As a global citizen, choosing the right bank account is a pivotal step in establishing your life in a new country, protecting your wealth, or making new investments.
Yet in countries like Singapore, United States, and Australia, it can be intimidating, slow, and confusing to open a bank account as a foreigner or even non-resident.
We have scoured the banking landscape to bring you handpicked selection of top bank accounts that you are eligible for as a foreigner or non-resident, can help streamline your finances, and and empower you to build wealth easier.
Our list features a diverse range of banking solutions tailored to suit expats with different needs. We’ll tell you the intricacies of each account, highlighting their benefits, pros, cons, and fees.
Use these bank accounts to simplify your financial journey as an expat.
DBS, short for Development Bank of Singapore, is a solid banking option for expats in Singapore.
It offers several types of accounts that are relevant to expat needs:
For non-residents, DBS bank account opening may be possible, but it will require you to visit a physical branch.
I have used DBS for my personal bank accounts.
UOB, short for United Overseas Bank, is a leading bank in Singapore, offering a wide range of banking products and services to individuals and businesses. It is the third-largest bank in Southeast Asia, with over 500 branches and offices in 19 countries.
Here are some of the bank account types that expats can use in UOB Singapore:
To open a personal or business account in UOB Singapore as a non-resident, you will need to:
OCBC, short for Oversea-Chinese Banking Corp, is the second largest bank in Singapore. They offer a wide range of banking products and services, particularly having a reputation for being more friendly towards foreign individuals & businesses looking to open up a bank account.
OCBC offers the OCBC 360 Account, a high-yield savings account. Initial minimum deposit is S$1,000 and minimum account balance (without fee) is S$3,000.
In 2023, OCBC started offering certain non-residents the ability to open a bank account remotely:
For other non-residents, you can request opening a personal or business bank account as a non-resident by visiting a physical branch. Ideally, you should know what accounts you want to open (brokerage) and for what purpose (investing) to increase the chances that your banker will open your account.
HSBC Expat, short for The Hongkong and Shanghai Banking Corporation Limited, is a division of HSBC Bank (Singapore) Limited that offers financial products and services to expats across the globe.
The bank offers a variety of bank account types for expats, including:
Non-residents can open a personal or business account at HSBC Expat by visiting a local HSBC branch or submit it online and providing the following documents:
Standard Chartered Bank is a British multinational banking and financial services company headquartered in the UK. It has a strong presence across Asia, Africa, and the Middle East.
Here are some of the bank account types available for expats:
Non-residents can open a bank account with Standard Chartered Bank, but must deposit a minimum of S$200,000 and provide: