5 Best Banks in Singapore for Foreigners Compared
Finding the best bank in Singapore as a foreigner or international business can be a challenge—different banks offer different entry criteria, services, and global connectivity. In this blog we compare five top banks that consistently appear among the most recommended for expatriates, foreign-registered companies and international entrepreneurs. With the right choice, you’ll secure reliable banking, multi-currency options, strong digital tools and global reach.
Why Choosing the Best Bank in Singapore Matters
Singapore is one of the world’s most trusted financial jurisdictions—its banks are well-regulated, globally connected, and offer strong stability. For foreigners, the right bank means:
1. Easier global transfers and multi-currency support
2. Credibility when dealing with clients, vendors or investors
3. Advanced digital banking services and strong online infrastructure
4. Compatible services for non-resident entrepreneurs or companies
So identifying the best bank in Singapore for your specific needs helps you avoid unnecessary delays, extra bureaucracy and high minimums.
What Foreigners Should Look For
When comparing banks, foreigners should keep an eye on:
1. Requirements like proof of address, passport, business registration or visa
2. Access to multi-currency accounts and global transfer facilities
3. Digital banking, ATM network, branch availability
4. Reputation, global footprint and international processing
5. Minimum deposit or balance requirements (if any)
With those criteria in mind, let’s explore five banks that stand out.
1. Oversea‑Chinese Banking Corporation (OCBC)
OCBC is widely cited as one of the best banks in Singapore for foreigners. It offers strong service to international clients and is backed by a large network across Asia.
Why choose OCBC:
1. Trusted by many foreigners for ease of account opening.
2. Strong regional branch network, which assists international transactions.
3. Good support for foreign-resident accounts and multi-currency solutions.
Things to verify: Minimum balances, branch visit requirements and any special business account criteria.
2. DBS Bank (and POSB)
DBS is a Singapore-based bank with a solid reputation for digital innovation and international services.
Why it stands out:
1. “Safest Bank in Asia” tag helps with credibility.
2. Designed expatriate-friendly accounts like Expatriate eAccount.
3. Extensive branch and ATM network across Singapore.
Considerations: Some accounts require physical presence or specific visa status. Ensure eligibility as a foreigner or non-resident.
3. United Overseas Bank (UOB)
UOB is another major Singapore bank often chosen by foreigners and regional business owners.
Why pick UOB:
1. Strong regional presence and banking infrastructure.
2. Foreign-resident account options, especially for foreign-based individuals.
Potential caveats: Some account types may require branch visit and physical verification; non-resident criteria may be stricter.
4. Standard Chartered Bank
Standard Chartered is an international bank with an established Singapore presence, making it a good option for global travellers and businesses.
What makes it strong:
1. Global footprint means easier cross-border banking and business flows.
2. Experience serving expats and foreign-registered entities in Singapore.
What to check: Whether you meet account type criteria, any extra minimums or documentation for foreign business banking.
5. Citibank Singapore
Citibank offers international banking solutions and can be particularly appealing when you already bank with Citigroup or have global banking requirements.
Why consider Citibank:
1. Strong global network, especially useful for multi-national operations and foreign currency flows.
Things to verify: Non-resident-friendly account types, documentation, and whether you need a local Singapore address.
How to Compare These Banks Quickly
If you’re evaluating which is the best bank in Singapore for your situation, here’s a quick comparison checklist:
1. Residency Status: Are you resident in Singapore, holding a visa, or non-resident? Banks differ in eligibility.
2. Purpose: Personal use vs business use vs multi-currency/international transactions.
3. Documentation & Verification: Branch visit vs remote onboarding; ID, company registration, etc.
4. Fees & Minimums: Ensure you understand if there are minimum balances, fall-below fees, or currency restrictions.
5. Global Reach: If you’re operating globally, pick a bank with international coverage and multi-currency capability.
6. Digital Services & Accessibility: Look for secure online banking, extensive ATM network and strong mobile capabilities.
Tips for Foreigners Opening a Bank Account in Singapore
1. Arrive with correct identification (passport, proof of address, employment or business details).
2. If you’re non-resident, some banks may require additional verification or source of funds.
3. Consider the bank’s branch/ATM network and digital banking reach.
4. If you’re setting up a business account, factor in company registration, board resolution, business address, etc.
5. Ask about multi-currency capabilities if you transact internationally.
6. Having a strong global banking relationship may help in easing account opening.
Why Choose YKG Global’s Support
For foreigners or businesses looking to open a Singapore bank account, navigating requirements and choosing the best bank in Singapore can be challenging. At YKG Global, we provide:
1. Professional advice on which bank aligns with your purpose.
2. Help gathering documentation and ensuring compliance.
3. Guidance whether you’re opening a personal account or a business/corporate account.
4. Support for foreign-owned companies, non-residents and expats.
Working with a trusted consultant reduces delays and ensures you get banking up and running smoothly.
FAQs – Best Bank in Singapore for Foreigners
Q1: Can a non-resident open a bank account in Singapore?
Yes, many banks allow account opening for foreigners, but eligibility and requirements vary depending on your residency status and purpose.
Q2: Which bank is considered the best bank in Singapore for foreigners?
While “best” depends on your needs, OCBC, DBS, UOB, Standard Chartered and Citibank frequently rank among the top for foreigners based on access, services and flexibility.
Q3: Do I need to visit Singapore in person to open the account?
Some banks do require a branch visit, but others allow remote or hybrid onboarding depending on your status and supporting documentation.
Q4: Can I hold multiple currencies in a Singapore account?
Yes. Several banks provide multi-currency accounts or business banking accounts that support USD, EUR, GBP, SGD and other currencies.
Q5: What should I bring when opening an account?
Bring a valid passport, proof of address, business registration (if applicable), employment or company details, and any required visa or identification for foreigners.
Q6: How do I know if a bank is the best for me?
Look at how the bank meets your key criteria: foreigner eligibility, global access, digital banking strength, multi-currency support, and the comfort of their onboarding process.
Choosing the best bank in Singapore as a foreigner means aligning the bank’s capabilities with your specific goals—personal banking, business transactions, or global operations. Singapore offers many excellent banking options for foreigners, and by understanding your requirements and comparing top banks like OCBC, DBS, UOB, Standard Chartered and Citibank, you’ll be well-positioned to make the right choice.
When you pair that decision with expert support from YKG Global, your account opening process becomes faster, smoother and more efficient—so you can focus on what really matters: growing your financial presence and business in Singapore.
