The 5 Best Banks To Use in Singapore in 2024

With its strong global connectivity, Singapore has become one of the world’s top global financial centres since achieving independence in 1965. 

Whether you are starting or planning to expand your business to Singapore, you will find it useful for your operation to have a business account with a bank in the country. But with over 130 banking institutions to choose from, you might wonder: where do I begin? 

In this article, we have gathered a list of the 5 best banks in Singapore to help you get started. We will also talk about the key services each of them offers, along with an alternative business banking option you may want to consider. 

As one of the world’s biggest financial hubs, Singapore offers a strong and diverse banking sector, providing a wide range of options for personal, SME, and corporate banking. The city-state is also known for being the key gateway for international banking, with many banks providing multi-currency accounts and cross-border payment solutions. 

According to the Monetary Authority of Singapore (MAS), the types of deposit-taking institutions include:

• Full Banks: These are banks licensed to offer universal banking activities, including deposit-taking, lending, and financial advisory services. Examples of full banks in Singapore include HSBC, Citibank, and RHB Bank Berhad. 
• Qualifying Full Bank: QFBs are foreign banks that are permitted to offer an expanded range of services and operate more branches and ATMs compared to other foreign banks. Examples include Bank of China, State Bank of India, and Standard Chartered.
• Wholesale Banks: Wholesale banks can engage in most banking activities but are not permitted to offer retail banking services in Singapore dollars (SGD). Examples include Bank Indonesia and Barclays Bank.
• Local Banks:  Singapore has 6  licensed local banks, including DBS Bank, OCBC Bank, UOB, Bank of Singapore, GXS Bank, and MariBank.
• Finance Companies: These are deposit-taking institutions licensed under and governed by the Finance Companies Act. 

Some banking institutions may hold multiple licences. For example, MariBank is a digital bank that operates as both a local and a full bank. You can visit MAS’s website to check the licence type of financial institutions in Singapore. 

Opening a Bank Account

Opening a bank account in Singapore is generally easy if you are a Singaporean resident with a Singpass. While non-residents and foreign companies can open accounts with most major banks in Singapore, they will typically need to provide the following:

For non-resident individuals:

• A valid passport
• Proof of address and tax residency
• Proof of employment or study in Singapore

For companies opening a corporate account:

• Business registration documents, such as ACRA Business Profile
• Proof of the company’s business activities, such as invoices and contracts
• Identity documents of directors and shareholders
• Resolution of the board authorising the account opening

However, the required documents vary depending on the type of bank account and the specific bank where you're opening the account.

Now that we have covered an overview of banking in Singapore, let’s look at the top banks in Singapore to help you compare the different options available in the market.

DBS Bank Ltd is a multinational banking and financial services firm based in Singapore. It was originally founded as The Development Bank of Singapore Limited until it rebranded to the abbreviated name DBS Bank in 2003. Since then, the bank has been recognised as one of the largest financial institutions, receiving many awards, including Global Finance's World Best Bank for five years in a row from 2018 to 2022.

DBS Bank is one of the 6 local banks in Singapore. It also operates internationally, with a presence in major Asian markets, including Hong Kong and Taiwan. 

Total Assets: SGD 739 billion

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-).

Operational Headquarters: Marina Bay Financial Centre, Singapore 

Customer Support Channels: Branches, Phone (1800 111 1111 for General Support; 1800 222 2200 for SME and Corporate Banking assistance), Website Chat, Email, and In-App Support.

Year Founded: 1968

As an established bank, DBS Bank offers a variety of personal and business banking products, including the following:

The Oversea-Chinese Banking Corporation Limited (OCBC) is one of the major banks in Southeast Asia and Hong Kong. It was the first bank in Singapore to allow foreigners to open a bank account remotely via the OCBC digital banking app.

OCBC Bank is also one of the largest banks in the ASEAN region in terms of assets, market capitalisations, and profit.

The bank has received a lot of accolades and awards, the most significant being the consecutive 6-year win for Best Bank for SMEs Singapore from 2017 to 2022.

