Tuesday, May 30, 2023

Are You Looking to Open a Bank Account in Singapore?

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 –

  • Decide what type of account you want to open (Savings Account, Recurring Account, Investment Account, etc.)
  • Visit Bank’s website for online application details.
  • Visit the bank to meet one of their executives.
  • Fill the account opening form.
  • If possible, provide references from existing account holders of that bank.
  • Submit the form with required documents
  • An officer will conduct a verification process. You will be notified when he approves your account opening proposal form.
  • Deposit the initial amount into your new bank account!

    General Document Requirements

    Here are the general requirements that most banks require their applicants to fulfill –

  • Proof of residence in Singapore You can use your passport, proof of employment (issued by the local ministry of manpower), or proof of residence (electricity bill, previous bank statement).
  • Justification of the need for 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 behind your application. This justification can be in the form of a work permit, offer/employment letter, or a letter from your educational institution (an official letter certified by the local Ministry of Education).

    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 –

  • complete their online application form
  • Upload Required Documents
  • It will take at least three working days for the bank to process your request.
  • Once approved, the bank will mail your account statement along with the 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 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 –

  • Original and copies of the passport (or Singapore IC) of the signatories.
  • Proof of residential address of the signatories and beneficial owners is also required. Carry the originals, and the bank staff will make and collect the Xerox copies themselves.
  • Certified copy of Memorandum of Business and Articles of Association. These copies should be attested by the company secretary or any one of the business directors.
  • Attested copy of the Company Profile of the business from the Registrar of Companies. This copy should also be attested by the company secretary or one of the business directors.
  • certificate of incorporation.
  • Certificate of resolution authorizing the request to open the account. This resolution must include the authorization of the signatories of the account. Each bank has its own specific format for these certificates. Signers need to sign the certificate.
  • Resolution of the Board of Directors Approval to open the account. This document must contain the names of all signatories to the account. A company secretary would be able to prepare this document.
  • Complete the Corporate/Business Account Opening Form provided by the bank of your choice. These forms must be signed by all signatories.
  • Additional documents/certificates may be required by the bank officials on case to case basis. Each bank has a unique set of requirements regarding minimum initial deposit, minimum balance and account fees.

    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.

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