Financial
Financial Services
Commercial, Investment & Personal Banking
Singapore banks offer world class banking facilities. These include internet banking, telephone banking, debit and credit cards, checking and savings accounts, fixed deposits and wealth management services.
Expats and foreigners can easily open a bank account in Singapore. You may open an account online before you arrive in Singapore.
However this service is restricted to residents of certain countries only so check the website of your chosen bank.
This will facilitate a smooth transition by making transfer of funds easy and of course will enable your salary to be paid directly into your account. In order to open an account you need a passport, work permit and proof of your residential address.
It is also helpful is you have an existing relationship with the bank in your home country.
A dependent spouse can't open an individual bank account and can only operate a joint account with the working spouse. There is a waiting period, usually 5 working days, to activate your bank account.
In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates better able to regionalise and compete with foreign banks, the government liberalised the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001.
Since then, the number of local full banks has shrunk by more than half. There are presently 6 locally incorporated full banks in Singapore, owned by three banking groups.
These full banks have the liberty to provide any financial service as permitted by the Banking Act. - Wikipedia
Major Local Banks:
Major International Banks:
Major Corporate & Investment Banks: