Whether you’re a foreigner or an expatriate who is moving to Singapore, opening a bank account in Singapore is a fairly straightforward process. Net-banking has made it easy for people from different backgrounds to open a bank account in Singapore.
The processes for opening savings, trading, corporate, or investment account differ from each other, as Singaporean banks offer plenty of options for aspiring applicants. Most banks offer comprehensive features such as online banking, multi-currency accounts, trade financing, and more. If you are looking for information about how to open a bank account in Singapore read on-
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 do offer applicants the option to carry out these processes over the internet. There’s no requirement 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), United Overseas Bank (UOB), and the Overseas Chinese Banking Corporation (OCBC). These banks have made it easy for applicants to complete the account opening process over the internet. You have 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 necessitate the physical presence of the account signatories or business directors. The paperwork signing process in most top Singaporean banks is rigorous.
All the major corporate heads should be physically present at the time of opening the corporate bank account. However, in some cases, the banks may sanction the signature of the documents either at an overseas branch of the bank or in the presence of a Notary Public. The banks need the account signatories to provide these documents –
After assessing the forms and these documents, the Bank Officials will inform the applicants about their future steps.
Online Application for Corporate/Personal Bank Account
For locals, the process of opening a corporate bank account is very straightforward. Foreigners can submit an online application. Once approved, the Bank Officer will assist the applicants regarding the account opening process. However, a face to face meeting between the bank officials and at least two directors is compulsory.
Additionally, as Singapore has many foreign banks with banking licenses for complete banking services, you have the option of opening an account there. As a foreigner in Singapore, if you have a bank account in the same bank in your home country, you can always look at the criteria for opening a new account in the local Singapore branch. It is best to look at the value added services, interest rates and the available ATM services before you open a new account in any bank.