Last Updated on December, 2024
For Indians planning to move to Singapore or just visiting the country, having a bank account there is important to meet various financial needs in the country.
But the question is, can you open a bank account in Singapore from India? Well, yes you can do it and to share some more details on the matter we’ve developed this guide.
Most major banks in Singapore offer different accounts or products to open an account from India or from abroad. However, you might have to visit a bank branch in person to show them your documents and activate your account.
In this guide, we’ll list down details on how to open your bank account in Singapore from abroad and what paperwork you need to submit for all this.
So without any further ado, let’s get into details, shall we?
Quick Summary
Opening a bank account in Singapore from India is possible for non-residents or foreigners, but most banks require in-person visits to their branch for documentation and activation.
It is important for Indians planning to move to Singapore or visit the country to have a bank account there to meet their financial needs.
A better option for foreigners looking to manage their money in Singapore may be using a fintech solution such as Wise, which offers a multi-currency account that can be opened and managed remotely.
Contents
- Mandatory Documents Required to Open a Bank Account in Singapore As a Non-Resident/Foreigner
- Can I Open a Bank Account in Singapore Before Arrival?
- How to Open a Bank Account in Singapore?
- How Can Wise Come in Handy Here?
- Can a Foreigner Open a Bank Account in Singapore Without an Employment Pass?
- What Are the Fees?
- Final Thoughts – Use the Wise Borderless Account From Anywhere
- FAQs
Mandatory Documents Required to Open a Bank Account in Singapore As a Non-Resident/Foreigner
Different banks have different procedures for opening accounts. Therefore, what documentation is required may slightly vary from bank to bank.
Most of the time, you need to submit the following:
You also need to check the details associated with the documentation required before you visit the bank branch in person.
For instance, since India is a FATF country, you might need to present a passport that has at least 6 months left in expiry. Plus, you need to present proof of residence issued by the Indian government.
Now, if you’re not a Singapore resident but have a pass there, you can always consider going for one of the fintech solutions, such as Wise. You can open an account at Wise with your proof of identity and address right from India or your home country and still get your Singaporean bank account credentials.
Can I Open a Bank Account in Singapore Before Arrival?
As Singapore is a global financial hub, several international banks are present here. You’ll find many familiar names like ANZ, ABN AMRO, BNP Paribas, HSBC, Standard Chartered, and Citibank.
If you have a bank account with one of these international banks in India, you can ask for their assistance in setting up your Singaporean bank account before your arrival.
You need to keep in mind that most of these banks and their international services are focused on individuals with high net worth. Therefore, they might not be the right option for you.
You might be asked to deposit a hefty amount that can be up to SD 1 million, or you might be asked to maintain a larger in-credit balance that can be over SD 10,000, or they ask you to pay multiple fees for opening your account.
With proper documentation, the procedure to open an account is as simple as it gets and you can do it online. Therefore, you can open your account in Singapore after arrival.
How to Open a Bank Account in Singapore?
With proper documentation, you can visit a bank branch in person. It enables you to open a bank account in Singapore with most major banks in the country.
However, you can do some research to determine the right bank that is suitable for your requirements. Be sure to check their charges and if there are any limitations that you have to deal with. Also, keep in mind that some accounts focus on foreigners and require a hefty deposit amount.
Here’s a table highlighting some major options in Singapore for opening a bank account and their requirements.
| The Multiplier Account by DBS | The 360 Account by OCBC | Wise (Non-Banking Alternative) | |
| Eligibility | Foreigners holding a valid pass | Foreigners holding a valid pass | Wise serves all individuals living in the country |
| Required Documents | Proof of identity, proof of tax residency, proof of address, and a Singaporean-issued pass | Proof of identity, proof of address, and a Singaporean-issued pass | If you’re in Singapore, your passport or proof of address is required |
| Annual Fees | None | None | None |
| Min Deposit Requirement | No minimum deposit. But there’s an SGD 5 fall-below fee that is applicable if the balance goes under the daily average of SGD 3000 | SGD 1000 min deposit. But there’s an SGD 2 fall-below free that is applicable if your balance goes under a daily average of SGD 3000 (1st year waived) | No fall below or minimum deposit fee. However, a one-time requirement to add a deposit equivalent to GBP 20 is required. |
| International Payments | SGD 10 remittance fee (inward) along with ⅛ percent outward fee (min SGD 10 to max SGD 100) | SGD 10 inward remittance charges with ⅛ percent outward remittance charges (min SGD 10 to max SGD 100) and SGD 20 cable charge | 0.43% (cost can vary by currency and destination) |
| Card Availability | Linked to different cards | Yes | Yes |
| Offered Currencies | 13 foreign currencies, including SGD | Singaporean Dollar | More than 40 |
DBS Bank Account for Foreigners
DBS has different options including savings and current accounts that you can operate in SGD and foreign currencies. Another option you can explore here is the Multiplier Multi-Currency Account for foreigners in Singapore.
OCBC Bank Account for Foreigners
OCBC is another option for foreigners with valid passes to open a bank account in Singapore. Their 360 account is one of the best options for foreigners and you can use it for daily transactions.
How Can Wise Come in Handy Here?
If you’re looking for a more flexible option to manage your money in different currencies and countries, consider Wise. For this, you don’t need to be a Singaporean resident and still get SG bank credentials for sending, receiving, and holding Singaporean Dollars conveniently.
Using this account you can send, receive, and hold money in different currencies and use a mid-market exchange rate. With local bank credentials, you can get payments without any fees or charges. Moreover, you’ll also get a Wise card to spend contactless.
Can a Foreigner Open a Bank Account in Singapore Without an Employment Pass?
There’s absolutely no legal reason you can’t open a Singaporean bank account as a student, visitor, or an individual holding a dependent pass. However, each bank defines its own set of eligibility rules. Therefore, you need to do your research and find the right options suitable for your requirements.
For example, the UOB considers applications from foreigners who are not studying or working in Singapore. They can open an account for you as long as you can just visit their branch in person. Other banks might also offer some products to non-residents with limited access to some services
What Are the Fees?
Most Singaporean banks have bank accounts without any monthly fees, but you can expect to pay at least one type of additional cost for your account.
Each bank has its fee structure, therefore, you need to sort it out and see if it works for you or not. In a broader perspective here are some fees that you need to consider.
Minimum Deposit Amount & Fall Below Fee
In most cases, you must meet the min deposit requirement which ranges between SGD 1000 and SGD 300. Most banks also have an in-credit balance requirement and you’ll be charged a few if your account balance goes down this limit.
Early Closure Fee
Most banks require you to open your account for a certain time normally 6 months). If you close your account before that period there will be charges that can be around SGD 30.
ATM Charges
Withdrawing from ATMs will be free if you use your bank’s ATM kiosk. If you use another bank’s ATM kiosks, you will be charged an administration fee for each withdrawal along with a service charge, plus, you’ll have to deal with exchange rate fees as well.
Unsorted Cash Bill Charges
This is the fee that some banks charge for depositing unfolded and unsorted bills. If you use a bank teller to deposit your cash, be sure to unfold all your banknotes (along with sorted by denomination and their front side facing upwards. Otherwise, get ready for a fine of SGD 50.
Fees for International Charges
If you’re planning to make international transactions with your bank, then this will get very expensive very fast. There will be a transaction fee, a handling fee, and different agency fees along with an exchange markup and commission.
So there is a hefty cost to pay. Therefore, we recommend using a fintech service, such as Wise for this purpose.
Useful guides:
Final Thoughts – Use the Wise Borderless Account From Anywhere
Now, there are different options you can explore when it comes to choosing a bank to open an account to manage your finances in Singapore.
But you need to properly do your research to meet certain criteria of the bank you’re considering. Moreover, you have to deal with different fees as well. A better option for you to go for is a fintech solution, such as Wise.
You can open your account using your smartphone in no time. Open a multi-currency account and conveniently transact in different currencies without an issue.
FAQs
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