Necessary documents to open a bank account as a foreigner in some of the banks in Singapore - DBS, OCBC and UOB. OCBC offers for foreign customers here. UOB offers here.
SINGAPORE - The Centre for Domestic Employees wants maids to set up bank accounts in Singapore - even before they arrive here to work - in a move to stamp out salary disputes in future. Starting Sept 1, maids applying for a work permit in Singapore can opt in to set up their POSB bank accounts as well.
Typically, the documents required to open a savings or current bank account as a foreigner include: Your Hong Kong Identity Card or a valid passport. Proof of address in Hong Kong or your home country (you do not have to be a Hong Kong resident to open a bank account in Hong Kong)
Initial Deposit
Ask your bank what the minimum is to open the account. At many credit unions, it's $5–$25. At online banks, there's often no minimum initial deposit. In addition to the minimum to open, watch out for ongoing minimum balance requirements, which can result in monthly fees.Bring your passport and driver's license or state ID. Many banks require two forms of ID (a student ID may or may not count, but a birth certificate most likely will). Proof of Residency. You may need proof of residency in the United States, proof of an address in the foreign country, or both.
Easiest-to-get basic bank accounts
The accounts which get this thumbs-up are the Barclays Basic Account and Co-op's Cashminder. Co-op says that as long as you have proof of address and pass ID checks, you can get a basic bank account.Foreigners permanently residing outside of Singapore can open two types of savings accounts in Singapore: Privilege Banking or Priority Banking (preferred accounts offered by commercial banks); Private Banking accounts in banks specializing in wealth management.
Bank Account Initial Deposit
Many checking accounts require a deposit of at least $25 but if you wanted to open a checking account with Everbank, you would need to to make a deposit of at least $5,000. On the other hand, some of the best savings accounts don't require a minimum deposit at all.Having a bank account is required to get most types of credit, and it can also be useful for things like direct deposit or cashing a paycheck. Now, you can open a bank account online, with no deposit, with bad credit, and even with no monthly maintenance fees in many cases.
Best savings accounts in Singapore with the highest interest rates (2020)
| Savings account in Singapore | Realistic interest rates |
|---|
| UOB One account | 1.5% to 1.85% p.a. |
| OCBC 360 account | 1.55% to 2.45% p.a. |
| DBS Multiplier account | 1.55% to 2.2% p.a. |
| POSB SAYE account | 2% p.a. |
There is no rule to cap the number of bank accounts which can be possibly open in one bank or a combination of banks. But this will soon change, as Govt is bringing in a legislation to cap the number of bank accounts which a person can open.
Here's our pick of the best savings accounts in Singapore with the best interest rates for 2020.
- Best Bank of China savings account – BOC SmartSaver.
- Best Maybank savings account – Maybank Save Up Programme.
- Best Citibank savings account – Citi MaxiGain Savings Account.
- Best CIMB savings account – CIMB FastSaver account.
For new HDB flats, conveyancing fees are calculated as follows: First $30,000 of property value: S$0.90 per S$1,000. Next $30,000 of property value: S$0.72 per S$1,000. Remaining Amount: $0.60 per S$1,000.
Ask your bank what the minimum is to open the account. At many credit unions, it's $5–$25. At online banks, there's often no minimum initial deposit. In addition to the minimum to open, watch out for ongoing minimum balance requirements, which can result in monthly fees.
Here's how you can open an offshore bank account in 7 steps:
- Determine Why You Need the Offshore Account.
- Check If You Have the Required Opening Documents.
- Speak to a Tax Advisor.
- Check if the Banking Options are Sufficient.
- Check Reviews of the Bank's Services.
- Compare Fees.
- Examine How the Relationship Managers Work.
To open a bank account online, be prepared to provide personal information so the bank can verify your identity. You may also need to make an initial deposit or arrange for electronic deposits to your new online bank account.
UOB account for foreigners
If you're a foreigner living in Singapore with an Employment Pass, S Pass or Dependant Pass, you'll be able to choose from a range of UOB accounts. However, to open your account you must visit a branch in person - there's no online account option for foreign customers.The minimum initial deposit for the UOB One Account is S$500 and applicants have to be at least 18 years old. Fall-below fee is S$2 and the bonus interest cap is S$75,000.
The UOB One account is like the OCBC 360 and DBS Multiplier — an account that lets you earn pretty decent interest as long as you perform certain actions: Spend at least $500/month on UOB cards (UOB One Card, UOB Lady's Card or UOB YOLO Card) Credit salary of at least $2,000 OR pay 3 bills by GIRO.
Please note with immediate effect, all
UOB One Debit Visa
Cards issued (including renewal/replacement
cards) will not have NETS FlashPay.
See how the UOB One Debit Visa Card compares to a UOB ATM Card:
| UOB One Debit Visa Card | UOB ATM Chip Card |
|---|
| Withdraw cash from UOB and OCBC ATMs in Singapore | • | • |
Minimum quarterly average balance (QAB) of Rs.500/-at Rural & Semi-Urban and Rs.1000/- in Metro & Urban areas. In a financial year 30 leaves are issued free of charge.
The UOB One account is like the OCBC 360 and DBS Multiplier — an account that lets you earn pretty decent interest as long as you perform certain actions: Spend at least $500/month on UOB cards (UOB One Card, UOB Lady's Card or UOB YOLO Card) Credit salary of at least $2,000 OR pay 3 bills by GIRO.
Eligibility and fees
Get up to S$230^ when you apply online for both One Account and One Card. Note: A UOB One Debit Mastercard will be automatically issued to you if your UOB Credit Card (UOB One Card/UOB Lady's Card/UOB YOLO) application is unsuccessful. Now, you can open and transact with your account instantly.For your convenience, you can now deposit S$2 notes at selected Cash Deposit Machines. Enjoy waiver of service fees for overseas cash withdrawals performed on all UOB ATMs in Malaysia, Indonesia and Thailand.
The UOB One account is like the OCBC 360 and DBS Multiplier — an account that lets you earn pretty decent interest as long as you perform certain actions: Spend at least $500/month on UOB cards (UOB One Card, UOB Lady's Card or UOB YOLO Card) Credit salary of at least $2,000 OR pay 3 bills by GIRO.
Fees & Requirements
- Fees. A S$2 minimum balance fee will be charged if your average daily balance for the month falls below S$500. For a list of fees applicable, please click here.
- Requirements. You must be at least 15 years old (Singaporean / Permanent Resident or Non-Singaporean)
UOB One Account offers a maximum bonus interest of up to 3.88% per annum on your first $75,000 in the account. This is provided you spend at least $500 per month using a UOB credit card and credit your salary of at least $2,000 per month through GIRO or make at least 3 GIRO debit transactions per month.
Passbook savings accounts still exist, but they are offered by relatively few banks and are rarely promoted even where they remain an option. Nonetheless, some banks and credit unions still offer passbook accounts as an option to their customers.
How does the bonus interest work? Provided you deposit a minimum of $50 a month and don't make any withdrawals in that month, you will be paid the bonus interest. The interest is calculated daily and paid monthly and bonus interest is paid on the total balance. The interest rate without the bonus applied is 0.01%.
