Can Foreigners Open a Bank Account in Singapore in 2025?

Q: Can foreigners open a bank account online?

Many Singaporean banks, like OCBC, allow foreigners to start the account application online, which can save time, but some accounts may still require in-person verification or document submission before the account is fully opened.

Q: Can foreigners open a bank account without Singpass?

Yes, non-residents can open an account without Singpass, but you will need a valid passport, proof of address, and an appropriate visa or work pass. The process may involve additional documentation or an in-person visit and can take longer than for those using Singpass.

Q: Can foreigners open a bank account without a valid pass?

Most traditional banks in Singapore require a valid pass, such as an Employment Pass, S Pass, Student Pass, or Dependant Pass, to open an account. Without one, options are limited, and they may involve additional verification, branch visits, or stricter compliance checks. Neobanks and digital-first financial platforms like Revolut and Statrys often offer more flexibility, allowing foreigners to open accounts remotely with a valid passport and proof of address.

Are you planning to relocate to Singapore, or have you recently arrived and need to open a local bank account?

The good news is that opening a bank account in Singapore as a foreigner is a relatively straightforward process.

This guide covers everything you need to know, from the documents you may require to the different types of accounts available, including traditional banks and digital alternatives. We also highlight top bank accounts in Singapore suitable for expats, students, and business owners in 2025, helping you choose the option that best fits your needs.

Let’s dive in.

Overview of Bank Account Types for Foreigners

Foreigners, whether already residing in Singapore or living abroad, can open most of the same types of bank accounts as locals. Requirements and eligibility may vary depending on the bank, account type, and residency status, with some accounts requiring higher minimum deposits, additional documentation, or in-branch verification.

This table gives a concise overview of the main account types, who they are best suited for, and their key features.

Account Type	Best For	Main Purpose	Key Features
Current Account	Expats, professionals	Daily expenses, transfers	Debit card ATM withdrawals Salary credit Online banking FAST/GIRO transfers
Savings Account	Expats, students, long-term residents	Saving money, earning interest	Higher interest rates Linked to salary Easy withdrawals
Multi-Currency Account	Expats, frequent travellers, business owners	Managing multiple currencies	Hold multiple currencies (10+) in one account Competitive exchange rates Automated conversions
Corporate Account	Foreign business owners, entrepreneurs	Business finances	Payroll services Invoicing Payments Financial management tools
Investment Account	Expats, investors	Growing wealth, trading	Access to stocks, bonds, mutual funds, ETFs Trading platforms

Tip: Learn more about business banking in Singapore in our complete guide, which covers traditional banks, digital banks, and alternative providers, along with their features and requirements.

Documents for Opening a Bank Account in Singapore

Depending on the bank and the account you choose, you might need some of the following documents to open a Singapore bank account as a foreigner.

Proof of Identity: A valid passport is essential. Some banks may accept a secondary identity card, like a driver’s license or national ID card.
Proof of Address: A document displaying your residential address in Singapore, such as a utility bill or lease agreement.
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.
Student Documents: If you’re a student, you’ll need to provide your student pass and a letter of acceptance from your educational institution in Singapore.
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.
Bank Reference Letter: In some cases, particularly for business accounts, you might need a reference letter from your current bank to establish your financial credibility.
Tax Residency Documentation: If you declare your tax residency outside of Singapore, documents such as your national identity card or recent tax filings may be requested.
Proof of Mobile Ownership: If the mobile number registered with the bank is a recycled number, certain banks may request a telecom bill or confirmation letter from your provider.
Source of Funds: In some instances, you may be asked to provide proof of the origin of the money you plan to deposit, such as payslips, bank statements, invoices, or proof of investment or business income, to comply with regulatory requirements.

Keep in mind that different banks have their own requirements and may ask for additional documentation beyond what's listed here. It’s a good idea to check directly with the bank of your choice to confirm their specific requirements before applying.

