Home Singapore The 5 Best Banks in Singapore for Foreigners Compared. It is also a leading bank in Singapore and the Asia-Pacific region, with 500 branches worldwide, making it the third largest bank in Southeast Asia, and it has an Aa1 long-term credit rating (High Quality). OCBC is present in 18 markets with over 570 branches worldwide. Read this comprehensive guide on everything you need to know before. Wise's Multi-Currency Account is the digital banking arm ofWise, a popular international money transfer specialist service that's much-loved for its good exchange rates, speedy money transfers, transparent pricing, and reliable reputation. Initial deposit: You will need to make an initial deposit to open the account, which may vary depending on the bank and the type of account. How To Open A Bank Account in Singapore | Statrys Your source of inspiration, motivation, information and more to spur your next move. Proof of address: You will need to provide proof of your address, such as a utility bill or bank statement in your home country. There are some banks, for example, OCBC, that offer an equally high LTV to non-resident foreigners, PR holders, and locals (more about that later), whilst other banks, like DBS, offer lower rates to non-resident foreigners. While monthly service fees are usually not charged, banks in Singapore charge a monthly fee if your average monthly bank account balance falls below a certain amount (usually between S$1,000.00 to S$5,000.00.) 1. Today, Monitos award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests all allowing you to make the savviest decisions with confidence. The OCBC Bank has 600 branches worldwide and employs roughly 30,000 people. However, they may be subject to change and human error. (November 2013) This is a list of banks with operations in Singapore. Available. WARSAW, code 00-090, post office WARSAW, country POLAND, IndiaWoxa IT Park, 463, Udyog Vihar, Phase 5, Gurgaon 122016, UKOffice Gold, Building 3, Chiswick Park 566 Chiswick High RoadChiswickLondonUnited Kingdom W4 5ya. We open your doors to a more efficient & fuss-free move. How To Open a Bank Account in Japan as a Foreigner, Using ATMs in Japan: Your Guide to Fees, Cards & Getting Cash, How To Open a Bank Account Online in Australia Without Proof of Residency, How To Open a Bank Account Online in New Zealand Without Proof of Residency, How To Open a US Bank Account Without an SSN (Remotely), The 4 Best Bank Accounts for International Students. And, because many compliance systems are integrated in Singapore (much more so than say, Georgia or Panama), its sometimes more difficult to re-apply at another branch if youve already been formally rejected by that bank previously and are in their system. Ranked thesafest bank in Asia, DBS is a large Singaporean bank that offers a wide range of options for expats and non-residents. Taxes In Singapore: What Taxes Do Foreigners Have To Pay And How Much? In addition, this bank offers a wide range of personal and commercial services and products. You can even open an online account before arriving in Singapore, although you'll need to verify your address before receiving your debit card. HSBC Singapore Top Banks in Singapore (Source: @jiskm100820). This amount varies depending on the bank and account type and falls anywhere between S$500.00 and S$5,000.00. Others need no upfront payment, while others charge a monthly maintenance fee. Well highlight some of the main accounts offered by big banks in Singapore - and also discuss the Wise multi-currency account as a smart alternative to regular banks. A banking giant with its origins in neighbouring Malaysia, Maybank offers the full gambit of account types to newcomers in Singapore. Local banks differ from one another regarding whether you can complete the process completely online, or whether you have to show up in person at a bank branch. It not only offers flexibility and simplicity to manage your account, it also grants users up to 2.5 percent interest per annum. Weve helped people from all around the world open non-resident accounts in Singapore following the strategy that were about to outline below. To open a bank account in Singapore as a foreigner, you will typically need to provide the following documentation: Some banks may also require additional documentation, such as a reference letter from your employer or a bank statement from your home country. But that doesnt mean youll have an easy time picking which bank or branch to apply with. The Development Bank of Singapore, a.k.a. This "fall below fee," as it's known, can be fairly high too, sometimes as much as S$7.50 for every month that the balance is below the threshold. The Monetary Authority of Singapore (MAS) regulates all banks operating within Singapore. Citibank provides a wide range of services to its customers, including travel insurance, time deposits, travel insurance, and personal loans, making it one of the best banks in Singapore that provides a wide range of financial services, mortgages, and charge cards. Due to a surge in foreign nationals moving to the country for work in recent years, Singaporean banks have made it easier than it used to be to open an account as a non-resident. These are the main categories of banks in Singapores financial system: What best describes you?I am a business owner, looking to grow my business in SingaporeI am only looking for an international job permit, How Soon Do You Need Our ServicesAs Soon As PossibleJust Exploring For Now. Introduction Standard Chartered Bank (Singapore): #10. Minimum initial deposits at Maybank Singapore are typically S$500.00 for savings accounts and S$1,000.00 for current accounts, with a small monthly service fee (around S$2.00) being charged to maintain the account. Note that the information given here has been taken from the official websites of each of the banks concerned and were current at the time of writing. For non-residents, you'll find the following three types of accounts to be the most relevant: Most Singaporean banks offer other types of bank accounts in addition to these, such as time deposit accounts. This article will be of great assistance to you in becoming more aware of the banking industry in Singapore and which are the best and top banks in Singapore from which to open an account and secure your money and investments. However, a $5,000 initial deposit is required. Here are some essential