Can Foreigners Open a Bank Account in Singapore?

Before diving in, you can compare all Singapore business bank accounts on our main comparison page.

Employment Pass (EP) Holders

EP holders have the easiest path. All three local banks (DBS, OCBC, UOB) and most fintechs accept EP holders. You will need to visit a branch in person for DBS and UOB; OCBC offers partial online opening. Typical timeline: 1-3 weeks. DBS specifically accepts In-Principle Approval (IPA) letters from MOM or ICA as a valid alternative to a stamped Employment Pass during the application process.

EntrePass Holders

EntrePass holders enjoy similar access to EP holders. All major banks accept EntrePass as valid work authorization. The key difference: some banks may request additional documentation about your business.

Non-Resident Directors (No EP)

If you are a director of a Singapore-registered company but do not hold a work pass, your options are more limited. Traditional banks typically require at least one signatory with a Singapore address. Fintechs like Wise and Aspire accept non-resident directors with fully remote onboarding. If you operate as a sole proprietor instead of a company, eligibility and account types differ.

Tourists and Short-Term Visitors

Opening a business bank account as a tourist is extremely difficult at traditional banks. However, fintech providers like Wise Business allow you to register a Singapore entity and open an account without ever visiting Singapore.

Traditional branches are not the only route for a foreign founder. Our roundup of the best digital business bank options covers remote-friendly, licensed platforms.

If you do not hold an Employment Pass but have a Singapore-registered company, four fintech providers accept fully remote applications:

Wise Business

Best for multi-currency needs. Hold 40+ currencies, receive payments locally in 9 countries, and convert at mid-market rates. No minimum balance, no monthly fee. IBAN and local account details for SGD, USD, EUR, GBP, and AUD.

Aspire

Best for startups. Built-in expense management, corporate cards, and full API access for accounting integration. Zero minimum balance. Strong integration with Xero and QuickBooks. Singapore-headquartered.

Airwallex

Best for high-volume international payments. Multi-currency accounts with competitive FX rates. Batch payment capabilities. Strong API for e-commerce and marketplace businesses.

ANEXT Bank

Best for risk-averse founders. ANEXT is a subsidiary of Ant Group with a full MAS digital wholesale bank licence. Zero minimum balance and no monthly fees.

For broader SME banking options beyond foreigner-specific providers, see our best SME bank accounts guide.

Most traditional banks require an in-person branch visit by an authorized signatory for KYC, even for non-residents. A handful of routes let you open without setting foot in Singapore.

Banks with a remote route

OCBC offers a foreign-owned company route that it markets as fully remote. DBS accepts foreign beneficial owners but through a relationship manager. UOB allows foreign directors, though its online path needs a Singapore Singpass holder as a relay.

Fintech and EMI options

Wise Business, Aspire, Airwallex and ANEXT let foreign owners apply 100% online. All four require a Singapore-registered company (an ACRA profile or a UEN). ANEXT is a licensed digital wholesale bank; the other three are regulated e-money institutions rather than banks, and they keep client funds segregated.

If you have not incorporated yet, start with our Singapore company formation guide, then open the account.

Step 1: Register Your Company

Incorporate with ACRA (or use a corporate secretary service). You will receive a UEN and BizFile+ profile within 1-2 days.

Step 2: Choose Your Bank

EP holders should consider traditional banks for credit facilities and government acceptance. Non-residents should start with Wise or Aspire for fastest opening.

Step 3: Prepare Documents

Gather all documents from the checklist above. Ensure your ACRA profile is dated within the last 3 months.

Step 4: Submit Application

For traditional banks: book a branch appointment (DBS, UOB) or apply online (OCBC). For fintechs: complete the online application in 15-30 minutes.

Step 5: Complete KYC

Traditional banks: 2-4 weeks (may request additional documents). Fintechs: 1-3 business days. You may receive interim access while full KYC is processed.

Timeline summary: Fintechs can have you operational in 1-3 days. Traditional banks typically take 2-4 weeks. Companies with complex structures (multiple overseas shareholders, nominee directors) may face extended KYC.

This guide is about business accounts. If you only want a personal account, here is the short version.

To open a personal account at a local bank (DBS, OCBC or UOB) you generally need a valid Singapore pass (EP, S Pass, Student Pass, Dependant Pass or LTVP) and a local address. No major local bank opens a personal account in self-service for a non-resident living abroad.

The only routes from outside Singapore are high-net-worth programs such as HSBC Premier (assets around S$200000) or Citigold International (assets around S$350000), or an e-money account like Wise that gives you Singapore dollar account details.

Tourists and visitors without a pass generally cannot open a personal account at local banks.

If you plan to run a business, it is usually better to register a Singapore company and open a business account instead.