Bank Account Options for Foreigners in Singapore

Singaporean banks differ in how they serve foreigners, with some offering more accessible accounts and features than others. We have shortlisted four major banks, OCBC, UOB, HSBC, and DBS, and selected one representative account from each to illustrate what they offer to expats, students, and business owners.

The overview below will help you compare key features and find an account that best fits your needs.

Note: All information about these banks and accounts is accurate as of 25 September 2025. Terms, features, and fees may change at any time, so always check the official product page before making a decision.

OCBC Bank – 360 Account

The OCBC 360 Account is designed to help customers grow their savings by earning bonus interest for performing various banking activities, such as crediting their salary or making eligible credit card spends. This account is a popular choice for foreigners seeking to maximise their savings while benefiting from the reliability of a well-established local bank.

360 Account Key Features

Key Features	Details
Interest Rate	Base interest of 0.05% p.a., up to a max of 2.45% p.a. on the first SGD 100,000
Currency Supported	SGD only
Other Benefits	Earn an additional 3% interest rate p.a. when you buy an eligible insurance and investment product from OCBC
Required Documents	Passport and a valid pass (e.g. Employment Pass, S-Pass, or Student Pass) Proof of residential address (e.g. phone bill, half-yearly CPF statement, bank statement)

360 Account Fees

Fees	Details
Minimum Deposit	SGD 1,000
Setup Fee	None
Monthly Fee	None
Fall-Below Fee	SGD 2 if the balance falls below SGD 3,000 (waived for the first year)
Inward Remittance Fee	SGD 10
Outward Remittance Fee	1/8% commission (SGD 10 – SGD 100) + SGD 20 cable charge

UOB Bank – One Account

The UOB One Account complements an active financial lifestyle by offering higher interest rates and cashback rewards. This makes it an attractive option for foreigners in Singapore who want their savings and daily spending to work harder for them.

One Account Key Features

Key Features	Details
Interest Rate	Base interest of 0.05% p.a., up to a max of 4.5% p.a.
Currency Supported	SGD only
Other Benefits	Receive a UOB One Debit Card with the UOB One Account, with 4% cashback on eligible spending categories
Required Documents	Passport Employment Pass/S Pass/Dependent Pass Proof of residential address (e.g. phone bill, utility bill, bank statement)

One Account Fees

Fees	Details
Minimum Deposit	SGD 1,000
Setup Fee	None
Monthly Fee	None
Fall-Below Fee	SGD 5 if average daily balance falls below SGD 1,000 (waived for first 6 months for accounts opened online)
Inward Remittance Fee	SGD 10 plus agent charges (if any)
Outward Remittance Fee	In SGD: SGD 20 In foreign currency: 1/8% of remittance amount (min. SGD 10) plus cable charges and agent charges (if any)

Note: UOB has specified that foreigners and U.S. persons must visit a UOB branch in person to apply for a One Account.

HSBC Bank – Everyday Global Account

The HSBC Everyday Global Account is a multi-currency solution that allows you to hold, manage, and send money in 11 different currencies. For foreigners in Singapore, this account offers a seamless and integrated way to handle finances both locally and globally, all from a single, trusted provider.

Everyday Global Account Key Features

Key Features	Details
Interest Rate	Base interest of 0.05% p.a., up to a max of 3.8% p.a.
Currency Supported	SGD and 11 other foreign currencies (AUD, CAD, EUR, JPY, NZD, GBP, CHF, USD, HKD, and RMB)
Other Benefits	1% cashback on eligible spending categories with HSBC Everyday Global Debit Card 0.50% cashback on all eligible GIRO bill payments Make FX transactions with real-time exchange rates
Required Documents	Passport Proof of residential address (e.g. utility bill, phone bill, bank statement)

Everyday Global Account Fees

Fees	Details
Minimum Deposit	SGD 2,000
Setup Fee	None
Monthly Fee	None
Fall-Below Fee	SGD 5 if the average daily balance falls below SGD 2,000
Inward Remittance Fee	SGD 10
Outward Remittance Fee	SGD 35 telegraphic transfer commission + SGD 20 cable charge + agent charges (if any)

Note: You can use Singapore’s MyInfo app to speed up the application. Otherwise, the application must be completed via HSBC EasyID.

