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Banking in Singapore for foreigners: A step-by-step guide to opening an account

Banking in Singapore for foreigners: A step-by-step guide to opening an account

  • 20 June 2023
  • By OCBC Bank
  • 10 mins read

Singapore, a global commercial hub, is a popular destination for foreign professionals and students. Whether you are visiting Singapore for a short-term opportunity or planning to establish a longer-term presence, it is important to establish a solid financial foundation. One important step is to open a bank account. With a Singapore bank account, you can manage your finances efficiently, receive your salary, pay bills, and enjoy a host of other banking services.

OCBC is a reliable banking partner for foreigners banking in Singapore. As the longest-established Singapore bank and one of the world's most highly-rated banks, OCBC offers a wide range of banking products and services to meet the needs of foreign customers.

Why bank with OCBC?

At OCBC, we have made it easy for foreigners planning a move to Singapore, be it for short-term work opportunities or those looking to establish longer-term roots, to open a bank account. Here are some of the benefits of opening a Singapore bank account with us:

  • Open your account remotely: You can open a Singapore bank account with OCBC even before you arrive in Singapore. Simply download the OCBC Digital app and complete the online application process with your biometric e-passport and ID card.
  • Transact in multiple currencies: OCBC offers a Global Savings Account that allows you to make transactions in up to 9 major currencies with no administrative fees. This is a valuable option for foreigners who frequently make international transactions or need to manage money in both their home currency and Singapore dollars.
  • Keep track of your everyday transactions: OCBC also offers a Statement Savings Account that provides you with monthly e-statements of your transactions. This convenient and easy-to-use account can help you stay on top of your spending.

Eligibility requirements and necessary documents for foreigners

To open a Singapore bank account with OCBC, you must be:

  • At least 18 years old; and
  • Hold e-passports from Hong Kong, Malaysia, Indonesia or mainland China

The required documents are straightforward and accessible, which is a major advantage for foreigners who are still in the process of relocating to Singapore and have not obtained an employment or student pass.

Process of opening a Singapore bank account

You can open a Singapore bank account remotely without having to visit our branch. Our OCBC Digital banking app ensures a smooth application process, allowing you to focus on other aspects of your relocation.

To open a Singapore bank account with OCBC, you can follow these steps:

  1. Download the OCBC Digital app.
  2. Tap on "Sign up" and select "Foreigner with e-passport."
  3. Prepare your e-passport and ID card for identity verification.
  4. Open your account remotely in minutes.

Manage your finances on the go with OCBC Digital

From the moment you successfully set up a Singapore Bank Account with us, gain access to a comprehensive suite of digital banking services that allow you to manage your finances on the go. With OCBC Digital, you can:

  • View your account balances and transactions
  • Make payments
  • Transfer money
  • Exchange foreign currency
  • And much more

Experience hassle-free banking in Singapore

OCBC is committed to making banking simple for foreigners in Singapore. Whether you are about to embark on your journey to Singapore to work, study, or explore the endless opportunities this city-state has to offer, we have your banking needs covered.

Open your bank account remotely with us today and get S$15 in cash when you deposit at least S$1,000 in fresh funds within 30 days of successful account opening. Terms & Conditions apply. Discover the simplicity of banking with OCBC today.