Opening a bank account in Singapore is crucial no matter if you work or open a business in the city-state. Discover the procedure and the services offered by our local specialists in the article below.
| Quick Facts | |
|---|---|
| Types of bank accounts | Personal, corporate, non-resident and merchant accounts |
Document requirements for natural persons | Application form , ID/passport copy, residence permit for foreign citizens, a vaild email address, and a recent utility bill are required to open a bank account in Singapore |
Documents requirements | Application form, company’s business profile, ID/passport copy of a company representative, specimen signature of the appointed person |
| Address requirements for foreign citizens (YES/NO) | YES, foreign citizens must have a local address to open a bank account in Singapore |
| Requirements to travel to Singapore (YES/NO) | YES, foreign citizens are required to travel to Singapore, if they do not reside in the city-state. They can also appoint a representative to start the formalities, however, they still need to come to the city-state to complete the account opening process. |
| Remote bank opening possibility (YES/NO) |
Yes, it is possible to open a Singapore bank account with most banks for foreigners included, however, these must be in the |
| Timeframe for opening the bank account (approx.) | Approximately one week |
| Legal representative requirement (YES/NO) | No, however, such services are in place |
| Services attached to the accounts | Debit/credit card, financing/loans, preferential fees, online banking services |
| Types of banks to open accounts with | National banks and branches of foreign banks |
| Merchant bank account availability (YES/NO) | YES, e-commerce companies can set up merchant accounts |
| Foreign currency availability (YES/NO) | YES, among which EUR and USD |
| Access to online banking services (YES/NO) | YES, online banking is available in Singapore |
| Advantages of a Singapore bank account | Possibility to work with some of the largest banks in the world, one of the most modern infrastructures in Southeast Asia, quick setup of a bank account in Singapore |
| Bank account opening service availability (YES/NO) | YES, we offer corporate bank account opening services |
| Eligibility conditions (if any) | There are no specific eligibility conditions to be met by local or foreign clients of banks. |
Minimum deposit | Some banks may require an initial deposit. |
Possibility to make deposits and withdrawals | Yes, Singapore banks enable deposits and withdrawals. |
| Interest rates | Most banks offer a 3% interest on deposits. |
| Fees and charges | – opening fees, – maintenance fees, – withdrawal fees |
| Deposits protection | Yes, under the Monetary Authority’s Deposit Insurance Scheme |
| Foreign exchange services | Yes, most banks offer such a service. |
| Investment opportunities | Singapore banks provide various financial instruments to invest in. |
| Anti-money laundering regulations | Banks must comply with anti-money laundering rules. |
| KYC procedures | Singapore banks have Know-Your-Client procedures in place. |
| Financial stability | The Singaporean banking system is one of the most stable in the Southeastern Asian region. |
| Online security measures | Yes, banks have specific protocols to ensure bank account security. |
| Exchange control regulations | Exchange control rules have been abolished in Singapore. |
| Possibility of account closure | Yes, it is possible to close a Singapore bank account. |
| Other services | We can assist with the creation of merchant accounts for online companies and closing procedures. |
Table of Contents
Who can open a bank account in Singapore?
Both local and foreign citizens can set up several types of bank accounts in Singapore. The same principle applies to companies: corporate accounts can be created by enterprises with local or foreign shareholders.
What are the types of bank accounts available for opening in Singapore?
The most common are:
- current accounts, which are used by employees and people in general to perform daily operations;
- savings accounts, which are a great tool for saving money;
- corporate accounts, which are used by companies, as their name says;
- merchant accounts, which are special accounts available for e-commerce businesses only, specifically to enable online transactions.
How do I open a personal/current bank account in Singapore?
Citizens, permanent residents, and foreign citizens with employment visas can open current bank accounts in Singapore in 2026. The required documents to open a bank account in Singapore are:
- an application form released by the bank,
- a passport,
- an employment pass,
- an e-mail address.
You can read details on how to open a bank account in Singapore in the scheme below:
What are the documents required to open a corporate bank account in Singapore?
The following documents must be filed with the bank in order to open a bank account in Singapore:
- duly complete forms provided by the bank;
- a resolution passed by the management of the company that will state the opening of the account as well as who will operate it;
- a certified copy of the resolution mentioned above;
- a certified copy of the company’s certificate of registration;
- a certified copy of the company’s business profile;
- a certified copy of the company’s statutory documents;
- certified copies of the directors and shareholders.
If you plan to open a company in Singapore and need assistance in setting up a bank account for it, our local consultants can help you.
Are offshore bank accounts available for opening in Singapore?
Yes. If you are interested in setting up a Singapore offshore bank account, the steps to follow include:
- choose the bank and the type of account you want opened;
- decide if you want to open the Singapore bank account online or in person;
- draft the documents indicated by the bank and file them.
Is it possible to open a bank account online in Singapore?
Yes, most banks now offer this service.
What are the steps to open a bank account in Singapore?
The following:
- carefully research the banks and their services;
- ensure you have all the documents in order;
- make an appointment with a bank representative, if required;
- make the initial deposit to activate the account.
Do Singapore banks require a minimum deposit?
Some banks do, while others don’t. However, even when requesting such a deposit, the amounts are not high.
Can I open a Singapore bank account even if I am a non-resident?
Yes, there are banks that offer account opening services to non-residents.
Are there specific aspects I need to consider if I am a foreigner?
Yes, the most important aspect is to make sure the documents you submit as proof of address are not too old (in the case of utility bills, they should not be older than 3 months).
How long does it take to open a bank account in Singapore in 2026?
Personal accounts can be set up in about 3 working days or even sooner. For corporate ones, the opening process can take up to one month due to the Know Your Client verifications to be performed by the bank.
Can I also open a bank account with a foreign bank in Singapore?
Yes, many foreign banks operate through branches in Singapore, so this is an option if you are interested.
Are multi-currency bank accounts available for opening in Singapore?
Yes, you can also open USD, EUR, and GBP bank accounts in Singapore.
We invite you to watch our video on how to open a bank account in Singapore:
What types of banks operate in Singapore?
The following types of banks are thriving in Singapore:
- local banks in a small number;
- foreign banks;
- wholesale banks;
- offshore banks;
- merchant banks.
All banks are listed by the Monetary Authority in Singapore.
If you want to open a bank account in Singapore in 2026, you can select from some of the largest banks in the world operating here. If you decide to set up a company in Singapore and need support, please contact us. We can also help you with opening a bank account in Canada through our local experienced partners from BridgeWest Canada.