Banks and Financial Institutions in Singapore
With its strategic location and well-developed infrastructure, Singapore is a center for trade and financial services for the Asian region since over 40 years . There are no restrictions for individuals and corporations to import capital, move funds or repatriate profits. Financial services are a key source of growth since the 1970s and the government constantly provides incentives for its development.
There are currently 112 commercial banks operating in Singapore. Commercial banks in Singapore are licensed under and governed by the Banking Act and may undertake universal banking. The license for commercial banking, permits deposit taking, the provision of cheque services and lending and any other business which is regulated or authorised by MAS, such as financial advisory services, insurance broking and capital market services.
Of all 112 commercial banks in Singapore, 108 are foreign banks and 6 local banks. Only 27 banks are licensed by the Singapore Monetary Authority to offer retail banking services. Please see section "Your Bank account" on advise on what to ask before you open an account with any of the banks in Singapore.
Commercial banks can operate as
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This website has teamed up Citiank International Personal Bank Singapore. Citibank offers Global Executive Banking to provide expatriates relocating to Singapore with a complete banking service by multi-lingual Relationship Managers designed with the financial needs of expatriates and global executives in mind. For further information view our banking resources.
Citibank Singapore was named Best Retail Bank in Singapore by The Asian Banker 2008.
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You should familiarize with the below bank jargon of Singapore:
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Currently 27 full banks are operating in Singapore, of which 6 are locally incorporated and one is a locally incorported subsidiary under a foreign bank. 23 banks are branches of foreign-incorporated banks. Seven of the foreign banks operating in Singapore have been awarded Qualifying Full Bank (QFB) privileges which are:
operate a total of 25 locations
share ATMs among themselves
negotiate with the local banks on a commercial basis to let their credit card holders obtain cash advances through the local bank's ATM networks
may provide debit services through an EFTPOS network
offer Supplementary Retirement Scheme and CPF Investment Scheme accounts
accept fixed deposits
The following local banks offer a full banking service including current and deposit accounts, ATM's, credit and debit cards, loans, mortgages etc. These banks have the most extensive branch network. DBS owns POSB and therefore customers may use either bank's ATM's. OCBC and UOB operate a shared ATM system and therefore clients of both banks may use either bank's ATM machines.
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Foreign Full Banks 
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Not all of the banks actually offer full bank services and there is a significant variation in the type and number of facilities provided. Although some of these banks offer debit cards most are not members of NETS. Depending on their cooperation agreements with local banks, they are limited in the number of ATM sites they may offer. Inquire abou ttheir arrangements when opening an account.
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| List of Foreign Full Banks in Singapore |
For the large number of Citibank ATM locations see their website here
or visit their branches listed below.
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Wholesale Banks Wholesale banks may engage in the same range of banking business as full banks, except that they operate as branches of foreign banks and may not carry out Singapore Dollar retail activites. They are not permitted to offer services such as the below without prior approval of MAS:
Operate savings accounts denominated in Singapore dollars
operate savings accounts denominated in foreign currency, whether in respect of its Domestic Banking Unit, or Asian Currency Unit
accept fixed deposits but in respect of Singapore dollar fixed deposits, the initial deposit shall not be less than S$250,000
may operate current accounts, but in respect of current accounts denominated in Singapore dollars where the customer is a natural person and a resident of Singapore, the current account shall not be interest-bearing
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The typical activities of merchant banks in Singapore include
corporate finance
underwriting of share and bond issues
mergers and acquisitions
portfolio investment management
management consultancy
other fee-based activities
Most merchant banks are able to compete with other commercial banks in the Asian Dollar Market. While merachant banks may not accept deposits or borrow from the publi,c they may accept deposits or borrow from banks, finance companies, shareholders and companies controlled by their shareholders.
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Finance Companies
Finance companies focus on providing small-scale financing, including instalment credit for motor vehicles and consumer durables, and mortgage loans for housing. They are not permitted to grant unsecured credit facilities exceeding SGD 5,000. Generally they do not deal in any foreign currency.
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Financial Advisers The Monetary Authority of Singapore sounds the alert on financial advisors offering financial services without having a proper license. Currently, these services include advising others on investment products, issuance of research reports covering investment products, marketing of any collective investment schemes, as well as arranging life policies for others.
The Investor Alert below features advise on how to spot an investment scam and an "investor alert list" of financial services firms that do not have the proper license but operate from Singapore through virtual offices.
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All current 40 offshore banks in Singapore operate as branches of foreign banks and can engage in the same activities as full and wholesale banks for businesses transacted through their Asian Currency Units (ACUs).
See here for operating guidelines of offshore banks
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| List of offshore banks in Singapore |
Post Office Saving Bank (POSB) Although the POSB has been taken over by DBS Bank it will continue to maintain a separate branch network using the POSB brand. With its many branches POSB is a cost saving alternative with the additional advantage of tax-free interest on deposits up to S$ 100,000. However, as the minimum balance required to avoid charges is lower than other banks, it is popular and there are often long queues at their counters.
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