Banking in Singapore
Banks in Singapore
List of Banks in Singapore
It is easy for British expats to open a bank account in Singapore if you have a work permit, visa, proof of address & passport. You may apply online for a Singaporean bank account, but you need to visit the bank in person.
Many people fly to Singapore just to set up a bank account.
DBS Multiplier, CIMB Mastersaver, HSBC Premier & Standard Chartered ea$ysaver are popular bank accounts in Singapore.
Top 38 Banks in Singapore
Local Banks in Singapore
| Local Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
|---|---|---|---|---|---|---|
| English | Other languages | |||||
| Bank of Singapore (part of OCBC Bank) | 新加坡银行 | Yes | Singapore | 63 Market Street | Yes | No |
| DBS Bank Limited | 星展银行有限公司 | Yes | Singapore | 12 Marina Boulevard | Yes | Pri |
| POSB (part of DBS Bank) | 新加坡邮政储蓄银行 | Yes | Singapore | 12 Marina Boulevard | Yes | Pri |
| OCBC Bank | 华侨银行有限公司 | Yes | Singapore | 65 Chulia Street | Yes | Pri |
| United Overseas Bank Limited (UOB) | 大华银行有限公司 | Yes | Singapore | 80 Raffles Place | Yes | Pri |
There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks.
Full banks in Singapore
Although foreign banks with full bank licences can also offer most commercial banking services to clients compared to local banks, they are restricted in terms of number of branches and automated teller machines.
Qualifying Full Banks in Singapore
| Qualifying Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
|---|---|---|---|---|---|---|
| English | Local language | |||||
| Australia and New Zealand Banking Group Limited | Yes | Australia | Raffles Place | Yes | Pri | |
| BNP Paribas | Yes | France | 20 Collyer Quay | Yes | No | |
| Citibank International Personal Bank Singapore (Citibank Singapore Limited) | 新加坡花旗銀行國際個人銀行 | Yes | Singapore | 23 Church Street | Yes | Yes |
| Citibank Singapore Limited | 美国花旗银行新加坡分行 | Yes | Singapore | 3 Temasek Avenue | Yes | No |
| HSBC | 香港上海滙豐銀行有限公司 | Yes | Hong Kong SAR | 21 Collyer Quay | Yes | Pri |
| Maybank Singapore Limited | Yes | Malaysia | 2 Battery Road | Yes | Sec | |
| Standard Chartered Bank | 渣打银行 | Yes | United Kingdom | 6 Battery Road | Yes | Pri |
| State Bank of India | ஸ்டேட் பேங்க் ஆப் இந்தியா | Yes | India | 135 Cecil Street | Yes | No |
| ICICI Bank Limited | Yes | India | 9 Raffles Place | Yes | No | |
| Bank of China | 中国银行 | Yes | China | 4 Battery Road | Yes | Sec |
| Industrial and Commercial Bank of China | 中国工商银行 | Yes | China | 6 Raffles Quay | Yes | Sec |
How to Open a Bank Account in Singapore?
In order to set up a bank account in Singapore you usually need the following documents and the banks require your physical presence:
- Valid Passport (if IC is produced as a Primary document)
- Valid driving licence
- Utility bills (e.g. water/electricity/telephone bills, Quit Rent, Assessment Notice) in the name and address of the customer opening the account with your Singaporean address on it
- Visa & Letter of employment
Can I open a Singaporean bank account online?
Due to documentation requirements, it isn’t possible to open a Singaporean bank account online, it requires your physical presence, however, you can start the paperwork process online before you meet a Singaporean bank representative.
How much money do you need to open a bank account in Singapore?
It varies bank to bank, but you can open a Standard Chartered bank account in Singapore with no deposit.
Singapore Bank Account Offers
CitigoldSingSaver’s Exclusive OfferFeatured
S$ 250,000 Min. Initial Deposit 0.1 %Min Annual Interest Rate 2.8 %Max Annual Interest Rate SingSaver’s Exclusive Offer:Grab S$400 worth of Takashimaya Vouchers when you make a min. deposit of S$250,000 within 90 days of account opening. Valid till 21 Nov 2021. T&Cs apply.
Get up to S$7,476 cash upon joining Citigold. Valid till 21 Nov 2021. T&Cs apply.
S$ 0 Min. Initial Deposit 0.01 % Min Annual Interest Rate 2.38 % Max Annual Interest Rate SingSaver’s Exclusive Offer: Grab a Dyson AM07 Tower Fan (worth S$499) or S$250 cash when you make a min. deposit of S$50,000 in fresh funds. Valid till 30 Nov 2021. T&Cs apply.
