Are you looking to open a bank account in Singapore?

Business
admin
12-01-2023

Whether you are a foreigner or an expat moving to Singapore, opening a Singapore bank account is a fairly straightforward process. Online banking has made it easier for people of different backgrounds to open a bank account in Singapore.

The processes for opening savings, business, corporate or investment accounts differ from each other, as Singapore banks offer many options for aspiring applicants. Most banks offer comprehensive features such as online banking, multi-currency accounts, trade financing, and more. If you are looking for information on how to open a bank account in Singapore, then read on.

Procedure to open a bank account in Singapore

Here are some easy steps to open a bank account in Singapore:

  • Decide the type of account you want to open (savings account, recurring account, investment account, etc.)

  • Check the bank’s website for online application details.

  • Visit the bank to meet one of its officers.

  • Fill out the account opening form.

  • If possible, please provide references of existing account holders at that bank.

  • Submit the form with the necessary documents

  • An officer will carry out a verification process. You will be notified when he/she deletes your account opening proposal form.

  • Deposit an initial amount into your new bank account!

    General document requirements

    These are the general requirements that most banks require their applicants to meet:

  • Proof of residence in Singapore – You can use your passport, proof of employment (issued by the local Ministry of Manpower) or a proof of residence (electricity bill, previous bank statements)
  • Justification of the requirement of your bank account – Once you can prove that you have a permanent or temporary residence permit in Singapore, you will need to justify the reasons for your application. This justification can be in the form of a work permit, offer/employment letter, or a letter from your educational institution (official letter certified by the local Ministry of Education).

    Some banks do offer applicants the option of carrying out these procedures over the Internet. You do not need to be physically present at the bank to complete the application process.

    Online bank account application

    The largest banks in Singapore are the Development Bank of Singapore (DBS), the United Overseas Bank (UOB) and the Overseas Chinese Banking Corporation (OCBC). These banks have made it easy for applicants to complete the account opening process over the Internet. You have to visit the website of your selected bank and –

  • Complete your online application form

  • Upload essential documents

  • The bank will take at least three business days to process your request.

  • Once approved, the bank will send your account details along with a debit card to your official address.

  • Activate your debit card to start using your account.

    How to open a business/corporate bank account in Singapore

    The process of opening a business/corporate bank account in Singapore is more complicated than opening a personal or savings account. Most banks require the physical presence of account signers or business managers. The document signing process at most major banks in Singapore is rigorous.

    All major corporate heads must be physically present at the time of opening the corporate bank account. However, in some cases, banks may sanction the signing of the documents either at a bank branch abroad or in the presence of a Notary Public. Banks need account signatures to provide these documents –

  • Original and copies of the signatories’ passports (or Singapore IC).

  • Proof of residential address of the signatures and beneficial owners is also required. Take the original copies with you, and the bank employees themselves will make and collect the Xerox copies.

  • Certified copy of the deed of incorporation and bylaws. These copies must be certified by the company secretary or one of the commercial directors.

  • Certified copy of the company profile from the Mercantile Registry. This copy must also be certified by the company secretary or one of the commercial directors.

  • Certificate of incorporation.

  • Certificate of Resolution authorizing the application to open an account. This resolution must include authorizations of the signatures of the account. Each bank has its unique format for these certificates. The signatures must sign the certificate.

  • Resolution of the Board of Directors that sanctions the opening of the account. This document must contain all the names of the account signatures. A company secretary may prepare this document.

  • Complete the Corporate/Business Account Opening Forms provided by the bank of your choice. These forms must be signed by all signatures.

  • Bank officials may need additional documents/certifications on a case-by-case basis. Each bank has a unique set of requirements regarding the minimum initial deposit, minimum balance, and account fees.

    After evaluating the forms and these documents, the Bank Officials will inform the applicants about their next steps.

    Corporate/Personal Bank Account Online Application

    For locals, the process of opening a corporate bank account is very simple. Foreigners can apply online. Once approved, the Bank Officer will assist applicants with the account opening process. However, a face-to-face meeting between bank officers and at least two directors is mandatory.

    Also, as Singapore has many foreign banks with banking licenses for full banking services, you have the option of opening an account there. As a foreigner in Singapore, if you have a bank account with the same bank in your home country, you can always check the criteria for opening a new account at the local Singapore branch. It is best to look at the value-added services, interest rates, and ATM services available before opening a new account at any bank.

    • Leave a Reply

    Your email address will not be published. Required fields are marked *