Banking in Singapore

Opening a bank account

 

If you are going to be living in Singapore, you will find it more convenient to open a local bank account. This should not be too difficult with the proper paperwork.

Banking in Singapore

Before opening a bank account it is advisable to first determine what your needs are. There are a variety of banks in Singapore that offer different services, so be sure to choose one that can fulfill your needs. Different accounts require different paperwork, although for every account you will need your passport and proof of mailing address.

There are several international banks within Singapore including HSBC, Citibank, Maybank, BNP Paribas, ABM AMRO, and Standard Chartered. Aside from these there are foreign restricted banks that operate within Singapore, but in many cases they can’t offer all services. All banks offer debit cards, with most of the international banks operating using a shared ATM, meaning you would not need to pay a fee for taking money out of another bank's ATM machine. In some cases it may even be possible to open a bank account in Singapore without being present at the bank. The time it takes to open an account ranges from one day to one week, depending on if you are present and other factors.

Before opening a bank account it is advisable to first determine what your needs are. There are a variety of banks in Singapore that offer different services, so be sure to choose one that can fulfill your needs. Different accounts require different paperwork, although for every account you will need your passport and proof of mailing address.

There are several international banks within Singapore including HSBC, Citibank, Maybank, BNP Paribas, ABM AMRO, and Standard Chartered. Aside from these there are foreign restricted banks that operate within Singapore, but in many cases they can’t offer all services. All banks offer debit cards, with most of the international banks operating using a shared ATM, meaning you would not need to pay a fee for taking money out of another bank's ATM machine. In some cases it may even be possible to open a bank account in Singapore without being present at the bank. The time it takes to open an account ranges from one day to one week, depending on if you are present and other factors.

Does this article help?

Do you have any comments, updates or questions on this topic? Ask them here: