Open a personal international bank account

1.1 Types of personal bank accounts in Singapore

There are three main types of bank accounts: savings, current and fixed deposit accounts.

Each type has its own set of features. Choose your account based on what you want to use it for:

• If you are going to use your account for day-to-day money management such as to pay bills, a current, savings or a combined current and savings account will be more useful.
• If you are thinking of putting aside a sum of money for medium to long-term savings, then you may prefer to open a fixed deposit account.

1.2 Some key features

Opening a Personal Bank Account in Singapore as a Foreigner

• Singapore is home to a large non-resident community, so its banks and financial services are used to dealing with foreigners. As such, all banks here have a straightforward to open a bank account in Singapore as a non-resident.
• With all the laws that focus on stopping money laundering in the country, it can be harder and harder to get an account open as a foreigner. However, if you are employed in Singapore and over eighteen years old, then the process is very simple. The easiest way is using your employment or study pass. In this case, most banks in Singapore will let you complete the sign-up process online.

Types of banking services that Singapore non-residents need

• As a general rule, most non-residents will want to consider these banking services to start with: Saving Account, ATMs, Remittance, Multi-currency accounts, Credit cards, “Stash away” account, Current account, Personal loans, Investment account.

1.3 Top advantages to owning a personal bank account in Singapore

With a private bank account in Singapore, the foreigner will receive not only a guarantee of the security of their assets but also advice and support, access to the investment instruments that will help to multiply their fortune.

A private account opened by a non-resident with a bank in Singapore that we recommend will give you even more advantages such as:

• ability to manage the account remotely with world-class banking apps and internet banking systems.
• fair rates, no hidden fees;
• easy access to your assets from any country of the world thanks to convenient payment cards;
• professional English-speaking support;
• privileged client status with each of the bank’s regional centers around the world;
• concierge service;

In addition, Singapore has signed double taxation agreements with many countries in the world.

Everyone has the right to own a personal bank account in their country of residence. However, being a foreigner account holder in Singapore – Asia’s main financial hub – without being a Singaporean resident or residing in Singapore is not easy. Let’s explore what you need to do to have a personal bank account as a foreigner not living in Singapore.

3.1 DBS Bank

DBS is a big Singaporean bank that offers a variety of choices for ex-pats and non-residents. It is ranked as the safest bank in Asia. For example, with the DBS non-residentriate Programme, you’ll have access to a variety of banking features such as multi-currency accounts, normal chequing and savings, and remittance services (see our DBS Remit review), all of which are meant to make living as a non-resident as easy as possible.

There’s no minimum balance if it’s your first DBS bank account, and it gives you 1.55% p.a. interest or more, as long as you credit your salary to the account and spend some money on a DBS/POSB credit card (which you will, this being Singapore).

3.2 OCBC Bank

Oversea-Chinese Banking Corporation (OCBC), one of the major banks in the Asia-Pacific region, permits non-residents and ex-pats in Singapore to open savings, checking, and foreign currency bank accounts.

3.3 UOB

United Overseas Bank (UOB), Singapore’s third-largest bank, provides personal savings and current accounts to non-residents from other countries.

UOB is considered an expat-friendly bank in Singapore, offering up to 10% cashback and competitive rates for your overseas expenditure. Credit your salary of at least $2,000 and spend $500 or more on selected UOB credit cards each month, and you get at least 1.85% p.a. in interest.

3.4 HSBC Singapore

As a UK-based bank, HSBC Singapore allows immigrants to apply for a bank account online before arriving in Singapore. To activate the account, however, an Employment Pass will be necessary. HSBC also provides ex-pat services to assist immigrants in settling in Singapore.

HSBC is also a preferred option by many ex-pats because of its Multi-Currency Savings Account, providing access to 11 currencies and great global great facility.

HSBC also has a savings account that lets you earn 1.5% p.a. bonus interest when you remit money (at least $500 monthly).

Note: Typically, you should consider the following to choose your most suitable Singapore bank as a foreigner:

• You anticipated the volume of banking transactions
• The initial capital you will deposit with the bank
• The average minimum monthly balance you intend to maintain at the bank
• Additional financial services your business may need
• Minimum account balance requirements of the account
• Your customer service executive can provide more information.