Looking to open a bank account in Singapore?
Whether you are a foreigner or an expat moving to Singapore, opening a bank account in Singapore is a fairly straightforward process. Net-banking has made it easy for people of different backgrounds to open a bank account in Singapore.
The processes for opening savings, business, corporate or investment accounts differ from each other, as Singapore banks offer many options for applicants. Most banks offer comprehensive features like online banking, multi-currency accounts, trade financing, and more. If you are looking for information on how to open a bank account in Singapore, read on-
Procedure to open a bank account in Singapore
Here are some simple steps to open a bank account in Singapore:
General document requirements
Here are the general requirements that most banks require their applicants to meet:
Some banks offer applicants the option of completing these processes over the Internet. You do not need to be physically present at the bank to complete the application process.
Online bank account application
Singapore’s leading banks are the Development Bank of Singapore (DBS), United Overseas Bank (UOB) and Overseas Chinese Banking Corporation (OCBC). These banks have made it easy for applicants to complete the account opening process over the Internet. You have to visit the website of your selected bank and –
How to open a business / corporate bank account in Singapore
The process of opening a business / corporate bank account in Singapore is more complicated than opening a personal or savings account. Most banks require the physical presence of account signatories or business directors. The paperwork signing process at most of the major banks in Singapore is rigorous.
All senior corporate managers must be physically present at the time the corporate bank account is opened. However, in some cases, banks may sanction the signing of documents at a bank branch abroad or in the presence of a notary public. Banks require account signatories to provide these documents:
After evaluating the forms and these documents, bank officials will inform applicants about their future steps.
Online application for corporate / personal bank account
For locals, the process of opening a corporate bank account is very straightforward. Foreigners can submit an application online. Once approved, the Bank Officer will assist applicants regarding the account opening process. However, a face-to-face meeting between bank officers and at least two directors is mandatory.
Also, as Singapore has many foreign banks with banking licenses for full banking services, you have the option to open an account there. As a foreigner in Singapore, if you have a bank account at the same bank in your home country, you can always refer to the criteria for opening a new account at the local Singapore branch. It’s best to look at the value-added services, interest rates, and ATM services available before opening a new account at any bank.