Opening a bank account in Singapore

Hey Grand,

it is very easy once you have the employment pass or resident permit or whatever visa that allows you to stay for a long time in Singapore.

You just need to come to the bank with your passport, the EMPLOYMENT PASS and money or cheque (usually S$500 is the minimum amount for DBS or S$1000 for UOB).
the opening of an account will be done on the spot, but as i remember you can't withdraw any money from your ATM, yet! until the next working day...

but if you're here without any resident permit or employment pass or whatever pass, it's not difficult either, but they will offer you other kind of account, not just the normal SAVING ACCOUNT.... it's more like investment with insurance account thing... and the minimum amount to put in will be higher, and bla bla bla... (lots of rules...)

I'm not sure about the loan... maybe you better ask them about it.

well, i'm using UOB, just because i'm used to it... and so far i don't have any problem with them...
there are other bank like POSB and DBS who also have lots offer for merchants and restaurants around singapore
hope this helps..

Hi,

"is it difficult for expats to open a bank account in Singapore?"
No, the process is straightforward and simple. There are no restrictions for residents (citizens / Permanent Residents / foreigners with employment passes). However residents on dependent passes (child / non-working spouse or parents of employment pass holder) cannot open an account on their own. Non-resident foreigners may also open personal bank accounts but banks are usually reluctant to do so, the processes/criteria being more stringent. High networth non-resident foreigners may also have access to banks in Singapore via private banking channels.

"Which documents are required to open a bank account in Singapore?"
For resident foreigners, just passport and IC / employment pass and a proof of residential address will do.

"How long does it take to open it?"
on the spot, same day of application usually. For ATM cards / credit cards issuance usually takes 3-5 working days after approval.


"Is there any restriction for expats regarding the services (loans for instance)?"
There are no restrictions. all services relating to personal banking are available to resident foreigners. However, from personal experience, I do suspect banks are more conservative w.r.t facilities such as credit card limits/ overdraft limits / LTV (loan to value for mortgages). Long-term loans can be quite difficult to negotiate for employment pass holders, as the risk for the banks is that the individual may not get his pass renewed on a perennial basis and be forced to leave Singapore. On equal income levels, the loan amount a foreigner will be able to secure from the bank would be significantly lower than that a citizen would be able to raise.
   
"Which bank would you recommend?"
Depends on what you are looking for. If risk is your concern, the local asian banks such as DBS, OCBC and UOB have been rated lately in the world's top six strongest banks. And since these are local banks, it is unlikely that the Central Bank in Singapore is going to let them go under, in case of crisis.
If you are looking for internationally connected banks that can provide you services within multiple countries, go for HSBC, BNP or Standard Chartered.

About quality and spectrum of services, I would say most of the big banks compare quite evenly. Of course, value-added services increase in relation to the amount of assets you have with a bank:D.

Thanks both of you for your contribution.

Harmonie.

I stumbled upon the website of the Standard Chartered Bank and called about opening an account as a foreigner.  I was advised that they do offer an online account that can be opened with a minimal amount and no monthly fees.  Has anyone ever tried this bank?

knucklehead wrote:

I stumbled upon the website of the Standard Chartered Bank and called about opening an account as a foreigner.  I was advised that they do offer an online account that can be opened with a minimal amount and no monthly fees.  Has anyone ever tried this bank?

I've never personally banked with Standard Chartered, but they are definitely reputable. What are your concerns?

CherylT wrote:

knucklehead wrote:

I stumbled upon the website of the Standard Chartered Bank and called about opening an account as a foreigner.  I was advised that they do offer an online account that can be opened with a minimal amount and no monthly fees.  Has anyone ever tried this bank?

I've never personally banked with Standard Chartered, but they are definitely reputable. What are your concerns?

I was just wondering about their level of customer service, if there were any horror stories from dissatisfied customers and what banking services they provide.  As well, if anyone else was wondering about no fee accounts, I thought I would throw their name out there.

How to input in Money.

Hello pyae thein zan -> Can you please be more explicit?

Thank you,
Aurélie

Other than what has mentioned,if you are seeking for some other loan, financial assistance, mortgages or even business start up financial advise, you can go to some financial expertise for right advise.[moderated:  no free advertisement thanks]
Good luck.

Opening a bank account in Singapore is not a real hastle as if you are a Expat means you have the employment permit's or Business registered in Singapore there's no issue.The issue is if you are out of Singapore wihout your laptop you will find it really difficult to call to manage your funds,even more  so if you're out of Singapore and not using the Singaporean mobile number then you may forget the term called 'phonebanking'.

To solve all matters apply for a priority account from where you reside and you can link all stanchart accounts you may have opened from country of origin or wherelse and you have a 'relationship manager' attached to you for assitance.So you need just keep her or his number.

In short being stringent is only for your own financial security.yes stanchart is stringent.I suppose maybe sometimes they should be lesser policies and requirements should be considered and based on approval.

Hi guys, which bank do you think I should join if i need to do international bank transfer to my UK account for the next 6mths? What Bank will me the  best  exchange rater and lowers fees HSBC, StandardChart etc

Hi Julien,

its really dead simple if you've got your employment pass and FIN number and the procedure doesn't take longer than 30 min for your account to be setup.  you will need copies of your passport and in some cases (not mine) a letter from your employer stating salary.  I didn't need to make an initial deposit either and not certain about their loan facility.  I'm with OCBC and would strongly recommend them - they are very helpful.  hope this helps!

It's quite easy for a foriegner to open a bank account in Singapore.  I submitted all documents online to the bank staff and got my account created even before I arrive in Singapore.  I got my account created with Citibank but I am quite sure other banks have similar service.  This is the link for them:
https://www.ipb.citibank.com.sg/english … in:Eng:100

Hi ,I m a foreigner. I need to open a bank account,.
The document that I can support to open bank account is my offer letter which provide by my company. But unfortunately, the letter that provide by my company does not include residential address, so I could I solve it?

If the bank requires a Singapore residential address for opening an account, you need to visit a police post near your residence and register. The rules differ from bank to bank, so you may also just try another bank.

But I m rental a room only, and I does not have any agreement with landord

I don't think you can rent a room without the landlord agreeing to it.
In any case, you have to, by Singapore law, register the place you live at within a week. There can be stiff fines if you don't. It is NOT a good idea to break rules in Singapore, so go to the next police post immediately and register!

Just opened a bank account last night and it took nearly 2 hours!
Went to DBS to get a multi currency account. I had our passports, EP/DP, a letter from my HR stating my position, contract and salary and it still wasn't enough! As we don't move into our rental until next month and they don't consider a hotel to be a suitable address they wanted infoabout our previous address. This was in the US and we could give evidence of that as well as corroborating documents and that was OK until they gave us a form about our relationship with the USA. As British citizens we have no relationship with the USA anymore (visa has expired) so we just wrote on the form that we are non-US persons but then they would not accept our previous address. Catch 22
This is new, they told us, and it is about the US IRS keeping tabs on their citizens. Well that is fine but The IRS are getting nothing more from me until I get another US visa. The upshot was that they could not accept our previous address even though we could prove it was a real one. aaaarrrggghhh
Bloody US red tape still bugging us 7000 miles away.
They said they will accept a copy of our rental agreement so i am taking that in tonight!

So add evidence of your previous address to your list of things to take!

To avoid problems with the hotel/temporary address, use the adress of your employer.
It should also be said that the procedures (and stickiness) vary from bank to bank. DBS, as a government institution, is more conservative than others.

Beppi.
You may be right about the different requirements as I just went for DBS because they had the account I wanted I don't know about anyone else.
They have accepted the signed agreement for the house we will be moving into in March so it is good. As regards my office address, they have that too with a signed letter from my HR department.

Anyway be prepared folks.

Off to get phones this afternoon. Hope this goes more smoothly.