How easy is it to open a bank account in Singapore?

Singapore is home to a large expat community, so its banks and financial services are used to dealing with foreigners. This means that it should be relatively straightforward to open a bank account in Singapore as a non-resident. The easiest way is using your employment or study pass.

How much do I need to open a bank account in Singapore?

Compare a range of banks accounts in Singapore

Name Monthly fee Minimum Initial Deposit
UOB i-ACCOUNT S$2 S$3,000
UOB KrisFlyer UOB Account S$0 S$1,000
Citibank Tap and Save Account S$0 S$15,000
BOC RMB Current Account S$0 S$10,000

Can foreigners open a bank account in Singapore?

If you are a foreigner or not a resident of Singapore, then you can still open a bank account without any trouble. … To open a bank account as a foreigner in Singapore you’ll need: Proof of Identity (Passport or ID card) Proof of Address (Utility bills, etc.)

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How can I open a bank account in Singapore?

What documents are required for account opening?

  1. Identification Document. Provide front and back of NRIC.
  2. Proof of Residential Address* Provide the latest copy (within last 3 months) of any of the items below: Local utility bill. Local telecommunication bill. Local bank statement/credit card statement.

Is it easy to open a bank account?

Opening a bank account is a straightforward process that requires you to complete an application, verify your identity, provide some basic information about yourself and fund your account. In most cases you can apply for a checking account either online or at one of your financial institution’s local branches.

Which is the best bank to open an account in Singapore?

Best savings accounts without salary credit

Savings account Interest rate Minimum balance
Standard Chartered Bonus$aver Up to 2.28% S$3,000
OCBC 360 Account Up to 2.8% S$3,000
UOB One Account Up to 2.5% S$1,000

Can I keep my bank account if I leave Singapore?

yes you can keep you bank account after leaving Singapore, the bank wont cancel it. However, you might need an address to which any correspondence can be sent, and online banking services here are not as developed as in other countries.

Can I open a bank account online in Singapore?

Online account application is only available for Foreigners who are holding valid Singapore work pass (e.g. employment / S pass) or student pass. Simply complete the online application and upload the required documents. Your application will be processed within 3 working days.

How much deposit do I need to open a UOB account?

Requirement and fees

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Eligibility 15 years and above
Initial Deposit S$500 for S’poreans & SPRs S$1,000 for foreigners
Min. Avg. Daily Bal S$500
Min. Bal Fee S$2
Monthly Svc. Charge N.A.

What is best bank in Singapore for foreigners and expats?

3. The top 6 banks in Singapore for foreigners

  • DBS (Development Bank of Singapore) and POSB.
  • United Overseas Bank (UOB)
  • Overseas Chinese Banking Corporation (OCBC)
  • Citibank.
  • The Hong Kong and Shanghai Banking Corporation Limited (HSBC)
  • Standard Chartered.

Can I open a bank account in person?

When opening a bank account online or in-person, you may need to provide the bank, credit union, or financial institution with specific documentation or meet specific eligibility requirements. … It’s important to understand these requirements before you proceed to open your preferred bank account.

What do I need in order to open a bank account?

How to Open a Checking Account

  1. A government-issued photo ID like a driver’s license, state-issued ID or passport. Some banks may require two IDs. …
  2. Date of birth.
  3. Opening balance. …
  4. Physical address. …
  5. Social Security Number (SSN) or Taxpayer Identification Number (TIN).

25.08.2020

Can I open bank account with passport?

Almost every bank requires you to present a valid government-issued photo ID when opening a checking account. … Other forms of government-issued ID include a valid passport or a U.S. military identification card. Just check with the bank to make sure these are acceptable.

What is the easiest bank account to open online?

1. Choose a Bank or Credit Union with $0 Deposit Req’s

  • Barclays Online Savings.
  • Chime.
  • Discover Online Banking Cashback Debit.
  • Credit Unions.
  • Wells Fargo Opportunity Checking®
  • BBVA Compass Easy Checking.
  • Radius Bank Essential Checking.
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Which bank open account instantly?

Instant account opening is easy with HDFC Bank. All you need is a working mobile number, Aadhaar number and a PAN number to open an account.

Can I open a bank account with no money?

The short answer is yes. You don’t need a deposit to open a bank account, if you choose a bank that doesn’t require one. A handful of online-only banks and banks with online banking do not require a deposit.

Notes from the road