What you need before you walk into a bank
Singapore banks require a valid passport or national ID, proof of your current address, and your employment details or source of income. If you are a Singapore citizen or permanent resident, bring your NRIC (National Registration Identity Card). If you are a foreigner, your passport is the standard document. For address proof, banks accept utility bills, tenancy agreements, or official mail dated within the last three months.
Most banks also ask how you plan to use the account—whether for salary deposits, savings, or business—and will request recent payslips or a letter from your employer confirming your income. Some banks waive certain requirements for high-net-worth customers or those opening accounts with large initial deposits, but standard retail accounts follow the same verification path.
If you are opening an account as a non-resident or on a work visa, bring your employment pass or visa documentation. Banks treat these applicants differently: some require a local sponsor or guarantor, while others simply verify your visa status and income source through your employer.
Key Takeaways
- You need a valid passport or NRIC, proof of address dated within three months, and proof of income such as a recent payslip or employment letter.
- The three largest banks—DBS, OCBC, and UOB—process applications the same day if you visit in person with all documents, though some smaller banks may take one to three business days.
- Non-residents and work visa holders can open accounts, but some banks require a local employment pass or sponsor verification before approval.
- Most banks offer a debit card and online banking access immediately after account opening, though the physical card arrives by mail within five to seven business days.
- Monthly account fees vary by bank and account type; many waive fees if you maintain a minimum balance or receive a monthly salary deposit.
Which banks accept new accounts and what each requires
The three largest banks—DBS, OCBC, and UOB—accept new retail accounts from both residents and non-residents. DBS requires a minimum opening deposit of SGD 100 to SGD 500 depending on the account type, and accepts applications in-branch or online if you already have a DBS customer relationship. OCBC requires SGD 500 minimum for most savings accounts and processes applications at any branch. UOB requires SGD 100 to SGD 500 and has the fastest online onboarding for residents with a valid Singapore address.
Smaller banks like Maybank, CIMB, and Standard Chartered also accept new accounts but often have stricter income requirements for non-residents. Maybank requires proof of employment in Singapore and typically asks for a local guarantor if you are on a work visa. CIMB accepts work visa holders but may require a higher opening deposit. Standard Chartered focuses on high-balance customers and may decline accounts under SGD 10,000.
Digital banks—Revolut, Wise, and Seedly's partner banks—offer accounts with lower or no opening deposits and faster online approval, but these are not full banking licenses and do not offer the same deposit protection or loan products as traditional banks. Use digital banks for transfers and spending if you are new to Singapore; open a traditional bank account for salary deposits and long-term savings.
Steps to open an account in person at a branch
Visit any branch of your chosen bank during business hours with your passport or NRIC, proof of address, and proof of income. Tell the staff member at the counter that you want to open a new account. They will hand you an application form and ask you to fill in your personal details, contact information, and the type of account you want (savings, current, or combined).
The staff member will verify your documents, take photocopies, and ask you questions about your employment and how you plan to use the account. This conversation is part of the bank's anti-money-laundering checks and is standard for all new customers. Answer honestly about your income source and intended use; banks flag vague or inconsistent answers and may delay approval.
Once the form is complete and verified, the bank will issue you a debit card number on the spot and provide temporary online banking credentials. You can use the debit card immediately for online purchases, though the physical card arrives by mail within five to seven business days. The entire process takes 20 to 45 minutes if all documents are in order.
Opening an account online if you are a resident
DBS, OCBC, and UOB all offer online account opening for Singapore residents with a valid address. Visit the bank's website, select "Open an Account," and upload a photo of your NRIC or passport, a recent utility bill or tenancy agreement, and a payslip or employment letter. The system will ask you to verify your identity through a video call or by answering security questions based on your credit history.
Approval typically takes one to three business days. Once approved, the bank sends your debit card by mail and provides online banking access immediately. You can transfer money into the account and use it for online purchases before the physical card arrives. Some banks allow you to set a PIN and withdraw cash at ATMs using your temporary digital card number.
Online opening is faster than in-branch for residents, but banks may still contact you by phone to confirm your income or employment details. Have your employment pass number and employer's contact information ready if they call.
What happens after your account is approved
Once approved, your account is active immediately for online transfers and card purchases. Your debit card arrives by mail within five to seven business days. During this waiting period, you can receive salary deposits and make transfers using your account number and the bank's online platform or mobile app.
Set up your online banking login and download the bank's mobile app on your first day. Most banks require you to create a password and set up two-factor authentication using your phone number. Test your login before you need to use it, and save your account number and the bank's customer service number in a safe place.
If you are receiving a salary deposit, provide your employer with your account number and the bank's routing code (available on the bank's website or from your account statement). Salary deposits typically arrive on the same day each month, usually between the 1st and 5th of the month depending on your employer's payroll schedule.
Monthly fees and minimum balance requirements
Most banks charge a monthly account maintenance fee of SGD 2 to SGD 10, but waive the fee if you maintain a minimum balance or receive a monthly salary deposit. DBS waives fees on most accounts if your balance stays above SGD 1,500 or if you receive a salary deposit. OCBC waives fees if your balance exceeds SGD 2,000 or if you have an active salary credit. UOB waives fees for accounts with a minimum balance of SGD 1,000 or a monthly salary deposit.
If you do not meet the minimum balance or salary deposit requirement, the fee is deducted from your account each month. Some banks also charge fees for services like overseas transfers (SGD 15 to SGD 50), cheque deposits (SGD 1 to SGD 5 per cheque), or ATM withdrawals at other banks (SGD 1 to SGD 2). Ask the bank staff to explain all fees before you sign the application form.
Opening an account as a non-resident or work visa holder
Non-residents and work visa holders can open accounts at most banks, but the process is slower and requires additional verification. Bring your passport, employment pass, a letter from your employer confirming your position and salary, and proof of address (such as a tenancy agreement or employer-provided accommodation letter). Some banks also ask for a police clearance certificate or background check, which can take two to four weeks.
DBS and UOB accept work visa holders without a local guarantor, but OCBC and smaller banks may require one. A guarantor is typically your employer or a senior colleague who confirms your identity and employment. If your bank asks for a guarantor, your employer's HR department can usually provide this letter.
Processing takes five to ten business days for non-residents because the bank must verify your visa status with the Ministry of Manpower and confirm your employment independently. Once approved, your account operates the same as a resident's account, with the same fees and access to all services.
Frequently Asked Questions
Can I open a bank account online if I am not a Singapore resident?
No. Non-residents must visit a branch in person because banks require a video call or in-person identity verification that online systems cannot provide. Bring your passport, employment pass, and employment letter. Processing takes five to ten business days.
What if my employer has not given me a payslip yet?
Bring an employment letter on company letterhead stating your position, salary, and start date. Most banks accept this in place of a payslip for new employees. If you do not have either, some banks will open an account with a higher opening deposit (SGD 1,000 to SGD 5,000) and waive the income requirement.
Do I need a Singapore phone number to open an account?
Yes. Banks use your phone number for two-factor authentication and to contact you about your account. If you do not have a local number, buy a prepaid SIM card from any convenience store or telco shop before you visit the bank. The number is active within minutes.
How long does it take to receive my debit card?
Five to seven business days by mail. You can use your account for online transfers and purchases immediately after approval, and some banks provide a temporary digital card number you can use at ATMs while you wait for the physical card.
What if the bank rejects my application?
Banks rarely reject applications outright, but they may ask for additional documents or delay approval if your income cannot be verified or if your visa status is unclear. If rejected, ask the bank in writing for the reason. You can then address the issue and reapply, or try a different bank with less strict requirements.