documents to have ready before opening a bank account in Singapore: Do note that depending on the bank you wish to open an account with, a reference letter from your employee, rental agreement documents and/or references from your home bank may be required. Singapore serves as a significant center for offshore banking operations. It is best to seek assistance from professional experts from Odint Consultancy to help you in the documentation process of opening a corporate bank in Singapore. Presently has 12 branches and 25 ATMs in Singapore with 4 Priority Service branches and 1 high-end International Banking & Priority Service branch. But it's true. For most banks, it takes between 3 to 7 working days to have a fully functional bank account opened. The World Bank's Doing Business 2020 report ranked Singapore as the world's second-easiest country in which to do business. A global financial hub, Singapore is home to many major multinational banks including HSBC, Standard Chartered, and Citibank and a strong group of local banks that have become regional banking giants. According to the Monetary Authority of Singapore, the country's central bank,record volumesfrom non-resident workers have been deposited into Singaporean bank accounts since 2016. Browse Now. However, the Corruption, Drug Trafficking, and Other Serious Crimes (Confiscation of Benefits) Act of 1999 (CDSA) makes it a punishable offence to engage in such acts. Banks in Singapore | List of Top 10 Banks in Singapore - WallStreetMojo Up to 10x your monthly salary Tenure from 1 to 5 years. And while the banks in Singapore are great, it might be more cost-effective to consider some of the other top banking jurisdictions closer to home if you cant afford it. Youll pay a low conversion charge, which can work out far cheaper than using a regular debit card abroad. It was founded in 1932, making it one of Singapores oldest banks and the second largest bank in Southeast Asia. Singapore's MAS Proposes Design Framework for Interoperable Digital Minimum initial deposits are US$2,000.00 for current accounts and US$1,000.00 for savings accounts, and a S$5.00 monthly fee is charged when the average daily monthly balance falls below S$2,000.00 for most accounts. Instead, the best banks for foreigners in Singapore are the ones that are local and yet suitable for international payments and transfers. At the time of writing, DBS had 250 branches globally, while it claimed to have the largest network of ATMs in Singapore. Learn also: Best Savings Accounts in Singapore, Overseas-Chinese Banking Corporation (OCBC) Top Banks in Singapore (Source: FinTech Future). If youre looking for one of the best foreign banks, the Bank of China is a great option. If you have neither of these prerequisites, then opening an account will be more difficult. Overall, opening a bank account in Singapore as a foreigner is generally a straightforward process, but the documentation requirements may vary depending on the bank and the type of account. Your work permit in Singapore (for employees); Your study permit in Singapore (for students). CitiBank was one of the first American banks to open shop in Singapore. Some well-known banks among businesses to open accounts in Singapore for the non-residents business owners and investors: But, if you have ties to this jurisdiction, Taiwan banking might a suitable option. The OCBC 360 Account allows users to earn up to 2.38 percent per year and even more when you save more than $75,000. Best Banks For Foreigners In Singapore - The Finder - Moovaz Javascript required for this site to function. Yes, but you must participate in an in-person branch meeting to assess your financial credibility first. An employment pass, Singaporean residency, or Singaporean proof of address is not required. Listed below are the basic banking services that foreign individuals in Singapore would need on a continuous basis: Singapores banking system is designed to accommodate a range of banks and financial organizations. You should be able to get an offshore account with one of the premier/private/priority arms of an sg bank - just need to meet the criteria as others have mentioned! Get started here with our list of the best banks for foreigners in Singapore. For more details regarding opening a bank account in Singapore, please refer to the table below: 4. Singapore is picky. 75, apt. 02. In Singapore, it is headquartered in Asia Square and has over 1,500 touchpoints and 280 ATMs worldwide. It is also one of the largest custodian banks for foreign institutions in Singapore. Opening a bank account is fairly straightforward, especially if youre over 18 and have already secured employment in Singapore. SGD45,000. This bank currently has 68 branches in Singapore alone and has marked its presence in 19 countries worldwide, including Australia, the UK, the US, India, & Canada, apart from almost all of Singapores neighbors and India. Development Bank of Singapore (DBS) Development Bank of Singapore (DBS) - Top Banks in Singapore (Source: Ledger Insights) The Development Bank of Singapore (DBS), also known as DBS Bank Ltd, is the best Singapore bank. You can also earn up to 3 percent interest per annum with no minimum salary and credit card spend. Looking to open a bank account online? After your business is legally incorporated, you must register a corporate bank account in Singapore to make commercial operations easier. This bank is also part of an international group with branches in several countries including India, the US, the UK, Australia, and many others. And, you get access to our library of premium (members-only) reports. As an international bank, you can set up your account prior to your arrival in Singapore. So, choose carefully and wisely. The Development Bank of Singapore (DBS), also known as DBS Bank Ltd, is the best Singapore bank. Ready to Unlock Bank Account Opening in Singapore? These accounts are specifically designed for expats and foreign workers in Singapore and offer all the everyday banking services you need. But with the right information and strategies, its still possible to open a bank account a Singaporean bank for less than $10,000. Both Wise (formerly Wise) and Revolut offer digital multi-currency accounts for managing money across borders - which one is better in Singapore? Here are some options available in Singapore, Looking how to sign up for a PayPal account in Singapore?