How to Open a Bank Account in Singapore as a Foreigner in 2025
- Modified: 8 October 2025
- 11 min read
- Starting a Company
Ruth Dsouza
Author
Ruth Dsouza Prabhu is a content developer with a passion for turning ideas into clear, engaging narratives. With a strong background in marketing communications and lifestyle writing, she simplifies complex business topics for entrepreneurs. Her work spans strategy, storytelling, and thought leadership, always focused on clarity, credibility, and impact.
Are you a foreigner looking to open a bank account in Singapore? Good news – it’s entirely possible and can be quite straightforward. This guide will walk you through the essential steps, required documents, and options available for traditional banks, digital banking options, and international banking services.
Key Takeaways
- Foreigners can open bank accounts in Singapore with major banks like DBS, OCBC, UOB, and HSBC, as well as digital-first providers and fintech solutions such as Aspire and Airwallex.
- Essential documents typically include a valid passport, proof of residential address, and proof of legal status in Singapore. Preparing these in advance helps ensure a smooth application process.
- Applications can be completed online or in person. Digital banks and fintech providers often allow faster remote setup, while traditional banks offer in-branch assistance and guidance for new arrivals.
Can Foreigners Open a Bank Account in Singapore?
Yes, foreigners can open a bank account in Singapore, but the process depends on your residency status and the type of account you need. Most major Singaporean banks like DBS, OCBC, UOB, and HSBC welcome non-residents and foreign customers, while fintech providers such as Aspire and Airwallex offer flexible, digital-first solutions for those seeking faster onboarding or multi-currency accounts.
Foreigners generally need to be 18 years or older, and provide proof of identity, legal status in Singapore, and a local residential address.
Other banks may also request a letter of introduction, proof of tax residency, or employment documents, especially for new arrivals or non-residents. While most banks allow online applications for residents with a local phone number and address, non-residents may need to visit a branch in person or consider digital or non-bank alternatives like Aspire or Airwallex.
If you need a fast, remote solution or multi-currency support, platforms like Aspire and Airwallex can help you open an account entirely online. They’re especially useful if you haven’t arrived in Singapore yet or want to avoid lengthy branch visits.
Best Banks and Fintech Options for Foreigners
When choosing where to open your account, compare both traditional banks and modern fintech providers to find the best fit for your banking needs. Each provider has its own eligibility rules, so it’s important to verify requirements before applying.
Traditional banks
- Development Bank of Singapore (DBS), Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) are the “Big Three” in Singapore, offering wide branch networks, stable services, and multi-currency account options. Banks may also enforce a minimum deposit depending on the account type.
- HSBC is another popular choice for international clients and foreign customers, with strong global reach and services tailored for expatriates and frequent travellers.
Fintech providers
- Aspire provides a fully digital experience with remote account opening, zero monthly fees, low FX fees, starting from only 0.22%, and multi-currency accounts (HKD, CNY, USD). It’s a good option for entrepreneurs or digital nomads who need global payments and seamless integration with accounting tools.
- Airwallex offers a powerful financial platform for businesses managing international transactions. It includes multi-currency business accounts, spend management tools, and low-cost FX rates—perfect for startups or SMEs with global operations.
Both Aspire and Airwallex integrate easily with Osome’s services, making bookkeeping and financial management smoother for your business.
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Gather Required Documents
Before applying for a bank account in Singapore, make sure you have all necessary documents ready. Having complete documentation and confirming that you meet primary eligibility criteria speeds up the process and helps avoid delays. Typically, you will need the following documents:
- Proof of Identity: A valid passport with sufficient remaining validity.
- Proof of Legal Status: Your Employment Pass (EP), S Pass, Student Pass, or Long-Term Visit Pass (LTVP).
- Proof of Residential Address: A recent utility bill, tenancy agreement, or bank statement showing your Singapore address.
- Additional Documents (if required): Some Singaporean banks may request a letter of introduction, proof of employment, or proof of tax residency.
Check the specific requirements of your chosen bank in advance, as eligibility and documentation rules can vary. Digital banks like Aspire and Airwallex often streamline these requirements, especially for non-residents or remote applications.
How to Apply for a Bank Account as a Foreigner
Opening a bank account in Singapore can be done online or in-person, depending on your residency status and the bank’s procedures.
Online application
Most banks offer online applications for residents or foreigners with a valid Singapore-issued pass. You may be able to submit your account details, upload required documents, and pay any account application fees through the bank’s website or mobile app. Some banks also support digital identity verification, allowing you to complete the process without visiting a bank branch. In some cases, a Singpass account is required to access and submit online forms securely.
In-person application
If online application is not available or you prefer a face-to-face process, you can visit a local bank branch. Bring all necessary documents, including your passport, valid pass, and proof of Singapore address. Applicants should also check if a minimum deposit is needed at the time of activation. Bank staff will guide you through completing the forms, verifying your identity, and activating your account online.
Account verification and activation
After submission, the bank will review your documents and verify your identity. Once approved, you can activate your debit cards or corporate cards and begin using your account. Some major banks may require additional steps like signing agreements, paying a minimum deposit, or confirming personal details at the branch.
After approval, account holders may need to activate their account by making an initial deposit, which depends on the bank.
Types of Singapore Bank Accounts Available for Foreigners
Once you meet the eligibility requirements, it’s important to understand the types of bank accounts or savings accounts available for foreigners in Singapore. Each Singapore bank account type serves different needs, from everyday transactions to international business or investment purposes:
- Savings Account:Ideal for managing your money while earning interest. Popular choices include the DBS Multiplier Account, which rewards salary crediting and bill payments with higher interest. Many accounts, such as the OCBC 360 Account, offer competitive interest rates, easy international transactions, and support for multiple foreign currencies. Be aware of any fees, minimum deposits, or minimum balance requirements. Deposits in major banks are typically insured by the Singapore Deposit Insurance Corporation, providing additional security. Some banks may require an initial deposit to start earning interest.
