Relocating to Singapore? | How to open Bank Account in Singapore?

Bank Accounts | Savings Accounts | Singapore

Relocating to Singapore? Bank Account on your mind?

Opening a bank account after landing in Singapore would be one of the first things on your mind. Life wouldn’t be on roll in Singapore till you have a bank account in a local bank there. It will ease your financial life with easier transactions like withdrawals, deposits, vendor payment, school fee payment, online shopping and salary credits etc.  Your home bank might have a branch here like many foreign banks but it is advisable to open a local bank account as your home bank may charge you for international withdrawals and purchases. Not only this, even salary credit would be a lot easier here.

Yes, you can open the account here by submitting all required documents as security layer is strong here. For this you should be above 18 years of age and possess legal employment-related documents, then it will be a smooth process.

Before this, you need to research the banks which accept foreigners as their customers. Local banks like Development Bank of Singapore (DBS) and Post Office Savings Bank (POSB) offer accounts specifically for foreign workers.

Another important aspect, as banks do not work on weekends, the choice of the branch should either be near your home or work. You may be required to visit the branch sometimes.

The document you may need to furnish:

1. Valid proof of identity – Passport or National ID Card
2. Proof of residence - Phone bills and utility bills
3. Valid rental agreement and government-issued proof of address
4. Valid employment pass or In Principle Approved (IPA) from the Ministry of Manpower;
5. Tax or National Insurance numbers.
6. Letter from your employer and proof of employment (Payslip)
7. Bank statements from your home country;
8. Reference or introduction letter from your home bank;
9. Reference or introduction letter from a current customer at the bank you are applying to.
10. If you submit all the listed document in one go, your account opening would be smooth.

Last but not the least, remittance fee may also be levied on you when you transfer money back home between currencies directly from your bank account.

Banks here also charge a fee and minimum deposit, so please check on that before signing on the dotted line.


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