Banking in Singapore
Singapore is a global financial hub with a robust, efficient banking system. Setting up banking is straightforward once you have your work pass.
Opening a Bank Account
Requirements:
- Valid work pass (EP, S Pass, Student Pass, or DP)
- Passport
- Proof of address (tenancy agreement, utility bill, or employer letter)
- Initial deposit (typically S$1,000-3,000)
- Some banks accept IPA (In-Principle Approval) letter before pass issuance
You do NOT need:
- Singapore credit history
- Local guarantor
Major Banks for Expats
| Bank | Strengths | Notes |
|---|---|---|
| DBS | Largest local bank, digital-first, excellent app | Can open account online before arriving |
| OCBC | Good for expats, strong digital banking | Allows pre-arrival account opening via app |
| UOB | Wide network, personal service | May require reference letter |
| HSBC | Good for international transfers | Premier account for high earners |
| Standard Chartered | International focus | Priority banking available |
| Citibank | Global presence, good for transfers | Being acquired by UOB (consumer banking) |
Account Types
Current Account: For daily transactions, salary deposits. Usually no interest.
Savings Account: Earns interest (currently low: 0.05-3% depending on conditions).
Multi-currency Account: Useful for holding USD, EUR, etc. Good for international payments.
Digital Banking Options
Singapore has excellent digital banking:
- DBS PayLah!: Popular local e-wallet
- GrabPay: Widely accepted
- Singtel Dash: Another e-wallet option
- PayNow: Instant bank transfers using phone number or NRIC/FIN
Fees to Watch
- Fall-below fee: If balance drops below minimum (typically S$1,000-3,000), expect S$2-5/month fee
- ATM fees: Free at own bank's ATMs, S$2-5 at others
- International transfers: Fees vary; Wise often cheaper than banks
- Card fees: Usually no annual fee for basic cards
Credit Cards
Singapore has a credit card culture with good rewards:
- Most cards require minimum income of S$30,000/year
- Cashback, miles, and rewards cards available
- No credit score system like the US—but payment history matters
- Late payments can affect future banking relationships
Popular cards for expats:
- DBS Altitude (miles)
- OCBC 365 (cashback)
- UOB One Card (cashback)
- Citi Rewards (points)
International Transfers
For sending money abroad:
- Bank transfers: Works but can be expensive (S$20-35 + exchange rate markup)
- Wise (formerly TransferWise): Much better rates, lower fees
- Remitly, WorldRemit: Good for specific corridors
CPF (Central Provident Fund)
If you become a PR, you'll contribute to CPF—a mandatory savings scheme:
- Employee: 20% of salary
- Employer: 17% of salary
- Used for housing, healthcare, retirement
As a foreigner on EP/S Pass, you do NOT contribute to CPF.
Pro Tips
- •DBS and OCBC allow account opening before you arrive—do it early
- •Keep minimum balance to avoid monthly fees
- •Use Wise for international transfers—much cheaper than banks
- •Get a credit card for rewards—pay in full to avoid high interest
- •Set up PayNow for convenient local transfers
Have questions about banking in Singapore?