Best and Easiest Banks to Open a Personal Bank Account as a Non-Resident in Singapore

Opening a personal bank account in Singapore as a non-resident can be a daunting task due to differing requirements, fees, and services. However, several banks are known for their ease of dealing with non-residents. Below, we will provide an overview of these banks, their account types, pros, requirements, and general tips for managing the process.

1. DBS Bank

Account Type: DBS Multicurrency Account

Pros: This account offers competitive exchange rates, easy fund transfers, and comprehensive online banking services. DBS is renowned for its user-friendly digital services, making it a favorite among non-residents.

Requirements: Non-residents can open an account but may need to provide additional documentation such as proof of income and identification.

2. OCBC Bank

Account Type: OCBC 360 Account

Pros: OCBC provides a range of account options with good interest rates and online banking features. This versatility makes it a popular choice for non-residents.

Requirements: Similar to DBS, non-residents will need to provide identification and proof of address.

3. UOB United Overseas Bank

Account Type: UOB One Account

Pros: This account offers various types of accounts with online banking and mobile app features. UOB also provides a seamless and convenient experience for its customers.

Requirements: Non-residents must provide documentation such as a passport and proof of income.

4. Citi Singapore

Account Type: Citi Global Account

Pros: It is ideal for international transactions and offers a multi-currency account feature. Citigroup is known for its wide network and global services.

Requirements: Typically, a higher initial deposit and additional documentation are required.

General Tips

Documentation: Be prepared to provide a passport, proof of address, and possibly a reference letter from your current bank.

Initial Deposit: Some banks may require a minimum initial deposit, which can vary significantly. Check the specific requirements of each bank before applying.

Online Banking: Look for banks that offer robust online banking services, as these can make managing your account easier.

Based on my experience and cases at hand, I would recommend OCBC Bank. OCBC offers preferential service fees, quick replies, and reliable performance. For individual accounts, I can assist you in facilitating your application process if needed.

For more detailed information and the most current account opening procedures, it is advisable to contact the bank directly or visit their website. Policies may change, so it’s important to stay informed.

Hope this information is helpful. Kindly buzz me if you need any further assistance. Have a nice day!