Total Assets: SGD 581,424 billion

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-)

Operational Headquarters: OCBC Centre, Singapore

Customer Support Channels: Branches, Online Contact Form, Email, and 24-Hour Phone Call at 1800 363 3333. 

Year Founded: 1932

The following are the key services and financial products offered by OCBC Bank in Singapore.

United Overseas Bank (UOB) is a well-established and highly regarded bank in Singapore that has grown to become a leading financial institution in Southeast Asia. With a strong focus on Asia, UOB operates multiple overseas branches and subsidiaries across different countries in the region in addition to the 63 branches in its home country. 

UOB was recognised as the Best Bank in Asia-Pacific in 2024. Given its history and range of services, UOB has solidified its position as one of the leading banks in Singapore and the broader Southeast Asian region.

Total Assets: SGD 524 billion

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-)

Operational Headquarters: UOB Plaza, Singapore

Customer Support Channels: Branches, UOB Chat Assist, and Phone (1800 222 2121 for individual customers; 1800 226 6121 for general corporate banking enquiries; +65 6259 8188 for Business Banking Hotline).

Year Founded: 1935

UOB Singapore offers a wide range of banking and financial services, including current and savings accounts, retail banking, wealth management, corporate finance, and digital banking services.

Standard Chartered Singapore is a subsidiary of the UK-based Standard Chartered Bank. It is one of the first foreign banks to obtain a Qualify Full Bank (QFB) licence from the Monetary Authority of Singapore. 

The bank's history and reputation as a reliable financial institution, combined with its international expertise, make it a significant player in the Singaporean banking landscape. Its extensive global network makes it a good option for corporate clients with international banking needs, including foreign currency accounts and global payment solutions. 

Standard Chartered Singapore is also committed to responsible and sustainable banking practices, aiming to contribute positively to the local community and environment. 

Total Assets: USD 822.844 billion

Credit Rating: S&P (A+), Moody's (A1), and Fitch (A+)

Operational Headquarters: Marina Bay Financial Centre, Singapore

Customer Support Channels: Branches, 24/7 Chatbot, Website Livechat, and Phone (+65 6747 7000 for personal banking; +65 6245 881 for business banking).

Year Founded: Opened its first branch in Singapore in 1859 

In Singapore, Standard Chartered provides various services, including personal banking, corporate and institutional banking, wealth management, and SME banking services. 

The bank also offers a range of credit card products, loans, savings accounts, and investment opportunities tailored to the diverse needs of its customers.

Citibank Singapore, a division of the American Citibank N.A., is one of the most significant foreign banks in Singapore. It is also one of the largest financial institutions in terms of assets and one of the oldest to begin operating in Singapore. 

The bank is well-known for its innovative digital banking offerings and customer-centric approach. Customers can use online and mobile banking platforms to manage their accounts, make transactions, and access various financial services with ease. Additionally, Citibank offers a range of credit card options that are tailored to meet different customer needs, often with rewards programs and exclusive privileges.

Total Assets: USD 2,405 billion (Citigroup)

Credit Rating: S&P (A+), Moody's (Aa3), and Fitch (A+)

Operational Headquarters: Asia Square, Singapore

Customer Support Channels: Phone at +65 6225 5225, Live Chat via the Citi Mobile App, Email, and Online Enquiry Form. 

Year Founded: Established in Singapore in 1902

Citibank Singapore provides a wide range of banking and financial services to individuals, businesses, and institutions in Singapore. These services include personal banking, commercial banking,  international banking, wealth management, credit cards, loans, insurance, and investment products. 

While traditional banks are a good option if you value established reputation and physical branches, they often have high account opening costs and minimum deposit requirements. Opening a business bank account as a foreign company can also be one of the challenges of doing business there.

If you prefer lower fees and a faster setup, consider fintech companies specialising in business accounts, like Statrys. 

Statrys is an award-winning financial service provider for businesses registered in Hong Kong, Singapore, and the BVI. With a Statrys business account, you can hold, send, and receive 11 major currencies with a single account number, including SGD, HKD, USD, EUR, CNY, GBP, JPY, AUD, CHF, NZD, and CAD. 

Statrys also offer a company incorporation service to help you kick-start your business operation in Singapore.