Banking
Singapore — Banking: Best Banks
DBS, OCBC, and UOB are Singapore's three major local banks, all accessible to foreigners holding a valid Employment Pass, S Pass, Student Pass, or Dependant Pass. DBS's Multiplier account is specifically recommended for foreigners — a multi-currency account with no minimum initial deposit. OCBC's 360 Account and UOB's One Account both typically require an SGD 1,000 initial deposit and target Singapore residents specifically among foreign customers.
VerifiedGovernment / official sourceWise / easyglobalbanking.com foreigner bank comparisonLast reviewed: 2026-07-20
Key facts
- DBS Multiplier: multi-currency account, no minimum initial deposit, specifically recommended for foreigners.
- OCBC 360: SGD 1,000 initial deposit, popular among foreign residents of Singapore.
- UOB One: SGD 1,000 initial deposit, available to Employment Pass/S Pass/Dependant Pass holders.
- All three (DBS, OCBC, UOB) require a valid Singapore pass for foreign customers — none serve pure non-residents at the retail level.
Costs
- DBS Multiplier initial deposit: None required
- OCBC 360 / UOB One initial deposit: SGD 1,000
Common mistakes
- Choosing an account based on interest rate bonuses alone without checking whether the qualifying conditions (min. salary credit, spending, investments) are realistically achievable.