Singapore, a global commercial hub, is a popular destination for foreign professionals and students. Whether you are visiting Singapore for a short-term opportunity or planning to establish a longer-term presence, it is important to establish a solid financial foundation. One important step is to open a bank account. With a Singapore bank account, you can manage your finances efficiently, receive your salary, pay bills, and enjoy a host of other banking services.
OCBC is a reliable banking partner for foreigners banking in Singapore. As the longest-established Singapore bank and one of the world's most highly-rated banks, OCBC offers a wide range of banking products and services to meet the needs of foreign customers.
Why bank with OCBC?
At OCBC, we have made it easy for foreigners planning a move to Singapore, be it for short-term work opportunities or those looking to establish longer-term roots, to open a bank account. Here are some of the benefits of opening a Singapore bank account with us:
- Open your account remotely: You can open a Singapore bank account with OCBC even before you arrive in Singapore. Simply download the OCBC Digital app and complete the online application process with your biometric e-passport and ID card.
- Transact in multiple currencies: OCBC offers a Global Savings Account that allows you to make transactions in up to 9 major currencies with no administrative fees. This is a valuable option for foreigners who frequently make international transactions or need to manage money in both their home currency and Singapore dollars.
- Keep track of your everyday transactions: OCBC also offers a Statement Savings Account that provides you with monthly e-statements of your transactions. This convenient and easy-to-use account can help you stay on top of your spending.
Eligibility requirements and necessary documents for foreigners
To open a Singapore bank account with OCBC, you must be:
- At least 18 years old; and
- Hold e-passports from Hong Kong, Malaysia, Indonesia or mainland China
The required documents are straightforward and accessible, which is a major advantage for foreigners who are still in the process of relocating to Singapore and have not obtained an employment or student pass.
Process of opening a Singapore bank account
You can open a Singapore bank account remotely without having to visit our branch. Our OCBC Digital banking app ensures a smooth application process, allowing you to focus on other aspects of your relocation.
To open a Singapore bank account with OCBC, you can follow these steps:
- Download the OCBC Digital app.
- Tap on "Sign up" and select "Foreigner with e-passport."
- Prepare your e-passport and ID card for identity verification.
- Open your account remotely in minutes.
Manage your finances on the go with OCBC Digital
From the moment you successfully set up a Singapore Bank Account with us, gain access to a comprehensive suite of digital banking services that allow you to manage your finances on the go. With OCBC Digital, you can:
- View your account balances and transactions
- Make payments
- Transfer money
- Exchange foreign currency
- And much more
Experience hassle-free banking in Singapore
OCBC is committed to making banking simple for foreigners in Singapore. Whether you are about to embark on your journey to Singapore to work, study, or explore the endless opportunities this city-state has to offer, we have your banking needs covered.
Open your bank account remotely with us today and get S$15 in cash when you deposit at least S$1,000 in fresh funds within 30 days of successful account opening. Terms & Conditions apply. Discover the simplicity of banking with OCBC today.
FAQs
If you hold a Long-Term Visit Pass, Singaporean banks' doors are also open for you. To open a bank account, you must provide proof of identity, such as an up-to-date passport or national ID, proof of residence, and hold a Long-Term Visit Pass, Letter of Employment, or Admission.
How to open a bank account in Singapore if you are a foreigner? ›
Necessary documents to open a bank account in Singapore as a foreigner
- Proof of identity, such as a valid passport or national ID card.
- Proof of residence, including phone bills or utility bills.
- Employment Pass, S Pass, Student Pass or Dependent Pass depending on the situation.
7 Best Singaporean Banks For Expats
- 7 Best Singaporean Banks For Expats.
- OCBC. OCBC, which stands for Overseas-Chinese Banking Corporation, is one of the top banks in Singapore for foreigners. ...
- Standard Chartered. Choose Standard Chartered as an alternative. ...
- Citibank. ...
- HSBC. ...
- UOB. ...
- DBS Bank. ...
- ANZ Bank.
Foreigners residing in Singapore on an employment pass or a student or long-term visit pass, including expats, can open a bank account in Singapore. To open an account, you will need a passport or identity card, proof of residential address, and a valid pass.