S$ 100 Min. Initial Deposit 0.05 %Min Annual Interest Rate 0.05 % Max Annual Interest Rate Popular: Get up to S$60 cash credit. Valid till 31 Dec 2021. T&Cs apply.
Get up to S$100 worth of Lazada vouchers when you make a min. deposit of S$5,000. T&Cs apply.
S$ 1,000 Min. Initial Deposit 0.05 % Min Annual Interest Rate 1 %Max Annual Interest Rate Welcome Gift: Get S$100 GrabPay credits when you are among the first 400 to open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Get S$200 GrabPay credits when you are among the first 150 to open a new account and make a min. fresh funds deposit of S$100,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Else, get up to S$150 cash credit when you open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 31 Dec 2021. T&Cs apply.
S$ 1,000 Min. Initial Deposit 0.05 %Min Annual Interest Rate 2.5 % Max Annual Interest Rate Welcome Gift: Get S$100 GrabPay credits when you are among the first 400 to open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Get S$200 GrabPay credits when you are among the first 150 to open a new account and make a min. fresh funds deposit of S$100,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Else, get up to S$150 cash credit when you open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 31 Dec 2021. T&Cs apply.
S$ 1,000 Min. Initial Deposit 0.05 %Min Annual Interest Rate 0.05 % Max Annual Interest Rate Welcome Gift: Get S$100 GrabPay credits when you are among the first 400 to open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Get S$200 GrabPay credits when you are among the first 150 to open a new account and make a min. fresh funds deposit of S$100,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Else, get up to S$150 cash credit when you open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 31 Dec 2021. T&Cs apply.
S$ 1,000 Min. Initial Deposit 0.05 % Min Annual Interest Rate 0.05 % Max Annual Interest Rate Welcome Gift: Get S$100 GrabPay credits when you are among the first 400 to open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Get S$200 GrabPay credits when you are among the first 150 to open a new account and make a min. fresh funds deposit of S$100,000. Valid for new and existing UOB accountholders till 10 Nov 2021. T&Cs apply.
Else, get up to S$150 cash credit when you open a new account and make a min. fresh funds deposit of S$5,000. Valid for new and existing UOB accountholders till 31 Dec 2021. T&Cs apply.
S$ 0 Min. Initial Deposit 0.01 % Min Annual Interest Rate 2.8 %Max Annual Interest Rate
S$ 1,500 Min. Initial Deposit 0.2 % Min Annual Interest RateBase interest rate depends on account balance and ranges from 0.25% p.a. to 0.475% p.a. 3 % Max Annual Interest Rate on first S$80,000 of account balance.
S$ 500 Min. Initial Deposit 0.19 % Min Annual Interest Rate 3 % Max Annual Interest Rate DBS Multiplier Account is Popular.
S$ 0 Min. Initial Deposit 0.05 %Min Annual Interest Rate 3 %Max Annual Interest Rate Popular: Enjoy up to 3% p.a. interest rate on your savings with no min. transaction amount required.
S$ 0 Min. Initial Deposit 0.05 % Min Annual Interest 3% Max Annual Interest Rate Popular: Enjoy up to 3% p.a. interest rate on your savings with no min. transaction amount required.
S$ 1,000 Min. Initial Deposit 0.05 % Min Annual Interest Rate 2.68 % Max Annual Interest Rate Excludes interest from Grow and Boost.
S$ 0 Min. Initial Deposit 0.05 % Min Annual Interest Rate 2 %Max Annual Interest Rate.
S$ 1,000 Min. Initial Deposit 0.15 %Min Annual Interest Rate 1 %Max Annual Interest RateAvailable only for CIMB Visa Signature cardmembers.
S$ 0 Min. Initial Deposit 0.05 % Min Annual Interest Rate 0.25 %Max Annual Interest Rate.
S$ 0 Min. Initial Deposit 0.05 % Min Annual Interest Rate 0.2 %Max Annual Interest Rate.
What is the interest rate on a bank account in Singapore?
Interest rates in Singapore and around the world currently have low interest rates, often less than 1%, whilst inflation (the increase in the prices of goods & services) stands at 2.5%* which means you are losing purchasing power of your money whilst it sits in a bank.
