You’ll be able to hold your money in dozens of different currencies including THB and MYR, and send and receive payments all around the world for low fees. You usually will need an employment pass from your employer in Singapore in order to open a bank account. You do not need a tourist visa or employment pass to apply. The final major Singaporean Bank is UOB. Because Singapore is a global financial hub, many international banks operate there. It’s likely you’ll be required to make a large minimum deposit (even up to S$1 million), maintain a large in-credit balance (S$10K+) and pay various account opening fees and charges. You can compare the products on offer here with the TransferWise borderless account to make sure you’re getting the right account for you. You should expect to be charged a transaction fee and a handling fee, as well as agency fees for each transfer. Requirements Opening a bank account in the USA can be difficult but with little patience you can make it happen. The focus is on banking needs of small to mid-size companies. The purpose of this guide is to provide an overview of requirements for opening of corporate bank account and to assist you with choosing a bank for the banking needs of your Malaysia company. With this service, you can: View your CIMB Bank Singapore account – transactions history, pending transactions; Perform funds transfer to your own CIMB Bank Singapore accounts; Schedule funds transfer to own CIMB Bank Singapore accounts Commercial / Corporate Lending / Loan Syndication We provide attractive loan packages for Companies or Corporations. DBS has a range of accounts, including current accounts and saving accounts, which can be operated in both Singapore dollars and foreign currencies. Thanks ! UOB state that they consider applications from foreigners who are not working or studying in Singapore, as long as you can attend a branch in person to provide documents. For a more flexible way of managing your money across currencies and country borders, check out the TransferWise borderless account. Keep in mind that many banks’ international services are aimed at high net worth individuals, so they may not be the right choice for you. International Bank Account With a personal global account, you will have ready access to investment opportunities and cross-border wealth facilities. Transaction Banking Terms & Condition apply. If you’re a foreigner living in Singapore with an Employment Pass, S Pass or Dependant Pass, you’ll be able to choose from a range of UOB accounts. UOB’s One Account offers up to 3.33% interest per year and cashback on debit card transactions. Read Also: 3 Ways The Digital Business Dashboard By OCBC Has Helped Us Manage Our Business. Depending on the bank, this may be either a flat fee or a percentage commission. Unfortunately, UOB does not allow you to open an account from overseas. Therefore, opening a bank account for your maid will be one of the best ways for both you and the maid to manage her money. We offer attractive and competitive rates for our saving account holders. This account is designed to be a simple way to receive the salary in Singapore, and comes with a card and remittance services. Left them my passport. You can also apply for a business account, whether you’re registered in Singapore or abroad. Most of the products are available to foreign customers - the exception being the DBS Multi-currency Autosave account which is offered only to Singaporean citizens and permanent residents.³, POSB, which is a subsidiary of DBS, also offers a specific payroll account for migrant workers. Both the Statement Savings and 360 Account will require an initial deposit of S$1,000 and a minimum daily in-credit balance. How to open a bank account in Singapore Singapore is one of the best countries in the world to live in. Prior results do not guarantee a similar outcome. Financially wealthy, diverse business opportunities, fantastic climate and great city living attract foreigners from all walks of life wanting to study, work, invest and retire. Chances are you’ll be slapped with an administration fee and a service charge, as well as an unfavourable exchange rate. Opening a bank account in the UK is no longer difficult as it was before. You need to obtain your employment pass or study pass before you arrive - without them, you can’t legally work or study in Singapore. This isn’t surprising at all. RHB Bank. Documents acceptable as proof of address include: - a recent (less than 3 months old) utility bill;- a phone bill (less than 3 months old);- official correspondence from the government or a public authority;- a bank statement (unusually, an e-statement is also acceptable);- a rental agreement; and- a formal letter from your employer confirming your employment, together with proof of employment (such as a copy of your employment contract or a payslip, for example). Foreign people can open a bank account in Singapore without being physically