By the WahLiao desk · Last verified 29 September 2026
New residents can open a Singapore bank account with their passport, their pass card or employer’s approval letter, and proof of a Singapore address. Many banks let pass holders apply online using Singpass and Myinfo once they have them. Before you choose, check the minimum balance and fall-below fee, and remember that Singapore-dollar deposits are insured up to S$100,000 per bank.
A local account is the second thing most newcomers need after Singpass, because salaries, rent, utilities and PayNow transfers all run through it. The account itself is simple; what differs between banks is the fine print.
Opening an account: quick facts
| Documents | Passport; pass card or employer’s In-Principle Approval letter; proof of Singapore address |
| Fastest route | Online with Singpass and Myinfo, once you have them |
| Before you apply | Check the minimum balance, fall-below fee and any early-closure fee |
| Deposit insurance | Singapore-dollar deposits insured up to S$100,000 per depositor per member bank |
| Paying people | PayNow, linked to your mobile number or FIN |
The WahLiao Verdict
| Cost | Usually free to open; fees come from falling below a minimum balance or closing early. |
| What you get | Salary crediting, PayNow, cards and bill payments. |
| The trap | A headline interest rate with conditions you will not meet in your first months. |
| Worth doing | Switching on scam protections such as Money Lock from the start. |
| If refused | Try again once you have your pass card and a Singapore address. |
What banks ask for
Your passport, your pass card or the In-Principle Approval letter from your employer, and proof of a Singapore address, such as a tenancy agreement or a utility bill. Requirements vary by bank and by pass type, so check the bank’s own page. Once you have Singpass, online applications with Myinfo fill in most of the details for you.
Choosing an account
Compare three things: the minimum balance and fall-below fee, the conditions behind any bonus interest, and whether the bank charges if you close the account early. The Ledger’s guides to bank account fees and savings accounts explain what to look for. WahLiao does not rank or recommend accounts.
Protecting your money
Singapore-dollar deposits in savings, current and fixed deposit accounts are insured up to S$100,000 per depositor at each member bank or finance company; see deposit insurance. Singapore’s banks also offer anti-scam tools, including Money Lock, which locks part of your savings so it cannot be transferred out digitally.
Bank accounts: FAQ
Can foreigners open a bank account in Singapore?
Yes. Pass holders can open accounts with their passport, pass card or approval letter, and proof of a Singapore address. Each bank sets its own requirements.
Can I open an account before I arrive?
Some banks offer accounts to incoming pass holders; others need you in Singapore with your pass. Check with the bank.
Is my money safe in a Singapore bank?
Singapore-dollar deposits are insured up to S$100,000 per depositor at each member bank.
What is PayNow?
Singapore’s instant transfer service, linked to your mobile number or ID number, used for splitting bills and paying people.
Read next
This page belongs to Moving to Singapore. Before you bank, register for Singpass. For your credit history here, see credit scores in Singapore.
Sources checked 29 September 2026: MoneySense, understanding deposit insurance; WahLiao’s Ledger guides to bank fees, savings accounts, Money Lock and credit scores, which carry their own official sources. Account requirements are set by each bank; check before you apply. General information, not financial advice. Last updated 29 September 2026.
