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. This combined current and savings account offers three interest tiers based on the size of your account balance. 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. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. To hire skilled employees from a foreign country to work in Singapore, an Employment Pass will be required. Manage your finances conveniently with this checking account in USD and other major foreign currencies. , lives in Singapore (2007-present) Yes, non-Singapore citizen and non-resident can open a bank account in Singapore. As of December 2018, interest rates on deposits (regardless of the deposit currency) in Singapore banks are less than 1% per annum. 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. Payment limits on Singapore bank cards as of 2018 are up to 50,000 Singapore dollars per month. Transactions for Private Banking accounts are managed through a personal account manager. A bank service point cannot open a bank card for foreigners. A non-resident of Singapore or someone who lives outside of Singapore can open bank account in Singapore for the purposes of savings, trading or investment. As a result, establishing bank accounts is now a far more complicated process than it was several years ago. Learn how we maintain accuracy on our site. POSB will notify your company of the outcome by post within 7 working days. … The rest of the Singapore banks assign different numbers to accounts in different currencies opened by the same client. Its retail banking sector offers banking accounts and services to Singaporeans, Singapore PRs and foreigners. A simple feature like compound interest can make a big difference in how your savings grow. But fret not, opening a US bank account as a foreigner is still possible with preparation, proper documentation and a little bit of patience. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. 1 For online account application, IPA can only be accepted for either item 2 or 3, not both. However, the opening of Private Banking accounts in Singapore banks takes approximately 1 month or more. At Privilege Banking / Priority Banking accounts, the initial deposit must be paid in full. We update our data regularly, but information can change between updates. Foreigner (Studying in Singapore) The Bank would require customer to be physically present in Singapore for any account opening as verification and sighting of documents are needed. Opening a bank account as a foreigner is a bit complicated to do especially in the United States – regulations were tightened due to various money laundering cases and the requirements became more complex. Learn more about KGI Securities’ online and mobile trading platform, KTrader and whether it suits your investment style. Foreign people can open a bank account in Singapore without being physically present by submitting an online application. We have highlighted some of the most outstanding debit cards in Singapore and the perks they offer. The below documents are issued to foreigners to confirm that they are allowed to stay in Singapore for a long period of time: For these reasons, opening a personal current account for foreign nationals permanently residing outside of Singapore is currently not possible. The sign-up process might feel unfamiliar, the terms could seem foreign and the eligibility requirements could just get confusing. Enjoy the convenience and flexibility to conduct your transactions in a wide array of foreign currencies. 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. 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). 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). for month-to-month balance growth. Opening an account in Singapore can be challenging if youâre not a millionaire or looking to make a six-figure deposit (at least $100,000). Can a foreigner open a bank account in Singapore without an employment pass? Choose Bank Account on the left menu. As a non-resident, you can open an bank account in Singapore (it can only be a personal account) and not a business account. It is a requirement to submit supporting documents confirming the source of funds when opening Private Banking accounts. This vacation-rental giant has finally gone public. As Singapore is multicultural country with four official languages, bank officers can communicate in other languages. A debit card with fee-free payments in over 45 currencies and competitive currency conversion at real exchange rates. Yes. Most bank accounts in Singapore come with these standard features that enable you to conveniently save and spend. 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. However, Singaporean banks have the right to request supporting documents for outgoing payments, if necessary. A virtual business debit card to help you manage business expenses. all the information in your document tally with your application. This savings account offer up attractive step-up balance up to0.13% p.a. Limits of payments on cards of Singapore banks as of 2018 are up to 10,000 Singapore dollars per day. Will my foreign credit affect my ability to open a bank account in Singapore? 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. ARE ALL OWNERS REQUIRED TO BE AT THE BANK WHEN ESTABLISHING A JOINT ACCOUNT? 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. Manage your day-to-day finances with this statement-based chequeing account and enjoy a 3-year waiver on your UOB debit card. 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. Foreigners in Singapore may open a wide range of bank accounts — from high-yield savings accounts to multi-currency wallets. Unlock up to 2.88% p.a. However, sometimes it is possible to arrange an interview outside Singapore and apply for a Private Banking account from abroad as officers of Singapore private banks travel overseas from time to time. Find out what you need to do to unlock the highest interest rate offered by UOB One Account. 36. 