A virtual prepaid Mastercard that lets you shop securely online and in-store with your choice of currency. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Opening an account in Singapore can be challenging if you’re not a millionaire or looking to make a six-figure deposit (at least $100,000). For detailed documents required to open a bank account, please read on. Here’s a brief overview of the types of bank accounts you may open as a foreigner in Singapore. It is a requirement for all account holders to be present when opening a Joint Account with a bank in Singapore. It is a requirement to submit supporting documents confirming the source of funds when opening Private Banking accounts. If you are staying long term in Singapore as an expat (such as studying or working there), you can easily open a bank account, provided you are staying in Singapore legally and you have the appropriate supporting paperwork. The right debit card is one that is best suited for your needs and lifestyle. Yes. (Retrieve your details via MyInfo using your SingPass ID and Password for hassle free form filling.Documents Required for Account Opening This savings account offer up attractive step-up balance up to0.13% p.a. The list usually consists of countries that are under sanctions by the Singapore government. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, and more. product provider, We cannot provide you with personal advice or recommendations, Types of bank accounts available to foreigners in Singapore, Features of a typical bank account in Singapore. Singapore companies have plenty of options when it comes to opening a corporate bank account. 1 For online account application, IPA can only be accepted for either item 2 or 3, not both. This multi-currency account offers a wide range of banking features and supports 11 global currencies, including USD and RMB. As Singapore is multicultural country with four official languages, bank officers can communicate in other languages. Issue cheques and conduct day-to-day financial management efficiently with this non-interest bearing current account. However, the opening of Private Banking accounts in Singapore banks takes approximately 1 month or more. As a rule, such confirmation is not required. Foreign citizens that do not live in Singapore may open saving bank accounts with certain banks, while foreign investors may be allowed to open trading or investment bank accounts in Singapore. Privilege Banking / Priority Banking accounts are provided with full-featured access to the Internet banking system (with the possibility of making outgoing payments). Therefore, opening a bank account for your maid will be one of the best ways for both you and the maid to manage her money. Opening a Singaporean Bank Account as a foreigner at OCBC. There are two bank account scenarios: you want to open an offshore bank account in Singapore or you will be living in Singapore as an expat and need to open a bank account. The main requirement non-residents must comply with when opening a current personal account in a Singapore bank is to produce a valid confirmation that one is allowed to stay in Singapore for a long period of time, i.e. A … International bank accounts combine a range of benefits into one package, so read on to see if opening an international account is right for you. A simple feature like compound interest can make a big difference in how your savings grow. I've been posting a lot of long posts lately, so let's try keep this one a little more brief. To open a bank account, the Singapore banks may need you to provide information like your banking relationship with other banks, source of funds, and supporting documents to proof your identity. Foreign people can open a bank account in Singapore without being physically present by submitting an online application. POSB will notify your company of the outcome by post within 7 working days. Can a non-resident open a bank account in Singapore? You are about to post a question on finder.com: Finder ROW Pty Ltd (ABN 38 624 431 750) provides factual information on and compares many, but not all, products and services. Ultimately, we believe that this article will be useful to every reader interested in opening a personal account with banks in Singapore. ; If this is your first account with us, select I have none of the above and fill up your account application details. Handle day-to-day transactional needs with ease and access your finances 24/7 with this chequeing account. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. As a country Singapore is known for its quality of life, education and safety. Proof of the residential address of the applicant; A reference letter from a bank where a foreign applicant has already opened a personal account; Proof of the source of funds (for Private Banking accounts). Being open and pro-business is one of the main reasons many foreigners and foreign companies choose to set up either a branch office or a Singapore company to use Singapore as a hub for their operations. Prove your need for a local bank account. Associated charges and fees. Unlock up to 2.88% p.a. These accounts often offer competitive forex exchange rates such that you can convert your Singapore-dollar cash into your local currency for easy spending when you return home. 36. As of the end of 2018, depending on the bank, the limits for withdrawing cash on cards of Singapore banks range from 3,000 to 10,000 Singapore dollars per day. Can a foreigner open