Singapore — Banking: Opening an Account

Key facts

• Foreigners with an Employment Pass, S Pass, Student Pass, or Dependant Pass can access retail banking at DBS, OCBC, UOB, and other major banks.
• Core requirements: age 18+, proof of identity, proof of legal status in Singapore, local residential address.
• Pure non-residents (no Singapore-issued pass) are excluded from retail banking — private banking divisions require SGD 200,000-350,000+ minimums.
• DBS Multiplier account has no minimum initial deposit; OCBC 360 and UOB One typically require SGD 1,000 initial deposit.

Steps

1. Confirm pass eligibility — Employment Pass, S Pass, Student Pass, or Dependant Pass are required for retail banking access.
2. Gather documents — Passport, proof of pass/legal status, local address proof.
3. Choose an account type — Compare initial deposit requirements and features (e.g. DBS Multiplier vs. OCBC 360 vs. UOB One).
4. Apply in-branch or online — Many banks now support online applications with in-person verification only if needed.

Costs

• Typical initial deposit (OCBC 360, UOB One): SGD 1,000
• DBS Multiplier minimum deposit: None required

Required documents

• Valid passport
• Proof of Singapore pass (Employment Pass, S Pass, Student Pass, Dependant Pass)
• Proof of local residential address

Common mistakes

• Assuming any foreign visitor can open a retail bank account — a valid Singapore-issued pass is required; pure non-residents are limited to private banking with very high minimums.
• Not comparing minimum deposit and fee requirements across DBS/OCBC/UOB before choosing an account.

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