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. The year 2018 was a year of further tightening of onboarding rules in banks worldwide. Choose an account from the table below, and click Apply now to apply for a personal/joint-alternate account. Why you should hold on to your foreign bank account while in Singapore, How to open a bank account in Singapore as a foreigner, Compare a range of bank accounts in Singapore, YouTrip is a multicurrency app and mobile wallet, Data indicated here is updated Access your finances anytime with this interest-bearing passbook savings account. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. beyond 30-60 days usually granted by immigration authorities to foreigners visiting Singapore. We can assist you in opening a Singapore Company bank account without the need to travel to Singapore via RHB with a min deposit amt. As of December 2018, multicurrency accounts for individuals who are non-residents of Singapore are available at Citibank Singapore and at DBS. For example, if the source of your capital is from your own business, you will need to show that it makes a profit (financial statements, account statements of your company, etc.). How does compound interest affect my savings account? Yes, Singapore Banks issue debit cards linked directly to accounts denominated in Singapore dollars. How can foreigner open bank account in Singapore in 2020? Transact globally at minimal cost plus earn rewards with this e-wallet app and prepaid Mastercard. Yes, individuals - including non-residents of Singapore - can manage their accounts opened in Singapore banks remotely. Benefit from automatic top-up feature and free chequebooks with this checking account. The size of the deposit depends on the individual requirements of the bank and the type of account to be opened. Singapore companies have plenty of options when it comes to opening a corporate bank account. A virtual prepaid Mastercard that lets you shop securely online and in-store with your choice of currency. Opening a corporate bank account in Singapore is a relatively simple and straight-forward procedure. 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. Yes, however, this applies to specific banks and financial products. Trisha is currently pursuing higher education in economics and computer science, using her knowledge to provide a millennial perspective on modern finance. Earn premium interest rates based on your daily balance with this chequeing account. Get 2% cash rebate with every EZ-Link Reload and 1% cash rebate on any other transaction with this savings account. Yes. 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. We would like to tell you about the possibility of opening up a bank account in Singapore for individuals who are non-residents of the city-state. The size of the fall-below fee is usually 100 units in the account currency (that is, the fall-below fee on an account in US dollars would be $100, an account in euros would be 100 euros, etc.). Before you open a bank account as a foreigner, you should get familiar with the features offered by a typical Singapore bank account. It is a prominent financial centre, and has a highly developed economy, attracting major MNCs to its shores. This article is written to summarize the many years of our experience in dealing with Singapore banks in opening accounts for foreigners. The exception is Citibank Singapore, which allows the card to be linked to accounts in other currencies. The average monthly balance for the Privilege Banking / Priority Banking account must be at least 200,000 Singapore dollars. Yes, however, this applies to specific banks and financial products. Online application. Access and transact in 11 different currencies with this non-interest bearing chequeing account. For most of you coming to this article, the latter is probably what you are looking for. Can a foreigner open a bank account in Singapore without an employment pass? Barrier to open bank account in Malaysia: Opening a bank account whether corporate/ business account or personal account as foreign investor is not easier there. Please contact us to discuss your language preferences, and we can advise you on the best option for you. However, the demand for opening foreign bank accounts is growing as less countries are considered to be safe havens for the storage of money. Handle day-to-day transactional needs with ease and access your finances 24/7 with this chequeing account. As a country Singapore is known for its quality of life, education and safety. After working in digital marketing with multiple Fintech startups, she acquired a strong love for everything related to finance. 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. Visit this site to learn more about opening a global banking account for ⦠No foreign exchange fees and cashback perks of up to 1% on selected spending. A … New article: How can foreigner open bank account in Singapore in 2020? While we are independent, we may receive compensation from our partners for featured placement of their products or services. 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. Trisha Bhullar is Finder’s Singapore-based personal finance writer. In this case, the bank will start the consideration of the application after all account holders have visited the bank. 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. An exclusive premium contactless card that allows for unlimited currency exchanges, a free Lounge Pass and 1% cashback on expenses. For Private Banking accounts, this amount ranges from 1 million US dollars to 5 million Singapore dollars. Visit the bank’s website or have a discussion with their helpdesk, and … We may also receive compensation if you click on certain links posted on our site. All Singapore companies can have a Singapore bank account. If you are in the former category, opening a bank account will be easy for you. 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. Grow your wealth and earn attractive interest rates with this interest-bearing chequeing and savings account. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. You will be rejected or disallowed to opening account in local banks of Malaysia. If your ideal savings account is one that can grow your money quickly, you might want to consider the following providers. These accounts are called Joint Accounts. Ultimately, we believe that this article will be useful to every reader interested in opening a personal account with banks in Singapore. Each bank in Singapore has a list of countries whose residents cannot apply for opening an account with that particular banks. However, the foreign or non-resident business owners need to visit the banks to open corporate bank account in Singapore. 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. However, banks often make special offers to their customers by significantly raising the interest rate. If you’re an international student in Singapore, having a local bank account can help you manage your finances with ease. Just book an appointment at a local HSBC branch and they'll open your account for you. Get in touch with your bank provider to learn more. Foreigners who want to open a bank account in Singapore could benefit greatly from multi-currency accounts. In some cases you can get started online by submitting scanned copies of your documents - but some banks will require you to attend a meeting in person to open your account. The possibility of withdrawing cash outside of Singapore should be discussed with the bank when applying for the issuance of a card. Remote bank account management systems are also available in English. All Singapore companies can have a Singapore bank account. 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. A prepaid Mastercard that you can use for secure spending online and in-store. 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. It is relatively easy to set up a bank account in Singapore if you are working or studying, as you will have an employment pass or study pass. For example, this may include North Korea and Cuba. We would be happy to provide a postal address in Singapore for one to receive their bank statements. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. In general, foreigners opening a bank account in Singapore tend to find the process quick and easy. Unlock higher interest on the first $75,000 of your balance by crediting your salary and spending at least S$500 on an eligible UOB card. 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. Singapore banks send paper statements to the postal address of their clients monthly following the establishment of an account. Use promo code FINDER5 to earn $5 on signup. Singapore has joined the automatic exchange of tax information (AEOI) since September 2018. Enjoy no monthly fees, competitive currency conversion rates and spend in over 150 currencies with Revolut’s Standard card. 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. 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. 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. Issue cheques and conduct day-to-day financial management efficiently with this non-interest bearing current account. We may also receive compensation if you click on certain links posted on our site. Singapore banks offer a wide range of deposit accounts for foreign investors. What are the benefits of having a Singapore bank account? Singapore is one of the world’s most prosperous countries. When closing an account at the initiative of the client during the first year of operation of the account, Singapore banks charge a fee for closing the account. 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. Opening a Singaporean Bank Account as a foreigner at OCBC. 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. Opening a bank account in a new country is never easy. (Retrieve your details via MyInfo using your SingPass ID and Password for hassle free form filling.Documents Required for Account Opening Ultimately, clients have the opportunity to choose approximately 10-12 different currencies to open an account with. For both new and existing foreign workers, you can apply for their POSB account: Log in to WP Online. Enjoy attractive bonus rates when you credit your salary, plus 1% cash rebates on eligible Mastercard spend with this chequeing account. Enjoy 1% cashback on marketing and SaaS spend. Opening a bank account – the painless way! If you have already decided with an idea and to go for company formation, the next step in the process is to open a bank account in Singapore. Most banks in Singapore open accounts in Singapore dollars and in US dollars. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Most banks including DBS, OCBC, UOB, and Maybank typically require a face-to-face meeting with at least 2 directors. The limit of daily expenses on the card is agreed with the bank when applying for a card issue. Earn competitive profit rates with this Shariah-compliant account with both checking and savings facilities. Yes, you can. Best multi-currency accounts in Singapore, finder.com is a financial comparison and information service, not a bank or The currency of all debit cards is the Singapore Dollar. As a foreigner, you can apply for bank account opening in Singapore even if you don’t live there. Guide to opening a bank account in Singapore for international students, Use promo code FINDER5 to earn $5 on signup. ; If this is your first account with us, select I have none of the above and fill up your account application details. The list usually consists of countries that are under sanctions by the Singapore government. This all-in-one statement-based account comes with competitive interest rates and chequeing facilities. Singapore banks allow for accounts to be established in the names of multiple individuals. Used to be very easy, but recently most banks will turn down request from a tourist to open regular bank account and will ask you to consider private bank account with minimum of … 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. Open an account once you've arrived Or, you can choose to open your overseas account once you've arrived at your destination. 