Singapore – Banking

What are the main banks in Singapore?

Singapore’s banking sector falls under the supervision of the Monetary Authority of Singapore (MAS) and encompasses over 150 financial institutions. These include locally incorporated banks and international players operating under various licence categories — full banks, qualifying full banks, and wholesale banks. For the majority of expats settling in Singapore, the three homegrown banking giants are the most logical first port of call.

The country’s three domestic banks — DBS Bank, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) — anchor the entire financial sector. Each maintains an extensive network of branches and ATMs across the island, along with well-developed digital banking platforms that cater to everyday needs.

DBS Bank — Originally established as the Development Bank of Singapore, DBS has grown into the nation’s largest bank and a dominant force across Southeast Asia. It offers personal customers a comprehensive suite of products spanning accounts, cards, loans, insurance, and investments. Its DBS Multiplier account, which rewards customers with tiered interest based on their banking activity, has proven especially popular. Website: dbs.com.sg. Customer service hotline: +65 1800 111 1111.

OCBC Bank — With roots stretching back to 1932, OCBC is a cornerstone of Singapore’s banking industry. It holds a notable distinction as the first bank in Singapore to enable foreigners to open an account entirely through its digital app, without needing to visit a branch in person. Website: ocbc.com. Customer service hotline: +65 1800 363 3333.

UOB (United Overseas Bank) — Founded in 1935, UOB operates as a multinational financial institution with approximately 470 branches spread across Southeast Asia and additional offices in countries including Australia, the USA, Canada, the UK, and France. Within Singapore itself, its network comprises 73 branches and hundreds of ATMs. Website: uob.com.sg. Customer service hotline: +65 1800 222 2121.

Branch locations, operating hours, and contact details are subject to change — always confirm the latest information through each bank’s official website or via the MAS website.

Do any major international banks operate in Singapore?

Singapore’s status as a global financial hub means that many of the world’s leading banks have established a presence there, operating alongside the strong local institutions. As of April 2025, the country hosts 30 foreign banks holding full-service licences and 97 wholesale banks, creating a richly competitive environment.

HSBC — HSBC Bank (Singapore) Ltd functions as a wholly-owned subsidiary of British-headquartered HSBC Holdings plc. The bank delivers consumer, commercial, private, and investment banking services, along with wealth management and insurance products. It also holds the distinction of being Singapore’s oldest bank. Website: hsbc.com.sg.

Standard Chartered — Standard Chartered Bank (Singapore) traces its origins in the country to 1858 and is recognised as the largest foreign bank operating in Singapore. It provides an extensive range of services, from everyday current and savings accounts to loans and investment products. Website: sc.com/sg.

Citibank — Operating in Singapore since 1902, Citibank Singapore is a division of American Citibank N.A. and ranks among the country’s most prominent foreign financial institutions by asset size. In 2024, the bank shut its last physical retail branch and shifted its customer interactions entirely to digital and online channels. Website: citibank.com.sg.

Other international banks active in Singapore include Maybank (Malaysia), Bank of China, State Bank of India (Singapore), RHB Bank, and BNP Paribas, among numerous others. BNP Paribas Singapore serves as the group’s Southeast Asian hub, delivering financial products to corporates, financial institutions, and high-net-worth clients, with a local workforce of around 2,000 people. It is worth noting that not every international bank in Singapore offers personal retail banking — many focus solely on corporate, institutional, or private banking clients. Contact each institution directly to confirm what services are currently available.

Do banks in Singapore offer accounts or services specifically for expats?

A number of banks in Singapore have developed dedicated banking packages aimed at non-residents and expats, typically bundling savings, current, and foreign currency account features. These products are engineered to address the cross-border financial realities that many expats face on a daily basis.

Multi-currency accounts (MCAs) in Singapore are offered by providers including DBS, Revolut, Wise, and YouTrip. These accounts are particularly well-suited to expats, frequent travellers, and digital nomads, helping to eliminate unnecessary conversion costs while offering exchange rates that tend to be more competitive than standard retail pricing.

DBS’s My Account gives holders the flexibility to transact in 13 currencies, and the bank’s Expatriate Program layers on top of this with tailored services such as remittance options alongside conventional checking and savings accounts designed with foreigners in mind. Full eligibility details are available on the DBS website.

HSBC’s Everyday Global Account is designed for customers who manage finances in multiple countries, offering multi-currency transactions and fee-free international transfers between linked HSBC accounts globally — making it a particularly attractive choice for those who already bank with HSBC elsewhere.

Standard Chartered’s Bonus Saver Account rewards customers with elevated interest on their balances when they fulfil conditions such as having their salary credited and paying bills through the account — a practical and uncomplicated option for expats drawing a regular Singapore-based income.

Fixed deposit accounts, which lock funds away for a defined period — typically six to twelve months — in return for a higher interest rate, are another option well suited to expats seeking a secure, low-risk vehicle for growing savings in Singapore. Most banks set the minimum deposit at approximately S$5,000. Always check minimum balance thresholds and any applicable fees directly with the relevant bank, as these figures are updated periodically.

What are typical bank opening hours in Singapore?

Bank branches in Singapore generally open on weekdays from around 9:00 am, closing at approximately 4:30 pm to 5:00 pm, with certain branches remaining open until 6:00 pm or beyond. Saturday opening is common at many locations, with hours typically running from around 9:30 am to between 1:00 pm and 3:00 pm, though this differs between branches and institutions. The majority of branches close on Sundays and on Singapore’s 11 public holidays each year.

Branches situated within major shopping malls frequently operate on extended schedules, including Saturdays and, in some cases, Sundays. DBS, OCBC, and UOB all maintain mall-based locations with longer trading hours. Before travelling to any specific branch, it is worth verifying current hours on the relevant bank’s official website or mobile app.

For both personal and business customers, Singapore’s banks deliver a wide spectrum of services — from digital and mobile banking to multi-currency accounts and wealth management solutions. The country’s advanced digital banking infrastructure has considerably reduced the need to visit branches in person. All three major local banks provide fully functional mobile apps and round-the-clock online banking access. Telephone banking services are also widely available; consult each bank’s official contact page for current helpline operating hours.

What do expats need to know about the banking system in Singapore?

The Monetary Authority of Singapore (MAS) serves as the country’s central bank and integrated financial regulator, maintaining a robust framework that underpins the stability and integrity of the entire financial sector. This regulatory environment is a key reason Singapore commands such a strong international reputation as a trustworthy financial centre. For expats arriving from other countries, the Singapore banking system will feel broadly familiar — though there are several specifics worth understanding before getting started.

Deposit Protection: Should a Deposit Insurance (DI) Scheme member bank or finance company become insolvent, all insured deposits held by a customer at that institution are combined and protected up to S$100,000 by the Singapore Deposit Insurance Corporation Limited (SDIC). This protection, which has applied at the S$100,000 level from 1 April 2024, covers Singapore dollar deposits held by non-bank depositors on an aggregate basis per depositor per Scheme member. In broad concept it resembles the FDIC in the United States (which covers up to US$250,000) or the UK’s FSCS (up to £85,000), though the precise mechanics and limits differ. Importantly, foreign currency deposits, dual currency investments, structured deposits, and other investment products fall outside this protection. Always check the current scope of coverage at sdic.org.sg.

Currency: Singapore imposes no foreign exchange controls, meaning funds can be moved in and out of the country freely. The Singapore Dollar (SGD) is fully convertible, and multi-currency accounts are readily available, making it simple to hold and transact in several currencies simultaneously. There are no restrictions on maintaining foreign-currency accounts.

Fall-Below Fees: Singapore banks apply a distinctive fee structure to retail accounts. Rather than charging a fixed monthly maintenance fee regardless of balance, banks here typically levy a monthly charge when the average monthly account balance dips below a specified floor — generally somewhere between S$1,000 and S$5,000 as of 2024. Thresholds differ between banks and account types, so always check current requirements directly with your chosen institution.

Digital Infrastructure: DBS launched Southeast Asia’s first comprehensive internet banking platform back in 1997, and Singapore’s banks have continued to invest heavily in technology ever since. The resulting digital banking ecosystem is among the most advanced globally, supported by high smartphone adoption and near-universal mobile banking availability. Service disruptions are rare and, when they occur, are typically resolved promptly.

Language: English is the primary language of operation at all major banks in Singapore, though many also provide services in Mandarin, Malay, and Tamil, reflecting the country’s multicultural makeup. Language is seldom a barrier for expats.

For authoritative, up-to-date information on consumer banking rights and regulatory oversight in Singapore, refer to the Monetary Authority of Singapore (MAS).

How do I open a bank account in Singapore as an expat?

Foreign nationals can open a bank account in Singapore provided they are at least 18 years old, hold a valid passport, and are in possession of an appropriate pass. As an expat, you will typically need a long-term pass — such as an Employment Pass, S Pass, Dependent Pass, or Student Pass — together with evidence of a residential address in Singapore.

In certain circumstances, banks will also accept an In-Principle Approval (IPA) letter issued by the Ministry of Manpower (MOM) before your visa has been formally granted, giving you the opportunity to make early banking arrangements. If you are currently in Singapore on a tourist visa or short-term visit pass, the majority of local banks will not open a standard account for you.

