If you’re planning to move to Singapore from the UK to work, study or retire, you might find it useful to have a bank account there.
One of the first steps of opening a bank account in Singapore is to choose a bank. Read on for a full guide to 10 of the top banks in Singapore, along with a handful of non-bank alternatives.
We’ll start with a quick look at what banking is like in the city state.
Banking in Singapore (an overview)
Singapore is one of the world’s busiest and best banking hubs, and the sector contributes significantly to the country’s economy. There are a huge number of banks to choose from, including full banks, wholesale banks and local banks, but a large number are foreign-owned banks.
It’s reasonably straightforward to open a bank account, whether you’re a Singaporean national, permanent resident or foreigner. Here are the documents you’re likely to need:¹
- Proof of ID, such as your passport
- Proof of address
- Proof of tax residency
- Proof of employment/study in Singapore/dependent or long term visit pass.
Whether or not you can open an account online depends on the bank. If you have a Singpass (a digital identity for Singapore residents), then you’ll find the process easy and quick.
In terms of fees, current accounts in Singapore do come with some service fees. These are mainly charged if your account falls below a certain balance, but they can also be waived in other circ*mstances (such as for young people or new customers).
You shouldn’t pay any fees to withdraw cash, as long as you stick to your bank’s ATMs.
Another fee to watch out for is for international transfers, if you need to send money back to the UK or elsewhere. Like in many other countries, banks in Singapore tend to charge high fees for sending money abroad.
If you need to manage your money internationally and want to save money, check out the Wise account instead.
Learn more about the Wise account 🚀
Top 10 banks in Singapore
Now, let’s take a look at some of your options when it comes to choosing a bank in Singapore.
Here are some of the country’s biggest and most popular banks:
| Bank name | Operational HQ |
|---|---|
| DBS | Marina Bay Financial Centre Tower 3, Singapore |
| OCBC | OCBC Centre, Singapore |
| UOB | UOB Plaza, Singapore |
| Bank of Singapore | Bank of Singapore Centre, Singapore |
| Citibank Singapore | Asia Square Tower 1, Singapore |
| HSBC | Marina Bay Financial Centre Tower 2, Singapore |
| Standard Chartered | Marina Bay Financial Centre Tower 1, Singapore |
| Maybank | Maybank Tower, Singapore |
| BNP Paribas | Ocean Financial Centre, Singapore |
| RHB Singapore | Cecil Street Business Centre, Singapore |
DBS
Formerly known as the Development Bank of Singapore, DBS is the biggest bank in the country. It’s also one of the largest in Southeast Asia.
DBS offers a range of accounts, cards, insurance, loans and other financial services for personal customers in Singapore. This includes its popular DBS Multiplier account, which offers tiered levels of interest based on your income and transactions.²
It does have a small service fee, but this is waivable if you’re under a certain age or can meet minimum balance requirements.²
DBS also offers SME and corporate banking services, wealth management and private banking.
OCBC
The Overseas Chinese Banking Corporation (OCBC) is one of the largest financial institutions in the Singapore and Malaysia market. It offers personal, premier and business banking along with a wide range of other financial services.
If you’re interested in an everyday banking account, the OCBC 360 Account could be worth checking out. It pays interest on your balance if you meet certain conditions on spending, saving, paying in your salary and taking out other OCBC products.³
There’s a manageable initial deposit and a tiny fee for falling below a certain minimum balance requirement.³
OCBC also has dedicated accounts, cards and solutions for SMEs, larger enterprises and corporate clients.
UOB
United Overseas Bank (UOB) is another of Singapore’s major local banks, although it also has a presence in many other countries worldwide.
UOB offers current and savings accounts, cards, loans, insurance and many other services for personal customers. This includes the UOB One Account, an interest-earning account designed for everyday use. To get the interest, you simply need to meet a monthly spending threshold, with the option to earn more interest by fulfilling other targets.⁴
The account comes with a debit card, has a minimum initial deposit and a small fee for falling below a certain balance.⁴
UOB also has an extensive range of business, commercial and institutional banking services. Plus, wealth management solutions and private banking.
