Can a foreigner open a bank account in Singapore?
Yes. Singapore banks open accounts for foreigners holding a pass they accept, such as an Employment Pass, S Pass or Dependant's Pass. Entry terms vary: DBS My Account needs no initial deposit, while Maybank SaveUp asks for S$500 and CIMB FastSaver S$1,000.
Yes. Singapore banks open accounts for foreigners who hold a pass the bank accepts, such as an Employment Pass, S Pass, Work Permit, Dependant's Pass, Student's Pass or Long-Term Visit Pass, although each bank sets its own list. You will usually need your passport, valid pass, proof of a Singapore address such as a utility bill or tenancy agreement, tax-residency information and sometimes proof of employment or study. Singpass or MyInfo shortens the process but is not essential: DBS offers a document-upload route for eligible foreigners without Singpass, while UOB requires foreigners to apply for its One Account at a branch with an original passport valid for at least six months.
Published terms checked in our ranking:
| Bank and account | Published deposit or balance terms | Note |
|---|---|---|
| DBS My Account | No initial deposit, no minimum balance | S$2 monthly fee only with paper statements |
| Bank of China Multi-Currency Savings | S$200 initial deposit | S$3 charge if the SGD monthly average falls below S$200 |
| Maybank SaveUp | S$500 initial deposit | MyInfo or branch application for eligible FIN holders |
| CIMB FastSaver | S$1,000 initial deposit | Normally funded by FAST from a same-name account at another Singapore bank |
| HSBC Everyday Global Account | S$2,000 minimum average daily balance on the international account route | Rules vary by channel and customer segment |
| Standard Chartered Bonus$aver | S$5 monthly fall-below fee under S$3,000 average daily balance | Early closure charge within six months |
Eligible Singapore dollar deposits are insured up to S$100,000 per depositor per Deposit Insurance Scheme member. Foreign currency deposits are not insured.
What changes the answer
- Your pass type: confirm the bank accepts your specific pass.
- Singpass access: without MyInfo you may face a document upload, video call or branch visit.
- Whether you already bank in Singapore: the CIMB funding rule makes it harder to use as a first account.
- US person status: UOB requires foreigners and United States persons to apply for One Account at a branch.
What to check before you decide
- That your name and address match across your passport, pass and proof of address.
- Fall-below, paper-statement, debit-card and early-closure charges.
- Salary-credit thresholds for bonus interest, such as S$1,800 for OCBC 360 or S$1,600 for UOB One.
- That DBS and POSB are one banking group, so holding both does not double your S$100,000 cover.