Frequently Asked Questions (FAQ) – Open a Bank Account in Singapore
1. Can I open my account remotely (not-in-person) or do I have to be present in person to open an account in Singapore?
It depends on the regulation of your country of residence, as not all residents of every country can open an international bank account in Singapore remotely. After you have indicated your interest to open an account, a bank officer will contact you and advise on the account opening process that is applicable to you.
2. What does it mean to open an account in Singapore? Do I have to reside in Singapore?
No, you can open a bank account in Singapore even if you do not live in Singapore, or are not relocating here in the near future. Here are some of the common reasons for opening a bank account in Singapore – financial and political stability, wealth diversification and to transfer funds to the same bank for children studying abroad.
3. What are the supporting documents that I need to open an account?
As a standard practice, you will need to provide your passport and a bank reference. However, depending on your country of domicile, additional documents may be required. After you have indicated your interest to open an account, a bank officer will contact you and advise on the necessary documents to provide.
4. How long does it take to open an account?
It depends on the amount of time taken to receive and collate your application form and the required supporting documents. Account opening will be processed as soon as your application form and required supporting documents are duly completed and well received.
5. How can I apply for a Singapore bank account without visiting Singapore?
Please visit our Open Bank Account page to find out more.
6. When will I know if my application is approved?
A bank officer will work closely with you from the time you submit your application details to the time when your account has been successfully opened. The officer will update you every step of the way and contact you if anything further is required of you.
7. What happens after I submit an online application?
Upon completion of the application form, you will receive an acknowledgement receipt of your successful submission. A bank officer will contact you to take you forward in the application process.
8. Is there a minimum amount required to open a bank account in Singapore?
Generally, banks impose a different minimum requirement for a bank account. However, in order to have an account with a meaningful wealth portfolio, banks would typically require a minimum of USS$200,000 in deposits or investments.
9. What is the minimum age to open a bank account in Singapore?
To open a global bank account in Singapore, applicants need to be at least 21 years old.
To find out more, please visit our Open Bank Account page.