How to Create a Singapore Business Bank Account? Guide for Ex-pats, Non-residents, and Foreigners?

 Singapore, a diversified tiny island nation with a high standard of living, is a popular location for ex-pats and non-resident professionals worldwide. Singaporean banks have made opening an account as a non-resident easier than before due to an increase in foreign people flocking to the nation for work in recent years.

Your best bet as a nation visitor will often be to create a bank account at a significant neighborhood institution. These accounts offer all the regular banking systems of Singapore, you want and are specially created for expatriates and foreign workers in Singapore.

We'll explore your possibilities in this article, as well as which might be the most suitable for your situation.

What are the documents required to open a bank account in Singapore for a non-resident?

In general, minimum documentation is needed to create a bank account in Singapore as a non-resident. However, regarding whether you may complete the process entirely online or if you need to visit a bank branch in person, local banks vary from one another.

No matter which bank you select, the following papers must be submitted in order to open an account:

• Your passport
• Your Singapore work permit (if you're an employee)
• Your Singapore study permit (for students).

Some banks may additionally need the following items in addition to these documents:

• Evidence of residency (in Singapore or elsewhere);
• An additional government-issued ID to your passport;
• An endorsement letter (from a client or a former bank.)

The documentation needed for non-residents varies from bank to bank, sometimes significantly. After you've found a bank that works for you, we advise that you check out their website beforehand to confirm which boxes you'll need to check.

Foreigners' guide to opening a bank account in Singapore

You can open an account with the majority of the country's major banks in Singapore if you have the necessary documentation and can physically visit a branch. To locate the ideal bank for your needs, it is worthwhile to conduct some research. Consider the fees and restrictions of the account options, and remember that certain accounts geared for overseas consumers have a sizable minimum deposit requirement.

Can a foreigner open a bank account in Singapore without an employment pass?

There is no legal reason why a visitor, student, or holder of a Dependent pass cannot create a bank account in Singapore. However, because each bank sets its unique eligibility criteria, you'll need to spend some time looking into your possibilities.

As long as you can visit a branch in person to submit your paperwork, UOB indicates that they accept applications from foreigners who are not already residing, working, or attending school in Singapore. Other banks may provide particular goods to international customers while limiting access to other services. Whatever account you choose, be sure to read the fine print because some international arrangements are designed for customers who want to invest sizable sums of money and have hefty minimum deposits.