The following step-by-step process outlines what most expats can expect when opening an account at one of Singapore’s major banks:

1. Choose your bank and account type. Compare the offerings of DBS, OCBC, UOB, and international banks such as HSBC or Standard Chartered in light of your priorities — for instance, multi-currency functionality, competitive interest rates, or seamless international transfer capabilities. Each bank’s official website is the most reliable source for current product features and fee schedules.
2. Gather your documents. Assemble the required documentation: a valid passport, your long-term Singapore pass (Employment Pass, S Pass, Dependent Pass, or Student Pass), evidence of a Singapore residential address (such as a tenancy agreement or utility bill), and an employment letter or income documentation if you are in paid employment.
3. Decide whether to apply online or in person. Some banks insist on in-person identity verification for full-feature accounts, while others have embraced remote or app-based onboarding. OCBC allows account opening through its digital platform without any branch visit, which is particularly convenient if you are still completing your move to Singapore.
4. Submit your application. For an in-branch application, attend your chosen branch with all relevant documents in hand. For online applications, download the bank’s app — such as DBS digibank, OCBC Digital, or UOB TMRW — and work through the account opening process within the app. Depending on the bank, identity verification may take place digitally or via a video call.
5. Meet any minimum deposit requirement. Many accounts require an initial deposit before they are activated. UOB’s One Account, for example, carries a minimum average daily balance requirement of S$1,000 and a fall-below fee of S$5 per month as of 2024, though these figures should be confirmed directly with UOB as they may change. Minimum deposit requirements differ across banks and account types.
6. Await account activation and receive your debit card. Card delivery timelines range from a few days to a couple of weeks depending on the institution. In most cases, you will gain immediate access to online and mobile banking once your account is approved, well before your physical card arrives.
7. Set up digital banking and PayNow. Once your account is live, enrol in the bank’s mobile app and register for PayNow — Singapore’s national real-time payment system — using your mobile number or identification number. PayNow registration is essential for participating fully in Singapore’s everyday payment ecosystem.

For official guidance on account opening requirements, visit individual banks’ websites or the MAS website. Requirements evolve over time and individual banks may have additional criteria beyond those listed above.

What banking and payment apps are widely used in Singapore?

Singapore boasts one of Southeast Asia’s most advanced digital payment ecosystems. Beyond the traditional banks, the financial landscape encompasses digital banks and fintech solutions addressing specific needs — from multi-currency wallets to online business banking platforms — many of which offer competitive rates and features that complement or rival conventional banking products.

PayNow is Singapore’s national peer-to-peer real-time payments network, integrated directly into the apps of all major banks. It enables instant fund transfers using a mobile number, NRIC/FIN number, or UEN (for businesses). Used everywhere from hawker centres to online marketplaces, PayNow is deeply embedded in daily financial life and serves as the government’s preferred channel for disbursing payments and rebates to citizens and residents.

PayLah! (DBS), UOB TMRW, and OCBC Digital are the flagship mobile banking apps of the three major local banks. Each platform consolidates payments, transfers, budgeting tools, and investment features into a single interface, and all enjoy strong user ratings and millions of active daily users.

International fintech platforms have also taken root in Singapore. Both Revolut and Wise operate in the market and offer notable advantages over traditional banks, particularly in terms of exchange rates and cross-border transfer costs. Wise holds a Major Payment Institution licence issued by MAS and is a popular choice for expats sending money abroad. Revolut offers a Singapore-specific account complete with a local virtual debit card.

YouTrip is a Singapore-based multi-currency travel wallet enabling users to hold and spend in numerous currencies without transaction fees — a favourite among expats and frequent travellers. Newer entrants such as MariBank — which received recognition as New Virtual Bank of the Year in 2024 — are fully licensed banks in Singapore, meaning customer deposits are protected under the Deposit Insurance Scheme. PayPal is accepted by many online retailers in Singapore, though for day-to-day transactions PayNow and card payments remain dominant. All fintech and digital bank operations in Singapore are regulated by MAS, which publishes a register of licensed payment service providers at mas.gov.sg.

How can expats manage money between Singapore and their home country?

Singapore places no restrictions on the international movement of capital, making cross-border money management relatively straightforward. That said, the method and provider you select can have a meaningful impact on both the cost and the speed of your transfers.

Bank transfers: One expense that catches many expats off guard is the cost of sending money overseas through a traditional bank. As with most countries, Singapore’s banks tend to apply both flat transfer fees and exchange rate margins that, taken together, can make international transfers expensive. As of 2024, outward international transfer fees at many banks range from S$10 to S$30 per transaction, though these figures change frequently — always confirm current charges directly with your bank before initiating a transfer.

