The Ultimate Guide to Expat-Friendly Bank Accounts in Singapore: What You Need to Know in 2025

When I first landed in Singapore three years ago, opening a bank account was near the top of my to-do list—right after finding somewhere to live and before exploring the hawker centers (priorities, right?). Like many expats moving to Singapore, I quickly discovered that not all banks offer the same level of service, fee structure, or convenience for foreigners.

Whether you're planning your move or have just arrived on the Little Red Dot, navigating the banking landscape can feel overwhelming. But don't worry—I've done the research and spoken with fellow expats to bring you this comprehensive guide to expat-friendly bank accounts in Singapore.

Why Opening a Local Bank Account Matters for Expats in Singapore

Before diving into specific banks, let's address the elephant in the room: Do you really need a Singapore bank account?

In short, yes. While you might be able to get by with your home country account for a while, you'll eventually face:

• Higher currency conversion fees every time you use your foreign card

• Complications receiving your salary from a Singapore employer

• Difficulty setting up recurring payments for rent and utilities

• Challenges accessing local payment methods like PayNow and FAST

Singapore is increasingly becoming a cashless society, with local payment apps and transfers being the norm rather than the exception. Having a local account isn't just convenient—it's practically essential for daily life.

What to Look for in Expat-Friendly Bank Accounts in Singapore

Not all bank accounts are created equal, especially when it comes to serving expats. Here's what you should prioritize:

Low or No Minimum Balance Requirements

Many Singapore banks require maintaining a minimum balance (often S$3,000 or more) to avoid monthly fees. As a newcomer establishing yourself, you'll want flexibility with your finances without penalty.

Straightforward Documentation Process

The documentation required can vary significantly between banks. The most expat-friendly options have streamlined their processes to accommodate foreign passports, employment passes, and overseas income verification.

Multicurrency Features

Given Singapore's position as a global hub, the ability to hold multiple currencies in one account can save you significant money on conversion fees, especially if you travel frequently or remit money home.

Digital Banking Capabilities

Strong mobile apps, online banking platforms, and digital services make managing your finances infinitely easier, especially during those first few months when you're constantly on the go.

Top Expat-Friendly Bank Accounts in Singapore for 2025

After interviewing dozens of expats and analyzing fee structures, application requirements, and customer service quality, here are the standout options:

1. DBS Expatriate eAccount

DBS Bank has earned its reputation as perhaps the most accommodating mainstream bank for expats moving to Singapore. Their Expatriate eAccount specifically targets newcomers with:

• Account opening possible before arrival in Singapore (for selected nationalities)

• Relatively low minimum balance requirement (S$2,000) compared to other major banks

• Full suite of digital banking tools, including the highly-rated DBS PayLah! mobile payment app

• Extensive ATM network throughout Singapore

The main drawback is that the full range of services only becomes available after you physically arrive and complete the in-person verification.

2. OCBC Global Access Account

OCBC offers another excellent option with their Global Access Account, which features:

• Multi-currency capabilities with competitive exchange rates

• Initial documentation that can be submitted online

• Integration with OCBC's digital ecosystem, including their mobile banking app

• Lower initial deposit requirement than many competitors

Many expats appreciate OCBC's straightforward fee structure and responsive customer service team experienced in handling international clients.

3. Citibank International Personal Account

For those who already bank with Citibank in their home country, their International Personal Account offers seamless continuity:

• Global account linkage allowing fee-free transfers between your Citibank accounts worldwide

• Relationship-based fee waivers that consider your global banking relationship

• Premium services for qualifying customers, including dedicated relationship managers

• No minimum balance for the first few months after arrival (for eligible customers)

The familiarity factor makes Citibank a popular choice among American expats in particular.

4. Standard Chartered Priority Banking

For high-earning professionals or those with significant assets, Standard Chartered's Priority Banking package delivers:

• Dedicated relationship manager familiar with expat needs

• Premium multi-currency debit card with enhanced withdrawal limits

• Preferential foreign exchange rates

• Global account view across multiple countries

The main consideration is the higher minimum balance requirement (S$200,000 across accounts), though this can sometimes be negotiated for new arrivals with proof of incoming funds or salary.

