Can a Foreigner Open a Bank Account in Singapore? A Comprehensive Guide

Setting up a bank account in Singapore as a foreigner can be a crucial step for SMEs, small business owners, entrepreneurs, and individuals looking to establish a company in Singapore. With its robust financial infrastructure and business-friendly environment, Singapore is an attractive destination for foreign investments and business operations.

This blog post will guide you through the process and requirements for opening a bank account in Singapore as a foreigner.

Benefits of Opening a Bank Account in Singapore

• Access to a Stable Financial System: Singapore’s banking system is known for its stability and reliability.
• Facilitates Business Operations: Managing finances, receiving payments, and paying suppliers become more streamlined.
• Multi-Currency Accounts: Many banks in Singapore offer multi-currency accounts, making international transactions more convenient.
• Attractive Banking Services: Competitive interest rates, advanced digital banking services, and tailored business solutions.

Requirements for Opening a Business Bank Account

1. Proof of Identity: A valid passport and sometimes an additional identification document.
2. Proof of Address: Utility bills, rental agreements, or bank statements from your home country.
3. Employment Pass or Business Documents: Depending on the type of account, you might need to show an employment pass, business registration documents, or a letter of introduction.
4. Initial Deposit: Some banks require an initial deposit to open an account.
5. Personal Presence: Most banks require the account holder to be physically present during the account opening process.

Steps to Open a Bank Account in Singapore

1. Choose the Right Bank: Research banks that offer services suited to your needs. Popular banks for foreigners include DBS, OCBC, and Standard Chartered.

2. Gather Required Documents: Ensure you have all necessary documentation ready, including proof of identity, proof of address, and business-related documents.

3. Visit the Bank: Schedule an appointment and visit the bank branch in person. Some banks may offer online applications, but personal presence is often required.

4. Complete the Application: Fill out the application form and submit your documents. The bank will review your application and may ask for additional information.

5. Initial Deposit: Make the initial deposit as required by the bank to activate your account.

Alternatives to Traditional Business Bank Accounts

If opening a traditional bank account proves challenging, there are several digital banks that offer more flexible options:

1. Airwallex:

• Benefits: Multi-currency wallet, zero FX fees, 1% cashback on eligible spend, real-time expense management, and no annual fees.
• Ideal For: Businesses with significant international operations needing a robust and cost-efficient financial solution.

2. Green Link Digital Bank (GLDB):

• Benefits: Digital-first approach, flexible financing solutions, competitive interest rates, no minimum balance fee, and multi-currency accounts.
• Ideal For: Businesses looking for modern, flexible, and technologically advanced banking solutions.

3. MariBank:

• Benefits: Zero banking fees, high interest rates, free local transfers, seamless integration with Shopee, digital banking convenience, and high transaction limits.
• Ideal For: Businesses involved in e-commerce and those requiring efficient local and potentially international transactions.

Summary

Opening a business bank account in Singapore as a foreigner is not only possible but also beneficial for managing your finances and company operations effectively. By understanding the requirements and steps involved, and considering alternative digital banking solutions, you can find the best option that suits your needs.

Using an incorporation service as an extension of your team

Setting up a company in Singapore can be challenging, but with professional support, it can be simple, Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

Here are some articles you might find helpful:

Airwallex vs Aspire 

Business licences and permits

Cashback credit cards

SSIC codes

Do I need to register for GST?