Personal bank accounts in Singapore for residents and non-residents

A personal bank account in Singapore is a deposit account held in an individual's own name, such as a savings, current or multi-currency account. Who can open one, and how, depends mainly on residency status: citizens and permanent residents, holders of a Singapore pass, and non-residents follow different routes. All three go through the same due-diligence rules in MAS Notice 626; what changes is how identity is verified and which products a bank will offer. This page is an English overview. A deeper Chinese guide is on the sister site bankaccount.sg.

Three routes: residents, pass holders and non-residents

Bank policies differ within each route. DBS, for example, states that "foreigners can open a DBS account without an employment pass" and lists the Employment Pass, S Pass, Student Pass, or an In-Principle Approval from MOM or ICA as accepted (DBS New to Singapore page, checked October 2026). UOB's One Account page asks foreigners and US persons to "proceed to any UOB Branch for application", with a passport of at least six months' validity, and says photocopied or digital copies will not be accepted (checked October 2026).

Singpass, Myinfo and when a branch visit is needed

Singpass is Singapore's national digital identity. Its registration guide says it is open to citizens, permanent residents and FIN holders, with a minimum age of 15 (Singpass Registration Guide, June 2026). Through Myinfo, an applicant can authorise a bank to retrieve verified data such as name, NRIC or FIN, address and pass details. Under Notice 626, banks must verify identity using reliable, independent sources, and government-held data meets that test, which is why Myinfo applications can often be processed without uploading documents.

Without Singpass, a bank has to verify identity another way: usually by seeing the original passport at a branch, or through its own remote verification process where one is offered. Notice 626 (paragraph 6.29, version dated 28 March 2024) requires non-face-to-face checks to be "at least as robust" as in-person checks, so remote routes for people without Singpass tend to be offered selectively.

Common reasons a Myinfo application stalls include an outdated residential address on Singpass, a pass close to expiry, or a mismatch between the name on the pass and other records. Checking these before applying saves a round of follow-up.

Non-residents: what is realistically available

People who live outside Singapore can open personal accounts, but options are narrower and usually tied to higher balances. Two published examples illustrate the mechanics without implying that either is right for a given reader:

• Remote priority banking. OCBC states that a foreigner with a passport can "open a Premier Banking account remotely via the OCBC Singapore app", for individuals aged 21 and above, and that "you must deposit or invest at least S$350,000 in fresh funds"; it adds that "additional documents may be required" (OCBC International wealth page, checked October 2026).
• Residence-country restrictions. DBS publishes a notice for non-Singapore residents listing country-specific limits. For customers with a registered address in Australia, for instance, it states that no new account may be opened, with stated exceptions for certain private-banking clients (DBS notice, checked October 2026).

The second example shows a broader point: where you live can determine which accounts a Singapore bank can offer, because banks must also respect the rules of your home jurisdiction. Non-residents should also expect detailed questions on source of funds. Check your home jurisdiction's foreign-exchange and tax rules before moving money.

Published minimum balances and fees

Headline fees matter less than eligibility, but they affect the cost of keeping an account. The figures below are as published on each bank's website, checked October 2026; banks may change them, so confirm the current tariff before applying.

These three show the range rather than the market. A side-by-side view with business and priority accounts is on the comparison page; fuller Chinese-language tables of personal-account minimums and fees are on bankaccount.sg, and digital banks are covered separately.

Priority and private-banking tiers

Priority and private-banking relationships come with a dedicated relationship manager and broader investment access. Their entry levels are bank policies, not regulatory thresholds, and meeting one does not mean an application will be accepted.

More tiers are listed on the comparison page and, in Chinese, on bankaccount.sg.

Some tiers require accredited investor (AI) status. Under section 4A of the Securities and Futures Act 2001, an individual generally qualifies with net personal assets exceeding S$2 million (with the primary residence counted up to S$1 million), net financial assets exceeding S$1 million, or income of at least S$300,000 in the preceding 12 months, and must expressly opt in. Private-banking services are covered in depth on sister sites such as hnwsolution.com.sg.

Joint accounts and keeping your details current

For joint accounts, Notice 626 (paragraph 6.37) requires banks to perform due diligence on every joint holder as if each were an individual customer. Each person therefore provides identification, address and tax information.

Every account holder must also complete a tax residency self-certification under the Common Reporting Standard (CRS). IRAS states that account holders should "promptly provide your jurisdiction of residence for tax purposes", that a financial institution may refuse to open or may close an account if the information is not provided, and that a false self-certification is an offence (IRAS, updated 19 October 2021; penalties on CRS and FATCA forms). CRS is a reporting regime; whether income is taxable depends on the laws of each place where you are tax resident. See CRS and FATCA forms.

After opening, banks keep monitoring accounts and may ask for updated documents. Tell the bank when your address, pass or tax residency changes. Never let anyone else use your account or Singpass: offences targeting people who hand over control of bank accounts or disclose Singpass credentials came into force on 8 February 2024, with penalties of up to three years' imprisonment (Singapore Police Force, 8 September 2024).