Setting up a bank account in Singapore as a foreigner is easier than you think — and it can unlock serious perks for work, travel, and everyday life.

Whether you’re relocating to Singapore for work, studies, or long-term travel, opening a local bank account is one of the first (and smartest) things you can do. It helps streamline salary deposits, reduce foreign currency conversion fees, and allows you to manage daily expenses conveniently. With a wide range of banking options available, from traditional banks to digital-only platforms, Singapore offers flexibility and security for foreigners looking to settle in.

Most banks in Singapore allow foreigners to open an account, but your eligibility often depends on your visa type and purpose of stay. In general, Employment Pass (EP), S Pass, Dependant Pass (DP), Student Pass, and Long-Term Visit Pass (LTVP) holders are eligible. Tourists may have more limited options, especially for full-service accounts.

That said, banks may have their own internal checks — such as a minimum stay duration or additional paperwork — so it’s best to check with your preferred bank directly. If you're moving here for work or education, getting an account should be a smooth process once you’ve sorted out your local documentation.

Opening a bank account in Singapore usually requires a minimum initial deposit, which varies by bank and account type. For basic savings accounts, some banks may waive the initial deposit requirement for online applications. However, others may require a minimum of S$1,000 to S$3,000 to get started.

Foreigners should be aware of various fees that may apply when opening and maintaining a bank account in Singapore. Common fees include:

• Fall-below fees: Charged if your average daily balance falls below the set threshold (usually S$1,000 or S$3,000).

• ATM or debit card annual fees: Some banks may charge a small yearly fee for card maintenance.

• Early account closure fees: If you close your account within six months, expect a penalty (usually around S$30).

• Currency conversion fees: These may apply for foreign currency transactions unless you’re using a multi-currency account.

To avoid unexpected charges, review the account’s fee schedule carefully or speak to a bank representative before signing up.

Foreigners in Singapore have access to a wide range of bank accounts designed to suit different financial needs, whether you're managing daily expenses, saving for the future, or handling multiple currencies. Understanding the differences between each type of account can help you choose the right one based on your lifestyle, work situation, and long-term plans in Singapore.

At a glance, the three most common account types for foreigners are savings accounts, multi-currency accounts, and fixed deposit accounts. Most major banks in Singapore offer all three types of accounts, and many allow you to apply online with the right documents.

Savings accounts

A savings account is the most basic type of account, ideal for everyday deposits, withdrawals, and earning some interest. While interest rates tend to be lower, these accounts are widely accessible and easy to manage.

Popular choices include the DBS Multiplier and OCBC 360. These accounts reward users with higher interest if they meet bonus criteria such as salary crediting or credit card spending. For foreigners working in Singapore, this setup can be an efficient way to receive salaries and manage expenses. Some accounts also come with perks exclusive to Singsaver sign-ups, such as vouchers or cash rewards — so check the latest offers before applying.

SingSaver’s take

The DBS Multiplier Account is a great starting point for foreigners who want flexibility without committing to a high initial deposit. With no minimum deposit requirement and strong integration with other DBS products, it’s easy to set up and manage — especially if you’re new to the country and still getting your finances in order. While the maximum interest rate requires salary crediting and other transactions like credit card spending or home loan payments, it’s still one of the most accessible high-interest savings accounts in Singapore.

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SingSaver’s take

The OCBC 360 Account is ideal for foreigners who plan to stay long-term and want to maximise interest earnings across different financial activities. If you’re crediting your salary in Singapore and gradually building a financial portfolio — savings, insurance, or investments — this account rewards you at every step. However, it does require a higher minimum deposit and balance, so it’s better suited for those with stable income and longer-term plans in Singapore.

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Multi-currency accounts

Multi-currency accounts (MCAs) allow users to hold, receive, and transfer money in multiple currencies without needing to convert funds each time. These are especially useful for foreigners who get paid in foreign currencies or send money home frequently.

Banks offering MCAs in Singapore include DBS (My Account), Revolut, Wise, and YouTrip. These accounts are ideal for expats, digital nomads, and frequent travellers — helping you avoid conversion fees and offering competitive exchange rates. If you’re regularly managing different currencies, an MCA could save you time and money. 

>> MORE: What is a multi-currency account

Fixed deposit accounts

Fixed deposit accounts are savings accounts where your funds are locked in for a set term (typically 6 to 12 months) in exchange for a higher interest rate. They are suitable for foreigners who want a secure, low-risk way to grow their savings in Singapore.

