How to set up banking in Singapore as a foreigner
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 | Yes |
| Access Difficulty | Low |
| Remote Opening | Yes |
| Wise Available | No |
| N26 Available | Yes |
Opening a Bank Account in Singapore
Foreigners can open bank accounts in Singapore. 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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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 is available in Singapore. 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.
- It's hard to face, but there comes a time when we must end our time on Earth. While we can't predict when ...
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.