Open a Bank Account in Singapore (2026): Foreigners & Locals

Opening a bank account in Singapore takes anywhere from 10 minutes to a few weeks. The difference is almost always your pass type, not which bank you pick. A Singapore citizen can open a DBS account online during a lunch break. Someone on an LTVP applying at UOB may need to visit a branch and wait several days for processing.

This guide covers every path for personal accounts: Singapore citizens and permanent residents, and foreigners on an Employment Pass (EP), S Pass, Long-Term Visit Pass (LTVP), Student Pass, EntrePass, or Dependent Pass (DP). For each, you will find the documents required, which banks to use, and whether you can apply online.

Banks update their eligibility criteria periodically. The requirements in this guide are based on official bank documentation and MOM guidance reviewed in April 2026. Always verify current requirements at each bank's official page before applying.

Find your pass type in the table below. The sections that follow cover each in detail. Not sure which pass you hold or are applying for? See our Singapore work pass and visa guide.

To open a personal bank account in Singapore, you need your NRIC, proof of your Singapore residential address (a recent utility bill, bank statement, or government letter dated within the last three months), and, for certain accounts, proof of tax residency — typically confirmation that you are a Singapore tax resident or your TIN (tax identification number).

All major banks accept NRIC holders for fully online applications. DBS, OCBC, and UOB each have mobile apps and web portals that process personal account applications in under 24 hours. Once approved, a physical debit card typically arrives within five to seven business days.

Accounts for Singapore Citizens and PRs

The main difference between accounts is the minimum balance requirement. Some accounts trigger a fall-below fee if your average daily balance drops below a threshold — check the current threshold at each bank's website before applying, as these change with promotions.

DBS Multiplier has no minimum initial deposit. OCBC 360 and UOB One each require an initial deposit of SGD 1,000. For interest rates, cashback promotions, and salary crediting bonuses, SingSaver's comparison tool is the most up-to-date reference.

The Employment Pass (EP) is a work visa issued by MOM to foreign professionals, managers, and executives earning at least SGD 5,600/month (general sectors) or SGD 6,200/month (financial services), with both thresholds increasing progressively with age.

For personal banking, EP holders have the most options of any foreign pass — all major banks accept it, and both DBS and OCBC allow online applications.

EP Holder Documents

• Passport, valid, with sufficient remaining validity
• EP card, or an IPA letter if your pass has been approved, but the physical card has not arrived yet
• Proof of residential address, a Singapore address is preferred; some banks accept an overseas address if you have not yet relocated

Bank-By-Bank Breakdown

📌 IPA letter tip. If your EP has been approved but you are still waiting for the physical card, apply at DBS or OCBC using your IPA letter. This gets your account open before you arrive in Singapore, so you have banking set up from day one.

The S Pass is a work visa for mid-skilled foreign employees earning at least SGD 3,300/month (general sectors) or SGD 3,800/month (financial services), with both thresholds increasing progressively with age. The account opening process and available account types are the same as for EP holders. DBS and OCBC accept online applications; UOB typically requires a branch visit.

Some wealth management and investment products may not be available to all foreign pass holders — confirm specific product eligibility with the bank if needed.

S Pass Holder Documents

• Passport
• S Pass card, or IPA letter; DBS and OCBC generally accept IPA letters for S Pass holders, but confirm the current policy at each bank's website before applying
• Proof of Singapore residential address

This section covers ICA-issued LTVP and LTVP+ holders — typically spouses and unmarried children of Singapore citizens or PRs.

For personal banking, DBS is the most reliable option. OCBC eligibility is not explicitly confirmed in the current documentation — verify directly at ocbc.com or at a branch before applying. UOB's eligibility policy for LTVP holders is not published online; confirm at uob.com.sg or by calling the branch before visiting.

LTVP Holder Documents

• Passport
• LTVP or LTVP+ card
• Proof of residential address
• Sponsor's NRIC or letter of introduction, some banks require this to verify the sponsorship relationship; confirm with each bank whether this document is required before your appointment

The Student Pass is for international students enrolled at MOM-approved educational institutions in Singapore. DBS and OCBC both accept Student Pass holders for savings and current accounts. Business accounts are not available — a Student Pass does not permit you to work or run a business in Singapore.

Some banks also restrict access to credit cards and investment products; confirm current account eligibility at DBS and OCBC before applying.

Student Pass Holder Documents

• Passport
• Student Pass card, or IPA letter; DBS generally accepts IPA letters for student pass applicants. Confirm the current IPA acceptance policy at dbs.com.sg and ocbc.com before applying.
• Official letter of acceptance or enrolment from your educational institution
• Proof of your term-time residential address in Singapore

💡 After graduating: If you transition from a Student Pass to an EP or S Pass, your existing account number stays the same — just update your pass details with the bank.

The EntrePass is a work pass issued by MOM to foreign entrepreneurs who are registering or have registered a private limited company with ACRA (Singapore's Accounting and Corporate Regulatory Authority).

For personal banking, it is treated as a work pass — EP holder access applies. DBS, OCBC, and UOB all accept EntrePass holders, with online applications available at DBS and OCBC.

EntrePass Holder Documents

• Passport
• EntrePass card, or IPA letter; DBS and OCBC generally accept IPA letters for EntrePass holders. Confirm the current policy at each bank's website before applying.
• ACRA Certificate of Incorporation, if your company is already registered, bring this for identity confirmation; not always required for a personal account, but useful to have
• Proof of residential address

💡 Also need a business account? EntrePass allows you to open a business account for your Singapore-incorporated company. That process is covered in a separate guide; see How to Open a Business Bank Account in Singapore.

The Dependent Pass is issued to legally married spouses and unmarried children under 21 of EP or S Pass holders. Parents are not eligible for a Dependent Pass — they may qualify for an LTVP if the main pass holder earns at least SGD 12,000/month. It is a residence pass, not a work pass; DP holders cannot work in Singapore without a separate Letter of Consent (LOC) from MOM. That employment restriction has no effect on personal account opening.

DBS and OCBC are the most reliable options. UOB has historically accepted Dependent Pass holders alongside EP and S Pass holders — confirm current eligibility at uob.com.sg before visiting.

Dependent Pass Holder Documents

• Passport
• DP card, or IPA letter; DBS and OCBC generally accept IPA letters for Dependent Pass holders. Confirm current policy before applying.
• Sponsor's EP or S Pass card, most banks require this to verify the DP relationship
• Proof of residential address

If your pass has been approved but the physical card hasn't arrived yet, you may not need to wait. DBS and OCBC accept an In-Principle Approval (IPA) letter — issued by MOM at the time of approval — in place of the physical card for most pass types.

Once your physical pass card arrives, update your bank with the card number and expiry date. Most banks allow this through their online portal or mobile app — you do not need to visit a branch.

MAS has licensed five digital banks in Singapore as of 2026. Two of them, GXS Bank and MariBank, offer personal accounts and are open to eligible foreigners. Trust Bank (backed by Standard Chartered and NTUC FairPrice) also offers personal accounts through a digital-only model. ANEXT Bank and Green Link Digital Bank are wholesale digital banks and do not offer retail personal accounts.

GXS Bank

GXS Bank is backed by Grab and Singtel and operates entirely through the GXS app. It is available to Singapore citizens, PRs, and foreigners with a valid Singapore pass. Account opening uses Singpass MyInfo, which means you need an active Singpass account. You can register for Singpass once your physical pass is issued (IPA letter holders cannot register for Singpass yet).

No physical branches, no minimum balance. Confirm current eligibility for specific pass types at gxs.com.sg before applying.

MariBank

MariBank is backed by Sea Group (parent company of Shopee) and is available to Singapore citizens, PRs, and foreigners aged 16 and above with a valid pass. It uses Singpass MyInfo for identity verification. Like GXS, there are no physical branches and no minimum balance requirement.

Confirm current eligibility and account features at Maribank before applying.

Wise and Revolut

Wise and Revolut operate in Singapore as MAS-licensed Payment Service Providers (PSPs), not banks. They are useful for holding and converting multiple currencies at low fees, but your funds are not covered by the Singapore Deposit Insurance Corporation (SDIC), which protects up to SGD 100,000 per depositor in SGD deposits at full banks and finance companies (limit raised by SDIC on 1 April 2024).

For everyday spending abroad or cross-currency transfers, these are worth considering alongside a traditional bank account, not instead of one.

📖 Related Guide: Read this guide to find out more about what digital banks are in Singapore.

This guide covers personal accounts. If you have incorporated a Singapore company, or are planning to, and need a business account as a foreign director, the process and providers are different.

Statrys is a MAS-licensed Major Payment Institution offering multi-currency business accounts for incorporated companies in Singapore, Hong Kong, and the BVI, with fully remote onboarding. Over 10,000 businesses use Statrys, and 96% of clients opened their accounts within 3 business days — no visit to Singapore required.