Banking & Finance
Opening a bank account in Singapore as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Singapore's banking landscape has some surprises for newcomers. Here's what you need to know before you arrive.
Banking Overview in Singapore
| Feature | Details |
|---|---|
| Currency | Singapore dollar (SGD) $ |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Low |
| Remote Opening | Yes |
| Wise Available | No |
| N26 Available | Yes |
Opening a Bank Account in Singapore
Foreign nationals may be able to open a bank account in Singapore, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as Low, which means the process is straightforward with standard documentation.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Visa or entry stamp
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Singapore — remote & non-resident opening
Named banks operating in Singapore, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| DBS Bank | May require an in-person visit — confirm with the bank directly | Medium | Digital path relies on Singpass or work pass; non-residents need a physical branch visit in nearly all cases. |
| OCBC Bank | May require an in-person visit — confirm with the bank directly | Medium | Fully digital opening exists but only for HK MY ID CN e-passport holders relocating, not pure non-residents. |
| United Overseas Bank (UOB) | May require an in-person visit — confirm with the bank directly | High | No online application for non-locals; in-person visit to a Singapore branch is mandatory. |
Last checked 2026-06-22 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Singapore. While you may be able to send money to Singapore, full local account features may not be available. Check their website for the latest on Singapore-specific services.
N26
N26 appears to operate in Singapore, but we have not independently verified this — check N26's own country list. As a fully digital bank, it offers a straightforward account opening process, often without needing to visit a physical branch. The app provides real-time notifications, spending analytics, and competitive exchange rates.
International Transfers
When transferring money to or from Singapore, consider these factors:
- Exchange rate: The currency is SGD. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Singapore is approximately €5,625 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Singapore:
- United Overseas Bank
- Fixed deposit accounts are like an upgraded type of savings account. The more money you put in, and the longer you leave it in there, the higher the interest rate earned. You'll typically have to agree to a certain period for which you want to keep the money. While you can withdraw earlier, you'll usually have to pay a penalty fee.
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Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Can I open a bank account remotely before moving to Singapore?
Yes, remote account opening is possible for Singapore. Some digital banks allow you to start the process before arrival.
Can I open a bank account in Singapore as a foreigner?
Yes, foreigners can open bank accounts in Singapore. The difficulty level is rated as Low. DBS and OCBC most foreigner-friendly. Employment letter needed. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
What happens to my bank account if I leave Singapore?
Most banks in Singapore allow you to keep your account open even after leaving, though some may require an address in Singapore. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
Does Wise (TransferWise) work in Singapore?
Wise has limited functionality in Singapore. You may need to rely on traditional banks for transfers.
Can I get a credit card as an expat in Singapore?
Credit card availability for expats in Singapore depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Digital banks may offer debit cards more quickly. Start with a debit card and apply for credit later.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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