In general, opening a bank account in Singapore as a non-resident will necessitate some basic documents. Local banks differ in terms of whether you can finish the procedure entirely online or if you must visit a bank location in person.
Regardless of which bank you choose, the following documents will be mandatory for opening an account:
In addition to these documents, some banks may require the following:
- Proof of Residence (in Singapore or abroad);
- A secondary government-issued ID in addition to your passport;
- Proof of financial statement (Statement of a personal account in the host country to prove financial capacity)
- KYC of bank account opening
And other documents will be prepared by the Singapore bank after the interview. Non-residents’ needed documentation might differ significantly from one bank to the other. When you engage Global Link Asia Consulting services, we will consult and assist you to select the most suitable bank in Singapore and double-check the materials and the bank requirements to maximise the chance that your application will be approved.
3. Top banking options in Singapore for a non-resident opening a personal bank account
When it comes to selecting a bank in Singapore, you’ll be spoiled for options. Singapore, a worldwide financial center, is home to numerous big multinational banks such as HSBC, Standard Chartered, and Citibank, as well as a strong group of local banks that have grown into regional banking behemoths such as DBS, OCBC. Take a look at the key offers from Singapore’s local and global banks below to discover more about your banking options as a non-resident:
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.
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).