a bank account in Singapore without an employment pass? Enjoy the convenience and flexibility to conduct your transactions in a wide array of foreign currencies. How does compound interest affect my savings account? In all cases, foreigners opening a bank account in Singapore need to provide some evidence of eligibility. Yes, individuals - including non-residents of Singapore - can manage their accounts opened in Singapore banks remotely. In general, foreigners opening a bank account in Singapore tend to find the process quick and easy. Interested in opening bank account in Singapore? We may also receive compensation if you click on certain links posted on our site. The average time for consideration of an application for opening a Privilege Banking/ Priority Banking account for non-resident individuals with Singapore banks is 2-3 weeks. The average monthly balance for the Privilege Banking / Priority Banking account must be at least 200,000 Singapore dollars. In light of the benefits listed above, holding both a Singapore and foreign bank account is a viable option that could give you even greater flexibility with your spending. New article: How can foreigner open bank account in Singapore in 2020? Earn competitive profit rates with this Shariah-compliant account with both checking and savings facilities. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. If you are in the former category, opening a bank account will be easy for you. DBS Multiplier Account: A multi-currency account that offers up to 12 foreign currencies, expats can earn up to 3.8% interest per annum with no minimum salary requirements. Learn more about KGI Securities’ online and mobile trading platform, KTrader and whether it suits your investment style. The basic requirements to open a bank account as a foreigner in Singapore are: Show your proof of address in Singapore or a supporting document if you don’t have one. But fret not, opening a US bank account as a foreigner is still possible with preparation, proper documentation and a little bit of patience. The Bank would require customer to be physically present in Singapore for any account opening as verification and sighting of documents are needed. If this sounds like you, read on to find out about some of the advantages and disadvantages of opening an offshore bank account in Singapore, and learn how to open an offshore bank account as a non-resident. Foreigners who want to open a bank account in Singapore could benefit greatly from multi-currency accounts. We are an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Yes. Access and transact in 11 different currencies with this non-interest bearing chequeing account. The funds credited to a Singapore bank in a currency other than the currency of the beneficiary’s account are credited by converting the funds received to the account currency at the rate set by the recipient’s bank on the date of crediting funds. Most bank accounts in Singapore come with these standard features that enable you to conveniently save and spend. Just book an appointment at a local HSBC branch and they'll open your account for you. All Singapore companies can have a Singapore bank account. For Private Banking accounts, this amount ranges from 1 million US dollars to 5 million Singapore dollars. To hire skilled employees from a foreign country to work in Singapore, an Employment Pass will be required. OCBC asks that foreigners bring either a EP/S-Pass employment pass/work permit or student pass and passport to one of their local branches to initiate opening an account. We have highlighted some of the most outstanding debit cards in Singapore and the perks they offer. As a non-resident, you can open an bank account in Singapore (it can only be a personal account) and not a business account. I'm gonna try and show foreigners how to open a bank account in Singapore as quickly as possible after moving to Singapore. Opening a bank account in a new country is never easy. It is a prominent financial centre, and has a highly developed economy, attracting major MNCs to its shores. If you’re an international student in Singapore, having a local bank account can help you manage your finances with ease. Yes, you are eligible for online banking as long as it is offered with the account you currently hold. Trisha Bhullar is Finder’s Singapore-based personal finance writer. These accounts are called Joint Accounts. A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates. Please contact us to discuss your language preferences, and we can advise you on the best option for you. Level 25–01, 3 Church Street, Singapore, 049483, Level 25–01, 3 Church Street, Singapore, 049483, UEN: 201531469E. Yes, Singapore Banks issue debit cards linked directly to accounts denominated in Singapore dollars. Manage your day-to-day finances with this statement-based chequeing account and enjoy a 3-year waiver on your UOB debit card. To open a bank account, you’ll either need to 1) Show proof of your residence in Singapore or 2) Justify your need for a local bank account. Singapore banks send paper statements to the postal address of their clients monthly following the establishment of an account. There’s no legal reason why you can’t open a bank account in Singapore as a visitor, student or holding a Dependent pass. You may often sign up directly with your desired provider online, and receive confirmation in a few business days, as long as you meet eligibility requirements. Whether you are living overseas or