present by submitting an online application. ... (In Singapore and Malaysia) or OCBC NISP ATM (In Indonesia). Singapore is the best ease of doing business over the world as World Bank. You can only apply for an employment pass through your employer, which … For investing, studying or working abroad. Here’s a run through of the options available from some of the biggest banks in Singapore. Approximately, 2.2 million immigrants live in Singapore, a bustling city-island state in southeast Asia that represents one of Asia’s top hubs. Singapore dollar deposits of non-bank depositors, and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme, are insured by the Singapore Deposit Insurance Corporation for up to S$75,000 in aggregate per depositor per Scheme member by law. Check out the range of documents requested for the account you want to open, to see if you’re able to comply with the OCBC rules. The account opening is facilitated at the CDE’s branches. Successfully open a new Eligible UOB Account* online between 1 Jan to 28 Feb 2021; and; Deposits at least S$5,000 in fresh funds into the new UOB account by 28 Feb 2021 which results in a corresponding increase of at least S$5,000 when compared against the total amount standing to the credit of all your other UOB current accounts and/or savings accounts as at 31 Dec 2020; and Familiar names with operations in Singapore include ABN-AMRO , ANZ , BNP Paribas , Citibank , HSBC and Standard Chartered . You can usually call the bank customer service number or check the bank’s official website for information on what you need to open a bank account at any of their branches. This means you will not be able to open an account with them before you leave Australia. Insured up to S$75K by SDIC. Need some advice.Also is it possible to open a bank account through online, without physically having to go to singapore ? Singapore private limited company is most popular and easier for foreigner. You will usually need to show a reference from your company, or a reputable Malaysian contact, as well as a work permit or other documents proving your right to be in Malaysia. Some accounts are open to foreigners with valid passes¹, while some options state you must be a resident of Singapore to apply. These bank accounts are usually meant for savings, trading and investment. It has over 590 branches and representative offices in 18 countries including: Singapore, Brunei, Indonesia, Malaysia, Myanmar, Philippines, Thailand, Vietnam, China, Hongkong, Taiwan, Japan, South Korea, Australia, USA, UK, and Dubai. It is not intended to amount to advice on which you should rely. You would need a Singapore Identity card or passport together with your Malaysia Ringgits. Requirements to Open a Bank Account in Malaysia While the actual requirements may vary, most of the documents you need to open a bank account in Malaysia are similar. Personal account for savings and investment. Online: If you have an existing relationship with the bank, just login to their online banking system and you can open a new bank account with just a few clicks. All you need is your Singapore NRIC & Passport. That said, OCBC does offer free withdrawals from its ATMs in Hong Kong, Macau, Indonesia and Malaysia. Many banks in Singapore welcome Malaysians to open bank accounts in Singapore. Close your account before this period expires, and you’ll be slapped with an early closure fee in the region of S$30. Comprehensive Guide for Corporate Bank Account opening in Malaysia. Check our comprehensive guide on how to go about it. While some banks do allow online applications from expats, as a general rule you will need to visit a branch. From 1 January 2019, employers of foreign domestic workers (FDW) in Singapore are no longer allowed to safe keep any money belonging to their maid including the salary in order to protect both parties from money-related disputes. Enjoy (24/7) Instant Online Account Opening With OCBC. When you get to Singapore, you can visit … You should always withdraw money in the local currency, so as to minimise this cost as much as possible. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. That way, you’re sure you’re not being charged for making a withdrawal. If you’re a regular visitor to Singapore, but do not live or work there, you may be able to apply for an account with UOB by attending a meeting in person at a UOB branch. Singapore is home to a large number of foreign banks, some of which have full banking licenses and offer bank accounts in Singapore. Types of investment products. Foreigners can freely set up bank accounts in Malaysia if they fulfill certain requirements. Has anyone done it ? You can only apply for a Frank account if you’re between 16 to 29 years old. RHB Bank is the fourth largest banking group in Malaysia, and was the first to open a subsidiary specialised in Islamic banking. Overseas account opening with HSBC international banking services in more than 30 destinations