- Checking Account: Suited for everyday banking, such as paying bills or transferring funds. These accounts generally require proof of identity and address. For example, a DBS bank account can be a convenient option for foreigners seeking banking tools and mobile access.
- Multi-Currency Account: Designed for frequent travellers or businesses handling foreign currencies. It enables cost-effective transfers and smooth management of multiple currencies within one account. You can hold multiple currencies, including Singapore dollars, in one account.
- Investment Account: Allows foreigners to grow their wealth by trading stocks, ETFs, or other securities. Opening such an account usually involves completing an application form and submitting it to the brokerage, either online or by post. Foreigners may also open a fixed deposit account by visiting a branch and providing necessary identification.
Account Type | Best For | Key Features | Requirements |
|---|---|---|---|
| Savings Account | Earning interest and general saving | Competitive interest rates, international transactions, multi-currency support | Valid passport, proof of Singapore address, and sometimes minimum balance |
| Checking Account | Everyday banking | Bill payments, local transfers, debit card access | Valid passport and proof of Singapore address |
| Multi-Currency Account | International transfers and currency management | Hold and transact in multiple currencies, low transfer fees | Valid passport, proof of Singapore address, sometimes valid pass |
| Investment Account | Trading and investment | Access to stocks, ETFs, and other securities | Completed application form, valid passport, additional brokerage requirements |
Remote Account Opening and Digital Alternatives
For those who may not be in Singapore yet or prefer digital solutions, remote account opening and digital banking alternatives are worth considering. Some banks, like an OCBC account, allow foreigners to open accounts remotely using a biometric e-passport, making the process convenient and secure. Some digital banks eliminate minimum deposit barriers, which is useful for foreign applicants.
Fintech providers like Aspire and Airwallex offer multi-currency business accounts, fast onboarding, and cost-effective transfers involving foreign currency and money transfers. These services are particularly beneficial for entrepreneurs and those seeking flexible banking solutions.
Additionally, digital banks like Wise and Revolut provide accounts with local banks details for non-residents, offering a convenient way to manage finances without being physically present in Singapore. Fintech solutions may provide SGD bank account details to facilitate local and international transfers.
These digital alternatives not only simplify the account opening process but also offer a range of features designed to meet the needs of modern banking. From secure digital identity verification to mobile banking apps, these solutions ensure that you can manage your finances effectively, no matter where you are.
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Special Cases: Students, Entrepreneurs, and New Arrivals
Different groups of foreigners may have unique requirements. For students, banks may accept Student Pass holders with proof of enrollment from a recognised educational institution. This Student Pass allows students to manage their finances while studying in Singapore.
Entrepreneurs and business owners looking to open a corporate bank account will need to provide documents related to their registered Singapore entity. Fintech solutions like Aspire and Airwallex are excellent corporate bank account options for ecommerce businesses and startups due to their flexible and cost-effective services.
New arrivals who may not yet have a local address or pass can still open a bank account by applying in person or using fintech alternatives until they are fully settled. This ensures that even newcomers can access essential online banking services right away, making their transition to life in Singapore smoother.
Tips For Smooth Application
Following a few simple steps can help make the account opening process faster and more efficient.
Research different banks
Researching different banks in advance is essential because eligibility requirements, documentation, and account features can vary. Comparing banks like DBS, OCBC, UOB, and HSBC helps you find the best fit for your needs, whether you require a simple savings account, a multi-currency account, or specialised business banking features. If you're looking for long-term savings, compare interest rates and terms for a fixed deposit account.
Prepare your documents
Preparing your documents carefully before starting the application can save significant time. Make sure your proof of identity, Singapore-issued pass, and proof of address are current and complete. Some banks may also request additional documents such as a letter of introduction, proof of employment, or tax residency, so it’s helpful to verify these requirements with your chosen bank in advance. Check if your selected bank imposes a total minimum balance or minimum monthly balance before starting the application.
Consider online alternatives
Considering online alternatives can further streamline the process. Many banks allow account opening through digital platforms or mobile apps, which is especially useful for residents or foreigners with valid passes. Additionally, fintech solutions can provide flexible banking options for non-residents or those who do not yet have a Singapore address, offering digital accounts with local banking details and easy access to multi-currency transactions.
Opening a bank account in Singapore can be complex for foreigners, especially when managing documents and eligibility requirements. Osome helps you navigate the process smoothly, providing expert guidance, handling company incorporation paperwork, and ensuring your application is complete and compliant.
Summary
If you're a foreigner opening a bank account in Singapore, it can be a straightforward process, especially if you have all the necessary documents and choose the right bank or fintech provider. Whether you opt for traditional banking options like DBS, OCBC, UOB, or HSBC, or a digital alternative like Aspire or Airwallex, there are plenty of options to suit your needs. In any case, make sure your chosen provider supports Singapore dollars and offers low fees for currency conversion.
By following the steps outlined in this guide, from gathering required documents to completing the verification and activation process to paying a minimum deposit, you’ll be well on your way to enjoying the benefits of having a local bank account in Singapore. So take the plunge, get your finances in order, and make the most of what Singapore has to offer.
Ruth Dsouza Prabhu is a content developer with a passion for turning ideas into clear, engaging narratives. With a strong background in marketing communications and lifestyle writing, she simplifies complex business topics for entrepreneurs. Her work spans strategy, storytelling, and thought leadership, always focused on clarity, credibility, and impact.
