Expat's Guide to the Main Banks in Singapore
Singapore's banking landscape is diverse and accommodating, providing a range of services that cater to both local residents and expatriates. Here’s an overview of the main banks you may consider when moving to or living in Singapore.
1. DBS Bank (Development Bank of Singapore)
Overview: DBS is the largest bank in Singapore and is well-known for its strong digital services. It offers a wide range of personal banking solutions, including savings and current accounts, loans, and investment products.
Expat Services: DBS has tailored packages for expatriates, which include multi-currency accounts and international banking services.
2. OCBC Bank (Oversea-Chinese Banking Corporation)
Overview: OCBC is the second-largest bank in Singapore, renowned for its customer service and comprehensive product offerings. OCBC provides everything from everyday banking to wealth management services.
Expat Services: The bank offers dedicated services for expats, including a fast-track account opening process and access to financial advisory services.
3. UOB (United Overseas Bank)
Overview: UOB is one of the region's leading banks, offering a variety of banking products including personal loans, credit cards, and investment services. Its digital banking platform is user-friendly and efficient.
Expat Services: UOB provides tailored services for expatriates, including the UOB Mighty app for simplified banking and international services.
4. Standard Chartered Bank
Overview: Standard Chartered is a UK-based bank with a strong presence in Singapore. It offers a range of personal and business banking products, with a focus on wealth management.
Expat Services: This bank is particularly appealing to expatriates due to its international services and support for foreign currency accounts.
5. HSBC (Hongkong and Shanghai Banking Corporation)
Overview: HSBC is another international bank with a significant presence in Singapore, offering a wide array of banking products. It is particularly popular among expatriates because of its global footprint.
Expat Services: HSBC provides tailored solutions for expats, including international bank accounts and relocation support.
6. Citibank
Overview: Citibank is a major global player with a strong offering in Singapore. It provides various banking services, including personal loans and investment products.
Expat Services: Citibank caters well to expatriates, offering services such as global banking accounts and credit cards that are recognised worldwide.
Account Opening Requirements
When opening a bank account in Singapore, expatriates generally need to provide the following:
Passport or identification
Employment pass or work visa
Proof of address (utility bill, rental agreement, etc.)
Minimum deposit (varies by bank and account type)
Singapore guide
Navigating the banking system in Singapore as an expatriate is generally straightforward, with many banks tailored to meet the needs of foreign residents. It is advisable to compare services, fees, and features before choosing a bank that best suits your financial requirements. Whether you are looking for basic banking services or wealth management options, Singapore offers a variety of institutions that can accommodate your needs.
