Getting Started
Bank Account Comparison
Opening a bank account is your first financial step in Singapore. Compare the major banks and their expat-friendly offerings.
DBS Bank
Singapore's Largest Bank
Best-in-class digital banking experience with PayLah! and digibank apps. World's Best Digital Bank.
OCBC Bank
Heritage Bank Since 1932
Strong in wealth management and premium banking services. Excellent home loan rates.
UOB Bank
Regional Banking Leader
Strong presence across Southeast Asia. Excellent for regional business and SME banking.
Standard Chartered
International Bank
Ideal for expats maintaining international accounts. Global transfers with no fees.
HSBC
The World's Local Bank
Global Premier banking with seamless international account transfers. Perfect for relocating expats.
Citibank
Global Consumer Bank
Excellent credit cards and global banking. Citi Global Transfer between countries.
Maybank
Malaysia's Largest Bank
Great for Malaysian expats or those with Malaysia connections. Competitive FX rates.
CIMB Bank
ASEAN Universal Bank
Digital-first with high-interest savings. Competitive rates for fixed deposits.
RHB Bank
Regional Financial Services
Competitive savings rates and good for Malaysia-Singapore banking needs.
Bank Account Rules When Leaving Singapore
It depends on your pass type! Rules vary significantly depending on whether you hold a Work Permit, S Pass, or Employment Pass. Here's what you need to know.
! Work Permit Holders
- • Must close account before leaving
- • New rule effective mid-2024 (MOM & SPF)
- • Account will be suspended/frozen if pass expires
- • Prevents money laundering & fraud
- • Transfer funds out before departure
~ S Pass Holders
- • More flexibility than WP holders
- • Should update details or close eventually
- • May keep account temporarily
- • Recommend closing to avoid issues
- • Inactive accounts may be flagged
✓ EP / DP / PR Holders
- • Can keep account after leaving
- • Update address to overseas
- • Credit cards may be cancelled
- • PayNow will be deactivated
- • International banks offer best flexibility
What About CPF?
CPF accounts are automatically closed for non-citizens/residents after renunciation of PR status or citizenship. You must transfer CPF savings to your bank account first. Apply for withdrawal through the CPF Board before leaving.
Why Keep a Singapore Account? (For EP/DP/PR)
Pro Tip: For EP/DP holders planning to keep accounts, Standard Chartered, HSBC, and Citibank offer the best experience. They allow you to link your SG account with accounts in other countries for seamless global banking. Work Permit holders should close accounts and use Wise or Remitly for future transfers.
Complete Guide
How to Open a Bank Account in Singapore as a Foreigner
Opening a bank account in Singapore is straightforward for foreigners with valid work or study permits. Follow this step-by-step guide to get started.
Register for Singpass
Singpass is Singapore's digital identity. With Singpass, you can open accounts online instantly without visiting a branch.
- ✓ Visit singpass.gov.sg to register
- ✓ You need a valid pass (EP, S Pass, Work Permit, Student Pass)
- ✓ Profile is ready to use the next day after registration
Gather Required Documents
Prepare all necessary documents before applying. Requirements vary slightly by bank.
Essential Documents
- • Passport (biodata page) or Malaysian IC
- • Valid Singapore pass (EP, S Pass, Work Permit, DP, Student Pass)
- • Proof of residential address (tenancy agreement, utility bill, or bank statement)
- • Proof of tax residency (employment letter or tax document)
Choose Your Application Method
Most banks offer multiple ways to open an account. Choose what works best for you.
Mobile App
Instant with Singpass
Online
3-5 working days
In Branch
Same day approval
Phone
Selected banks
Complete Application & Receive Card
Once approved, your debit card will be mailed to you within 3-5 working days.
- ✓ Set up mobile banking app immediately
- ✓ Activate your debit card upon receipt
- ✓ Link to PayNow using your mobile number or NRIC/FIN
- ✓ Set up GIRO for recurring bill payments
Accepted Pass Types
Pro Tips for Expats
- 1 Open before arrival: HSBC and Standard Chartered allow you to open accounts before you arrive in Singapore.
- 2 Use Singpass MyInfo: Auto-fills your application forms using government-verified data.
- 3 Choose multi-currency: DBS, OCBC, and HSBC offer accounts holding 10+ currencies with competitive FX rates.
