New in Singapore? This guide shows how personal banking works here—what documents to prepare, how banks assess applicants, which fees matter, and the realistic timelines from application to first payment.
Contents
- Why banking in Singapore is different
- Account types you’ll actually use
- Eligibility & documents (with a printable checklist)
- Step-by-step onboarding flow
- Timelines & common reasons for delays
- Fees to watch (and how to avoid them)
- Useful tools and next steps
Why banking in Singapore is different
Singapore’s banks are conservative on KYC and source-of-funds checks, but offer excellent digital features (PayNow/FAST, instant statements). Expect verification around your purpose of account, residency status, and where funds come from.
Account types you’ll actually use
- Savings/Current: day-to-day payments, salary credit, debit card.
- Multi-currency wallet: FX holdings, travel spending.
- Fixed deposits: time-bound deposits for predictable returns.
- Premier/priority tiers: higher minimum balances, relationship pricing.
See our live tools: Savings Rates · Account Fees · Compare Two Banks · Expat Matrix
Eligibility & documents (checklist)
| Item | Accepted Examples | Notes |
|---|---|---|
| Passport | Bio page | Valid for entire onboarding period |
| Proof of Address | Utility bill / bank statement ≤ 3 months | e-Statements usually accepted |
| Singapore Status (if resident) | EP/DP/Student/PR card | Front & back scan |
| Tax Self-Certification | CRS/FATCA form | Disclose all tax residencies |
| Source of Funds | Salary slips / contracts / sale agreements | Match initial deposits |
Step-by-step onboarding flow
- Shortlist 2–3 banks with our Compare Two Banks.
- Pre-check remote vs in-branch requirements via Expat Matrix.
- Prepare documents (PDF). Match source of funds to your first deposits.
- Submit application; expect video KYC or branch visit.
- Approval → activate online banking → add PayNow → make a test FAST transfer.
Timelines & common delays
- Typical: 3–7 business days if documents are complete.
- Delays: mismatched proof of address, unclear source-of-funds, complex employment or cross-border flows.
Fees to watch
- Monthly service fee & minimum balance
- Overseas ATM withdrawal
- Outward remittance fee + FX spread
Check our Account Fees Comparison and run a small test transfer before moving large sums.
Next steps
- Pick one primary bank for salary + one backup for ATM coverage.
- Add billers to PayNow/GIRO early; set alerts for low balance and FX movements.
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About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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