Updated on Apr 01, 2009

The purpose of this guide is to provide details on opening a personal account in Singapore types of accounts available, principal account features, major banks you can open an account with and basic account opening requirements.

Singapore s banking system is among the strongest in the world. There are more than 150 banks comprising of commercial banks, merchant banks and financial institutions with total assets of more than S$400 billion. Singapore has strict banking secrecy laws, no capital gains tax and tax exemption on interest earned. Depending on your personal banking needs, you have the option of opening a current account, savings account, brokerage account, or a private bank account in Singapore.

For Singapore residents (i.e. Singapore citizens, PRs, and foreigners working in Singapore), opening a personal bank account is a relatively simple and straight forward process, requiring minimal paperwork. However, banks are somewhat reluctant to open a personal retail bank account for non-resident individuals. The exception to this is the private banking industry that caters to high net worth individuals (generally, a minimum investment of USD 1 million) and welcomes both who are living locally or overseas.

The purpose of this guide is to provide details on opening a personal account in Singapore types of accounts available, principal account features, major banks you can open an account with and basic account opening requirements. Please note that this is a general guide and it is advisable to contact the banks you have shortlisted for further details of their services and policies.

Related Links: Singapore Bank Account for Companies

Opening a Retail Bank Account

Types of Accounts

Most banks offer the following types of consumer bank accounts for personal needs:

• Current account Non interest bearing, chequing account.
• Savings account Interest earning, non chequing facility account. Most banks provide you with various types of savings accounts to choose from depending on whether you require a monthly statement or passbook, higher interest or lower interest, a kids account or a basic bank account and so on.
• Savings-cum-current Account Interest paying chequing facility account.

Who can open an account?

Opening a retail bank account is simple and straightforward for Singapore residents. You must be at least 21 years of age and be a citizen, PR, or hold a valid work pass. Depending on the bank, you may be required to keep a minimum balance ranging from S$500 S$5000 or a monthly fee will apply otherwise. You can visit any branch of your choice and bring the following with you:

• For Singapore Citizens Copy of Singapore IC and residential address proof
• For Permanent Residents and Work Pass holders: Copy of passport, work pass, and residential address proof

Although banks in Singapore are generally reluctant to open a bank account for non-residents (i.e. foreigners living overseas), you have a good chance of opening an account under the following circumstances:

• You own a Singapore company and have an established corporate banking relationship with the bank.
• One of the banks existing client can introduce you to the bank.
• You have an existing relationship with the bank overseas.

Account Features

A retail bank account in Singapore generally provides the following main banking facilities:

1. ATM Cards are issued by most of the banks when you open a retail banking account. Apart from withdrawals and deposits, you can perform fund transfers, bill payments and even specialized transactions like Unit Trust and Securities application (IPO) through an ATM machine.
2. Internet Banking facility is provided by almost all banks in Singapore. Most of your day-to-day banking needs such as balance enquiries, bill payments, fund transfer (locally or overseas), credit card payments, etc. can be accomplished using internet banking. All banks in Singapore have adopted a secure internet banking protocol that consists of user ID, password, and an additional Second Factor Authentication (2FA) number using a token.
3. Phone Banking allows you to make enquiries as well as certain transactions over the phone.
4. Cheque book facility is provided for current and savings-cum-current accounts.
5. Monthly statements are a standard feature. You can opt to have the monthly statements in hard copy or electronic form.
6. Inward and Outward Remittance services include DD, TT, Travellers Cheques and Cashiers Order. Certain banks may impose limitations on the amount of money remitted depending on the type of facility.
7. Overseas cash withdrawal is possible as most banks provide you with a ATM/Debit card, enabling you to access ATMs with Cirrus and Plus facilities overseas. A transaction fee typically applies for ATM withdrawals overseas.
8. NETS facility. NETS (Network for Electronic Transfers) is a cashless transaction that allows you to use your ATM card and PIN number, to make over-the-counter payments in Singapore, by deducting the amount directly from your bank account. Most banks ATM cards are enabled with this facility and is an extremely useful facility if you are living in Singapore.
9. GIRO facility. GIRO is a direct debit facility to make regular monthly payments on a fixed date, without having to keep track of when a bill payment is due. All you need to do is complete an application form and send it to your Billing Organisation (BO). Once approved, the BO will directly debit your bill amount from the respective bank account on the payment due date on a recurring basis.
10. Premier Banking (also labeled as Privilege Banking, 1-to-1 Banking by some banks). If you are able to maintain a certain minimum balance in your account (varies from S$150,000 to S$200,000 by bank), you can upgrade your account status to premier banking status. This status normally provides you with the following special privileges:

1. You get better customer service when you visit the bank. Most of the banks have special service desks for premier account holders and will allow you to sit on a chair (rather than standing in the queue) while doing your banking. Some may also serve you refreshments while you are waiting for your turn.
2. The bank may offer you discounts on their service fees such as telegraphic transfers, waiving of annual fee on credit cards, etc.

