What's more, your funds will also be held by DBS Bank allowing you to take advantage of the security of Asia's safest bank while still benefiting from the flexibility and pricing of Wise. We open your doors to a more efficient & fuss-free move. Plus, they will be approved based on their salary and employment permit type. To access HSBCs Premier service, simply: Alternatively, you may opt for a simple saving route with HSBC Singapore Dollar Savings Account. Users can also earn up to 3 percent cashback on online shopping, groceries, transport and many more. we recommend against using the bank to transfer internationally, Singapore Deposit Insurance Corporation (SDIC). Our team has spent hundreds of hours meeting with banks, opening accounts, and collecting first-hand experiences in Singapore. (November 2013) This is a list of banks with operations in Singapore. And how you can do the same without being required to deposit a small fortune. Can foreigners open a bank account in Singapore? Read this comprehensive guide on everything you need to know before. Get 30 minutes of free consultation with our company formation experts! You can generally do this in the following two ways: At Monito, we recommend against using the bank to transfer internationally, as the fees can be very steep and the waiting times lengthy. No initial deposit is required and there is zero fall below fee, too. You can also earn up to 3 percent interest per annum with no minimum salary and credit card spend. Knowing your bank and branchs preferences and sensitivities beforehand is key, especially if youre not planning to make an initial six-figure deposit. The largest bank in Singapore (and indeed Southeast Asia), DBS has its ownDBS Expat Programme offering a range of services, accounts, advice and more for newcomers to Singapore. Development Bank of Singapore (DBS) Development Bank of Singapore (DBS) - Top Banks in Singapore (Source: Ledger Insights) The Development Bank of Singapore (DBS), also known as DBS Bank Ltd, is the best Singapore bank. OCBC is committed to making banking simple for foreigners in Singapore. Lastly, actually getting to Singapore can be a challenge. Best USD Accounts in Singapore 2023 - Wise Overseas Chinese Banking Corporation: #3. Thats a massive jump in deposits for a country that has been supposedly shying away from opening foreign non-resident accounts over the past five years. The DBS Multiplier account is a popular choice among expats. This is mainly because banks wire funds over theSWIFT network, adding many timely and expensive steps to the funds transfer process. Without going into too much detail, the following excerpt from Lee Kuan Yews (Singapores first Prime Minister) memoirs, does a nice job of demonstrating the kind of rock-solid, no-nonsense banking choices Singapore has become known for. To open a bank account as a foreigner in Singapore you'll need: Proof of Identity (Passport or ID card) Proof of Address (Utility bills, etc.) It opened its first branch in Singapore in 1902, making it one of the oldest banks in the city-state. UOB (United Overseas Bank) - is a Singaporean international banking organization with headquarters in Singapore and an extensive presence throughout the region. ANZ Bank Final Thoughts Pained by financial indecision? Minimum initial deposits at Standard Chartered Singapore vary dramatically and range from a hefty S$5,000.00 for the "Cheque & Save" account to S$0.00 for the "SuperSalary" account. (Did we mention, perks are offered as well?) Keeping this cookie enabled helps us to improve our website. Custodian banker of choice for foreign institutions in Singapore having won numerous international banking awards. And, you get access to our library of premium (members-only) reports. DBS has a number of different account types which are split according to customer type and need. Some accounts require you to hold another DBS product, for example a credit card, before you can apply. Instead, the best banks for foreigners in Singapore are the ones that are local and yet suitable for international payments and transfers. Too complicated? Founded in 1865, the Hong Kong and Shanghai Banking Corporation (HSBC) is a British multinational investment bank and financial service provider. There are many reasons you might want to open a USD account in Singapore. 2023 By BestPrices.sg - Entity of Novatise Media. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. However, with the right documentation and preparation, it is possible for foreigners to open a bank account in Singapore with the Development Bank of Singapore (DBS). 3. Its a good idea to research different banks and account options before making a decision. She has since built up an impressive portfolio of articles covering a wide range of topics, from food and travel to fashion and beauty. The bank has 2,649 branches in 19 countries worldwide. Planning on opening a DBS multi-currency account in Singapore? What to consider when choosing a USD account Best USD accounts in Singapore comparison USD account fees for biggest SG banks How to open a USD account in Singapore? If you disable this cookie, we will not be able to save your preferences. Head overhereto begin your journeyOr start ticking off your relocation checklisthere, Learn more about SingaporehereExplore more destinationshere. Maybank Singapore: #9. This means that every time you visit this website you will need to enable or disable cookies again. It is one of the worlds largest banks, with 1,200 branches spread across 70 countries, and its Asian branches account for roughly 90% of its profits. Maybe even the pickiest banking jurisdictions in the world. Weve helped people from all around the world open non-resident accounts in Singapore following the strategy that were about to outline below. Like Standard Chartered, HSBC opened a shop in Singapore in the second half of the 19th century. Foreigners who wish to open a bank account in Singapore must be at least 18 years old and hold a valid passport and employment pass, employment permit, or student pass. Singapore serves as a significant center for offshore banking operations. According