Can a foreigner open a bank account in Singapore? (2025)

Wondering whether a foreigner can open a bank account in Singapore? The short answer is yes.

With its strategic location, pro-business policies, and robust financial infrastructure, Singapore is a top destination for entrepreneurs and businesses looking to expand. But before you can start operating, you’ll need to open a business bank account – a process that can be more complex for foreigners.

So, how does it work? And what should you know as a foreigner setting up a business in Singapore?

While Singapore’s traditional banking system is designed to support businesses, opening a business bank account as a foreigner can present additional challenges. Paperwork, eligibility checks, and in-person visits are often part of the process, which can slow things down.

But there’s an alternative. After outlining everything you need to know about opening a business bank account in Singapore, we’ll show you how Airwallex can be a faster, smarter solution that saves you time and helps you focus on scaling your business in Singapore and worldwide.

Requirements for a foreigner to open a bank account in Singapore (2025)

As a foreigner, you can open a bank account in Singapore if you meet the eligibility requirements. Most Singaporean banks welcome foreign customers and offer a variety of account types tailored to their needs.

These requirements may vary depending on your visa status and the type of bank account you wish to open. The primary eligibility criteria for foreigners include:

• Holding a valid passport 

• Being 18 years or older

• Possessing a valid pass, such as an Employment Pass (EP), Student Pass, or Long-Term Visit Pass

The following sections briefly explain the different types of passes in Singapore and what their requirements are.

Employment Pass

The Employment Pass (EP) is a work visa issued to foreign professionals, managers, and executives. It is typically granted to foreigners with degree-level academic qualifications.

If you’re granted the EP, you can work, reside, and travel in and out of Singapore without the need for entry visas. ¹

S Pass

The S Pass is a work visa issued to professionals with specialised skills, such as technicians, supervisors, and developers. While the S Pass isn’t limited to specific sectors, the Ministry of Manpower (MOM) typically grants the visa to workers in skilled support roles across sectors such as manufacturing, healthcare, marine shipyard, and construction.

If you’re granted the S Pass, you can work, reside, and travel in and out of Singapore without needing an entry visa.²

Dependant’s Pass

The Dependant’s Pass (DP) is issued to family members of work pass holders, including spouses and unmarried children under 21 years old. If you’re issued a DP, you can reside in Singapore and travel in and out without needing an entry visa. You’re also eligible to apply for work and pursue full-time studies locally.³

Student’s Pass

The Student’s Pass (SP) is issued to international students pursuing full-time studies at an approved educational institution in Singapore. 

With the Student’s Pass, you can reside in Singapore and travel in and out freely for the duration of your studies. You may be eligible to apply for part-time work if the job meets specific requirements, such as being related to your course of study.⁴

Long-Term Visit Pass

The Long-Term Visit Pass (LTVP) is granted to foreigners who are the common-law spouse, unmarried step-child under the age of 21, or handicapped child of an EP or S Pass holder. Parents of EP or S Pass holders earning an income over S$12,000 are also eligible to apply for the LTVP. 

With the LTVP, you can reside in Singapore for up to two years. You may renew your pass after this period, subject to your personal circumstances and an evaluation by the Immigration and Checkpoints Authority (ICA).⁵

Types of bank accounts foreigners can apply for in Singapore

There are various types of bank accounts foreigners can apply for in Singapore. These include:

Savings account

A bank savings account is a deposit account offered by banks that lets you store and save money safely while earning interest on your balance. It’s ideal for when you’re saving up for an emergency fund or a major purchase. However, these accounts may come with withdrawal limits and minimum balance requirements.

Checking account

A checking account, also known as a current account, is designed for frequent transactions. It provides easy access to your money through debit cards, checks, automated teller machines (ATMs), and more. It lets you make money transfers and pay conveniently for everyday expenses, such as paying bills.

Multi-currency account

A multi-currency account lets you receive, hold, and transfer funds in multiple currencies using a single account. This allows you to transact directly in foreign currencies without first converting them to your local currency. This helps you avoid costly conversion fees and simplify cross-border payments.

Investment account

An investment account lets you buy, sell, and hold securities, such as stocks, bonds, and other assets. The primary purpose of an investment account is to grow your wealth over time through capital gains, dividends, and interest income.

