If you are looking for financial planning and investment opportunities abroad today, having a bank account is a crucial starting point to facilitate other financial transactions and enhance the liquidity of your investments.

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Singapore is internationally recognized as a "global financial centre." According to the Global Financial Centres Index (GFCI 35), Singapore ranks as the number one financial centre in Asia and the third in the world, with rapid growth since the early 2000s. This has been achieved through establishing essential foundations for providing Financial Services, Wealth Management, and Family Office Services.

 

Thus, with its economic stability, political steadiness, and the robustness of its financial institutions, opening a bank account in Singapore is widely accepted and is an option that attracts investors from around the globe. And if you are wondering whether foreigners can open a bank account in Singapore, the answer is yes!

 

We will go through each step of how to correctly open a bank account in Singapore for foreigners or non-residents, and we have also compiled information on choosing various banks in Singapore for you. If you're ready, let's dive in!

*Conditions vary by bank, especially the minimum deposit requirement, which starts at approximately S$5,000-350,000.
**Opening an account with some banks may require in-person verification at the bank branch.
***The service fee for opening a bank account starts at 10,000 THB per person per transaction and may vary depending on specific conditions set by the company.