How Foreigners Can Open a Bank Account in Singapore: Step-by-Step Guide

Singapore's robust banking system welcomes non-residents, but requirements are strict. Follow this 10-step process:

1. Research Banks

Compare non-resident offerings from major banks: DBS, OCBC, UOB, Standard Chartered, HSBC, Citibank. Digital banks (GXS, MariBank, ANEXT) may have different criteria.

2. Verify Eligibility

Typical requirements:

• Valid passport (6+ months validity)
• Proof of Singapore address (rental contract, utility bill, employer letter) OR proof of overseas address + justification
• Proof of employment/study (Employment Pass, S Pass, Student Pass, Dependant's Pass, or offer letter)
• Minimum initial deposit (S$1,000–S$5,000 typical; higher for premium accounts)
• Tax residency declaration (CRS/FATCA compliance)

3. Prepare Documents

Originals + certified copies. Translate non-English documents.

4. Choose Application Channel

• In-branch: Required by most traditional banks for first-time non-resident applicants.
• Online/Video KYC: Some banks (e.g., DBS digibank, Standard Chartered) allow remote onboarding for eligible pass holders.

5. Complete Application Form

Provide personal details, source of funds, expected transaction volume, and tax residency.

6. Submit Documents & Undergo Verification

Bank officer verifies originals, conducts face-to-face or video interview, and screens against sanctions/PEP lists.

7. Make Initial Deposit

Transfer or deposit the required minimum. Some banks require SGD funding from a Singapore source.

8. Account Activation

Set up internet/mobile banking, token/2FA, and debit/ATM card.

9. Receive Account Details

Account number, IBAN (if applicable), card, and welcome pack.

10. Maintain Compliance

Update pass/address changes promptly. Monitor minimum balance/fall-below fees.

Pro Tip

Engage a corporate service provider if opening a business account or lacking local address proof.