Upon the successful incorporation of your company in Singapore, opening a bank account is essential to facilitate the operation of your business.. Most Singapore banks offer businesses multi-currency accounts, internet banking, credit cards, trade finance, the ability to move cash across borders, and more.

This article provides an insight into Singapore’s banking industry, a sophisticated financial ecosystem of domestic and international banks. You will learn about the process of opening a physical corporate bank account, the documentary requirements, as well as the range of banking services available.

1. Overview of Singapore Corporate Banking System.

Singapore has emerged as Asia’s foremost financial center, with every major international financial institution having its presence here. As of now, there are 125 commercial banks operating in the city-state, of which five are local and the rest are foreign.

Among the 120 foreign banks, 28 are foreign full banks, 55 are wholesale banks and 37 are offshore banks. The five locally-incorporated entities are owned by the banking groups – Development Bank of Singapore (DBS)United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation (OCBC). Some prominent foreign banks present include Standard Chartered BankHSBCCitibank, and ABN AMRO. It is also worth noting a locally-incorporated Neobank, Aspire.

Singapore’s central bank, Monetary Authority of Singapore (MAS), is the nodal agency regulating all the financial institutions of Singapore.

2. All the requirements you need to know before opening a personal bank account in Singapore

All the requirements you need to know before opening a personal bank account in Singapore


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:

  • Your passport;

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.

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).

All the requirements you need to know before opening a personal bank account in Singapore


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.

4. Steps to open a personal bank account in Singapore with Global Link Incorporation

Global Link Incorporation is a prominent partner of Singaporean banks, thanks to our years of expertise in doing business with those banks. We offer the following services to assist you to open bank accounts in Singapore:

  • Step 1: Consult and assist you to select the right bank in Singapore, the bank recommendations will be in the top 10 best local Singapore bank list. This is a trustworthy bank that can meet all the needs of account holders.
  • Step 2: Assist you to prepare the required documents to open a bank account in Singapore.
  • Step 3: Arrange an appointment with bank representatives.
  • Step 4: Work directly with Singapore banks to support resolving any issues while operating bank account. Our service, your security.

It is not easy for a foreign individual not living in Singapore to effectively create a personal bank account in Singapore, Asia’s top financial hub. It is necessary that the individual is well-prepared with comprehensive documentation – and not everyone is able to gain the necessary knowledge or experience.

Choose Global Link Incorporation as your trustworthy partner in opening personal bank account in Singapore. Global Link Incorporation has 5-year working experience with Top Singapore banks to help guide clients to prepare documents thoughtfully and in accordance with the bank’s standards. Especially, we instruct clients to follow the 100% online process – no need to go directly to Singapore during the bank account opening process.

5. Frequently asked questions about opening a personal bank account in Singapore.

5.1 How long does it take to open a personal bank account in Singapore?

Typically, it takes two to four weeks to open a personal bank account in Singapore.

5.2 Do I have to travel to Singapore to a personal bank account in Singapore?

To open a personal bank account in Singapore, foreigners are no longer not required to travel to Singapore anymore to complete the Know-Your-Customer procedure.

5.3 How much do I need to deposit to open a bank account?

When opening a personal bank account in Singapore, foreigners are typically required to deposit at least SGD200,000 in the account.

We pride ourselves on being a trustworthy partner, working directly with world-class banks such as OCBC, DBS, UOB, Standard Charter Bank, ANZ, etc, and international payment gateways such as PayPal and many other partners. We will help you select the best banking option and increase your chance of successfully opening a bank account. With many years of experience working in this industry and having supported many companies, Global Link Incorporation is confident that we can bring the best services to all clients.

Global Link Incorporation – your trusted one-stop business service provider

Global Link Incorporation is here to help you bring your business to the next level. We aim to be your trusted long-term business partner. Our team of professionals offers the following services:

    • Set up companies in various countries around the world: we leverage our rich experience to help you choose the best location for your business needs and budget.
    • Open bank accounts: we work directly with world-class banks to help you select the best banking option and increase your chance of successfully opening a bank account.
    • Optimize payment solutions: we work directly with multiple international payment solution partners to help you integrate various payment solutions, get better transaction fees, and optimize your business’ international cash flow.
    • Handle tax and accounting: we help you keep accounting records in accordance with international standards. We make complying with international regulations neat and seamless.
    • Handle miscellaneous administrative tasks: from building websites to registering trademarks or phone numbers in multiple countries, we can help you handle them all so that you can focus on your core business.

Why wait? Contact us now!

  • WhatsApp/ Telegram: (+65) 3163 4102
  • Email: info@globallinkconsulting.sg