Whether you are a foreigner or an expat visiting Singapore, opening a bank account in Singapore is a fairly straightforward process. Net-banking has made it easy for people from various backgrounds to open a bank account in Singapore.
The process of opening a savings, business, corporate, or investment account varies from one to the other, as Singapore banks offer a lot of options for interested applicants. Most banks offer a wide range of 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 read-
Procedure to open a bank account in Singapore
Here are some easy steps to open a bank account in Singapore –
General Document Requirements
Here are the general requirements that most banks require their applicants to fulfill –
Some banks provide applicants with the option of doing these processes over the internet. There is no need for you to be physically present at the bank to complete the application process.
bank account online application
The most prominent 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 the applicants to complete the account opening process over the internet. You need to visit the website of your selected bank and –
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 signatories or business directors. The process of signing paperwork at most top Singaporean banks is rigorous.
All the major corporate heads should be physically present while opening the corporate bank account. However, in certain cases, banks may approve the signing of documents either at a foreign branch of the bank or in the presence of a notary public. Banks require account signatories to provide these documents –
After assessing the forms and these documents, the bank officials will inform the applicants about their future steps.
Apply Online for Corporate/Individual Bank Account
The process for opening a corporate bank account for a local is very straightforward. Foreigners can submit the application online. Once approved, a bank official will assist the applicants with the account opening process. However, a face-to-face meeting between the bank officials and at least two directors is mandatory.
Additionally, since there are many foreign banks with banking licenses for full banking services in Singapore, you have the option of opening an account there. As a foreigner in Singapore, you can always check the criteria for opening a new account at a local Singapore branch if you have a bank account with the same bank in your home country. Before opening a new account with any bank it is best to look at the value added services, interest rates and ATM services available.