- 4 Employer letter helps: A letter from your employer confirming your role and salary can speed up premium account approvals.
- 5 Link to PayNow: Singapore's instant payment system lets you receive money using just your phone number.
Important Notes
- ⚠ Tourists and short-term visitors generally cannot open Singapore bank accounts
- ⚠ Singapore deposits are protected up to S$100,000 per depositor per bank under the Deposit Insurance Scheme
- ⚠ Banks may require an initial deposit ranging from S$500 to S$200,000+ for premium accounts
- ⚠ Maintain minimum balance to avoid monthly service fees (typically S$2-15)
Official Bank Application Links
Can You Open a Bank Account Without a Valid Pass?
This is a common question for tourists, visitors, and those awaiting pass approval.
Short Answer: Generally No
Tourists and short-term visitors cannot open regular bank accounts in Singapore. Banks require a valid long-term pass (Employment Pass, S Pass, Work Permit, Student Pass, Dependant's Pass, or LTVP) due to Singapore's strict Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Why? Singapore banks are heavily regulated by the Monetary Authority of Singapore (MAS). Without a valid pass, banks cannot verify your identity, employment, and residency status adequately.
Limited Exceptions
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In-Principle Approval (IPA): If you have an IPA letter from MOM/ICA, some banks (like DBS) will accept this even before your physical pass is issued.
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Non-Resident Accounts: Some banks like HSBC, Standard Chartered, and Citibank offer non-resident accounts for high-net-worth individuals with large deposits (typically S$200,000+).
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Limited Purpose Bank Accounts: DBS offers a Limited Purpose Bank Account for foreigners without a valid pass, but with restricted functionality.
Supporting Documents for Non-Resident Account Applications
If you're applying for a non-resident or limited purpose account, banks typically require additional documentation:
Identity Documents
- ✓ Valid passport (with at least 6 months validity)
- ✓ Proof of residential address in home country
- ✓ Proof of employment or business ownership
Financial Documents
- ✓ Bank statements from home country (3-6 months)
- ✓ Proof of income or source of funds
- ✓ Tax returns or financial statements
💡 Pro Tip: If you're planning to move to Singapore, consider opening an international account with HSBC or Standard Chartered in your home country first. You can then transfer your banking relationship to Singapore when you arrive and have your pass.
Alternatives for Visitors Without a Pass
💳 Multi-Currency Cards
Use Wise, Revolut, or YouTrip cards which work in Singapore without a local account.
🏧 International ATMs
Withdraw SGD from your home bank using international ATM networks (fees may apply).
💱 Money Changers
Exchange currency at licensed money changers in Singapore for competitive rates.
Frequently Asked Questions
Can foreigners open a bank account without an Employment Pass?
Yes, with other valid passes. You can open an account with a Student Pass, S Pass, Work Permit, Dependant's Pass, LTVP, or even an In-Principle Approval (IPA) letter from MOM or ICA. However, tourists and short-term visitors without any valid pass generally cannot open accounts.
Do foreigners get debit cards when opening an account?
Absolutely. You'll receive a debit card (usually Visa or Mastercard) posted to you within 3-5 working days after account approval. Most offer cashback and no foreign exchange fees.
Can I open a Singapore bank account before arriving?
Yes, HSBC and Standard Chartered allow you to open accounts before arrival if you're an existing customer in another country, or through their international services.
What is a Limited Purpose Bank Account?
DBS offers a Limited Purpose Bank Account for foreigners without a valid pass. It has restricted functionality (limited transactions, no credit facilities) but allows basic banking needs. Contact DBS directly for eligibility.
How long does it take to open a bank account?
With Singpass: Instant to same-day approval. Without Singpass: 3-5 working days. In-branch applications can be approved on the same day.
What is the minimum deposit required?
Basic accounts: S$500-1,000. Priority/Premier banking: S$200,000-350,000. Non-resident accounts may require higher deposits. Some digital-only accounts have no minimum deposit.
Can Malaysians open a DBS account online?
Yes. Malaysians can open a DBS account entirely online through the digibank app using their Malaysian IC, valid Singapore pass, and proof of address.
Can I open a non-resident account as a tourist?
Some banks offer non-resident accounts but typically require large deposits (S$200,000+) and extensive documentation. This is usually for high-net-worth individuals with legitimate business or investment purposes in Singapore.