🇸🇬 Singapore · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
Singapore is a major financial hub with strong local and international banks and advanced digital payments (PayNow). Foreigners can open accounts, usually needing a pass and proof of address. The Monetary Authority of Singapore regulates banks.
Banks are regulated by the Monetary Authority of Singapore (MAS); insured deposits are protected by the Singapore Deposit Insurance Corporation (SDIC). A registered company can open a corporate account.
- Insured deposits are protected by the SDIC up to the standard limit per depositor, per bank.
- Opening a corporate account generally requires the UEN, company documents and director/owner ID.
- Banks apply MAS know-your-customer and anti-money-laundering checks.
Step-by-step
- 1
Confirm your eligibility and pass
Foreigners generally need a valid passport, a valid pass (Employment Pass, Student Pass, etc.) and proof of a local address; a registered company can open a corporate account with its UEN.
- 2
Set up Singpass and MyInfo
Once your physical pass is issued, register for Singpass; opening an account through MyInfo can be near-instant, versus about 3–5 working days without it.
- 3
Gather your documents
Have your passport, your pass and proof of address ready — completed via MyInfo, uploaded, or presented at a branch.
- 4
Prepare business documents (corporate accounts)
For a corporate account, prepare your UEN, company registration documents and director / owner ID.
- 5
Apply and complete MAS KYC checks
Apply online or in-branch; banks run MAS know-your-customer and anti-money-laundering checks before opening the account.
- 6
Activate the account and set up payments
Receive your account details and card, then set up PayNow, GIRO and FAST transfers.
Checklist
- Valid passport
- Valid pass (Employment Pass, Student Pass, etc.)
- Proof of a Singapore address
- Singpass account (for MyInfo onboarding)
- UEN + company documents — corporate accounts
- Director / owner ID — corporate accounts
- Initial deposit (if required by the bank)
Official authorities
- Monetary Authority of Singapore (MAS)
Central bank and financial regulator.
Frequently asked questions
Can foreigners open a bank account in Singapore?
Yes — typically with a passport, an employment or other pass, and proof of address; requirements vary by bank.
What is PayNow?
A national instant-transfer service linking bank accounts to a phone number or ID for fast local payments.
Is Singapore good for international banking?
Yes — as a financial hub it offers strong multi-currency and wealth services, subject to due-diligence checks.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Government portals
- Singapore Government — Singapore's integrated government services portal — unified Singpass identity login
- Immigration & Checkpoints Authority — Employment Pass, S Pass, Work Permit, PR and citizenship applications in Singapore
- Inland Revenue Authority of Singapore — Personal and corporate income tax, GST filing, and tax incentive lookup