Banks in Singapore: A guide to the top banks

If you're planning to move to Singapore from the UK to work, study or retire, sorting out your finances should be near the top of your list. Choosing a bank early matters - it’ll affect how you receive your salary, pay bills, and send money back home.

This guide covers the main banks in Singapore, including how the banking system works, and a few alternatives worth knowing about as you settle in.

We’ll also show you a smart alternative to a bank account from the money services provider Wise - the Wise account. It’s not a bank account but offers some similar features, and your money is safeguarded.

You can register for a Wise account online in minutes and start managing your money in GBP, SGD and dozens of other currencies. There are no monthly fees and Wise carries out all foreign currency exchanges at the mid-market exchange rate, only adding a low, transparent fee.

➡️ Learn more about the Wise account

Note: Eligibility is subject to verification of customer’s identity.

How banking works in Singapore

Singapore is one of the world's leading financial centres. Its banking sector is tightly regulated by the Monetary Authority of Singapore (MAS), the country's central bank and integrated financial regulator.

There are three main categories of banks operating there. Local banks are Singapore-headquartered institutions - DBS, OCBC and UOB are the three biggest.

Foreign full banks hold a licence from MAS that allows them to offer the same retail services as local banks. For example, HSBC and Citibank.

Digital banks are a newer category, with MAS issuing its first full digital banking licences in 2022.

If you're an expat, international banks like HSBC and Citibank are particularly popular thanks to their global networks and multi-currency account options. These make it easier to manage money between Singapore and the UK.

It's reasonably straightforward to open a bank account in Singapore, whether you're a Singaporean national, permanent resident or foreigner. Here are the documents you're likely to need:

• Proof of ID, such as your passport
• Proof of address
• Proof of tax residency
• Proof of employment or study in Singapore, or a dependent or long-term visit pass.

Whether you can open an account online depends on the bank. If you hold a Singpass - Singapore's digital identity system for residents - the process is usually much quicker, with some banks offering instant online approval.

In terms of fees, current accounts in Singapore do come with some service charges. The most common is the fall-below fee, which applies if your daily average balance drops below a set threshold.

Banks can also charge fees on international transfers, so it's worth comparing those costs carefully - particularly if you're regularly moving money between Singapore and the UK.

You shouldn't pay fees to withdraw cash as long as you stick to your own bank's ATMs.

Before you arrive, our guides to moving to Singapore and the cost of living in Singapore are useful starting points.

Top banks in Singapore

Here's a quick comparison of the main banks covered in this guide, ordered by total assets:

DBS

Formerly known as the Development Bank of Singapore, DBS is the biggest bank in the country by total assets.¹ It's also one of the largest in Southeast Asia.

DBS offers a range of accounts, cards, insurance, loans and other financial services for personal customers in Singapore. This includes its popular DBS Multiplier account, which offers tiered levels of interest based on your income and transactions.

It does have a small service fee, but this is waivable if you're under a certain age or can meet minimum balance requirements.⁹

DBS also offers SME and corporate banking services, wealth management and private banking.

RHB Singapore

RHB Bank is a Malaysian-owned universal bank with a presence across Southeast Asia. It offers personal, premier and business banking, as well as asset management solutions.

A good option for personal customers is the Trio Current Account, which covers everyday banking needs simply and affordably. It offers interest on your balance, mobile banking and easy access to your money, all for no initial deposit and no monthly fee (unless your balance falls below a set threshold).¹⁰

The bank also has loans, insurance and investment products, plus premier banking, business accounts and business loans.

OCBC

The Overseas Chinese Banking Corporation (OCBC) is one of the largest financial institutions in the Singapore and Malaysia market. It offers personal, premier and business banking along with a wide range of other financial services.

If you're interested in an everyday banking account, the OCBC 360 Account could be worth checking out. It pays interest on your balance if you meet certain conditions on spending, saving, paying in your salary and taking out other OCBC products.

There's a manageable initial deposit and a small fee for falling below a certain minimum balance requirement.¹¹

OCBC also has dedicated accounts, cards and solutions for SMEs, larger enterprises and corporate clients.

UOB

United Overseas Bank (UOB) is another of Singapore's major local banks, although it also has a presence in many other countries worldwide.

UOB offers current and savings accounts, cards, loans, insurance and many other services for personal customers. This includes the UOB One Account, an interest-earning account designed for everyday use. To get the interest, you simply need to meet a monthly spending threshold, with the option to earn more by fulfilling additional targets.

The account comes with a debit card, has a minimum initial deposit and a small fee for falling below a certain balance.¹²

UOB also has an extensive range of business, commercial and institutional banking services, plus wealth management solutions and private banking.

Maybank

Malaysian-owned Maybank offers a full range of banking services across Singapore, as well as Indonesia and home country Malaysia. Its large ATM network across the region can be a practical advantage if you travel frequently within Southeast Asia.

It has a large number of current and savings accounts available for personal customers, including the PremierOne Current Account.