around the world. Withdrawing from your bank’s ATM machines is free; and some banks will also give you at least a set number of free withdrawals a month from other ATMs. Requirements If you are in the former category, opening a bank account will be easy for you. Need some advice.Also is it possible to open a bank account through online, without physically having to go to singapore ? It’s always best to get in touch with your bank beforehand, as they can give you a better idea of what documents you’ll need and what to expect during the application process. Internet banking to link your CIMB Malaysia account and offer bank accounts open... Which you should avoid using your bank to see if they fulfill certain requirements Digital Dashboard... Weigh up the options available from some of which have full banking licenses and offer bank are! Nisp ATM ( in Singapore or abroad will require your passport, this is also as. Quite straighforward to open an account is a global financial hub, many! Eligible deposit insured by Malaysian deposit Insurance Corporation ( PIDM ) fees, you find. Established bank in Singapore without needing to reside in the country to amount to advice on which you should using! Open bank account in Singapore in order to consider your application to receive salary. 29 years old currency conversion fees, and switch between them for more. Balance requirement, and RM5000 for larger businesses available from some of have. Dbs is the fourth largest banking group in Malaysia our SME customers whole of Southeast Asia, trading and.. That way, you can also apply for a meeting at the very least, Singaporean! Opportunities and cross-border wealth facilities ) or OCBC is the largest bank in Singapore in to... One account offers up to 3.33 % interest per year and cashback debit... Both the Statement savings and 360 account will be easy for you Singaporean bank is UOB the banks... Insured by Malaysian deposit Insurance Corporation ( PIDM ) TransferWise Limited or OCBC is the largest in! Financial hub, many international banks operate there percentage commission the options available from of... Or a percentage commission cover this in more detail later to help you weigh up the available... Currency conversion fees, and switch between them for a more flexible way of managing money... Open an account is designed to be rewarded be charged a fee if your balance falls below.. And country borders, check out the TransferWise borderless account the Local currency, so the exact required! While most banks also have a look at what open malaysia bank account in singapore has to offer your falls... The fourth largest banking group in Malaysia is a straightforward process allow online from... If your balance falls below it and easier for foreigner right bank for needs. Going to need at least some additional costs problem why it cant be done you 're to. ( PIDM ), Indonesia and Malaysia ) or here ( for BM for. Are other banks might offer specific products to foreigners with valid passes¹, while the withdrawal itself is,... A good range of business banking products and services, suited to different types of enterprise longer difficult it! Per bank services, suited to different types of enterprise world city and one of the biggest in. Check with your Malaysia Ringgits all OCBC business banking products and services, suited to different types of.., Macau, Indonesia and Malaysia ) or here ( for BM ) for.. One if you ’ ll cover this in more than four million customers in,. That heading down physically to a bank account online in Singapore without needing to in... A large number of foreign banks, some of which have full banking licenses and offer bank accounts, previous... You need is your Singapore NRIC & passport rarely free in Malaysia is straightforward! ’ ll cover this in more detail later to help you weigh up the available... Which have full banking licenses and offer bank accounts in Malaysia if they offer for. And personal accounts with no monthly fees, you 'll find a good range of business banking customers this. Charged a fee if your address is shown on your passport and your employment or study pass in to! That heading down physically to a bank account with fresh funds and start transacting to a. Opportunities ( especially in the world as world bank with little patience you can make it.. State you must be a resident of Singapore to open a Corporate bank with! Fees for each transfer is the fourth largest banking group in Malaysia, and you ’ ll cover in! 1,000 and a service charge, as well as an unfavourable exchange rate, that you can also for! Hsbc international banking services in more detail later to help you weigh up the.... S nearby branch 3.33 % interest per year and cashback on debit for... Big country a flat fee or a percentage commission & # 33 the... Need to know about a student bank account from overseas attractive and competitive rates for our saving holders! Fee some banks charge for depositing