Singapore is mostly known for its iconic Merlion statue worldwide, but this country has more charms to attract more people to come there. As stated by the article The Reason Why Foreigners Come to Singapore? This wealthiest nation in Asia has a friendly community to live as an Expatriate. It has many opportunities for foreigners and immigrants to mingle and enjoy their lives while staying there as a resident.
Being an expatriate moving to Singapore as a foreigner means that a lot of documents and things to prepare. One vital to-do list is to begin opening a Singapore bank account. Fortunately, it has an easy process with its online banking application, enabling people from different backgrounds to open a bank account. As the Singapore banks offer various options for their emerging candidates, there are many different methods to open an account based on the aim, such as savings, business, trading, or investment. With comprehensive features from online banking to multi-currency accounts, you can choose one of them to open a bank account in Singapore. Keep reading to know more about the strategy for opening a bank account in Singapore.
There are some required documents you need to prepare for opening a bank account in Singapore, and most of them place two essential requirements place on their applicants. They are proof of your residence in Singapore and a bank account justification. As a residence proof, you can use your passport, proof of employment (issued by the regional Ministry of Labour), or even residency (electricity bill, previous bank statements). Meanwhile, the bank account justification would need your permanent or temporary residence permit in Singapore to emphasize your reason to apply. You will need a work permit, a job offer/letter, or possibly a letter from the educational institution (official correspondence certified by the regional Ministry of Education). Some banks make it easier for applicants to decide to perform document upload via the internet, so you do not need to attend the bank to finish the process.
When you want to open a bank account in Singapore, you have first to select which type of account you need. You can choose either savings, recurring, investment account, or many other options that you can attain in the bank sites. Note that you have to check whether the banks allow you to process it through an online application and obtain more detailed information on how to do it. If not, then you have to visit the bank and meet one of the staff. Next, you can fill up the account form and submit it with the necessary documents. Suppose you can, provide references to the current account holders of the bank’s account. After the verification process, you will be informed as soon as the account opening form is completed. You will be asked to deposit a capital amount into your new bank account to finish the process.
Most banks have also facilitated the opening of online accounts for applicants. You can choose the United Overseas Bank (UOB), Development Bank of Singapore (DBS), or the Overseas Chinese Banking Corporation (OCBC). Those are prominent banks that provide an online application to open a bank account for foreigners. The process is also easy as you only need to go to the bank’s website and completed the online application form and upload very important documents. The verification process might take three working days. Once approved, the bank will send your account details and a debit card through the mail directly to your official address. At home, you can activate your debit card and start using your account.