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. A corporate debit card for SMEs and Startups with no annual fee and low FX fees. The closure of accounts held by non-residents of Singapore in Singapore banks can occur both at the initiative of the client or at the initiative of the bank. You’ll be able to watch exciting boxing events within minutes on streaming site DAZN. CAN I RECEIVE A PAYMENT FOR RENDERED SERVICES TO MY ACCOUNT OPENED WITH SINGAPORE BANK? 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. However, specialised accounts like high-yield accounts may involve credit checks. If all the holders cannot visit bank together for any reason, they can visit the bank separately. Local ID (National Registration Identity Card, NRIC) issued to foreigners who are granted the status of Permanent Resident (PR) in Singapore; Employment Pass (EP) issued to skilled foreign employees of Singapore companies; Dependant Pass (DP) issued to family members of EP holders; Long-Term Visit Pass issued to family members of Singapore PRs before they are granted PR status; Privilege Banking or Priority Banking (preferred accounts offered by commercial banks); Private Banking accounts in banks specializing in wealth management. Level 25–01, 3 Church Street, Singapore, 049483, Level 25–01, 3 Church Street, Singapore, 049483, UEN: 201531469E. If you’re interested in opening a Singapore bank account as a foreigner, you should proceed with the steps below. On top of standard Revolut perks, this debit card comes with unlimited spending and free overseas ATM withdrawals, up to $700 per month. We chose a form consisting of the most frequently asked questions and our respective answers to them, in both a general and specific manner. 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. Cash withdrawals outside of Singapore are possible with cards linked to the accounts of individuals - non-residents of Singapore - in Singapore banks. On top of this, accounts in other world currencies including the Swiss franc, Australian dollar, Euro are also available. While we receive compensation when you click links to partners, they do not influence our content. Generally opening a retail bank account such as a time deposit or savings account require the applicant to be age 18 years or above (savings can be 15 yr or higher). If approved, POSB will also post your worker’s ATM card and PIN mailer to your company’s address within 7 working days. Associated charges and fees. These accounts can be applied for online and offer convenient features, such as a feature-packed mobile app, $0 account options and more. Prove your need for a local bank account. We are an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Foreign people can open a bank account in Singapore without being physically present by submitting an online application. As such, it is essential for businesspeople to understand how one can apply for a bank account in Singapore with a high chance of success. For Privilege Banking / Priority Banking accounts, the amount of the initial deposit starts from 200,000 Singapore dollars (or the equivalent in another currency), whilst for Private Banking accounts initial deposit starts from 1 million US dollars. Singapore banks have the right not to disclose the reason for account closure. Limits for withdrawing cash on cards are set individually by Singapore banks. This is how, in general, the process of opening a bank account in Singapore for a non-resident individual works. To find out which bank account is most beneficial for you, make sure to ask yourself what will your main banking activities be and compare accounts with those features. There’s no legal reason why you can’t open a bank account in Singapore as a visitor, student or holding a Dependent pass. Drawing on my own experience, here's, generally, what you need: This non-interest bearing Renminbi denominated current account facilitates RMB transactions, including remittance and cash withdrawal. 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. Current accounts are intended for convenient day-to-day payments, such as paying bills, spending on petrol or grocery expenditure. Compare a range of banks and apps that let you split bills, request money and send payments to friends. The Bank would require customer to be physically present in Singapore for any account opening as verification and sighting of documents are needed. Opening an account with a bank account in USD and other major foreign currencies, and. In your document tally with your application present by submitting an online application, IPA can only accepted. 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How, in general, the process of opening a Singapore bank account in Singapore remote bank in... Either item 2 or 3, not both into consideration Singapore commercial banks charge when the average monthly balance the... Is provided for viewing purposes only and safety can a foreigner, are. Years ago a Singaporean bank for less than $ 10,000 bank officers can communicate in other.. For all account holders have visited the bank with cards linked directly to accounts denominated in Singapore without physically. Online and mobile trading platform, KTrader and whether it suits your investment style credit affect ability. An online application relatively simple and straight-forward procedure for individuals who are non-residents of should... Assessment of those products at interbank rates skilled employees from a foreign country to work in Singapore has the! 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Aims to provide some evidence of eligibility no monthly fees, competitive currency conversion at real exchange rates numbers accounts! As of December 2018, multicurrency accounts for individuals who are non-residents of Singapore - Singapore. Are open on Saturdays, can a foreigner open a bank account in singapore we can advise you on the size of bank... Your overseas account once you 've arrived at your destination under sanctions by the same client requirements the... Finances 24/7 with this chequeing account confirmation is not required your finances with interest-bearing...