Compare Top Banks in Singapore

Subtitle: A buyer’s guide to picking the right account—by use case, not slogans
Last updated: 26 Aug 2025

Who this page is for
Individuals, expats, and SMEs who want a realistic shortlist before opening a bank account in Singapore. This page groups banks by use case and explains fees, documents, approval timelines, and common rejection reasons. Numbers change; always verify with the bank before applying.

Quick shortlist (by use case)

1. New-to-Singapore salary account • DBS Multiplier / OCBC 360 / UOB One: large ATM network, salary-credit perks, straightforward branch support. • Tip: use MyInfo where available to prefill data; prepare proof of address even if not strictly required at onboarding.
2. Everyday spend + simple saving • Trust Bank / GXS Bank (digital-first): fast signup, clear fee schedules, strong in-app controls; check daily limits and card features. • Incumbents’ e-saver accounts: predictable service, better branch coverage, broader ecosystem perks.
3. Frequent international transfers • Standard Chartered / HSBC / Citi: multi-currency options and global networks; compare FX spread and transfer fees. • For occasional remittances, compare PayNow-linked options and partner rails; do a S$1 test first.
4. Business accounts for SMEs / startups • OCBC / UOB / DBS SME packages: local payments, FAST/PayNow Corporate, accounting integrations. • Digital challengers for receivables: evaluate EMI options for invoicing and cards, then link back to a bank account.
5. Premium and private banking track • Priority banking tiers at incumbents for emerging affluent (fee waivers, higher limits). • Private banking: focus on onboarding narrative, custody, and reporting cadence; approvals depend on a clean Source-of-Wealth trail.

How to choose (five-step decision path)

1. Map usage: salary, daily spend, transfers, travel, investments, business payments.
2. Rank constraints: remote onboarding, branch proximity, card type, limits.
3. Compare the true cost: monthly/account fees + minimum balance + card/ATM + local/overseas transfer + FX spread.
4. Check support: chat/phone/branch SLAs; dispute handling; emergency “lock” functions.
5. Do a pilot: open one primary account; after three months, add a specialist account if a gap remains.

Fee model explained (read this before comparing)
• Monthly/account fee and minimum average balance requirement (and the waiver rules).
• Domestic transfers: FAST/PayNow pricing; caps for new payees and new devices.
• Overseas transfers: flat fees vs FX spread; arrival speed and error handling.
• Card fees: annual fee, replacement, cash advance; virtual vs physical card issuance.
• ATM: network coverage and foreign withdrawal fees.
• Hidden frictions: cooling-off periods, daily caps for new devices, and maintenance windows.

Documents checklist (personal)
• Passport/NRIC; work pass or proof of right to remain.
• Proof of residential address (tenancy, utility, bank/telecom statement).
• Source-of-Funds for initial deposit if requested (payslip, employment letter, or statements).
• Tax identification number where applicable.

Tip: have PDF scans named consistently; bring originals for branch visits.

Documents checklist (SME)
• Company profile (ACRA), board resolution/signatory matrix.
• Business proof: contracts, invoices, website, rental agreement.
• Controllers and UBO documentation; sanctions and PEP screening may extend timelines.
• Operations note: expected pay-in/pay-out flows, counterparties, currencies.

Approval timelines (indicative)
• Digital banks: minutes to days; function caps may apply until additional checks pass.
• Incumbent retail: same day to a few days, especially with MyInfo.
• SME: one to three weeks depending on documents and industry.
• Private banking: weeks to months; narrative quality matters more than speed.

Common rejection reasons—and practical workarounds
• Name/address mismatches → standardize documents; align your SIM-billing and tenancy details.
• Insufficient proof of funds → add payroll slips and employer letters; show history.
• Thin activity for SMEs → provide contracts/purchase orders and a short business plan with sample invoices.
• High-risk industry or counterparties → disclose early; some banks will decline, others will accept with limits.

Remote onboarding: reality check
• “Online” often still requires an in-person step later for full limits.
• Expect device-binding, selfie checks, and cooling-off delays on new payees.
• If your passport has recent replacements or name changes, plan for manual review.

What to do first (90-day plan)
Day 0–7: open primary account; set salary credit and card; enable alerts and “lock” features.
Day 8–30: test domestic/overseas transfers; record fees and arrival times.
Day 31–90: if gaps remain (e.g., FX costs), add a specialist account or a multi-currency wallet connected to your bank.

FAQ
Q: Which bank is “best”?
A: The best choice depends on your usage and documents. Start with a large-network incumbent or a credible digital bank, then adjust.

Q: Can I open without a local address?
A: Some channels allow onboarding first and address later, but expect limits until proof is provided.

Q: Is “same-day” guaranteed?
A: No. Treat it as “possible under smooth conditions”; workloads and checks vary.

Q: Can a student or dependent open easily?
A: Usually yes with appropriate documents; bring a supporting letter and proof of relationship where relevant.

Bottom line
Pick for your real life, not for slogans. Open one good account quickly, learn your fees and limits, then add only what you truly need.

Next steps
• See our bank hubs for details and “last verified” dates.
• Download our personal/SME onboarding checklists.
• Get a bankability review if you plan large transfers or private banking.

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles