Last updated: January 2024
If you're not aware, Singapore is known as Southeast Asia's banking hub because it is one of the best and most ideal locations for many banks to build and expand their horizons. Many foreign banks were able to build and expand their branches in Singapore because of the Government's support and pro-business policies.
Not only that, but Singapore's high standard of living has had a significant impact on the market for banks to build and expand until today. It's no surprise that Singapore's banking industry has been so successful to this day, and you're probably curious and looking for the best banks in Singapore where you can start opening an account.
This article will be of great assistance to you in becoming more aware of the banking industry in Singapore and which are the best and top banks in Singapore from which to open an account and secure your money and investments. Let’s get started!
Top 8 Banks in Singapore to Start an Account
1. Development Bank of Singapore (DBS)
Development Bank of Singapore (DBS) - Top Banks in Singapore (Source: Ledger Insights)
The Development Bank of Singapore (DBS), also known as DBS Bank Ltd, is the best Singapore bank. The Banker and Global Finance named DBS Bank the Best Private Bank for Innovation, Bank of the Year, and Safest Bank in Asia.
DBS provides personal and corporate banking services and products such as equity and debt financing, asset management, brokerage services, and capital markets services. It's no surprise that they've expanded so quickly and now have over 100 branches in Singapore.
Find the 26 DBS branches and outlets here.
| Total Assets | $451.6B |
| Total Profit | $4.3B |
| Credit Rating | AA- |
2. United Overseas Bank (UOB)
United Overseas Bank (UOB) - Top Banks in Singapore (Source: @pchanhk)
The United Overseas Bank, formerly known as the United Chinese Bank, was founded in Singapore in 1935. It is also a leading bank in Singapore and the Asia-Pacific region, with 500 branches worldwide, making it the third largest bank in Southeast Asia, and it has an Aa1 long-term credit rating (High Quality). UOB Bank provides insurance, as well as private banking and asset management services. In addition, this bank offers a wide range of personal and commercial services and products.
| Total Assets | $300.8B |
| Total Profit | $3.2B |
| Credit Rating | AA- |
Learn also: Best Savings Accounts in Singapore
3. Overseas-Chinese Banking Corporation (OCBC)
Overseas-Chinese Banking Corporation (OCBC) - Top Banks in Singapore (Source: FinTech Future)
The Overseas-Chinese Banking Corporation (OCBC) is one of the largest financial institutions in the Singapore-Malaysia market. The OCBC Bank has 600 branches worldwide and employs roughly 30,000 people.
It was founded in 1932, making it one of Singapore's oldest banks and the second largest bank in Southeast Asia. The first mobile banking apps were developed by OCBC Bank. If you want to pay a visit, the bank's headquarters are on Chulia Street, it’s known as the tallest building in Southeast Asia.
| Total Assets | $365.7B |
| Total Profit | $3.6B |
| Credit Rating | AA- |
4. Citibank Singapore
Citibank Singapore - Top Banks in Singapore (Source: Parkway Parade)
Citibank is the first American bank in Singapore, with a total of 5 branches. Citibank provides a wide range of services to its customers, including travel insurance, time deposits, travel insurance, and personal loans, making it one of the best banks in Singapore that provides a wide range of financial services, mortgages, and charge cards.
It opened its first branch in Singapore in 1902, making it one of the oldest banks in the city-state. Citibank was also one of the first four foreign banks to receive a Qualifying Full Bank license.
| Total Assets | $1,792,000,000,000 |
| Total Profit | $14,910,000,000 |
| Credit Rating | AA- |
Citibank Branches in Singapore - Banks in Singapore
5. Standard Chartered Bank Singapore
Standard Chartered Bank Singapore - Top Banks in Singapore (Source: Reuters)
Standard Chartered is a major foreign bank in Singapore. It is also one of the largest custodian banks for foreign institutions in Singapore. Standard Chartered has been rated in Global Custodian's Agent Bank Survey for the past seven years.
It is one of the world's largest banks, with 1,200 branches spread across 70 countries, and its Asian branches account for roughly 90% of its profits. Standard Chartered also received a Qualifying Full Bank license and now has 17 branches in Singapore. This bank offers institutional lending, foreign exchange, cash management, corporate finance, lending, and debt capital markets services.
| Total Assets | $720.4B |
| Total Profit | $1.9B |
| Credit Rating | AA- |
6. HSBC Singapore
HSBC Singapore - Top Banks in Singapore (Source: @jiskm100820)
HSBC is one of Singapore's best, major foreign banks and oldest top banks. The HSBC Bank is also a Qualified Full Bank, offering a broad range of financial and banking services, including investment banking, wealth management, retail banking, insurance-related services, private banking, commercial banking, capital markets services, and trustee services.
