FAQ – Open Bank Account in Singapore
We have compiled a list of the Frequently Asked Questions (FAQs) many people have about opening a global bank account in Singapore:
Frequently Asked Questions (FAQ)
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?
In many cases, people residing outside Singapore can open a bank account in Singapore remotely. This depends on the financial regulations of your country of residence, as residents of some countries may encounter restrictions to open an international bank account in Singapore remotely. After you submit an online application to indicate your interest to open a Singapore bank account, a bank officer will contact you to assist you on the account opening process that is applicable to you.
2. Do I have to reside in Singapore to open a Singapore bank account?
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.
3. What are the benefits to open offshore bank account in Singapore?
As a regional financial hub, Singapore has a stable political environment and strong economy that is positioned for long-term growth. Singapore is a preferred location to diversify your investments outside your country, especially if the interest rates in your home country is unattractive. If you are an expatriate working outside of your home country or have children studying aboard, opening a global offshore bank account in Singapore will ensure that your funds are readily available to you and your family whenever you need them.
4. 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.
5. 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.
6. How can I apply for a Singapore bank account without visiting Singapore?
Please visit our Open Bank Account page to find out more.
7. When will I know if my application is approved?
A bank officer will be assigned to assist you from the time you submit the application to open the global bank account. The officer will keep you updated on the progress of your application and contact you if anything further is required of you.
8. What happens after I submit an online application?
You will receive an acknowledgement message upon submission of the application form. A bank officer will contact you to take you forward in the application process.
9. 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.
10. 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.