Welcome to the world’s top financial hub. If you are moving to the “Small Red Dot” in 2026, setting up your simple finances is likely your first importance. Singapore has quickly developed into a Smart Nation, meaning the days of waiting in long branch lines are mostly over.
With the combination of Singpass and the rise of Digital Full Banks, most expatriates can now secure an SGD account number before they even clear moving at air hub. This simple guide provides the expert plan to navigating Singapore’s banking environment with speed and security.
Document & Eligibility: The “Expat Essentials”
In 2026, Singapore’s “Know Your Customer” (KYC) process is heavily digitized but remains stringent. To avoid delays, ensure you have these “power documents” ready:
What You Need to Prepare
Banks in Singapore have strict rules to check who you are. This is called “Know Your Customer” or KYC. Most of it is done online now. To make it quick, get these papers ready:
- Passport: This is the main ID for foreigners.
- Valid Pass: You need a work pass like Employment Pass (EP), S Pass, or Student Pass. Some banks accept the In-Principle Approval (IPA) letter before your pass card comes.
- Singpass: This is a digital ID for people in Singapore. Foreigners with a valid pass can get it. It helps fill forms fast and get quick approval.
- Proof of Address: Show where you live in Singapore. This can be a rental agreement or a bill. If you apply early, some banks accept address proof from your home country.
- Tax Information: You may need to say your tax home and give a Tax ID number from your country.
- FIN Number: This is your Foreign Identification Number from your pass.
Get these ready. It will help you open the account without delay.
Top Banking Institutions & Account Types
The Big Three Banks (Good for Trust and Features)
These are DBS, OCBC, and UOB. They are big and safe. They have many branches and good apps.
- DBS: Many expats like it. It has multi-currency accounts and good online tools.
- OCBC: Easy to use. Good for savings and flexible options.
- UOB: Strong in the region. Good if you travel to nearby countries.
These banks give bonus interest if you add salary or spend on cards.
Digital Banks (Good for Fast and No Fees)
These are fully online. No branches. Easy to open.
- GXS Bank: From Grab and Singtel. Good daily interest and pockets for savings goals.
- Trust Bank: From Standard Chartered and FairPrice. Good rewards for shopping and no fees abroad.
- MariBank: From Shopee (Sea Group). Good for online shopping fans.
Digital banks often have no minimum balance. They are great for daily use.
Fintech & “Neo-Banking” 2026 Trends
Singapore makes payments fast and easy.
- PayNow: Link your phone to your account. Use it to pay friends or rent fast.
- Sending Money Home: Use Wise or Revolut with your bank for cheap transfers.
- Investing: Many bank apps let you buy simple investments easily.
These make life easy for expats who send money or invest.
2026 Regulatory & Security Landscape
Keeping Your Money Safe
Banks here are very safe.
- SDIC Protection: Your SGD money is safe up to S$100,000 per bank.
- Checks: Banks use face scans or video to check it is you.
- Rules: All banks follow strict rules for data and safety.
Your money is protected in licensed banks.
2026 Expat Banking Strategy Summary Table
| Category | Tool or Way | Good Result |
|---|---|---|
| Fast Setup | Singpass | Open account quick, often online only. |
| Good Interest | Salary Add and Card Spend | Earn more on savings. |
| Before Arrival | IPA Letter and Online Apply | Get account number early. |
| Daily Use | Digital Banks like Trust/GXS | No minimum, easy app. |
Step-by-Step Timeline: From Landing to Banking
Easy steps:
- Get Ready: Have your IPA or pass letter.
- Set Up Singpass: Download the app when you can.
- Apply: Use the bank app. Pick new customer.
- Check: Use Singpass to fill details.
- Start: Approval fast. Get virtual card soon. Real card in a few days.
You can use your account quickly.
Frequently Asked Questions (FAQ)
-
Can I open an account on a tourist visa?
No. You need a work or student pass or IPA. For short time, use Wise.
-
Is there a minimum balance?
Big banks may need S$1,000 to S$3,000 to avoid fees. Digital banks often have none.
-
Is money safe in digital banks?
Yes. They are licensed and have SDIC up to S$100,000.
Next Step: Want a simple guide for after you get your pass?
Disclaimer: This is just information. Check official bank or MAS sites for latest rules. Things can change.