Remote Banking in Singapore

# Comprehensive Banking Guide for Singapore

Singapore is a global financial hub known for its stable economy and robust banking sector. For expatriates and foreigners looking to open a bank account in Singapore, there are several options available. In this guide, we will cover key aspects such as banks accepting foreigners, KYC requirements, Wise/Revolut availability, ATM fees, multi-currency options, opening process, currency exchange tips, and tax residency clarification.

## Banks Accepting Foreigners

Most major banks in Singapore, such as DBS, UOB, and OCBC, accept foreigners for account opening. However, the criteria and requirements may vary from bank to bank. It is advisable to check with the specific bank for their eligibility criteria for foreigners.

## Know Your Customer (KYC) Requirements

KYC requirements in Singapore are stringent to combat money laundering and financial crimes. When opening a bank account, you will typically need to provide the following documents:

- Passport - Employment Pass or Work Permit - Proof of address (utility bill or tenancy agreement) - Bank statements or reference letters from your home country

Additional documents may be required based on the bank's policies and your individual circumstances.

## Wise/Revolut Availability

Both Wise (formerly TransferWise) and Revolut are popular fintech companies that offer digital banking services with competitive exchange rates. Both Wise and Revolut are available in Singapore, allowing users to send money internationally and hold multiple currencies in their accounts.

## ATM Fees

ATM fees in Singapore vary depending on the bank and whether you are using a local or foreign ATM. While some banks may charge a fee for using non-network ATMs, many banks offer fee-free withdrawals for their account holders at their own ATMs.

## Multi-Currency Options

Several banks in Singapore offer multi-currency accounts that allow you to hold and transact in different currencies. This can be beneficial for expatriates and frequent travellers who deal with multiple currencies regularly. Some of the banks offering multi-currency options include DBS, UOB, and Citibank.

## Opening Process

The process of opening a bank account in Singapore for foreigners typically involves visiting a branch in person and providing the required documents. Some banks also offer online account opening for certain customer segments. It is recommended to book an appointment with the bank and prepare all necessary documents beforehand to expedite the process.

## Currency Exchange Tips

When exchanging currencies in Singapore, it is advisable to compare rates offered by banks, money changers, and digital platforms to get the best deal. Avoid exchanging money at airports or tourist spots, as they often have higher fees and less favourable rates. Using Wise or Revolut for currency exchange can also be a cost-effective option due to their competitive rates.

## Tax Residency Clarification

For foreigners residing in Singapore, it is essential to understand the concept of tax residency to determine your tax obligations. Singapore follows a territorial tax system, whereby taxes are imposed on income earned in Singapore and certain foreign-sourced income remitted to Singapore. If you are unsure about your tax residency status, you can seek advice from a tax consultant or the Inland Revenue Authority of Singapore (IRAS).

## Specific Banks and Procedures in Singapore

### DBS Bank

DBS is one of the largest banks in Singapore and offers a wide range of banking services for individuals and businesses. To open a bank account with DBS as a foreigner, you will need to visit a branch with your identification documents and proof of address. DBS also offers multi-currency accounts and digital banking services for added convenience.

### UOB

United Overseas Bank (UOB) is another popular choice for expatriates and foreigners in Singapore. To open a bank account with UOB, you will need to provide the necessary KYC documents and visit a branch for verification. UOB offers a variety of banking products, including multi-currency accounts and wealth management services.

### OCBC Bank

Oversea-Chinese Banking Corporation (OCBC) is known for its comprehensive banking solutions and customer service. Foreigners can open a bank account with OCBC by visiting a branch with their identification and address proof documents. OCBC also offers multi-currency accounts and digital banking platforms for easy access to banking services.

In conclusion, opening a bank account in Singapore as a foreigner is a straightforward process, provided you meet the necessary requirements and documentation. By choosing a reputable bank, understanding the KYC procedures, exploring digital banking options like Wise and Revolut, and being mindful of currency exchange and tax implications, you can smoothly navigate the banking landscape in Singapore and manage your finances effectively.