Most banks require a minimum deposit of around S$5,000. Interest rates vary depending on tenure and bank promotions. If you’re not planning to use a portion of your savings soon, parking it in a fixed deposit account can yield better returns than a standard savings account.

Opening a bank account in Singapore as a foreigner is a relatively straightforward process, especially if you have the right documents and choose a bank that supports digital onboarding. While the exact steps may vary slightly depending on the bank, most follow a similar flow — from document preparation to account activation.

Select the right bank

Start by comparing banks based on your needs. Do you want low maintenance fees, access to multi-currency accounts, or strong digital banking features? Singapore offers a range of local and international banks, each with its own advantages. 

>> MORE: How to choose a bank

Prepare the documents

You’ll typically need to provide the following documents:

• Passport

• Valid visa or pass (e.g., EP, S Pass, Student Pass)

• Proof of local address (e.g., tenancy agreement or utility bill)

• Proof of employment or student status, if applicable

• Tax residency declaration (in some cases)

Each bank may have slightly different requirements, so confirm before your appointment or application.

Fill out the application form and upload the documents

Most banks offer the convenience of online applications, especially for savings accounts. You’ll need to fill in personal details and upload the required documents. Some may ask for a digital signature to complete the process.

Wait for approval

Approval times can range from a few minutes to several working days, depending on the bank and completeness of your application. You may receive updates via SMS or email once your account is approved.

Account activation and deposit

After approval, you may need to make an initial deposit to activate your account. This amount depends on the account type and bank — it can range from S$0 to S$3,000. The OCBC Frank and Citi Plus are examples of accounts with no minimum deposit.

SingSaver’s take

The Citi Plus account provides a base interest rate of 1.5% per annum on the first S$50,000, with opportunities to earn up to 4.0% per annum by engaging in various financial activities such as spending, investing, insuring, taking a home loan, and even during your birthday month. For foreigners residing in Singapore, Citi Plus offers the advantage of a digital-first approach, allowing for seamless account management through the Citi Mobile® App. The platform also includes financial literacy tools like Wealth Smart and Money Goal, aiding users in making informed financial decisions.

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Receive your bank card/access to banking services

Your ATM or debit card will usually be mailed to your registered address. In some cases, you may collect it from the branch. Once received, you’ll be able to withdraw cash, shop online, and make payments locally and abroad.

Set up online banking or mobile banking app

Download the bank’s mobile app or sign up for internet banking. This will allow you to monitor your account, make transfers, and access services like PayNow or FAST on the go.

Online banking has become the norm, especially for tech-savvy foreigners who prefer managing finances from their phones. Singapore’s banking landscape now includes both traditional banks with strong digital platforms and full-fledged digital banks.

Popular options include Wise, YouTrip, and Revolut — all of which offer easy account setup, international transfers, and competitive exchange rates. Meanwhile, local banks like DBS (Digibank) and OCBC also offer robust mobile apps, making online onboarding and banking easy for newcomers. If convenience and cost savings are top priorities, these digital banking options are worth exploring.

>> MORE: What is online banking

Convenience

Having a local bank account simplifies day-to-day transactions like paying bills, receiving salaries, and withdrawing cash. You’ll also find it easier to access local services such as utilities, telco plans, and transport cards.

Safety

Singapore’s banking system is highly regulated and secure. Your funds are protected by strict financial laws, and accounts are typically insured up to S$75,000 by the Singapore Deposit Insurance Corporation (SDIC).

Insurance

Local deposits in savings accounts, current accounts, and fixed deposits are covered under SDIC’s protection scheme. This adds an extra layer of assurance, especially for those transferring large sums into Singapore for work or study.

Potential to earn extra interest

Certain accounts offer bonus interest if you meet specific criteria — such as crediting your salary, spending on linked credit cards, or investing through the bank. The BOC Smartsaver and DBS Multiplier are known for this, and enjoy strong support from the workforce as a result. Over time, regular salary crediting can help you grow your funds passively while managing your day-to-day expenses.

SingSaver’s take

The BOC SmartSaver account offers a competitive interest rate of up to 3.0% p.a. for those who can meet its criteria. By combining salary crediting, credit card spending, and bill payments, account holders can maximise their returns. However, maintaining the minimum balance is crucial to avoid fees and ensure eligibility for bonus interest.

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