to HSBC, Premier is here to let you live without limits. The service also offers easy access to international baking across 29 markets and overseas education support for your child (if needed). This can include foreigners, Singaporeans working abroad, foreign companies, overseas branches of Singaporean companies, and any company with a registered address outside Singapore. The UOB One account is tailored for everyones everyday use. 75, apt. Your source of inspiration, motivation, information and more to spur your next move. In Singapore, it is headquartered in Asia Square and has over 1,500 touchpoints and 280 ATMs worldwide. OCBC is first Singapore bank to offer fully digital account opening services for foreigners By The Digital Banker June 23, 2023 SINGAPORE - Foreigners looking to relocate to Singapore have another banking option as OCBC launches a fully digital account opening service for consumers in its key markets. Standard Chartered 3. Were going to start by talking about why its so damn hard to open accounts for foreigners in the first place. Location of incorporation is provided in brackets for foreign banks. Foreigners are allowed to open a Singaporean bank account provided they have valid documents to be in Singapore. Why Is Singapore So Damn Good at Banking? Of course, like banking in Singapore, account opening here can be challenging in its own way. Yes, foreigners can open bank accounts in Singapore if you work or live here. For foreigners wishing to open an account with DBS or POSB, the bank has prepared an entire checklist on important must-knows. After the clients (the non-residents or foreigners) submit online applications to the banks, the representative from the banks will contact the applicants to submit additional documents required to open a Singapore bank account for foreigners.. That's a massive jump in deposits for a country that has been supposedly "shying away" from opening foreign non-resident accounts over the past five years. First Industry Pilot for Digital Asset and Decentralised Finance Goes Live These accounts offer features such as high interest rates, low fees, and easy online banking. And while youre looking into moving into this small city, the opportunities are endless. Finding the right account for your needs will take a bit of research. It has over 500 offices across 19 countries worldwide. For now, lets break down a few of the reasons why Singapore is such a difficult country to open accounts in as a foreign non-resident: If you want a bank account with a Singapore bank you need to be an attractive, profitable customer. United Overseas Bank: #4. Javascript not detected. However, an Employment Pass will be required to activate the account. You will need tovisit a branchto open an account. Maybank is a Qualifying Full Bank in Singapore and one of ASEANs top five banks. The majority of banks in Singapore provide alluring incentives, including credit cards, international money transfers without restrictions, multi-currency accounts, trade finance, and more. This article will be of great assistance to you in becoming more aware of the banking industry in Singapore and which are the best and top banks in Singapore from which to open an account and secure your money and investments. It also carefully monitors the capital adequacy and leverage ratios of all locally-incorporated banks. How much can foreigners borrow? Unlock the immense growth potential Of your company in Singapore, Identity Card/Employment Pass/S Pass/Student Visa/Entre Pass. Citibank Singapore Top Banks in Singapore (Source: Parkway Parade). For example, the JumpStart account is for younger people aged 16 - 26, whether they are Singapore nationals or foreigners living here. Singapore: number of foreign banks by type 2023 | Statista Free in network withdrawals Out of network withdrawal fees of up to 7 SGD may apply. Development Bank of Singapore (DBS) Top Banks in Singapore (Source: Ledger Insights). When it comes to choosing a bank in Singapore, you'll find yourself spoilt for choice. Bank of England considers clampdown on foreign bank branches: FT Who we are, how to contact us, and where to learn more. In order to gain maximum savings, users will have to spend a minimum of $500, credit a salary of minimally $1,600 into the account and make three GIRO transactions per month. Here are a few of your options: Standard Chartered has current accounts, savings accounts and time deposits - and some accounts can be opened online for ease. Most accounts are open to both Singapore citizens and residents, although the documentation you provide to open an account as a foreigner may vary. Home Singapore The 5 Best Banks in Singapore for Foreigners Compared. Some well-known banks among businesses to open accounts in Singapore for the non-residents business owners and investors: A cheap alternative: Wise account Why is a USD account useful? For example, a Singapore company with Malaysian customers may . It is 100% possible to open a non-resident bank account in Singapore, Singapores banking system is fiscally responsible with high-quality banks, Account opening in Singapore as a non-resident can be challenging and expensive, Account opening requirements will vary between banks, branches, and bankers. If you can get in, Singapore is the place to be. After your business is legally incorporated, you must register a corporate bank account in Singapore to make commercial operations easier. Why Is It So Difficult to Open a Singapore Bank Account? And, because many compliance systems are integrated in Singapore (much more so than say, Georgia or Panama), its sometimes more difficult to re-apply at another branch if youve already been formally rejected by that bank previously and are in their system. You can verify this information at the MAS website here. As a multinational financial hub, opening a bank account in Singapore as a foreigner is relatively easy and hassle-free. UOB Bank provides insurance, as well as private banking and asset management services. Copyright 2019 - 2023 GlobalBanks. We did this because Singapore is one of the best banking jurisdictions in the world. PAssion