🇸🇬 Singapore · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
Singapore is a major financial hub with strong local and international banks and advanced digital payments (PayNow). Foreigners can open accounts, usually needing a pass and proof of address. The Monetary Authority of Singapore regulates banks.
Banks are regulated by the Monetary Authority of Singapore (MAS); insured deposits are protected by the Singapore Deposit Insurance Corporation (SDIC). A registered company can open a corporate account.
- Insured deposits are protected by the SDIC up to the standard limit per depositor, per bank.
- Opening a corporate account generally requires the UEN, company documents and director/owner ID.
- Banks apply MAS know-your-customer and anti-money-laundering checks.
Official authorities
- Monetary Authority of Singapore (MAS)
Central bank and financial regulator.
Frequently asked questions
Can foreigners open a bank account in Singapore?
Yes — typically with a passport, an employment or other pass, and proof of address; requirements vary by bank.
What is PayNow?
A national instant-transfer service linking bank accounts to a phone number or ID for fast local payments.
Is Singapore good for international banking?
Yes — as a financial hub it offers strong multi-currency and wealth services, subject to due-diligence checks.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Government portals
- Singapore Government — Singapore's integrated government services portal — unified Singpass identity login
- Immigration & Checkpoints Authority — Employment Pass, S Pass, Work Permit, PR and citizenship applications in Singapore
- Inland Revenue Authority of Singapore — Personal and corporate income tax, GST filing, and tax incentive lookup