5. HSBC Everyday Global Account

HSBC's offering stands out for its truly global approach:

• Hold and manage up to 10 currencies in one account

• Fee-free international transfers between HSBC accounts

• Recognition of your overseas banking relationship if you're an existing HSBC customer

• Emergency cash services if your cards are lost or stolen abroad

HSBC's international presence makes it particularly attractive for expats who travel frequently or plan to move again in the future.

Digital Banking Alternatives for Expats in Singapore

Singapore's fintech scene has exploded in recent years, with several digital banks now offering compelling alternatives to traditional institutions:

Wise (formerly TransferWise) Multi-Currency Account

While not a full Singapore bank account, Wise's multi-currency account provides:

• Singapore bank details for receiving local payments

• Excellent exchange rates that typically beat traditional banks

• User-friendly mobile app with instant transfer notifications

• Virtual and physical debit cards linked to your account

Many expats use Wise alongside a traditional Singapore account for the best of both worlds.

Revolut

Recently launched in Singapore, Revolut offers:

• Competitive foreign exchange rates

• Easy account opening process via mobile app

• Budgeting tools and spending analytics

• Cryptocurrency exchange features for the digitally adventurous

The downside is that Revolut accounts don't yet support all local payment methods like PayNow, making them better as a supplementary rather than primary account.

Documentation Needed to Open an Expat-Friendly Bank Account in Singapore

Regardless of which bank you choose, you'll typically need:

• Your passport

• Singapore visa or Employment Pass (EP)/Dependent Pass (DP)/Student Pass

• Proof of address (rental agreement or utility bill)

• Employment letter or contract showing income

• Initial deposit amount (varies by bank)

Some banks may require additional documentation, such as:

• Tax identification from your home country

• Credit history reports

• Proof of source of funds for larger deposits

Pro tip: Most banks now allow you to start the application process online and upload documents digitally, significantly reducing the paperwork hassle.

Tips for a Smooth Banking Experience as an Expat in Singapore

Having helped numerous friends navigate this process, here are my hard-earned insights:

1. Start early: Begin researching options before arriving if possible.

2. Make an appointment: Don't just walk into a branch—schedule a meeting with an account manager.

3. Ask about fee waivers: Many banks offer initial period fee waivers for new customers.

4. Consider your remittance needs: If you'll be regularly sending money home, prioritize banks with favorable international transfer rates.

5. Download mobile apps immediately: Singapore's banking apps are excellent and will make your life much easier.

6. Set up PayNow and FAST: These local instant transfer systems are essential for daily transactions in Singapore.

Common Pitfalls for Expats Opening Bank Accounts in Singapore

Even the most expat-friendly banks have their quirks. Watch out for:

• Minimum balance requirements that increase after an initial honeymoon period

• Dormancy fees if you don't use the account regularly

• Fall-below fees that can accumulate monthly if your balance drops under the minimum

• ATM card activation processes that sometimes require physical presence

The good news is that Singapore's banking system is highly regulated and transparent, so these fees should be clearly disclosed—just make sure to read the fine print.

Beyond Banking: Integrating with Singapore's Financial Ecosystem

Once your account is established, familiarize yourself with these Singapore-specific financial tools:

• PayNow: Links your phone number or Singapore NRIC/FIN to your bank account for instant transfers

• SGQR: The unified QR code payment system used by merchants across the island

• GrabPay and other e-wallets: Popular digital payment methods that can be linked to your local bank account

Most expat-friendly banks offer excellent guides to these services specifically designed for newcomers.

Final Thoughts: Choosing the Right Expat-Friendly Bank Account in Singapore

The "best" bank account depends entirely on your specific situation—your income level, how long you plan to stay in Singapore, whether you'll travel frequently to neighboring countries, and your remittance needs.

For most expats moving to Singapore in 2025, I recommend starting with either DBS or OCBC for their combination of reasonable requirements, excellent digital tools, and widespread acceptance. Both offer English-speaking customer service and branches in most neighborhoods.

Remember that Singapore's compact size means you're never far from a branch or ATM of any major bank, so convenience shouldn't be your primary deciding factor. Instead, focus on fee structures and services that match your lifestyle and financial habits.

Have you recently opened a bank account in Singapore as an expat? I'd love to hear about your experience in the comments below! And if you found this guide helpful, please share it with other expats in your network who might benefit from this information.