Opening a Bank Account in Singapore

1. Who Can Open an Account?

• Singapore citizens & Permanent Residents: Just need Singpass; easy online setup.
• Foreigners with valid passes: Employment Pass, S Pass, Student Pass, Dependent or Long‑Term Visit Pass holders can open accounts in person or online. OCBC even allows remote sign-ups with e-passport holders via its Digital app (OCBC Remote Sign-up).
• Non‑residents/tourists: Most banks don’t allow tourist accounts. Fintech options like Wise or Revolut may be used until arrival.
• Special note for US expats: FATCA applies—banks require IRS Form W‑9 and tax self-certification, which may delay approval.

2. Documents You Need

A. Common Requirements

• Valid passport (or Malaysian IC for Malaysians).
• Valid Singapore pass or In‑Principle Approval (EP, S/P, Student/LTVP).
• Proof of Singapore address (utility/telco/bank statement), dated within 3 months.
• Proof of tax residency if declaring non‑Singapore tax status.

B. Additional for US Citizens

• IRS Form W‑9 and FATCA documentation—may extend processing time.

3. Choosing the Right Bank & Account Type

A. Major Banks (DBS/POSB, OCBC, UOB)

• Initial deposit: S$1,000–3,000 (premium tiers higher).
• Offers: savings, current, multi‑currency, fixed deposit, investment accounts.
• OCBC supports remote onboarding for e‑passport holders via its Digital app—the first Singapore bank to offer fully digital account opening for foreigners since June 2023 (OCBC Digital App Foreigners).

B. Digital & Neo‑Banks

• Trust Bank: Fully digital, full-license bank; reached 1 million customers by 21 February 2025, making it the 4th largest retail bank in Singapore (Trust Bank 1M Customers).
• Wise, Revolut, MariBank: Multi‑currency wallets, low fees, no monthly charges; online onboarding available.

4. Step‑by‑Step Account Opening Process

1. Choose your bank—consider deposit requirements, currencies & fees.
2. Gather documents: passport, pass/IPA, address & tax proofs (and W‑9 if US).
3. Choose application channel:
   • Online: DBS Digibank via Singpass; OCBC Digital app for e‑passport users (Instarem Guide).
   • In‑branch: Needed for UOB or non‑Singpass users.
4. Submit application — processing typically takes 3–5 working days.
5. Receive debit card by mail and activate via mobile app.
6. Deposit initial funds to activate account and avoid fees.

5. Fees, Minimums & Hidden Costs

• Initial deposit: generally S$1,000–3,000; premium tiers require more.
• Monthly fall‑below fees may apply.
• International transfer fees vary between banks & fintechs.
• Local ATM/app use is typically free; overseas ATM withdrawals are chargeable.

6. Digital Banking Trends

• Trust Bank became the 4th-largest retail bank by Feb 2025 after reaching 1 million customers
• Fintech platforms support pre-arrival onboarding and multi-currency transfers.
• Mainstream banks now use Singpass/MyInfo for seamless digital onboarding.

7. Conclusion

With a range of options—from traditional banks to digital-native offerings like Trust Bank and cost-effective fintechs—opening a Singapore bank account is simple once you gather the right documents and understand fee structures.

✅ Expat Bank Account Opening Checklist

• ☐ Choose bank & account type
• ☐ Prepare passport + valid pass/IPA
• ☐ Collect proof of SG address
• ☐ Obtain proof of tax residency (if required)
• ☐ (For US expats) Complete W‑9 & FATCA forms
• ☐ Decide: online (Singpass) or branch onboarding
• ☐ Submit application; wait 3–5 working days
• ☐ Receive debit card & activate app
• ☐ Deposit initial funds to avoid fall‑below fees