After your business is legally incorporated, you must register a corporate Bank account in Singapore to make commercial operations easier. The majority of banks in Singapore provide alluring incentives, including credit cards, international money transfers without restrictions, multi-currency accounts, trade finance, and more.
The majority of banks in Singapore provide alluring incentives, including credit cards, international money transfers without restrictions, multi-currency accounts, trade finance, and more.
Basic Banking Services Needed by Foreigners and Expatriates in Singapore
If you’re a non-resident, your banking needs will differ significantly from the needs of a citizen or a permanent resident. For one thing, you would need to send back remittances to your home country. So, you would need a bank that can make that transfer painless.
Listed below are the basic banking services that foreign individuals in Singapore would need on a continuous basis:
- Presence both in your home country and Singapore
ATM and Savings Deposit services in both Singapore and your home country - Low fees for both international and domestic transfers
- Low minimum balance requirements and low penalties
- Higher interest rates on Savings accounts
- Ask if your account allows you multi-currency deposits and withdrawals for travel or other urgent transfers
- Other convenience features, such as 24 by 7 branches, overdrafts, credit cards, multiple transfer options, club memberships, etc.
Singapore’s Financial Structure
Singapore’s banking system is designed to accommodate a range of banks and financial organizations.
These are the main categories of banks in Singapore’s financial system:
- Local Banks: Singapore has six local banks, such as Bank Of Singapore Limited, DBS Bank LTD, etc.
- International Banks: To access Singapore’s financial sector and provide for its clients, numerous foreign banks have set up branches in the jurisdiction. These banks coexist with local banks in Singapore and add to its overall banking environment. At the moment, Singapore is home to 119 foreign commercial banks.
- Merchant Banks: Merchant banks are specialized banks with an emphasis on offering business financing and advising services in Singapore.
- Offshore Banks: Singapore serves as a significant center for offshore banking operations. Offering services to foreigners and overseas businesses, offshore banks frequently concentrate on wealth management, tax planning, and asset protection.
- Wholesale Banks: These banks prioritize serving corporate customers, institutional investors, and other financial organizations. Approximately 54 wholesale banks are present in Singapore.
“With 50+ years of heritage behind them and S$ 646 billion in total assets, DBS is easily one of Singapore’s largest and most recognizable banks. “
Time taken to open a bank account for a Foreigner
For most banks, it takes between 3 to 7 working days to have a fully functional bank account opened.
DBS commits to 3 business days. However, SingPass holders may be eligible for instant account opening.
FAQ’s
The Global Investor Program, popularly known as the “GIP plan,” is an investment program through which you can apply for permanent residency in Singapore.
Singapore Permanent Residents are allowed to reside, work, study, and retire in Singapore at any time. Although resilient in reality, PR status is not unqualified.
The Singapore Embassy is the place where applicants can send their applications and accompanying paperwork.
At the time a PR application, a fee of SGD 100 per applicant is due.
