We work with a mix of local major banks and international private banks. An in-person visit to Singapore is required at most banks. Minimum deposits vary: from SGD 1,000 for standard accounts up to SGD 350,000 for private banking.
Singapore is one of the world's safest harbours for your wealth. Its banks are highly capitalised and technologically leading. We can now open Singapore accounts remotely as well, without any travel; note the blacklist of prohibited residence countries.
A strategic pointer for internationally mobile clients: establish a residence in the Philippines first. The Philippines does not participate in the CRS, so your Singapore account is reported to Manila rather than to a European tax authority, and our Nomad Package sets up exactly that residence, fully remotely. For remote private-banking openings, budget a minimum deposit of at least USD 150,000.
"Offshore banking in Singapore" means an account at a Singapore bank while you live somewhere else. The three local banks run two different doors for that, and most searchers knock on the wrong one.
The retail door is tied to a Singapore pass. DBS lists, for foreigners, the passport biodata page, a valid pass (Employment Pass, S Pass, Student Pass or an In-Principle Approval from MOM or ICA), proof of residential address and proof of tax residency; its FAQ says "Yes, foreigners can open a DBS account without an employment pass", but a pass of some kind stays on the list. OCBC's Global Savings Account is open to "anyone above 18" and adds "if not a Singaporean or Singapore PR, you must have a valid pass"; its initial deposit is set per currency (USD 5,000, AUD 5,000, HKD 50,000, JPY 500,000), fall-below fee S$0, and its remote opening is limited to e-passport holders from Hong Kong, Malaysia, Indonesia and mainland China. UOB asks new foreign customers to visit a branch with the original passport (at least six months' validity), proof of residential address and an Employment, S or Dependent Pass, and states that approval "is at the Bank's sole discretion".
The non-resident door is the wealth desk. Without a Singapore pass, the account is opened through the priority or private-banking units of the local and international banks, and that is where the deposit thresholds on this page come from: from SGD 200,000 in general, from USD 150,000 for a remote private-banking opening. Those desks ask the same four things in more depth: who you are, where your money comes from, what the account is for, and where you are tax resident.
Two things to know before you start. Singapore has exchanged account data under the OECD Common Reporting Standard since 2018, so your home tax authority learns about the account automatically; the mechanics are on our CRS background page. And if you are resident in an EU member state, Directive (EU) 2024/1619 applies its new Article 21c from 11 January 2027, after which a non-EU bank needs a branch in your member state to keep serving you; UK residents are outside that rule. Which door is yours, and whether it is open at all for your country of residence, is what the free consultation settles before any application goes out.
All figures are indicative and subject to change. Not investment advice.
EU account registers, EAPO, bail-in risk and de-banking, the full picture.
Five steps from order to activated account.
EAPO, Lugano, foreign judgments, an honest assessment.
CRS, FATCA, Anlage KAP, the complete guide.
Not sure if this fits? Free consultation →
Proof of address and phone number must come from the same country, and that must be a genuine residence, not a PO box address. Our Nomad Package sets up a recognised address in the Philippines, including all required documents. Fully remote, no travel required. Ready in 1-2 weeks.
All information is provided for general guidance only and does not constitute legal, tax, or financial advice. Regulations and bank policies change; always verify current requirements before proceeding.