or certified true copy of the Certificate of Incorporation, and a Certificate of Incumbency.

The first step to opening a bank account is to choose the type of account you want and then select the bank. This is an important step, as the type of account will determine the eligibility requirements, and each bank has its own account opening process.

When choosing the type of bank account, consider the following factors:

• Purpose of the account: Determine whether you are using the account for personal use, business purposes, everyday transactions, or savings. 
• Interest Rates: Compare interest rates to maximise returns. Some accounts may offer higher rates for long-term savings.
• Access: Think about whether you need frequent access to your funds and whether the account offers online and mobile banking features for easy management.
• Fees and charges: Review any associated bank fees. Such as maintenance fees, transaction charges, or ATM withdrawal fees, and see if they fit your financial habits. 

Similarly, here are some factors to consider when picking a bank:

• Customer Support and Accessibility: Consider the quality and availability of customer support, as well as the bank’s branch and ATMs network.
• International Services: If you do business or travel internationally frequently, look for banks that offer multi-currency accounts or international banking services, such as cross-border transfers.
• Features and Benefits: Choose a bank that offers the type of account you want to open. Some banks also provide extra benefits like cashback, rewards, and integrated investment options.

After choosing the bank and account you want to open, you should be able to find information on which details and documents to prepare on the bank's website. Most banks will also provide document checklists, especially for corporate account openings.

Gather all the required documents, such as identification and any relevant passes, as listed on the checklist. If you have a Singpass, you can usually open an account online quickly using your Myinfo profile, especially for personal accounts.

Next, fill out the application form and apply for your account through the bank’s website, mobile app, or in person at a branch. Most banks offer online account openings for Singpass holders and locally incorporated companies.

If the bank requires you to visit a branch, make sure you bring all the required documents to avoid any inconvenience and unnecessary delays. 

Once you have submitted your application, the bank may request further identity verification, such as an in-person meeting if you applied online, or additional documents, especially for foreigners and business accounts.

Additionally, you may also need to make an initial deposit to activate your account, depending on the type of account you’re opening.

After the bank has reviewed and approved your application, you’ll receive your account details, debit cards, and online banking credentials. Then, you can start using your account. Once your account is active, you may also be able to apply for other products like credit cards or loans.

Typically, you should be able to get a new bank account within a few hours or 3-5 working days. However, banks may take longer to review business account applications, usually around 1-4 weeks.

Like in any other country, there are fees and costs involved with opening and maintaining a bank account in Singapore. Each bank has a different pricing structure, so it’s best to confirm the fees and charges with your chosen bank before opening an account.

Potential fees associated with a bank account in Singapore may include:

1. Initial Deposit: SGD 0 to SGD 5,000
2. Minimum Balance and Fall-Below Fee: The minimum balance requirement typically range from SGD 500 to SGD 3,000. If the balance falls below a specific threshold, banks may charge a monthly fee of around SGD 10 to SGD 15. 
3. Maintenance Fee or Monthly Fee: Up to SGD 120 per year. Some accounts may not have this fee, while corporate accounts typically charge higher maintenance fees compared to personal accounts.
4. Transaction Fees: Generally range from SGD 0 to SGD 100, depending on the transaction type (such as local transfers or foreign remittances) and the currency involved. International transactions may also incur additional costs, including foreign exchange rates and service fees.
5. Service Fees: Additional fees for specific services such as cheque processing, replacement cards, or special account features, varying by bank

With over 130 banking institutions licensed and regulated by the Monetary Authority of Singapore (MAS), choosing the right one might be challenging. However, we have selected the top 3 popular local banks for you to consider:

If you prefer the digital convenience of online banking and don’t need cash or access to branches, or if you are an entrepreneur running your own business on a tight schedule, you might want to explore alternatives to traditional banks, like digital banks. 

Digital banks often offer competitive fees and quick account opening processes and operate entirely online without physical branches. Customers can access and manage their accounts, make transactions, and contact support exclusively online via the mobile app. Examples of digital banks in Singapore include:

1. MariBank: As a digital full bank, MariBank offers personal and business banking services, including savings accounts, business accounts, and business loans.
2. ANEXT Bank: ANEXT Bank, backed by Ant International, is a digital wholesale bank that offers only business banking products, such as multi-currency business accounts and business loans.

Opening a bank account in Singapore is a straightforward process for many businesses, but you may find that traditional banks don’t always meet your needs. Whether you’re looking for a way to streamline your international operations or an additional business account to complement your existing one, consider Statrys. 

Statrys is a Hong Kong-based payment service provider that offers financial solutions designed for global entrepreneurs and SMEs. These include multi-currency business accounts that support up to 11 major currencies: HKD, USD, EUR, CNY, GBP, SGD, JPY, AUD, CHF, NZD, and CAD, as well as company incorporation services in Singapore and Hong Kong. With Statrys, businesses can manage international transactions and company setups with efficiency and ease.