Singapore stands out as a premier destination for private and corporate foreign bank accounts, boasting a robust financial system and English-language services. However, recent regulatory changes have made the process more complex, reflecting Singapore’s commitment to global transparency standards.
With around 30 banks in Singapore, selecting the one that is best suited to your financial situation and goals is essential. Leading options like DBS, OCBC, and UOB cater to those seeking brokerage accounts and streamlined intra-bank transfers through the EPS system.
Among these, OCBC Bank shines with its comprehensive banking services, including brokerage and settlement accounts, alongside automated transactions. While HSBC and Citibank are also present, existing accounts with these banks may not offer the same cost-effectiveness as exploring other foreign bank options in Singapore.
Types of Accounts Available in Singapore Bank
Opening a bank account for non-residents in Singapore follows similar conditions across all banks. While settlement accounts with debit or credit cards are not immediately accessible, savings accounts are readily available. Once opened, foreign bank accounts in Singapore offer the freedom to transfer funds, withdraw cash from ATMs, and typically waive account fees as long as a minimum balance of around SGD 1,000 is maintained. Additionally, private Internet banking is a mandatory and complementary feature of every account. Beyond savings accounts, options include fixed-term deposits for better interest rates and the ability to deposit funds in various foreign currencies, encompassing major convertible currencies such as EUR, USD, and GBP.
Procedure for Opening a Bank Account in Singapore for Foreign Users
Once you have decided on the type of foreign bank account you wish to open in Singapore, the subsequent step involves navigating the account opening process. While it’s entirely possible to undertake this process independently, enlisting the assistance of a professional intermediary, such as our company, can significantly streamline the process, ensuring a seamless experience from start to finish.
Opting to visit Singapore in person for the purpose of opening your bank account presents a multitude of advantages beyond the mere administrative task. It offers a firsthand opportunity to experience the jurisdiction’s reliability and attractiveness, providing valuable insights into the local banking landscape and regulatory environment. Additionally, it fosters a sense of confidence and assurance in your banking choice, knowing that you’ve personally engaged with the banking institution and witnessed its operations firsthand.
When visiting Singapore to open your bank account, you’ll need to make your way to the financial district where the banks, including those mentioned in this article, are typically situated. Armed with essential documentation such as your passport and proof of residency, such as a bank statement or utility bill, you’ll be well-prepared to initiate the account opening process. Additionally, be prepared to furnish any requested letters of recommendation from professionals such as notaries or lawyers, as well as provide your taxpayer and national insurance numbers if requested by the bank.
Furthermore, before embarking on your journey to Singapore, it’s advisable to reach out to our team of professionals based in the country. They can provide invaluable guidance and support, offering insights into the specific requirements and nuances associated with opening a foreign bank account in Singapore. By leveraging their expertise and local knowledge, you can navigate the process with confidence, ensuring that all necessary documentation is prepared and that you’re fully equipped to achieve your banking objectives seamlessly and efficiently.
Terms and conditions at selected Singapore banks:
OCBC Bank:
- Initial Deposits: SGD 3,000, USD 500, EUR 500
- Average Daily Balance: SGD 10,000, USD 10,000
MayBank:
- Initial Deposits: SGD 1,000, USD 1,000, EUR 100
- Average Daily Balance: SGD 10,000, USD 1,000
CitiBank Singapore:
- Initial Deposit: SGD 50,000 (or equivalent)
- Average Daily Balance: SGD 50,000 (total for all accounts)
UOB Bank:
- Initial Deposits: SGD 1,000, USD 1,000, EUR 900
- Average Daily Balance: SGD 10,000, EUR 8,000
DBS Commercial Banking:
- Initial Deposits: SGD 3,000, USD 1,000, EUR 800
- Average Daily Balance: SGD 10,000, USD 1,000, EUR 800
It is essential to consider the following points when starting the process of opening a private or corporate bank account in Singapore:
- Singapore does not impose currency controls, but if you’re importing more than 30,000 SGD, you’ll need to complete a customs declaration. Nevertheless, electronic payment systems offer a convenient alternative for transferring money.
- Depositing funds into your foreign bank account in Singapore requires an international transfer. Upon opening your account, the bank will furnish you with a SWIFT code and all necessary details for facilitating the transfer.
- Typically, international transfers take between 3 to 10 days to process, depending on the sender’s bank’s country. The average commission for incoming transfers is approximately 10 SGD.
How Secure is your money in Singapore?
Singapore stands as a trusted and meticulously regulated financial hub, not just within Southeast Asia, but globally. Oversight of banks falls under the purview of the Monetary Authority of Singapore (MAS), the nation’s central bank. Deposit protection extends to Singapore dollar deposits, safeguarded up to SGD 50,000 by the Singapore Deposit Insurance Corporation (SDIC). However, it’s crucial to note that deposits in foreign currencies do not enjoy this coverage.
While some banks, like DBS, have partial state ownership through the Temasek Sovereign Wealth Fund, all institutions mentioned here boast stability and reliability. The government’s unwavering commitment to safeguarding these banks ensures foreign customers’ investments remain secure, underlined by Singapore’s AAA credit rating from all major rating agencies.
To get assistance in obtaining a Singaporean bank account, please use the most convenient communication channel to contact International Wealth. Our experts are well-versed in navigating the intricacies of Singapore’s banking landscape. If you would like to see more information about our services, you can find it here.
Furthermore, we understand that selecting the right bank and account type can be a daunting task, so we offer complimentary consultations to provide clarity and direction, helping you make informed decisions that align with your financial goals. Contact us today to embark on your journey towards financial security and prosperity in Singapore.