HSBC has received 33 Global Finance Awards and is an approved Singapore Government Securities Market primary dealer as well as an Approved Bond Intermediary (ABI).
| Total Assets | $2,917.8B |
| Total Profit | $3.8B |
| Credit Rating | AA- |
7. Bank of China Singapore
Bank of China Singapore - Top Banks in Singapore (Source: @boc_officialaccount)
The Bank of China is one of Singapore's top banks and the world's fifth largest bank by market capitalization. The Bank of China opened its first branch in Singapore in 1936, and it was also granted a Qualifying Full Bank license. Personal loans, change cards, forex trading, local and foreign currency deposits, trade financing, corporate lending, custodial services, unit trust and insurance products, structured finance, and RMB services are some of the services that Bank of China offers. If you're looking for one of the best foreign banks, the Bank of China is a great option.
| Total Assets | $3,387B |
| Total Profit | $27.2B |
| Credit Rating | AA- |
8. Maybank Singapore
Maybank Singapore - Top Banks in Singapore (Source: Fintech)
Maybank is a Qualifying Full Bank in Singapore and one of ASEAN's top five banks. It offers a variety of financial products and services, including lending, current and savings accounts, investments, and Islamic deposits. Maybank currently has 18 branches in Singapore and is looking to expand further. It is also one of Singapore's oldest banks, having been founded in 1960.
| Total Assets | $10.89B |
| Total Profit | $8.10B |
| Credit Rating | AA- |
Which is the safest bank in Singapore?
Which bank account is best for foreigners in Singapore?
There are several banks in Singapore that offer bank accounts for foreigners. Here are a few options to consider:
- DBS Bank: DBS Bank offers a range of bank accounts for foreigners, including the DBS Multiplier Account and the DBS eMulti-Currency Autosave Account. These accounts offer features such as low fees, high interest rates, and easy online banking.
- OCBC Bank: OCBC Bank offers several bank accounts for foreigners, including the OCBC 360 Account and the OCBC Frank Account. These accounts offer features such as cashback rewards, high interest rates, and easy online banking.
- UOB Bank: UOB Bank offers a range of bank accounts for foreigners, including the UOB One Account and the UOB KrisFlyer Account. These accounts offer features such as high interest rates, cashback rewards, and easy online banking.
- Citibank: Citibank offers several bank accounts for foreigners, including the Citibank MaxiSave Account and the Citibank Tap and Save Account. These accounts offer features such as high interest rates, low fees, and easy online banking.
Overall, when choosing a bank account as a foreigner in Singapore, it's important to consider factors such as fees, interest rates, and online banking capabilities. Be sure to compare features and read reviews before making a decision. Additionally, it's a good idea to check with the bank to see what documentation is required to open an account as a foreigner.
Can foreigner open a bank account in Singapore?
Yes, foreigners can open bank accounts in Singapore if you work or live here. Most banks in Singapore offer bank accounts for foreigners, but the requirements for opening an account may vary depending on the bank and the type of account.
To open a bank account in Singapore as a foreigner, you will typically need to provide the following documentation:
- Passport or other government-issued ID: You will need to provide a valid passport or other government-issued ID that shows your name, photo, and date of birth.
- Proof of address: You will need to provide proof of your address, such as a utility bill or bank statement in your home country.
- Employment pass or work permit: If you are working in Singapore, you will need to provide your employment pass or work permit.
- Initial deposit: You will need to make an initial deposit to open the account, which may vary depending on the bank and the type of account.
Some banks may also require additional documentation, such as a reference letter from your employer or a bank statement from your home country.
Overall, opening a bank account in Singapore as a foreigner is generally a straightforward process, but the documentation requirements may vary depending on the bank and the type of account. It's a good idea to research different banks and account options before making a decision.
Banks in Singapore
All of the banks mentioned above are just a few of the best and top banks in Singapore, offering a wide range of financial and banking services.
These top banks in Singapore are all excellent choices if you're looking for a bank to secure your money, investments, or even if you need financial assistance or insurance. Singapore is a great strategic location that allows all banks to easily connect all over the world; it's no surprise that Singapore is known as Southeast Asia's banking hub.
We hope that this article has been of great assistance to you and has provided you with a lot of information about the banking industry in Singapore, as well as which banks are the best in Singapore.
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