How to Open a Bank Account in Singapore?

Opening a bank account in Singapore is easy, whether you're a local resident or a foreigner. With a robust banking system and digital infrastructure, many banks offer online account opening options, allowing you to manage your finances conveniently.

This guide will cover the steps and requirements to open a bank account in Singapore, ensuring a smooth and efficient experience.​

What do you need to open a bank account in Singapore?

​In Singapore, individuals can choose from various bank account types tailored to specific financial needs.

Current accounts facilitate daily transactions, while savings accounts offer interest-bearing options, typically for short-term savings. Fixed deposit accounts provide higher interest rates for funds locked in over a fixed term. 

Multi-currency accounts cater to those dealing with multiple currencies, and joint accounts allow shared financial management. Selecting the appropriate account depends on one's financial goals and transaction requirements.​

Now, let’s get into the details of what you need to do to open your new bank account:

1. Singapore Citizens and Permanent Residents (PRs) can conveniently apply for a new bank account online using their Singpass via MyInfo. Foreigners typically need to visit the bank with the necessary documents to open an account.

2. Singapore Citizens and PRs must be at least 18 years old and will need to provide documents such as proof of address (if different from MyInfo), tax residency (if not Singapore), and optional proof of mobile ownership for recycled numbers.

3. Foreigners who are at least 18 years old will need a valid passport, proof of employment, study, or a dependent/long-term visit pass, proof of residential address, and tax residency to open a bank account in Singapore. Proof of mobile ownership is optional for recycled numbers.

4. ​In Singapore, certain bank accounts require a minimum initial deposit and impose fall-below fees if the average daily balance falls below a specified threshold. For instance, while the DBS Multiplier Account does not require an initial deposit, it necessitates a minimum average daily balance of S$3,000; failing to maintain this incurs a S$5 monthly fee. 

>> Not sure if you need a new bank account? Learn when you should open a second bank account

Decide the type of bank account you want

You can learn more about the best savings account in Singapore to make an informed decision.

>> Want further details? Read more about the difference between bank accounts

Choose a bank that meets your requirements

When selecting a bank in Singapore, consider your specific needs and eligibility. Popular local banks include DBS, OCBC, and UOB. Here are the key differences to compare:

• Ease of opening: Singapore Citizens and PRs can use Singpass/MyInfo for a seamless online setup. Foreigners may need to visit the bank branch.​ However, banks like OCBC offer fully digital onboarding for foreigners from Malaysia, Indonesia, Mainland China, and Hong Kong SAR through the OCBC Digital app, allowing account opening remotely without visiting a branch.

• Mobile banking apps and services: Look for banks that provide comprehensive mobile banking apps with features like bill payments, fund transfers, and account management.​

• Branch access and ATM network: Consider the convenience of branch locations and the availability of ATMs, especially if you prefer in-person banking services. For instance, ​DBS has 87 branches across Singapore, offering convenient access to banking services.

>> Looking to supercharge your savings? Find out which banks are offering the best fixed deposit rates

Process to open a new bank account in Singapore

Here’s a step-by-step guide on how to open a new bank account in Singapore to help you get started:

• Documents needed: Singapore Citizens and PRs require NRIC and Singpass to submit an online application. Foreigners opening a bank account in Singapore require an identity card/passport, a valid pass, and proof of Singapore address. Additional documents may include an employment letter, student letter, or tax residency declaration.

• Application process: Select a bank in Singapore that aligns with your needs. Applications can be made online via the bank's mobile app or website, or in person at a branch.

• Submit Documents: Provide the necessary identification and supporting documents.

• Initial Deposit: Make the required initial deposit, depending on the bank and account type.

• Activate Services: Set up online banking, PayNow, and GIRO services.

• Link CPF/Salary: If applicable, link your account for CPF contributions or salary crediting.

>> Want to earn more interest? Learn about high-interest savings accounts

Close your old bank account

Not everyone needs to close the old bank account when opening a new one. But if you're switching banks in Singapore and want to close your old account to avoid complications, here's a step-by-step guide:​

Update linked services: Before closing your account, ensure all GIRO, PayNow, and CPF salary linkages are updated with your new bank account details.​ Failing to update these linkages before closing your old account may result in missed payments or delays.​

Transfer remaining funds: Move all remaining balances to your new account.

Clear pending payments: Ensure all pending transactions, such as cheques or standing instructions, are cleared to avoid any issues.​

Close the account: Visit the bank branch or contact customer service to formally close your account. Some banks, like DBS bank allow account closure via digibank online, provided the account balance is zero. 

Destroy old banking materials: Once your bank account is officially closed, make sure to safely dispose of any items linked to it, such as old chequebooks, debit cards, and passbooks. These materials may contain sensitive information like your account number and personal details, which could be misused. Use a shredder or cut them into small pieces before discarding them, and avoid throwing them away intact.

>> MORE: Best priority banking accounts in Singapore