Specialist transfer services: Platforms such as Wise (previously known as TransferWise), Revolut, and Instarem typically offer more favourable exchange rates and lower overall costs than conventional banks for cross-border transfers. Instarem, for instance, facilitates fast and secure transactions for individuals and businesses, with competitive pricing across widely traded currency pairs such as USD/SGD and AUD/SGD. Comparing current rates across providers before sending any significant sum is strongly advisable.

Reporting requirements: Singapore itself does not restrict international money movements. However, if you remain a tax resident of another country, you may be subject to financial reporting obligations in that jurisdiction. US citizens and permanent residents, for example, must report foreign financial accounts to the IRS when applicable thresholds are exceeded under FBAR and FATCA rules. A qualified tax adviser can help clarify your specific obligations.

Tax considerations in Singapore: Singapore’s tax framework does not generally impose tax on overseas income remitted into the country, subject to limited exceptions — a policy that makes the city-state particularly attractive to expats with international income. Consult the Inland Revenue Authority of Singapore (IRAS) for the most current guidance.

For authoritative information on the regulation of international payments, refer to the Monetary Authority of Singapore. Only use money transfer operators that hold a valid MAS licence — you can check a provider’s regulatory status on the MAS website.

Frequently Asked Questions

Can I open a Singapore bank account before I arrive in the country?

OCBC permits fully remote account opening without any requirement to visit a branch, making it a practical option if you are still at home preparing for your move. DBS also provides limited remote account opening capabilities for certain applicants. Most other major banks, however, continue to require in-person identity verification. If physical attendance is mandatory at your preferred bank, plan to visit a branch within your first week of arriving in Singapore.

What documents do I need to open a bank account in Singapore as a foreigner?

You will typically need: a valid passport; a valid long-term Singapore pass (such as an Employment Pass, S Pass, Dependent Pass, Student Pass, or Long-Term Visit Pass); proof of a Singapore residential address (for example, a tenancy agreement, utility bill, or letter from your employer); and an employment letter if you are working in paid employment. Each bank sets its own specific documentation requirements, so check directly with the bank before making your application.

Is the Singapore banking system safe? How are my deposits protected?

From June 2024, Singapore dollar deposits are insured up to S$100,000 per depositor per Scheme member institution under the Deposit Insurance (DI) Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC). This protection applies automatically — no registration is required on your part. It is important to note that only Singapore dollar-denominated deposits are covered; foreign currency deposits fall outside the scheme. Visit sdic.org.sg for a definitive and current breakdown of what qualifies for protection.

Can I open a bank account in Singapore without a long-term visa or pass?

Visitors on tourist visas or short-term visit passes will find that most Singaporean banks are unwilling to open a standard account for them. Some institutions may consider applications from non-residents who can provide proof of overseas residency alongside a valid passport. It is worth contacting banks individually to ask about their specific requirements for non-resident account opening. As an alternative, fintech services such as Wise may offer limited account functionality that does not require a Singapore address.

What is PayNow and do I need to use it?

PayNow is Singapore’s national real-time payment transfer network, connected to bank accounts and accessible through mobile banking apps. It allows instantaneous transfers to individuals and businesses using a mobile phone number, NRIC/FIN, or business registration number. While technically optional, its ubiquity in Singapore — spanning everything from hawker stall payments to government disbursements — means registering for PayNow after opening your account is very strongly recommended. Registering with your NRIC/FIN number also ensures you can receive compensation payments, including any SDIC payouts, without complication.

Are there any restrictions on foreign currency accounts in Singapore?

Singapore operates with no foreign exchange controls, and there are no restrictions placed on the holding of foreign currency accounts. Multi-currency accounts are offered by a range of providers including DBS, Revolut, Wise, and YouTrip, and are particularly useful for expats looking to avoid currency conversion charges and access sharper exchange rates. Bear in mind that deposits held in foreign currencies are excluded from the SDIC deposit insurance scheme.

Are international transfer fees high in Singapore?

International money transfer costs are a legitimate concern for expats using traditional banks in Singapore, which tend to charge both flat fees and exchange rate margins that can add up significantly. Specialist services such as Wise, Revolut, and Instarem — all regulated by MAS — are widely used by the expat community as more cost-effective alternatives for sending money abroad. Comparing rates across providers before committing to any large transfer is always wise.

Which is the best bank in Singapore for expats?

The three major local banks — DBS, OCBC, and UOB — are the starting point for most expats, given their extensive branch and ATM networks, mature digital platforms, and broad product ranges. The right choice ultimately depends on your personal circumstances: how frequently you send money overseas, whether multi-currency functionality is important to you, and whether you prefer digital-first banking or occasional in-person branch access. International banks such as HSBC or Standard Chartered may hold particular appeal for expats who already maintain accounts with those groups in another country and value a connected global banking experience.