From Ireland to Singapore: Account Opening & SEPA vs SWIFT

Editor’s note: This guide is educational. Numbers and rules change—verify with your bank. Not financial or legal advice.

Who this guide is for
Irish residents and professionals relocating to or banking with Singapore. You want a realistic path to open an account, move money in EUR, and avoid avoidable delays.

Key takeaways
• SEPA does not reach Singapore; cross-border EUR→SGD is typically SWIFT.
• MyInfo can speed local onboarding once you are in Singapore, but pre-arrival cases still work with the right documents.
• Start with a plain salary/spend account; add multi-currency or premium tiers only if your usage requires them.
• “Remote onboarding” often means “start now, finish later”—expect caps and extra checks before full limits.

Documents checklist (personal)
• Passport; if resident in SG, FIN/NRIC or work pass.
• Proof of address (Irish or SG, recent).
• Employment letter or payslips; student/relocation letters where relevant.
• Source-of-Funds for the initial deposit (recent bank statements).
• CRS self-certification (tax residency details).
Tips: Keep scans as clear PDFs, consistent name and address format, and bring originals for any branch appointment.

Documents checklist (SME/founder)
• ACRA company profile; constitution; board resolution and signatory matrix.
• UBO identity and tax residency self-certifications.
• Business proof: contracts, invoices, website, lease or service-office agreement.
• Short operations memo: pay-in/pay-out flows, currencies, typical monthly volumes, counterparties.

SEPA vs SWIFT—what changes in practice
• SEPA: pan-EU, domestic-like transfers in EUR with IBAN/BIC; predictable fees and timing.
• SWIFT: messaging network for international wires; fees exist at the sending bank, correspondents, and receiving bank; FX spread applies when converting EUR→SGD.
• For Ireland→Singapore, plan for SWIFT with all-in cost tracking: send fee + intermediary deductions (if any) + receive fee + FX spread × amount.

Remote onboarding: a reality check
• App or web signup can start early; higher limits may unlock only after additional verification or in-person steps.
• New device and new payee controls create built-in “cooling-off” periods—plan rent or tuition payments ahead.
• Private/priority banking needs a coherent Source-of-Wealth narrative; timelines are measured in weeks, not days.

Step-by-step plan (first 90 days)
Day 0–7: Open a primary retail account; enable login and transaction alerts, daily limits, card lock.
Day 8–30: Test one small EUR→SGD transfer. Record: send fee, applied FX vs mid-market, landed SGD, time to credit. Enrol in PayNow for domestic transfers.
Day 31–60: If you have frequent EUR flows, add a multi-currency account or a global bank connection; document your pattern.
Day 61–90: If limits or service level hold you back, consider a priority tier—only when justified by balances and usage.

Fees and frictions to map carefully
• Account/minimum-balance waivers; ATM and card fees; local FAST/PayNow pricing.
• International wires: send fee, intermediary deductions, receive fee, and FX spread (often wider on weekends).
• Hidden delays: first-time payee caps, new-device cooling-off, bank maintenance windows.

Common rejection reasons—and fixes
• Name/address mismatches—standardize Irish and SG formats before applying.
• Thin activity or vague Source-of-Funds—attach statements, payslips, and a plain-English funds explanation.
• SME “paper company” perception—show contracts, invoices, and a modest transactions calendar.
• High-risk counterparties—disclose early; some banks accept with limits.

Safety defaults for a clean start
• Turn on alerts, daily limits, and “money lock” where available; whitelist trusted payees only after two clean transfers.
• Treat unexpected calls or links as red flags; use the official app to contact your bank.
• Keep a one-page emergency checklist: lock → call → report → preserve evidence.

FAQ
Q: Can I open before I have a Singapore address? A: Many banks let you start, but full limits typically follow local proof.
Q: Is a multi-currency wallet enough? A: Useful, but keep a bank account for payroll and bills.
Q: How fast do wires land? A: Varies by route and cut-offs—pilot first, then standardize.

Bottom line
Open fast, operate safely, and expand only when you can prove the value. Use data, not slogans, to pick your tools.

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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