How to Open a Bank Account in Singapore: A Guide For Foreigners & Locals

If you’re moving to Singapore or planning a long stay, setting up a bank account is one of the most important steps to manage your money smoothly.

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. 

Yes, foreigners can open bank accounts in Singapore, and many banks, like OCBC and DBS, allow foreigners with valid passes to apply. These passes include:

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

If you don’t have one of these passes, the process will be more complicated. Banks may ask for additional documents (such as proof of address in your home country), a higher initial deposit, or an in-person visit. The specific requirements will depend on each bank, so make sure to reach out to the bank for up-to-date information.

To open a bank account in Singapore, follow these steps. 

Most major banks in Singapore offer the following types of accounts.

• Current Account - Easy access for daily transactions such as bill payments and withdrawals.
• Savings Account - Earns some interest while still having access to funds; the level of access depends on the bank.
• Fixed Deposit Account - Locks in funds for a set period to earn higher interest.
• Foreign Currency Account or Multi-Currency Account-  Hold and manage currencies other than Singapore dollars (SGD). Useful for travel, international payments, or if you deal with foreign currencies regularly.

The type of account you choose and the bank you select will determine the documents you need to provide.

Next, you should be able to find information on which details and documents to prepare on the bank's website.

If you have Singpass or MyInfo, banks often let you import your information, allowing you to complete your application with minimal documents.

If you don’t have Singpass, or if the bank asks for it, you’ll usually need to provide the following documents:

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  as part of its KYC (Know Your Customer) process. 

Verification steps may include:

• A selfie or video verification
• Submission of additional documents, if needed.

In-person verification is particularly common for foreign applicants.

Once verification is complete and your account is approved, you may need to activate it before you can start using it. Activation usually involves making a small deposit and setting up mobile or online banking with a password, PIN, or biometric login, such as a fingerprint.

Once your account is active, you can begin using it and may also be eligible to apply for other products, such as credit cards or loans.

Typically, you should be able to get a new bank account within a few hours or 3-5 working days.

Singapore has over 100 banking institutions licensed and regulated by the Monetary Authority of Singapore (MAS), giving consumers multiple choices. Let’s look at some of them. 

Opening a bank account in Singapore can cost between SGD 0 and SGD 3,000 upfront for a personal current or savings account, or up to SGD 5,000 for a personal fixed deposit account , depending on the type of account. The largest factor in the upfront cost is the initial deposit.

Each bank has a different pricing structure, so it’s best to confirm the fees and charges with your chosen bank. Overall, however, the typical potential fees associated with opening a bank account in Singapore include the following:

*For some banks, this can also be your ‘Average Daily Balance’, which is calculated by adding up your account balances at the end of each day and dividing the total by the number of days in the month.

** In some banks, the service fee is only charged if the account balance falls below the minimum requirement. In those cases, it is often referred to as a fall-below fee or minimum balance fee.

Additional charges may apply for specific services, such as cheque books (about SGD 10 per book) or premium account features.

When using the account, other charges apply, primarily transaction fees, which can range from SGD 0 to SGD 100 depending on the type of transaction (such as local transfers or foreign remittances) and the currency involved. 

Even if you have prepared all the right documents, account approval is never guaranteed. Banks have full discretion over account openings and may decline an application without providing a reason.

Banks may refuse an application for various reasons beyond incomplete or inconsistent documentation. These can include a high-risk profile or regulatory and compliance concerns.

If your application is declined, non-bank alternatives can be another option. Fintech providers and payment institutions often offer financial products with online onboarding, and many support non-resident entrepreneurs and small to medium-sized enterprises (SMEs).  Keep in mind, however, that these providers do not offer the same range of products or services as traditional banks.