fee of 12 SGD/5 years is waived as long as you hold the debit card. Conflicts are raging in Chile, Uruguay, Lebanon, Haiti, Bolivia, and many more countries. That's the second-highest amount ever recorded for non-resident deposits in the country. The following document list is meant for online bank account opening applications and is only valid for Singapore citizens, PRs, Employment/S-Pass holders, Students on a visa, Entre pass holders, etc. When you join GlobalBanks IQ, you immediately unlock the GlobalBanks Database of international banks home to 250+ banks in 50+ countries. In this article, well discuss how the wealthy are able to successfully open accounts in Singapore as non-residents. Instead, to send money to your new Singaporean bank account at low fees and favourable exchange rates, we recommend you use a money transfer specialist service. UOB has seen its asset portfolio grow consistently in recent years with a steady cost-to-income ratio. Founded in 1812, Citibank is part of Citigroup, an American multinational investment bank and financial service company originating from New York. Citibank 4. Proof of residence (in Singapore or abroad); A secondary government-issued ID in addition to your passport; A referral letter (from a client or a former bank.). But Singaporean regulators rejected them each and every time. An employment pass, Singaporean residency, or Singaporean proof of address is not required. Second, the branch you go to and the banker you apply with is extremely important and can influence whether or not your bank account is opened. Please enable Strictly Necessary Cookies first so that we can save your preferences! If you love to travel, or shop online with international retailers, Wise can help you avoid international payment charges. Just top up your account with dollars, and then switch to the currency you need using the mid-market rate. If youre applying for a bank account in Singapore, it is incredibly important that you have all of your documents prepared in advance. Wise is the trading name of Wise Asia-Pacific Pte Ltd, which is a company incorporated under the laws of Singapore with Unique Entity Number 201422384R. And while everyone on the internet says that non-resident banking in Singapore is getting more difficult (or even impossible), were here to tell you otherwise. Private Bank Account in Singapore for a Non-Resident. OCBC (Overseas Chinese Banking Corporation). DBS, was first established in 1968. 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. To learn more about what options you have for banking in Singapore as a non-resident, take a look at the major offerings among local and multinational banks in the country below: Singapore's third-largest bank, United Overseas Bank (UOB), offers personal savings and current accounts to non-residents from abroad. Address of Residence, either local or overseas the latter address to be accepted on a temporary basis till you find a local address and inform the bank through their digital platform. One option is Taiwan. To get started, you'll need to be physically present in Singapore to participate in an in-branch meeting, where you'll need to show either a letter of reference from your old bank or a letter from an introducer at UOB. List of Foreign Banks in Singapore Here is a list of branches, subsidiaries and representative offices of foreign banks operating in Singapore. After completing her degree in journalism, she began her career as a lifestyle writer for a popular online publication in Singapore. While monthly service fees are usually not charged, banks in Singapore charge a monthly fee if your average monthly bank account balance falls below a certain amount (usually between S$1,000.00 to S$5,000.00.) The first mobile banking apps were developed by OCBC Bank. Nieuwezijds Voorburgwal 104 Amsterdam 1012 SG, The Netherlands, Woxa IT Park, 463, Udyog Vihar, Phase 5, Gurgaon 122016. All Rights Reserved. Singapore banks are required to monitor and find suspicious transactions and unverified sources of income or wealth deposited with them. 2) Proof of Employment: Employment pass/In Principal Approval (IPA) issued by Ministry of Manpower*; and. Singapore's MAS Proposes Design Framework for Interoperable Digital Back to top Foreign banks in Singapore There are more foreign banks in Singapore than you would think. Foreigners working in Singapore now have more loan options than ever before. Experience hassle-free banking in Singapore. Here are a few options to consider: Overall, when choosing a bank account as a foreigner in Singapore, its important to consider factors such as fees, interest rates, and online banking capabilities. Overall, opening a bank account in Singapore as a foreigner is generally a straightforward process, but the documentation requirements may vary depending on the bank and the type of account. Dont book flights to Singapore, only to discover that youre missing three required documents after you arrive. Not available. The Monetary Authority of Singapore (MAS) regulates all banks operating within Singapore. This account also allows multicurrency feature that allows multicurrency transactions with zero additional charges. As a foreigner you'll need to earn SGD45,000 or above, and open an eligible DBS or POSB account to apply. HSBC Singapore Top Banks in Singapore (Source: @jiskm100820). 02. Singapore non-resident banking is on the rise, big time. However, we especially recommend Wise if you're moving to Singapore and want to make international transfers or if you need to receive and spend Singapore dollars from the get-go. On top of that, 25% of the countrys population are millionaires. Lets take a look at some of the key accounts on offer from Singapores biggest banks. Citibank: Citibank offers several bank accounts for foreigners, including the Citibank MaxiSave Account and the Citibank Tap and Save Account. Some Singaporean banks offer specialized banking packages designed for non-residents and expats. Most banks in Singapore offer bank accounts for foreigners, but the requirements for opening an account may vary depending on the bank and the type of account.