Everything You Need to Know

Singapore is a global financial hub known for its robust banking system and business-friendly environment. For foreigners relocating to Singapore, opening a local bank account is a crucial step to manage finances smoothly. This guide provides all the essential information you need to know about opening a Singapore bank account as a foreigner.

Why Open a Bank Account in Singapore?

• Convenience: Easily manage your finances, pay bills, and receive your salary.

• Local Transactions: Facilitate local transactions such as rent payments, utility bills, and everyday expenses.

• International Banking: Access a wide range of international banking services and multi-currency accounts.

• Investment Opportunities: Leverage investment opportunities offered by Singaporean banks, including savings accounts, fixed deposits, and wealth management services.

Choosing the Right Bank

Singapore has several reputable banks to choose from, each offering a range of services tailored to different needs. Here are some of the major banks:

• DBS Bank: Known for its extensive network and digital banking services.

• UOB (United Overseas Bank): Offers comprehensive banking services with a strong focus on personal and business banking.

• OCBC Bank: Provides a wide range of financial products and excellent customer service.

• Citibank: Ideal for expats, offering global banking solutions and multi-currency accounts.

• Standard Chartered Bank: Known for its international banking services and wealth management options.

• POSB Bank: A subsidiary of DBS, popular for everyday banking needs.

Requirements for Opening a Bank Account

To open a bank account in Singapore, you will need to provide several documents. While the exact requirements may vary slightly between banks, the following are generally required:

• Identification: Valid passport and, if applicable, Employment Pass, S Pass, or Dependant Pass.

• Proof of Address: This can be a utility bill, rental agreement, or a letter from your employer.

• Initial Deposit: Some banks require an initial deposit to open the account.

• Employment Details: Employment letter or proof of employment for those on work visas.

• Tax Identification Number: Depending on your home country, you may need to provide your tax identification number.

How Move2SG Can Assist

• Bank Recommendations: Based on your needs, we recommend the most suitable banks and account types.

• Document Preparation: We assist in gathering and organizing the necessary documents to ensure a smooth application process.

• Document Submission: We handle the submission of your documents to the bank on your behalf.

• Follow-up Support: We provide ongoing support to ensure your bank account is set up correctly and answer any questions you may have.

Opening a bank account in Singapore is a vital step for foreigners to manage their finances efficiently. By understanding the requirements and leveraging the support of Move2SG, you can open your account with ease. Move2SG is here to assist you throughout the process, ensuring a smooth and hassle-free experience. Our strong partnerships with major banks like DBS, UOB, OCBC, Citibank, Standard Chartered, and POSB enable us to provide you with a streamlined process. Let us help you set up your financial foundation in Singapore and make the most of the excellent banking services available in this global financial hub.

For personalized support and expert advice, please contact us.