Opening a bank account in a new country is never easy. The sign-up process might feel unfamiliar, the terms could seem foreign and the eligibility requirements could just get confusing. Show
However, as a foreigner in Singapore, you could benefit greatly from taking the time and effort to open a local bank account. Do foreigners need a Singaporean bank account?Whether you’re here in Singapore for study or work, you’ll need a local bank account for day-to-day transactions including using it to receive your salary or make rent payments. Having a local bank account also allows you to withdraw cash from ATMs and send and receive money in Singapore. If you’re looking to invest or trade, you’ll also need a local bank account to make settlements and fund your trades. Eligibility criteria to open a bank account in SingaporeNon-residents can hold bank accounts in Singapore as long as they meet certain requirements and provide the necessary documents. While the account opening process, criteria and documents required may vary from bank to bank, you can typically expect to be asked for the following:
4 steps to open a bank account as a foreignerSetting up a bank account in Singapore is quick and simple: 1. Choose an account typeThere are a few different types of bank accounts available in Singapore, so you first need to decide what type of account you want:
2. Compare your optionsNow that you know the different types of accounts available, it’s time to compare your options. Here are some features to consider:
3. Consider the feesSingapore bank accounts come with a few fees you need to watch out for, including:
4. Sign up for an accountYou can apply for a current account in-person or online, depending on the bank. You will need the documents outlined above, including proof of ID and residency, and also be prepared to make an initial deposit (if applicable) into your account. Benefits of savings accounts in Singapore
Saving account alternativesIf you have just arrived in Singapore and don’t have any proof of residential address yet, applying for a savings account with a local bank might not be possible. However, you can still sort out your everyday banking needs and even get a free debit card with one of the many digital payment service providers in Singapore. Digital banks in Singapore Popular local bank accounts in SingaporeHere are some popular local bank accounts you can consider, broken down by bank:
Compare a range of bank accounts in SingaporeDisclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies. Frequently asked questions
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