How to Open a Personal Bank Account in Singapore: A Step-by-Step Guide

A comprehensive guide on how locals and foreigners can open a personal bank account in Singapore, including requirements, steps, and tips.


Singapore is a global financial hub, making it easy and efficient to open a personal bank account. Most banks allow both residents and non-residents to apply. Key requirements include a valid passport or NRIC, proof of address (such as a utility bill), and sometimes a local contact number.

Major banks like DBS, OCBC, and UOB offer a range of account types, from basic savings to multi-currency accounts. The process can be completed in-branch or partially online. It’s advisable to compare account features such as minimum balance, ATM access, digital banking tools, and remittance options before choosing.

Accounts in Singapore are protected under the Singapore Deposit Insurance Scheme, ensuring high trust and security.

FAQ:

Q: Can foreigners open a bank account in Singapore?

A: Yes, with a valid passport, address proof, and sometimes a work visa or student pass.

Q: How much is the minimum deposit?

A: Usually between SGD 500–1,000, depending on the bank.

User Comments:

• “DBS was super easy to set up as an expat.”
• “Tip: Bring a printed utility bill for faster verification.”

Editor's Note:

Singapore’s banking system is known for efficiency. Prepare your documents and compare account types before walking into a branch.

Tags: open bank account, Singapore banking, expat banking, savings account

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