T&Cs apply. Either way, you’re going to need at least two documents: These are fairly straightforward requirements. How to open a bank account in Singapore Singapore is one of the best countries in the world to live in. You usually will need an employment pass from your employer in Singapore in order to open a bank account. Whichever account you’re considering, check out the small print, as some global accounts for foreigners are aimed at customers looking to invest significant amounts of money, and come with high minimum deposits. ; Local banks in Malaysia request new customers travel for a meeting at the branch before agreeing to open a corporate bank account. Of course, while the withdrawal itself is free, you may still be charged an unfavourable exchange rate. Online: If you have an existing relationship with the bank, just login to their online banking system and you can open a new bank account with just a few clicks. MYR. Singapore private limited company is most popular and easier for foreigner. The product includes a multi-currency account, which allows you to deposit Singaporean Dollars and up to 12 other currencies in the same account, and a visa credit card that’s fee-free for two years. Hold multiple currencies in the same place, and switch between them for a low fee using the mid … For investing, studying or working abroad. All currency conversion uses the mid-market exchange rate. The required documents to open a bank account in Singapore are: an application form released by the bank, the passport, employment pass and an e-mail address. However, there is a S$2 fall below fee if the account holds less than S$500, and you’ll face charges for some ATM and over the counter withdrawals.⁴, Foreigners are able to open accounts with OCBC, but may need to be residents of Singapore to be eligible for some products. If you are a Singaporean you can open a bank account in Malaysia. I read online that for POSB its quite straighforward to open an account. Can I open a bank account in Singapore as a non-resident? Accounts can be opened with a minimum opening deposit of RM3000 for sole traders, and RM5000 for larger businesses. If you use a bank teller to deposit cash, you’ll need to make sure all the notes are unfolded, sorted by denomination and front side facing up, as otherwise you may be slapped with a S$50 fee for extra processing time. For example, you may need to present a passport which has 6 months or more validity left, and government issued proof of your residential address might only be recognised if you’re from a FATF - Financial Action Task Force - member country.². The final major Singaporean Bank is UOB. Citibank Singapore: This is the first American bank in Singapore. Start private banking or wealth management with the best banks in Singapore … Once you have the right documentation, opening an account is really straightforward (and can be done online), so it’s probably a good idea to wait until you’re in Singapore to open your account. Please view here (for English) or here (for BM) for information. Lose excessive currency conversion fees, and make your money as flexible as you are, with borderless. Has anyone done it ? The weather’s great, there are lots of career opportunities (especially in the financial sector) and taxes are really low. Please view here for more information. In the same way, you’ll need to submit a number of documents in order to obtain a student pass, including a study plan. So, if you want to open an account, you need to prepare the following items: If you’re new to Singapore, it’s a great bank to go with, as it has a tailored Expatriate Program you can apply for in branch or even online. Alternatively, you can check with your bank to see if they offer services for FDWs. If you’re already a client in your home country, you could look at the criteria for opening a local bank account with the Singapore branch. We also participate actively together with other financial institutions in offering … There’s also a Campus Account for students, which comes with a free visa credit card and up to 0.10% interest per annum on your balance. As long as you can connect to the Internet, you can open a global bank account in Singapore that allows you to operate your account from anywhere in the world without having to enter Singapore. However, you can earn up to 3.25% in interest a year and get bonuses and cashback when you pay bills or even credit your salary by GIRO. PIDM insures eligible deposits for up to RM250,000 per depositor per bank. Most banks also have a minimum in-credit balance requirement, and you’ll be charged a fee if your balance falls below it. Unfortunately, these requirements make it very difficult to open a bank account in Singapore if you’re just visiting and don’t plan to settle there. If you want to open a Singapore dollar account before you arrive, or don’t have the paperwork required, you might save yourself time and money by opening a TransferWise borderless account online. Check our comprehensive guide on how to go about it. From 1 January 2019, employers of foreign domestic workers (FDW) in Singapore are no longer allowed to safe keep any money belonging to their maid including the salary in order to protect both parties from money-related disputes. Foreign people can open a bank account in Singapore without being physically present by submitting an online application. Opening a bank account in the USA can be difficult but with little patience you can make it happen. Go to any Malaysia bank and tell them you want to open a bank account. 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