Business bank accounts

A corporate bank account helps businesses manage transactions efficiently, including receiving payments, paying suppliers, and processing payroll.

As a foreigner, it can be challenging to open a corporate bank account in Singapore due to strict bank requirements, with approvals taking anywhere from 2–6 weeks.

That’s where fintech solutions like Airwallex provide an alternative to traditional multi-currency and business bank accounts. With Airwallex, you can open a business account online and set up domestic and foreign currency accounts in 23 currencies within minutes – no in-person visits or excessive paperwork required. Once you have submitted all the required business information, the application can be processed within 1–3 business days.

Upon successful registration, you'll be able to collect international payments from global customers in their preferred currency. Our multi-currency Wallet lets you hold and spend proceeds later in the same currency, eliminating unnecessary conversion fees.

We know that speed is critical for success – which is why we’ve helped companies like McLaren Racing accelerate growth by streamlining their financial operations.

Steps to opening a bank account for foreigners in Singapore

Opening a business bank account in Singapore is straightforward, but it can take some time. Here's what you'll need to do:

1. Choose a bank and the type of account you need

2. Prepare the required documents

3. Submit your application

4. Complete the verification process

5. Activate your account

We've outlined each step below to help you stay on track.

1. Choose a bank and the type of account you need

When selecting a business bank account, consider key factors such as:

• Purpose: Define how you’ll use the account to narrow down your options. For example, a current account would be suitable for daily transactions, while a savings or fixed deposit account would be a good option for growing your surplus funds

• Interest rates: Interest rates determine how much your money grows over time. Some bank accounts offer higher interest rates for long-term savings. To maximise returns, compare the interest rates offered by different banks and account types to identify the best option for your needs.

• Fees and charges: Fees and charges vary depending on the type of account you want to open. Here are some common bank charges and fees for business bank accounts:

  • Account setup fees

  • Account maintenance fees

  • Transaction fees for deposits, withdrawals, or transfers

  • Cross-border fees

  • Cheque processing fees

  • Overdraft fees if the account goes into negative balance

To assess if a bank could be a good fit for your needs, you need to assess factors like:

• Customer support: Assess the quality and availability of the bank’s customer support service. Are staff responsive and helpful? Does the bank offer multiple customer service channels and maintain prompt communication across all of them?

• Features: Consider how easy it is to open a bank account and whether the bank provides online and mobile banking features. Other useful features include integration with accounting software, expense management tools, automated bill payments, real-time transaction notifications, virtual and physical debit cards, and cash flow management dashboards..

• International banking services: If your business deals with international payments, choose banks that offer multi-currency accounts and low-fee international money transfers.

2. Prepare the required documents

The documents you need to provide may vary, depending on the bank and type of account you choose. In general, you may be asked to show: 

• Proof of identity, such as a valid passport or identity card

• Proof of residence in Singapore

• Proof of tax residency

• A valid work pass

• A reference or introduction letter

• Your company’s Certificate of Incorporation

• Your company’s business profile

• Your company's Memorandum and Articles of Association

3. Submit your application

Several factors determine whether you can submit your application online, or need to visit a bank branch in person. These include your residency status, the type of business bank account, and the supporting documents required by the bank. 

Some banks, like DBS, allow foreigners to apply online if their company is incorporated in Singapore and fully owned by locals or residents. 

Other banks, such as UOB and Citibank, typically require foreigners to apply in person at a bank branch. 

In contrast, fintech providers like Airwallex let you open local currency accounts in over 60 countries worldwide in just a few clicks.

4. Complete the verification process

After submitting your application, you may need to verify your identity. Depending on the bank, you may need to visit a bank branch to verify your identity or provide the required documents for verification.

5. Activate your account

Once your application is approved, you’ll receive your account details, debit card, and online banking access. You may also need to make an initial deposit to activate the account.

Top bank accounts in Singapore that foreigners can consider

We’ve focused on the major players to help you navigate Singapore’s banking landscape more easily. Here are the key banks and non-banking alternatives that cater to foreigners in Singapore:

• Airwallex (Non-bank alternative)

• DBS (Development Bank of Singapore)

• OCBC (Overseas-Chinese Banking Corporation)

• UOB (United Overseas Bank)

If you’re not a business owner, opening a bank account in Singapore is relatively straightforward. Most foreigners tend to go with one of three popular personal banking options: DBS Multiplier Account, OCBC 360 Account, or UOB One Account.

