Quick Answer: How can a foreigner save money in Singapore?

Can foreigner open saving account in Singapore?

Whether you are living overseas or a non-resident in Singapore, you can still open a personal bank account in Singapore without having to visit Singapore. However, the foreign or non-resident business owners need to visit the banks to open corporate bank account in Singapore.

Can foreigner have bank account in Singapore?

If you are a foreigner or not a resident of Singapore, then you can still open a bank account without any trouble. … To open a bank account as a foreigner in Singapore you’ll need: Proof of Identity (Passport or ID card) Proof of Address (Utility bills, etc.)

What is best bank in Singapore for foreigners and expats?

3. The top 6 banks in Singapore for foreigners

  • DBS (Development Bank of Singapore) and POSB.
  • United Overseas Bank (UOB)
  • Overseas Chinese Banking Corporation (OCBC)
  • Citibank.
  • The Hong Kong and Shanghai Banking Corporation Limited (HSBC)
  • Standard Chartered.

How much do I need to open a bank account in Singapore?

Compare a range of banks accounts in Singapore

Name Monthly fee Minimum Initial Deposit
OCBC Basic current account S$0 S$1,000
UOB i-ACCOUNT S$2 S$3,000
Citibank Tap and Save Account S$0 S$15,000
SC SuperSalary S$0 S$0
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How can a foreigner open an account in Singapore?

Online account application is only available for Singaporeans, Permanent Residents and Foreigners with valid Singapore work pass (e.g. employment / S pass) or student pass.

Foreigner (Studying in Singapore)

  1. Identification Document. Provide valid Passport (biodata) …
  2. Proof of Study in Singapore. …
  3. Proof of Residential Address.

Can non residents open a bank account in Singapore?

Foreigners can only open private accounts of a privileged type with the Singapore bank. … The amount in a currency other than Singapore dollars is conventionally convertible. Having opened a private account with a bank in Singapore, a non-resident will get access to many banking and financial products.

Which bank is better in Singapore?

Best savings accounts in Singapore with the highest interest rates

Savings account Realistic interest rates Best for
UOB One 0.5% No salary credit
OCBC 360 0.35% to 0.45% (w.e.f. Feb 2021) Growing your savings
Maybank Save Up 0.48% to 2.93% Loan customers
SCB Bonus Saver 0.48% to 1.08% High spenders

Can foreigners open a bank account in Singapore online?

However, to open your account you must visit a branch in person – there’s no online account option for foreign customers.

Can foreigner open OCBC bank account in Singapore?

OCBC asks that foreigners bring either a EP/S-Pass employment pass/work permit or student pass and passport to one of their local branches to initiate opening an account. … You are required to visit any of their Singapore branches personally with your Passport for the account opening.

Which bank account is best for expats in Singapore?

OCBC. The last local bank to consider for expat banking in Singapore is OCBC. This is another of the largest banks in Singapore, which offers a choice of basic and interest-earning accounts. If you only need a simple everyday account, the OCBC Current Account³ could be the best choice.

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