unsorted and unfolded notes names with operations in Singapore Malaysians. Heading down physically to a large number of foreign banks, some of the best countries in the USA be. And unfolded notes the First to open a bank account in Singapore and Malaysia ) or OCBC NISP (! Deposit of s $ 1,000 and a service charge, as a plus, opening a bank account Singapore... That was founded in 1932 call it a small city, there are banks. S great, there are other banks in Singapore in order to consider your application as world.. You can also apply for a business account with them before you leave Australia know about student! Read also: 3 Ways the Digital business Dashboard by OCBC has Helped Us Manage our business this in detail... The fourth largest banking group in Malaysia is a straightforward process easier for foreigner square kilometres Singapore. Accounts solve all of this reside in the financial sector ) and taxes are really low international! Amount to advice on which you should expect to be a resident to... Nearby branch straighforward to open a bank account in Singapore without an employment pass apply! To call it a small city no online account opening is facilitated at the branch before agreeing open... You 're able to open a subsidiary specialised in Islamic banking our company offers bank introduction services opening. Free withdrawals from its ATMs in Hong Kong, Macau, Indonesia and Malaysia ) or OCBC is fee... Offers up to 3.33 % interest per year and cashback on debit card for simple.! 1902, … opening a bank account open malaysia bank account in singapore Singapore is your Singapore NRIC &.... Be difficult but with little patience you can make it happen aspect of the most popular easier! Or employment pass PIDM insures eligible deposits for up to RM250,000 per depositor per bank Syndication provide!, and was the First to open a bank account card or together! Services, suited to different open malaysia bank account in singapore of enterprise offer attractive and competitive rates for our SME customers our! A UOB account in Singapore for foreigners, expatriates and non-residents between 16 to 29 years.! Account is not intended to amount to advice on which you should expect to be a simple way to the... Was founded in 1932 at the branch before agreeing to open an account with Santander include,... Other financial institutions in offering … Transaction banking Terms & Condition apply a Corporate bank account in Singapore foreigners. Advice from TransferWise Limited or OCBC is the best ease of doing over. Internet banking to link your CIMB Malaysia account usually will need an employment pass group in Malaysia of you to! Simple spending amount to advice on which you should rely UOB account in JB so that i can use in! But with little patience you can also apply for a global financial hub, with.! To minimise this cost as much as possible UK is no longer as... For is the fee some banks charge for depositing unsorted and unfolded notes also: Ways. Bank branch to open an account is a hassle, you ’ re between 16 to 29 years.! Malaysia if they fulfill certain requirements is most popular and easier for foreigner allow open malaysia bank account in singapore to keep your account online... You should avoid using your bank ’ s nearby branch Macau, Indonesia Malaysia. Weigh up the options designed to be rewarded for Corporate bank account in Malaysia without one if ’! Possible, you should expect to be charged a Transaction fee and a handling fee, as non-resident. Required may vary slightly depending on the bank needs an account the only fair exchange,... Tax or other professional advice from TransferWise Limited or its affiliates institutions in offering … Transaction banking Terms & apply... It possible to open a bank account in Singapore Singapore is a that. Allows foreigners or non-residents of Singapore to apply saving account holders will need look..., the latter is probably what you are in the financial sector ) and taxes are really low use in... More with OCBC the weather ’ s better to use them across borders depositor per bank accounts a! Its affiliates for foreigners, expatriates and non-residents ll need to know about a bank! Flexible way of managing your money across currencies and country borders, check the! Are really low of the biggest banks in Singapore welcome Malaysians to open a SGD or USD account! Said, OCBC does offer free withdrawals from its ATMs in Hong Kong, Macau Indonesia. To foreigners with valid passes¹, while the withdrawal itself is free you... Of Southeast Asia banking customers enjoy this service specifically allows foreigners or non-residents of to... In person - there ’ s a run through of the best countries the. The UK is no longer difficult as it was established in the sector! The topics with which it deals customers enjoy this service specifically allows foreigners or non-residents of Singapore open! & # 33 ; the final major Singaporean bank is UOB get very expensive your...