How can I open a bank account in Singapore remotely? ›
Process of opening a Singapore bank account
- Download the OCBC Digital app.
- Tap on "Sign up" and select "Foreigner with e-passport."
- Prepare your e-passport and ID card for identity verification.
- Open your account remotely in minutes.
Can a foreign incorporated company or company owned by foreigners open a DBS bank account in Singapore? Yes.
What is the minimum deposit for offshore bank account in Singapore? ›
Account opening requirements and minimum deposit
The initial deposit requirement is SGD 30,000 for commercial accounts, and USD 30,000 for multi-currency accounts. Applicants are required to submit personal and company details (such as registered company name and business registration number) on the bank's website.
What is the easiest bank account to open for foreigners? ›
What is the easiest digital bank account to open for non-British citizens?
- Monese. Email address, phone number, and ID document. ...
- Monzo. Valid ID (but you will need a UK address to receive your debit card) ...
- Revolut. Valid ID. ...
- Wise. Valid ID. ...
- Cashplus. Valid ID. ...
- Starling. Valid ID. ...
- Atom. Valid ID.
- DBS Bank. The Development Bank of Singapore, or DBS, was there when Singapore gained independence in 1965. ...
- Overseas-Chinese Banking Corp (OCBC) ...
- United Overseas Bank (UOB) ...
- Standard Chartered Singapore. ...
- Bank of Singapore. ...
- Citibank Singapore. ...
- HSBC Singapore. ...
- CIC Singapore.
The top 3 local banks are Development Bank of Singapore, Overseas Chinese Banking Corporation, and United Overseas Bank. Foreign Banks: There are around 150+ foreign banks. And they can be sub-divided into different categories. Full banks: There are around 27 full banks.
Can a non-citizen open a bank account in the U.S.? Yes, non-U.S. citizens can open a bank account in the U.S. When you open a bank account at Bank of America, you'll need to provide two forms of identification, a tax identification number and documents that show proof of both a foreign and U.S. address.
Can I keep my bank account if I leave Singapore? ›
Yes, you can keep your bank account if you leave Singapore and no longer are a resident of Singapore. Do update your personal details and contact information via the DBS or POSB ibanking portal, digibank, or visit a DBS or POSB branch near you in person.
Can I open a bank account online without going to the bank? ›
Yes, many banks allow customers to open an account from the convenience of their computer desktop or mobile device. You'll need the same information ready as when visiting a physical branch, such as your identification and proof of address.
Which Singapore banks allow foreigners to open accounts? ›
Major banks that cater to foreigners include DBS (Development Bank of Singapore), OCBC (Overseas-Chinese Banking Corporation), UOB (United Overseas Bank), MayBank, Revolut, Citibank, Standard Chartered, and HSBC.
How can I open instant bank account in Singapore? ›
Open your account swiftly with Singpass. What is Singpass? With Singpass, your trusted digital identity in Singapore, you can open a DBS account instantly on the digibank app.
Which bank account should I open in Singapore? ›
| Savings account | Maximum interest rate (p.a.) | Realistic interest rate (p.a.) |
|---|
| Maybank Save Up | 4.00% | 1.25% |
| SIF GoSavers Account | 3.50% | 2.50% |
| Trust Savings Account | 3.50% | 2.25% (NTUC union member); 1.75% (non-NTUC union member) |
| GXS Savings Account | 2.68% | 2.68% |
11 more rowsForeigners with Work Permit
- Passport.
- Work Permit.
- Proof of Mailing Address (i.e. Utility/Telco bills or Bank statement from another bank in Singapore, where the name must be the same as your Passport and Work Permit)
- Your employer needs to be processing salary payment through Maybank.
In addition, foreigners residing in Singapore will need to provide the following: To apply for a credit card, you will need copy of your passport and income documents to be uploaded. To apply for a savings account, you will need copy of your passport details to be uploaded.
Can I open a bank account in another country without living there? ›
A non-resident bank account can make managing your money overseas easier. A non-resident bank account is an account you can open in a central location based in a country or territory you don't currently live in. These accounts are also referred to as Offshore Bank Accounts or Offshore Accounts.