Major banks offering retail banking

Major local banks

1. DBS (Development Bank of Singapore)
2. OCBC (Oversea Chinese Banking Corporation)
3. UOB (United Overseas Bank)

Major foreign banks

Factors to consider

Below are some of the factors you should consider when deciding on the bank for opening a personal account. Its important to note that the selection criteria usually differs from person to person so the same bank may not be best suited for everybody. For example, for one person the service level may be more important whereas for another the service fees may play a bigger role in selecting a bank.

1. Banks Physical Presence If you are a frequent traveller overseas it is important to choose a bank that has a large international ATM network. If you are in Singapore most of the time, it might be a good idea to choose a bank that has a branch near to the place where you work or live.
2. Service Level Some banks provide better service than others. To have a better idea of the service level of the bank you may be interested in, visit the nearest branch and get an idea of their customer service.
3. Service Fees Service fees for various types of bank transactions and minimum balance requirements differ from bank to bank. You should review their service fees for most common banking transactions to make sure you are comfortable with it. In general, local banks have lower service fees than foreign banks.

Opening a Brokerage Account

Should you wish to open a brokerage account in Singapore to trade stocks, bonds, mutual funds and other fixed income and government linked securities, many banks and financial institutions in Singapore provide you this option. A brokerage account in Singapore consists of two accounts:

• Securities Account. A securities account is opened with the Central Depository Pte Ltd (CDP), which acts as the custodian of your Singapore shares.
• Trading Account. Trading account is opened with one of the financial institutes offering such service.

It is important to link your trading account with your securities account. By linking both the accounts, your trades through your trading account will be reflected directly in your CDP securities account. You will receive contract notes and statements from the CDP. Almost all financial institutions offering trading account will arrange to open your CDP Account to make it easier for you.

In addition to Singapore stock exchange, you will also be able to trade on major international stock exchanges including US and European and many Asian stock exchanges through your trading account.

Who can open a trading account?

You can open a trading account in Singapore if you are a

1. Singapore Citizen or
2. Singapore Permanent Resident or
3. Foreigner on a valid Work Pass

Additionally you must

1. Be above 21 years of age
2. Have a securities account with the Central Depository Pte Ltd (CDP). However, while applying for your trading account, most financial institutions in Singapore will arrange to open your CDP Account if you do not have one.

Documents required

Account Features

1. Online Trading

1. Buying & Selling Stocks can be done either using the online trading facility available when you open a trading account with a bank or through a representative via phone. Using the phone banking facility to buy shares will incur a higher brokerage commission and fee as compared to buying it online.
2. Buying & Selling Mutual Funds and fixed income securities like bonds can also be done either using the online trading facility. You can choose to buy from a range of locally registered funds offered by the banks.

Financial institutions offering trading account

Major local banks

1. DBS (Development Bank of Singapore) using DBS Vickers
2. OCBC (Oversea Chinese Banking Corporation) using OCBC Securities
3. UOB (United Overseas Bank) using UOB Kay Hian

Major Foreign Banks

Other non-bank brokerage houses

You can open an account with any of the brokerage houses listed above depending on the following factors:

1. Real-Time Information It is important to choose a brokerage house that provides reliable real-time stock prices, trading facilities, and market news, which plays an important role in making informed decisions on any investments or trades.
2. Internet Trading Platform Most of us are likely to use the Internet as our preferred and convenient trading channel. It is advisable to understand the online trading features (e.g. multi market access with a single log-in, manage and review account information in multi-currency, bi-lingual capability etc.) offered by various brokerage houses in order to choose what best suits your needs.
3. IPOs Certain brokerage houses reserve and allocate IPO private placement shares for their preferred clients. You can apply for placement shares of Initial Public Offerings, without having to go to the ATM to ballot for those shares.
4. Commissions Most brokerage houses in Singapore offer fairly similar commission charges, ranging from 0.18% to 0.5%. However, it is advisable to conduct a check on charges and fees before you decide on which bank to open a trading account with.

Opening a Private Bank Account

This type of a bank account is mainly for individuals with high net worth who require portfolio management services and asset protection from economic and/or political risks. In private banking industry, Singapore is becoming the new Switzerland. Despite its relatively small population, Singapore has today $250 billion of offshore assets, growing at a rate of 20-25 per cent a year. Singapore changed its tax laws in 2004 to attract funds from abroad. Residents do not pay tax on income earned overseas. Investment gains earned in Singapore from stocks and other financial instruments are also tax-exempt. Private banks typically provide customers holding at least $1 million of liquid assets with advice on investments, estate planning and taxes. They also often help the wealthy move assets abroad, which some use to avoid domestic taxes.

Who can open a private bank account?

Singapore residents as well as foreigners living overseas can open a private banking account in Singapore as long as you meet the banks minimum balance requirements and satisfy the banks Know Your Client requirements.

Documents required

Account Features

Banks offering private banking services