Bank of Singapore
A subsidiary of OCBC, Bank of Singapore is a private bank with a global presence. Its focus is on wealth management for individuals, offering a range of private banking and bespoke wealth planning solutions. This includes asset creation and preservation solutions, alternative and sustainable investments and credit solutions.
Citibank Singapore
The first US-owned bank to set up in Singapore back in 1902, Citibank Singapore today has a wide network of branches and ATMs across the country.
Personal customers can choose from a sizable range of accounts, including foreign currency accounts. A popular choice is the Citi Wealth First Account, which offers additional interest as you spend, invest, insure, borrow and save. The account comes with a debit card, and has no ATM fees (at Citibank ATMs).⁵
Citibank also offers a range of other services, including wealth management, global banking, insurance, investments and products for businesses.
HSBC
One of the oldest banks in Singapore, international bank HSBC offers banking services for every kind of customer.
For personal customers, especially those new to Singapore, a popular option is the HSBC Everyday Global Account.
This account lets you shop, spend and withdraw cash in multiple currencies, as well as sending money internationally with HSBC Global Money Transfers. There’s also the option to earn rewards by bundling your account, debit and credit cards together.⁶
HSBC also offers business banking for SMEs, international businesses and large corporates.
Standard Chartered Singapore
With a history in Singapore dating back to 1859, Standard Chartered now has a network of branches across the country.
It offers personal, priority and business banking, as well as wealth management and international banking solutions.
If you’re after an everyday account, the Standard Chartered Bonus Saver could be worth considering. It pays interest on your balance if you credit your salary, spend and pay bills, plus bonus interest if you take out an insurance or investment product. It also has a multi-currency feature you can activate.⁷
There’s no monthly service charge, but there is a small fee if you fall below a minimum balance.⁷
Businesses can choose from accounts, cash management solutions, investments, time deposits and a range of other services.
Maybank
Malaysian-owned Maybank offers a full range of banking services across Singapore, as well as Indonesia and home country Malaysia.
It has a large number of current and savings accounts available for personal customers, including the PremierOne Current Account. This has a minimum opening deposit, small monthly fee and small ‘fall-below’ fee if your balance drops below a certain threshold. In return, you’ll get a debit card, no ATM fees (at Maybank ATMs) and interest on your money.⁸
Maybank also offers wealth management solutions and private/premier banking, plus tailored business banking for SMEs and commercial customers.
BNP Paribas
Part of a major international banking group, BNP Paribas Singapore offers dedicated services for corporate clients and institutions. It also has wealth and asset management solutions, as well as global banking services. It doesn’t have personal accounts or cards available for individuals.
RHB Singapore
RHB Bank is a universal bank known for its commitment to providing excellent customer service. It offers personal, premier and business banking, as well as asset management solutions.
A good option for personal customers at RHB is its Trio Current Account, ideal for everyday banking. It offers interest on your balance, mobile banking and easy access to your money, all for no initial deposit and no monthly fee (unless your balance falls below a certain threshold).⁹
The bank also has loans, insurance and investment products, plus premier banking, business accounts and business loans.
Best online bank accounts and alternatives in Singapore
Along with traditional banks, there are also online banks, money apps and other alternatives operating in Singapore.
A few of the most popular are:
- Revolut - an all-in-one finance app with a debit card and banking services.
- YouTrip - a multi-currency travel wallet and prepaid card.
- Aspire - a payment services company offering business accounts, cards and other in-app smart finance tools for small businesses.
Wise – Money for here, there and everywhere
If you want to send money internationally, or use your debit card when you travel, you could find it expensive with a Singaporean bank.
The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.
You can even get an international debit card for spending in over 150 countries, including Singapore and the UK. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.
This makes it ideal for travellers, expats, overseas students and anyone else living an international life.
Sign up with Wise today 💰
And there you have it - a rundown of the 10 best banks in Singapore, along with details of their most popular accounts and other financial services. This should help you choose the right option for you as you settle into life in Singapore.
Sources used for this article:
Sources last checked on 22-Mar-2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