a non-resident in Singapore, you can still open a personal bank account in Singapore without having to visit Singapore. Visit this site to learn more about opening a global banking account for … Visit the bank’s website or have a discussion with their helpdesk, and … While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. How to Open a Bank Account in Singapore as a Foreigner. Foreigners permanently residing outside of Singapore can open two types of savings accounts in Singapore: The list of required documents for opening a personal account with a bank in Singapore includes: Yes, foreign applicants must come to Singapore and submit their applications in person at a branch in Singapore. Learn how we maintain accuracy on our site. For Private Banking accounts, remote access is provided for viewing purposes only. Its banking industry has played an important role in the success of the country, and both local and international banks can be found throughout this metropolis. For those who wish to start a business and use Singapore’s reliable and stable banking system for conducting business, we recommend contacting us to learn how to register a Singapore company and open a bank account for it with a Singapore bank. The following documents will be required for opening a personal savings/current account: Foreigners (not studying/working in Singapore) Passport; and Most banks including DBS, OCBC, UOB, and Maybank typically require a face-to-face meeting with at least 2 directors. If your ideal savings account is one that can grow your money quickly, you might want to consider the following providers. Payment limits on Singapore bank cards as of 2018 are up to 50,000 Singapore dollars per month. Enjoy 1% cashback on marketing and SaaS spend. Bank accounts in Singapore, whether savings or current accounts, generally help you store your short-term cash for future expenditure or park your money aside to grow your savings. Use promo code FINDER5 to earn $5 on signup. Opening an account in Singapore can be challenging if you’re not a millionaire or looking to make a six-figure deposit (at least $100,000). Our company provides support services for opening bank accounts with Singapore banks.We are professionals and have already provided quality support to many foreigners who aimed to open personal bank accounts in Singapore. You’ll be able to watch exciting boxing events within minutes on streaming site DAZN. Get in touch with your bank provider to learn more. Contact our specialists, and we will do everything to make your dream of opening a personal account in Singapore - one of the few remaining pockets of banking stability in today's increasingly unstable world. Private banks don’t charge fall-below fee. Information regarding the origin of funds must be documented. On top of this, accounts in other world currencies including the Swiss franc, Australian dollar, Euro are also available. T&Cs apply. As of December 2018, interest rates on deposits (regardless of the deposit currency) in Singapore banks are less than 1% per annum. Current accounts are intended for convenient day-to-day payments, such as paying bills, spending on petrol or grocery expenditure. As a foreigner, you can apply for bank account opening in Singapore even if you don’t live there. Manage your finances conveniently with this checking account in USD and other major foreign currencies. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. Once verified, your new overseas account will be open in a few days. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Singapore banks offer a wide range of deposit accounts for foreign investors. A debit card with fee-free payments in over 45 currencies and competitive currency conversion at real exchange rates. One can submit an online application. From 1 January 2019, employers of foreign domestic workers (FDW) in Singapore are no longer allowed to safe keep any money belonging to their maid including the salary in order to protect both parties from money-related disputes. This combined current and savings account offers three interest tiers based on the size of your account balance. Whether you are living overseas or a non-resident in Singapore, you can still open a personal bank account in Singapore without having to visit Singapore. Singapore banks have the right not to disclose the reason for account closure. For Private Banking accounts, the gradual replenishment of accounts is allowed for a specified period (usually 6-12 months from the date the account was opened). If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. Get 2% cash rebate with every EZ-Link Reload and 1% cash rebate on any other transaction with this savings account. Choose Bank Account on the left menu. Benefit from cashback, points and more when you manage your finances with a rewards current account. This being said, Singapore remains one of the few countries in the world where its’ financial system has consistently proven to be safe, stable and sustainable since the GFC. A virtual business debit card to help you manage business expenses. The largest Singapore banks (DBS, OCBC, UOB) recommend opening Privilege Banking/ Priority Banking accounts with balances of 350-400 thousand Singapore dollars, as the personal manager is assigned to the owners of accounts with higher balance. Remote bank account management systems are also available in English. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. 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