Singapore, being a prominent financial center and global metropolis, is among the most sought-after locations for American expatriates seeking to advance their careers abroad. If you have immediate plans to relocate to Singapore, you will require methods to manage your SGD and USD funds without incurring excessive fees.
This comprehensive guide addresses every aspect of establishing a bank account in Singapore.
Can you open a Singaporean bank account from abroad?
After obtaining the required documentation, creating an account is a remarkably simple process that can be completed electronically. Nevertheless, establishing an account from outside Singapore is typically challenging in the absence of a valid permit to reside in Singapore and evidence of a Singapore residential address.
UOB® is one bank that offers non-resident account opening services; however, branch visits are still required to establish an account, so this option is not available if you are still in the United States at the time you wish to apply.
You may also maintain your relationship with your U.S. bank and, if feasible, transfer your account to Singapore. Singapore serves as a prominent international financial center, housing a multitude of international institutions, including Citibank®³, HSBC®³, and Standard Chartered®ℳ.
If you have a bank account with one of these American banks prior to your transfer, you should inquire whether they can assist you in opening a Singaporean bank account.
It is important to note that numerous institutions offer international services that cater to affluent clients, so they might not be the most suitable option for you.
It is probable that a substantial minimum deposit, the maintenance of a substantial in-credit balance, and the payment of various account establishment fees and charges will be mandatory.
Can a US citizen open a bank account in Singapore as a non-resident?
Before considering an application, the majority of Singaporean banks require a copy of your passport, a pass that verifies your legal right to reside in Singapore, and evidence of a local address. Unfortunately, it is extremely difficult for visitors who do not intend to settle in Singapore to establish a bank account due to these stringent requirements.
As previously stated, one option is to investigate UOB’s non-resident account services. In this instance, however, you will be required to provide additional documentation than when you were a resident. This includes two forms of identification, confirmation of your international residential address, a letter of recommendation from a bank with which you have an existing banking relationship, or a letter from a local introducer who holds an existing UOB Singapore account.
What documents will you need to open a bank account in Singapore?
Singpass, the digital ID verification application of Singapore, is typically sufficient to open a bank account online in Singapore. To verify your residential address, you need only upload a single document along with your Singpass.
In the absence of Singpass, the following documents are typically required for a resident to establish a bank account in Singapore:
- Your passport
- A valid permit demonstrating your lawful right to reside in Singapore
- Evidence of your address
Documents acceptable as proof of address can include:
- a recent utility statement (less than three months old);
- phone bill that is no older than three months;
- official correspondence from a public authority or the government;
- The following: a bank statement
- a rental contract; and
- a formal letter of employment confirmation from your employer, accompanied by evidence of employment (e.g., a payslip or a copy of your employment contract).
Communicating in advance with your bank is highly recommended, as they can provide valuable insights regarding the required documentation and anticipated procedures throughout the application process.
What are some of the best Singaporean banks?
As a global financial center, Singapore is, not surprisingly, adequately serviced by regional, international, and local banking institutions. Which option is most suitable for you may be a matter of personal preference. An examination of several prominent banks in Singapore will be conducted to assess their respective offerings.
DBS®
The greatest bank in Singapore and all of Southeast Asia is DBS™. It has a tailored expatriate programTM that is worth considering for individuals who are new to Singapore. To apply, visit a branch location or use the website provided you have a Singpass and proof of residence. Various banking bundles are available for selection, contingent upon the form of account and additional services required.
DBS offers an extensive range of account products, which comprises business accounts, loans, investment services, a multi-currency account, and debit and credit card alternatives, among others.
OCBC®
Another bank with an extensive branch and ATM network in Singapore, OCBC⁏ is a practical choice virtually anywhere on the island where one resides or conducts business. OCBC provides a diverse range of account products, one of which is the immensely popular 360 Account, which accrues interest at an accelerated rate in proportion to account usage.
In addition to specialized accounts designed for young people and students, OCBC provides credit cards, loans, insurance, investment and wealth planning guidance, and a mobile application for money management, which enables users to perform tasks such as sending international payments and converting currencies.
UOB®
UOB™ offers a diverse range of account options, one of which is the One Account. By depositing your salary into the account, making frequent use of a UOB debit or credit card, and utilizing additional services such as GIRO payments, you can potentially accrue high interest on your funds.
UOB provides excellent digital services that can help you avoid visiting a branch; however, if you must do so for some reason, there are numerous ATMs and a vast branch network located throughout the island.
How much does it cost to have a bank account in Singapore?
While the majority of banks in Singapore waive monthly fees for bank accounts, you should still anticipate at least some additional charges. It is recommended that you acquaint yourself with the terms and conditions of your bank, as each institution will have its own fee structure. Be mindful of the subsequent charges and fees:
Minimum deposit amount and fall below fees
Frequently, a minimum deposit prerequisite will apply, typically ranging from S$1,000 to S$3,000. There is also a minimum in-credit balance requirement imposed by the majority of institutions; failure to meet this requirement will result in a fee.
Early closure fees
A minimum duration requirement imposed by numerous financial institutions is the maintenance of an open account, which is typically established at six months. If you choose to close your account prior to the expiration of this period, you will incur an early closure fee of approximately S$30.
ATM Fees
Free withdrawals are available at your bank’s ATMs; additionally, some banks offer a minimum of a specified number of complimentary withdrawals per month from other ATMs. However, it is generally more advantageous to utilize the ATMs affiliated with your bank.
Thus, you can be certain that no fees will be assessed when you initiate a withdrawal. ATM withdrawals while traveling internationally are rarely free. It is highly probable that you will incur both an administration fee and a service charge.
International transfer fees
As an American residing in Singapore, it is highly probable that you will occasionally be required to transfer funds internationally. It is important to note that international transfers through your bank can become prohibitively expensive.
For each transfer, you can anticipate paying a transaction fee, a handling fee, and agency fees. The specific fee structure may vary by bank, ranging from a fixed rate to a percentage commission.
Regardless, the expenses will accumulate, so it is advisable to thoroughly review your choices and the potential fees prior to commencing.
The process of conducting business in Singapore is generally uncomplicated once a local bank account has been established. Collect the necessary documentation and use this guide to assist you in selecting the most suitable bank for your particular requirements; you should be ready to go.