For a traveler and non-residents living in Singapore, having a bank account is very important for managing financial life. It is also like paying bills, shopping transactions, travel fares, and many more things in your daily life. People in Singapore and other countries, such as tourists, laborers, and business people, need a Singapore bank account. The main use of a bank account is receiving salary, transferring funds, and saving money in a bank account, which is a very secure method for travelers. Can a Foreigner Open a Bank Account in Singapore? is a question that non-residents and migrants most frequently ask. Don’t worry today we will give the all answer in this article. Let’s discuss this topic.
Types of Bank Accounts in Singapore
- Current Accounts:
- This type of bank account is for daily uses for paying shopping and other bills, receiving salary, transactions through debit cards, and many more purposes.
- Packaged Accounts:
- Bank accounts that give you life insurance, travel insurance, car insurance, and many more uses. It is a type of current Account but this account has more benefits. Packaged accounts charge monthly fees after activation the individuals must pay fees.
- Student Accounts:
- This type of account is only designed for students. It has no monthly fee it is fully free by this account students will get a good discount on everything. The travel is free for Students by Student Debit Card. The government of Singapore gives a big relief to students.
- Savings Accounts:
- For saving and adding a large amount of money to a bank account we need Savings accounts for this. In a savings account when we add money in account, the bank gives us the interest on the base of our savings. Saving accounts are the best options to make money double and for savings.
- Joint Accounts:
- A joint is only for business partner and couples who want to share the money with their partner. It is also used to share the account with your buddy or business partner. The other person has access to your account and they also manage it.
Requirements for foreign
- Proof of Identity:
- If you want to open a bank account in Singapore, you must have an identity card, passport, and other documents that prove your identity.
- Proof of Address:
- The main requirement for opening a bank account is that you need to show the address of your home, room, etc. It would be best if you showed the utility bills, letter of job, council bill or letter, etc.
- Other Documents:
- You must show other documents like your ID, Student ID, Bills, etc. It depends on the bank because each bank has different policies for opening a bank account.
Top Physical Banks In Singapore
After research, we found the best bank in Singapore for you the list is shown below:
- DBS Bank
- Oversea-Chinese Banking Corporation (OCBC)
- United Overseas Bank (UOB)
- Standard Chartered Bank
- HSBC Singapore
- CitiBank Singapore
- Maybank Singapore
- Bank of China Singapore
- RHB Bank Singapore
- State Bank of India (SBI) Singapore
Can a Foreigner Open a Bank Account in Singapore?
- In-person at a Branch:
- In Singapore, opening a bank account is fairly easy; all you have to do is present the bank with the necessary documentation. Some physical banks are the DBS Bank, Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank (UOB), Standard Chartered Bank, and HSBC Singapore.
- The person who wants to open a bank account in Singapore must have identity proof, address proof, and other documents based on bank demand.
- Online Banking:
- If you want to open a bank account online, this is the best method to do so.
- The first step to opening a bank account online is that choose the bank account that you want to open.
- Then to go bank’s official website click on “Open an Account”.
- Fulfill out the Application from where you are required to give your character, date of birth, issue ID card points of interest, and others.
- After submitting the Application form they ask you to open the camera and show a selfie for verification.
- After providing some other details that are verifying your information take business 1h to 4h. And send you the message for a debit card after opening the account.
- Digital Banks:
- The online digital bank is good for tourists like Grab-Singtel GXS Bank, Sea Group’s MariBank, Trust Bank (by Standard Chartered and FairPrice Group), DBS digibank (offered by DBS), OCBC Digital (offered by OCBC), and others.
- These banks allow the users to open the bank account easily, if you are non-residential and you want to open the bank account for some time it is best for you.
Step-by-Step Guide to Opening a Bank Account
- To open a new bank account the first step is to choose the right one bank account. It is up to you which bank you should prefer.
- Keep with all the important documents like your identity card, address proof, student ID, and other documents.
- Get the Application form and fill in all the details in it. You need to provide the personal information to the bank and submit it. You can the form from the bank of any branch. You can also get the form online from their official website.
- After submitting the Application form to bank staff for verification after verification they require your identity card and address. Your bank account will be activated.
- Add the money to your bank account and apply for a debit card. Your account will be ready and start using it.
FAQs
The Important Documents you need to create a bank account are that you have a valid Singapore Identity Card, and a Driving license, which are the things that prove your ID. The second requirement is proof of address and employment which can be shown by the utility bills, council tax bills, etc.
Yes, non-residents also open a bank account by showing the document means a visa and passport. Non-residents also need extra documents like residence permits with proof of address. Most of the banks are designed for international clients.
For an offline bank, the staff gets some business hours for verification and after verification asks you to add some funds to your account for use. For online openings, they take up to 1 business day for verification. Many digital banks verify your account and information instantly with a selfie.
To go bank’s official website click on “Open an Account”.
Fulfill out the Application from where you need to provide your identity, date of birth, issue ID card details, and others. After providing some other details that are verifying your information take business 1 day to 4 days. And send you the message for a debit card after opening the account.
Students can open a bank account in Singapore by submitting their student status to the bank and address proof. And also need a student ID, university acceptance letter, etc.
Conclusion
To open a bank account in Singapore is very simple. But for opening the bank account you need careful planning. It is important to know “Can a Foreigner Open a Bank Account in Singapore?” ” How to use the bank account in Singapore?” is the main purpose and many things to Understand. The balance management and paying the fees of different services like ATM balance one year charge. If your bank balance is low and equal to zero the bank will close your account. It is necessary that the minimum balance required is $0.01 to keep the account open.
The most imperative thing is to select the right bank and sort of bank. The best bank account gives you everything like offers on life protection, vehicle protection, and numerous more things. The primary thing is the benefit of the bank and their staff behavior. After choosing the bank you go to the Bank to open an account. Collect all the records, such as personality verification, address verification, and other reports, by yourself. We can grant you all the subtle elements for opening a Bank account.
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