Posted by If you have ever been to Singapore, you know it is one of the most organised countries in the world. From the transport system to the clean streets and even the banking sector, everything seems to run smoothly. It’s no surprise that many foreigners who work, study, or even just spend time in Singapore want to open a bank account there.
But here is the big question many people ask, can a foreigner open a bank account in Singapore? The short answer is yes, but there is a process you have to follow, and the requirements can be different depending on the type of account you want and the bank you choose.
This guide will explain the requirements, the documents you need, the step-by-step process, and even some tips to make things easier for you. Either you are moving to Singapore for work, study, or business, you will know exactly how to open a bank account in 2025 with ease.
Why a Foreigner Might Want a Bank Account in Singapore
There are many reasons why a foreigner might want to open a bank account in Singapore. Some are moving there for work. Others are students starting a course at a Singapore university. Some are business owners who want to run transactions in a safe and reliable banking system.
Having a bank account in Singapore makes life much easier. You can get your salary paid directly into your account, pay bills online, transfer money to other accounts, and use debit or credit cards for daily spending. You can also save and invest easily.
The good thing is that Singapore’s banking system is highly trusted worldwide. It is known for strong security, quick services, and easy access to online banking.
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Can All Foreigners Open a Bank Account in Singapore?
Most foreigners can open a bank account in Singapore, but the process depends on whether you are living in Singapore or applying from overseas.
If you are living in Singapore and have a valid pass, such as an Employment Pass, S Pass, Student Pass, Dependant Pass, or Long-Term Visit Pass, you can open an account quite easily.
If you are not living in Singapore, it can still be possible to open an account, but you may need to visit Singapore in person. Some banks allow remote account opening for certain high-value accounts, but these usually require a large minimum deposit.
Types of Bank Accounts You Can Open as a Foreigner
When you want to open an account in Singapore, you need to know the main types available.
- Personal savings account: This is for daily transactions like deposits, withdrawals, and bill payments. It comes with an ATM card or debit card.
- Current account: This is often used for business purposes. It allows you to make frequent transactions and sometimes comes with a cheque book.
- Fixed deposit account: This is for saving money for a fixed period to earn higher interest.
- Multi-currency account: This is useful for people who deal with different currencies regularly.
Each bank has its own account types with different features, so it is good to compare before choosing one.
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Documents You Need to Open a Bank Account in Singapore
The exact documents can vary depending on the bank and type of account, but most will ask for:
- A valid passport
- Proof of your legal stay in Singapore (Employment Pass, Student Pass, S Pass, Dependant Pass, etc.)
- Proof of address including bill, tenancy agreement, or letter from your employer
- A minimum deposit usually between 500 to 1,000 Singapore dollars for standard accounts
Some banks may also ask for your employer’s letter of employment, student enrollment letter if you are a student, income proof if you are opening certain types of accounts.
Step-by-Step Guide to Opening a Bank Account in Singapore
Step 1: Choose the right bank
Popular banks in Singapore include DBS/POSB, OCBC, UOB, Standard Chartered, HSBC, and Citibank. Each has different requirements, so check their websites or visit a branch to get details. You have to make sure the get the right details before deciding on what bank you want to use. This will save you from making mistakes or errors.
Step 2: Decide on the type of account
If you just need a daily use account, a savings account is fine. If you are running a business, you may need a current account. Depending on what you need the account for, you need to decide exactly the type of account you want to create. Getting this mixed up will affect you later on. So if you don’t want to start creating another account, make sure you decide early on the type of account you want.
Step 3: Gather your documents
Make sure you have your passport, proof of stay, and proof of address ready. The bank might require other documents from you. Just make sure you have all the required documents that is needed to set up your account. You can check the official website of the bank and look at the required documents for the particular account you want to open.
Step 4: Visit the bank branch
Some banks allow online applications, but many require you to come in person to verify your identity. So based what the bank orders, you must be ready to satisfy the request. But with the advancement of technology in the banking system, applying online is now easy and seamless. The bank can process your verification online and you’d have your account up and running.
Step 5: Fill out the application form
When you get to this stage, the bank will give you an application form to fill out. This form will ask for your personal details like your full name, address, contact number, and other relevant information. Make sure you write everything correctly and clearly. Even a small mistake in your details can cause delays in processing your account. If you are unsure about any section, don’t guess, ask the bank staff to explain it to you.
Step 6: Deposit the minimum opening amount
Most banks in Singapore require you to deposit a certain minimum amount to activate your account. The amount depends on the type of account you are opening and the bank you choose. For example, some savings accounts may require as little as S$500, while others might require more. You can deposit this amount in cash or transfer it from another account. Without this deposit, your account will remain inactive, so it’s important to prepare the funds in advance before visiting the bank.
Step 7: Collect your ATM or debit card
Once your account is active, the bank will issue you an ATM or debit card linked to your account. Some banks will give it to you immediately at the branch, while others may send it to your address by mail within a few working days. Make sure you keep your card safe and remember your PIN. If you get your card on the spot, the bank staff might help you set your PIN right away so you can start using it immediately.
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How Long It Takes to Open a Bank Account in Singapore
Opening a personal bank account in Singapore can be very quick if you have all your documents ready. For in-branch applications, the process often takes less than an hour. If you apply online using Singpass, approval can be instant or done within one to two working days. However, your debit card may take about five to seven days to arrive by mail.
Business or corporate accounts usually take longer because of extra checks. Traditional banks can take five to fifteen working days, and complex cases may stretch up to eight weeks. Some digital providers can approve business accounts within minutes or a few days if everything is in order.
Minimum Deposit Requirements in 2025
In 2025, most personal bank accounts in Singapore need an initial deposit of around SGD 500 to SGD 1,000. Youth accounts like OCBC Frank have no deposit or minimum balance, while basic accounts such as Standard Chartered Basic need only SGD 20. Many savings accounts require a daily minimum balance, such as SGD 1,000 for OCBC 360 or SGD 3,000 for DBS and POSB Multiplier. Falling below this usually attracts a small fee.
For foreigners, the deposit can range from nothing to about SGD 5,000, depending on the account. High-tier accounts like premier or wealth banking require much larger sums, USD 180,000 to USD 300,000 (about SGD 240,000 to SGD 400,000) and are designed for high-net-worth individuals.
Can You Open a Bank Account Without Living in Singapore?
Yes, you can open a bank account in Singapore without living there, but it is not as straightforward as opening one as a resident. Most banks prefer you to apply in person, which means you may need to visit Singapore to complete identity verification. However, some banks and digital financial platforms allow certain non-residents to apply remotely if they meet specific criteria, such as holding a high deposit amount or having an existing relationship with the bank.
Foreigners who are not living in Singapore usually need more documents, such as a valid passport, proof of address in their home country, and details about the purpose of the account. High-tier accounts, especially those aimed at international clients, may also require large opening deposits, sometimes hundreds of thousands of Singapore dollars.
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Conclusion
Yes, a foreigner can open a bank account in Singapore in 2025. The process is straightforward if you have the right documents and meet the bank’s requirements. Whether you are working, studying, or doing business in Singapore, having a local bank account will make life much easier. Take your time to choose the right bank, understand the fees, and keep your account in good standing. Once it is set up, you can enjoy smooth transactions, safe savings, and easy access to your money anywhere in Singapore.