Many Singaporeans choose to set up an insurance wrapper which holds a mix of shares & bonds to beat the inflation rate over a ten year+ period.
| Savings account | Interest Rate | Best for |
| CIMB FastSaver | 0.3% to 1% | Young adults starting their careers |
| DBS Multiplier | 0.4% to 0.8% | Salaried workers |
| UOB One | 0.5% | No salary credit |
| OCBC 360 | 0.35% to 0.45% (w.e.f. Feb 2021) | Growing your savings |
| Maybank Save Up | 0.48% to 2.93% | Loan customers |
| SCB Bonus Saver | 0.48% to 1.08% | High spenders |
| BOC Smart Saver | 0.7% to 1.4% | High earners & spenders |
Open a Singaporean Government Savings Bond
Singapore Government Securities (SGS) bonds pay a fixed rate of interest and have maturities ranging from 2 to 30 years. There are three categories of SGS bonds – SGS (Market Development), SGS (Infrastructure) and Green SGS (Infrastructure).
Currently the interest rate varies from 1% to 2% p.a. approx.
Many British expats in Singapore opt to open trading accounts or set up an offshore insurance wrappers to hold shares & bonds to beat inflation and target single or double digit returns on your money, whilst not attracting any offshore taxes as a non-resident Brit permanently living abroad.
Scroll down to speak to an expert.
Can foreigners open a bank account in Singapore?
Yes, with the correct documents.
Currency of a Bank Account in Singapore
Most foreigners opt to open a Singaporean (RM) bank account. Some banks allow foreign currency.
In general, many people set up an offshore bank account in USD, EUR or GBP & set up a local account in SGD.
However, there are options for multi-currency accounts in Singapore.
For example, DBS bank offers multiple currencies for your overseas and online shopping with your linked DBS Private Bank Debit Card in up to 11 foreign currencies* with no foreign exchange fees. Your foreign currency transactions will be debited directly from the respective foreign currency funds.
What is Proof of Address?
This is usually a utility bill with your Singaporean address, letter of proof of residence from your landlord or letter from the British embassy confirming your address in Singapore.
It may be prudent to open a local bank account in Singapore dollars (SGD), where you place small amounts of money & open an offshore international bank account where you hold the majority of your money in an international currency such as USD, GBP or EUR for security.
What Happens if I Lose My ATM Card in Singapore?
If the ATM machine swallows your card in Singapore, don’t panic. Take a photo of the ATM and call the phone number on that ATM.
Usually you can come and pick that card up within the next three working days. Take a photo of your debit card when you set up your account for security purposes. This way, if you lose the card, you can read out the number.
Want to Open an International Bank Account?
How to Open a Bank Account in Singapore?
In order to set up a bank account in Singapore you usually need the following documents and the banks require your physical presence:
- Valid Passport (if IC is produced as a Primary document)
- Valid driving licence
- Utility bills (e.g. water/electricity/telephone bills, Quit Rent, Assessment Notice) in the name and address of the customer opening the account with your Singaporean address on it
- Letter of employment
Can I open a Singaporean bank account online?
Due to documentation requirements, it isn’t possible to open a Singaporean bank account online, it requires your physical presence.
How much money do you need to open a bank account in Singapore?
It varies bank to bank, from zero to $200,000 SGD.
What is the interest rate on a bank account in Singapore?
Interest rates vary depending on whether you just have a current account / checking account or have a savings account with a fixed term deposit in Singapore.
| Savings account | Realistic interest rates | Best for |
| CIMB FastSaver | 0.3% to 1% | Young adults starting their careers |
| DBS Multiplier | 0.4% to 0.8% | Salaried workers |
| UOB One | 0.5% | No salary credit |
| OCBC 360 | 0.35% to 0.45% (w.e.f. Feb 2021) | Growing your savings |
| Maybank Save Up | 0.48% to 2.93% | Loan customers |
| SCB Bonus Saver | 0.48% to 1.08% | High spenders |
| BOC Smart Saver | 0.7% to 1.4% | High earners & spenders |
Interest rates in Singapore and around the world currently have low interest rates, often less than 1%, whilst inflation (the increase in the prices of goods & services) stands at 2.5%* which means you are losing purchasing power of your money.
Many British expats in Singapore opt to set up offshore insurance.
Many Brits open local bank accounts in SGD, then hold an offshore account in GBP, EUR or USD for security.
Can foreigners open a bank account in Singapore?
Yes, with the correct documents.
Currency of a Bank Account in Singapore
Most foreigners opt to open a Singaporean (RM) bank account. Some banks allow foreign currency.
In general, many people set up an offshore bank account in USD & set up a local account in SGD.
However, there are options for multi-currency accounts in Singapore.
Many British expats in Singapore then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad).
How Much is the Singaporean Dollar Worth?
1 USD = 1.35 SGD 1 GBP = 1.81 SGD
*11th Nov, 2021
Want to Open an International Bank Account?