DBS Bank – Multiplier Account

The DBS Multiplier Account is designed to reward account holders with higher interest rates based on the number and type of transactions made. This account particularly appeals to foreigners who wish to earn more from their savings while enjoying the convenience of a local bank.

Multiplier Account Key Features

Key Features	Details
Interest Rate	Base interest of 0.05% p.a., up to a max of 4.1% p.a.
Currency Supported	SGD and 12 other foreign currencies (AUD, CAD, CNH, EUR, GBP, HKD, JPY, NZD, NOK, SEK, THB, and USD)
Other Benefits	Higher base interest of 2.5% p.a. on the first SGD 100,000 when you credit your salary and transact in any Multiplier category Access foreign currencies at attractive exchange rates with no FX conversion fees
Required Documents	Passport (or identity card for Malaysians) Valid pass (e.g. Employment Pass, S-Pass, Student Pass) Proof of residential address (e.g. utility bill, phone bill, bank statement) Proof of tax residency (e.g. passport, national identity card, recent filing of tax income) Proof of mobile ownership (optional, only if the registered mobile is a recycled number)

Multiplier Account Fees

Fees	Details
Minimum Deposit	None
Setup Fee	None
Monthly Fee	None
Fall-Below Fee	SGD 5 if the average daily balance falls below SGD 3,000 (waived if the bank account owner is 29 years old or below)
Inward Remittance Fee	SGD 10
Outward Remittance Fee	In the destination country’s local currency: Free In the destination country’s non-local currency: 1/8% of the remittance amount (min. SGD 10, max SGD 120) plus cable charges and agent charges (if any)

Note: Foreigners can open a Multiplier Account using Singpass. Otherwise, supporting documents must be uploaded via the DBS digibank mobile app.

Alternatives to Traditional Banks: Neobanks

While traditional banks remain popular, neobanks are rapidly gaining traction as an alternative banking solution. These digital-first banks provide fully online services through mobile apps and web platforms, offering a more flexible, user-friendly banking experience.

Here's why many people find them appealing:

Lower Fees: Neobanks often offer zero or low fees, making them a cost-effective option for individuals and businesses. The exact fee structure can vary by platform.
Convenience: Fully digital, allowing you to manage finances from anywhere via mobile apps or web platforms. This eliminates the need for branch visits, though some services, like cash deposits, may still require traditional banks.
Global Reach: Many neobanks allow you to hold multiple currencies in a single account, with competitive exchange rates and easy international transfers. The number of supported currencies and available FX features depends on the specific provider.

Some well-known examples of digital-first banking options include Wise, which is popular for its low-cost international transfers, and Revolut, known for its global banking features. Another example is Statrys, a multi-currency payment service provider designed specifically for businesses, offering FX services and cross-border payment solutions with low, transparent fees.

Conclusion

Opening a bank account in Singapore as a foreigner is straightforward if you have the required documents and understand each bank’s rules. Traditional banks like OCBC, UOB, HSBC, and DBS offer accounts for daily expenses, savings, investments, or business needs. For added convenience, digital-first alternatives such as neobanks provide flexible, low-fee, and multi-currency solutions that can complement or replace traditional banking for some users.

For businesses looking for a digital-first, multi-currency solution, Statrys helps simplify cross-border transactions. Entrepreneurs and SMEs in Singapore can join the waitlist to be among the first to access an online-only account with access to 11 currencies, competitive fees starting from 0.1%, and a dedicated account manager for personalised support.

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FAQs

How much does it cost for foreigners to open a bank account in Singapore?

Opening a bank account is generally free for foreigners, but some banks may require a minimum initial deposit.