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Singapore bank account opening

Update Date:2019-9-20 10:09:03     Views:6591

Singapore bank account opening Services
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Singapore bank account opening is a very popular choice for global investors to do business there. Singapore is a very popular choice with foreign investors looking to open an offshore bank account. It’s a safe and stable country with a very solid financial system, while all account servicing is conducted in English. Most importantly, it’s extremely easy for non-residents to open a bank account in Singapore. Most institutions welcome non-resident customers of all sizes.



Singapore bank account opening--choose a bank
The first thing to do is pick a bank. There are about 30 major banks operating in Singapore, both local and foreign. But it makes sense to look at the three local banks first. These are DBS (which includes the Post Office Savings Bank or POSB), Oversea-Chinese Banking Corporation (OCBC) and Union Overseas Bank (UOB).The main reason to go with one of these three is that if you decide to open a stock broking account as well, they will offer quicker, easier and cheaper transfers between your bank account and your broking account via the Electronic Payment for Shares (EPS) system. Citibank also offers this facility, but other foreign banks currently don’t.In addition, if you plan to be visiting Singapore and using your account locally, the local banks have the most extensive ATM and branch networks.


Singapore bank account opening--conditions for non-resident bank accounts
The conditions for non-resident bank accounts are pretty much the same between all the banks – or were when last checked for this article. You cannot open a current account with a chequing service or a debit or credit card, but you can open a savings account.You can transfer money in and out of this easily and you can also have an ATM card that can be used at cash points in Singapore and abroad. Obviously, you will usually be subject to fees when using cash points abroad.There are no account fees as long as you keep a minimum account balance – typically S$1,000. Personal internet banking came as standard and was completely free with all banks.In addition to Singapore dollar savings accounts, you should also be able to open term deposits for a higher interest rate. Foreign currency deposits are also available for most major international currencies.

To open an account in person, you will need to go to one of the bank’s customer service centres. You do not need to book an appointment – just turn up, take a ticket and wait your turn.As a visitor, it makes sense to go to the financial district, where all three local banks have a branch very close to the Raffles Place MRT. DBS is on Malacca Street, while OCBC and UOB are on Chulia Street. Most other major banks also have a branch in the same area.


You will need your passport as proof of identity, plus a proof of address (for example a bank statement or utility bill). You may also require either a letter of reference from your bank abroad or an introduction from a current accountholder at the bank you have chosen. Reportedly, some of the global banks also want proof of your taxpayer number or national insurance number in your home country, although the local banks have not asked for this in the past.



Singapore bank account opening--Paying in funds from abroad
When you want to pay more funds into your Singapore account, you can do so by international transfer. Your bank will give you its SWIFT number and all the details you need to quote and you provide those when arranging the transfer.You should be able to do this from your home bank account via your bank. But you may get a better exchange rate and lower fees by using a specialist currency transfer service, as discussed in this article.


A transfer will typically take 3-10 days to arrive depending on how efficient the firm handling the transfer is. Singaporean banks using make a small charge on receiving a money transfer. The typical fee is S$10.To withdraw small amounts from your account, you could of course use your ATM card. For larger amounts, your Singapore bank will be able to arrange a transfer out to your home account. Again, you will be charged for this. And again, you could look at using a currency transfer firm (among the ones listed in the article above, Tannet has operations in Singapore) to see if they will do it more cheaply.



Singapore bank account opening--safety of your money
Singapore has a very stable and well-regulated financial system. Banks are regulated and monitored by the Monetary Authority of Singapore (MAS), the country’s central bank. In terms of depositor protection, Singapore dollar deposits in a full bank are insured up to a limit of S$50,000 by the Singapore Deposit Insurance Corporation (SDIC). Note that foreign currency deposits are not insured.


The three local banks are extremely solid. Only one is partly state-owned: DBS, via sovereign wealth fund Temasek. But it seems highly unlikely that the government would allow any of them to fail with significant losses for account holders even beyond the SDIC limits. The same support would perhaps not be extended to local arms of non-Singaporean banks, so if you are concerned about this, it provides another reason to choose the local banks.For what it’s worth these days, Singapore’s government has the top AAA credit rating from all major ratings agencies. Perhaps more relevantly, it has a long track record of prudent and conservative fiscal policies.



Contact us

ATAHK Group Limited, with a professional team of more than 500, provides the oversea investors with the services of China company formation and management, financial and tax management. If the further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply visiting ATAHK’s website, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or email at 

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