However, if you’re setting up a business, your choice of bank account becomes much more strategic. Beyond basic banking needs, you’ll need to consider factors like international payments capabilities, exchange rate fees, and ease of managing funds across borders. This is especially important if you’re working with customers and suppliers based abroad.  

Here’s an overview of business bank accounts and non-bank options for foreigners in Singapore to consider:

Leverage Airwallex to simplify your financial management

To speed up your global expansion, leverage a comprehensive fintech platform like Airwallex. We simplify the process of managing global payments through features like multi-currency accounts, low-to-no-cost international transfers, Corporate Cards, and more.  

These features are essential for global event organiser HYROX, an Airwallex customer. To organise events overseas, HYROX needs a local account to accept customer payments and pay global suppliers and contractors. 

Traditionally, HYROX needed to open bank accounts for each local market they expanded into. Depending on local regulations, this process could take up to six months. Banks also often required a face-to-face meeting with a company representative, which presented a significant hurdle for a time-pressed startup. 

By opening a Global Account with Airwallex, HYROX gained instant access to local bank details in multiple countries. After submitting all required documents, the KYC process was completed online. This streamlined process keeps fast-moving businesses like Hyrox agile as they scale to new heights. 

“Working with Airwallex has allowed us to focus more on growing HYROX as a global brand, rather than getting bogged down by tedious financial operations,” shared Benjamin Sin, Head of Finance at HYROX APAC. 

If you’re looking to expand globally like HYROX, Airwallex makes it easy. Skip the hassle, open a business account in minutes, and start scaling. 

Frequently asked questions (FAQs)

1. How long does it take to open a bank account in Singapore?

Most banks in Singapore process personal bank account applications within a few days. Online applications may take a longer time if additional verification is required.

It takes a longer time for business bank accounts to be approved. On average, it can take two to six weeks for your application to be processed and approved. 

2. Can a foreigner open a bank account in Singapore without an Employment Pass?

Yes. As a foreigner, you can open a bank account in Singapore without an Employment Pass, provided eligibility requirements are met. This includes holding a valid passport and relevant permit and having proof of residency in Singapore. You may also be asked to provide additional documents, such as a recommendation letter and proof of income to process your application. 

It is advisable to check directly with your bank of choice for the most updated information on the specific requirements and account types available to foreigners.

3. What are online and digital banking options for foreigners in Singapore?

There are several digital and online options for foreigners looking to set up business banking in Singapore.

Online banking from traditional banks

Several established banks in Singapore offer digital banking solutions that you can access, although eligibility requirements may vary. While some accounts may require an in-person visit to a branch, others offer online application processes. Key options include DBS IDEAL, UOB Infinity, and OCBC Velocity. 

Digital banks

Digital banks offer a streamlined banking experience with features such as real-time transactions, multi-currency accounts, and expense tracking. These banks operate without physical branches, making them convenient for foreigners based outside Singapore. Some popular digital banks include GXS Bank, MariBank, and ANEXT Bank. 

Fintech platforms

Fintech platforms provide borderless banking services, allowing businesses to transact internationally without the constraints of traditional banking. These fintech innovations are more than digital versions of traditional banks – they’re financial platforms that help you streamline operations and enable expansion into overseas markets.

If you’re a freelancer, remote business, or growing startup with international clients, these can be particularly useful for streamlining your operations. Some key fintech solutions include Airwallex and Payoneer.

Sources:

1. https://www.mom.gov.sg/passes-and-permits/employment-pass

2. https://www.mom.gov.sg/passes-and-permits/s-pass

3. https://www.mom.gov.sg/passes-and-permits/dependants-pass

4. https://www.ica.gov.sg/reside/STP/apply

5. https://www.mom.gov.sg/passes-and-permits/long-term-visit-pass 6. https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

7. https://www.dbs.com.sg/sme/businessclass/articles/finance-and-operations/opening-a-business-bank-account-read-this-first 

8. https://www.ocbc.com/business-banking/smes/accounts/multi-currency-business-account

9. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide 

10.https://www.uob.com.sg/business/accounts/uob-bizglobal-account.page

11. https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.