This account has a minimum opening deposit, a small monthly fee and a fall-below fee if your balance drops below a certain threshold. In return, you'll get a debit card, no ATM fees at Maybank ATMs and interest on your money.¹³

Maybank also offers wealth management solutions and private and premier banking, plus tailored business banking for SMEs and commercial customers.

Citibank Singapore

The first US-owned bank to set up in Singapore back in 1902, Citibank Singapore today has a wide network of branches and ATMs across the country.

Personal customers can choose from a range of accounts, including foreign currency accounts. A popular choice is the Citi Wealth First Account, which offers additional interest as you spend, invest, insure, borrow and save.

Citibank also offers wealth management, global banking, insurance, investments and a range of products for businesses.

HSBC

HSBC has been present in Singapore since 1877, making it one of the longest-standing foreign banks operating in the country. It holds a Qualifying Full Bank licence from MAS and offers banking services for every kind of customer.

For personal customers - especially those arriving from the UK - a popular option is the HSBC Everyday Global Account.

This account lets you shop, spend and withdraw cash in multiple currencies, as well as making international transfers through HSBC Global Money Transfers. There's also the option to earn rewards by bundling your account, debit and credit cards together.

HSBC also offers business banking for SMEs, international businesses and large corporations.

Bank of Singapore

A subsidiary of OCBC, Bank of Singapore is a private bank with a global presence.

Its focus is on wealth management for individuals, offering a range of private banking and bespoke wealth planning solutions. This includes asset creation and preservation, alternative and sustainable investments and credit solutions.

BNP Paribas

Part of a major international banking group, BNP Paribas Singapore offers dedicated services for corporate clients and institutions. It also has wealth and asset management solutions, as well as global banking services.

It doesn't have personal accounts or cards available for individuals.

Online banks and money management alternatives in Singapore

Beyond the major banks, Singapore has a growing range of digital-only providers worth knowing about. This is particularly useful if you want a flexible, app-based option alongside a main bank account.

MAS has granted full digital banking licences to these providers:

• Trust Bank (backed by FairPrice Group and Standard Chartered)
• MariBank (backed by Sea Group)
• GXS Bank (a joint venture backed by Grab and Singtel).

These operate entirely online without physical branches, offering savings accounts, debit cards and competitive interest rates.

There are also a few well-known apps that many expats use for travel and multi-currency spending:

• Revolut is an all-in-one finance app offering a debit card and everyday banking features.
• YouTrip is a multi-currency travel wallet and prepaid card.

A common question from UK expats is whether these apps can fully replace a local bank account. In most cases, they work best as a complement - useful for travel or converting currencies, but not always able to receive a Singapore-denominated salary or set up direct debits.

If you're still weighing up the bigger picture, our guide to the pros and cons of living in Singapore can help you think through what to expect.

Wise – An international alternative to a bank account in Singapore

If you're an expat looking for an international account with multiple benefits, then consider checking out the Wise account.

With the Wise account you can manage your money in 40+ currencies and send international payments worldwide to 140+ countries for low, transparent fees and mid-market exchange rates. You’ll also get dedicated support and volume discounts when sending large amounts. On a £50,000 transfer, you could save up to £1,000 with Wise vs your bank.

There’s even a Wise card you can get for a one-time cost of £7 for spending in countries. This clever card automatically converts your pounds to the local currency at the mid-market exchange rate, only adding a low, transparent conversion fee – or it’s free if you already have the currency in your Wise account.

✅ Sign up with Wise for free

Wise Interest disclaimer: Growth not guaranteed. Your balance will go down in the event of a government default or interest rates going negative. Taxes may apply. 3.32% variable rate on GBP is based on 7 day performance as of 05 Aug 2026. For full 5-year past performance and fund information, visit https://wise.com/interest. Investments are offered by Wise Assets UK Ltd. (FRN 839689)

FAQs about banks in Singapore

Can foreigners open a bank account in Singapore?

Yes - most banks in Singapore accept applications from foreigners, though the documents required will vary depending on your visa or pass type.

You'll generally need your passport, a valid pass (such as an Employment Pass or Student Pass) and proof of address.

If you're a resident and have registered for Singpass, the application can often be completed online and approved much more quickly.

Is HSBC a Singapore bank?

No - HSBC is a UK-headquartered bank. However, it has operated in Singapore since 1877 and holds a Qualifying Full Bank licence from MAS, which means it can offer the same range of retail services as local Singaporean banks. For UK expats, this familiarity can be a useful starting point.

Which is the oldest bank in Singapore?

This depends on how you define it. Among local Singaporean banks, OCBC traces its roots to the Chinese Commercial Bank, which was founded in 1912 - one of the oldest local banking institutions. As a foreign bank, HSBC has been present in Singapore since 1877, which pre-dates the major local banks by several decades.

Key takeaways

• Singapore features a highly regulated banking sector managed by the Monetary Authority of Singapore (MAS), which oversees local banks, foreign full banks, and digital banks.
• Major local banks include DBS, OCBC, and UOB, with DBS holding the title of the largest bank in Southeast Asia by total assets.
• Opening a bank account as a foreigner is straightforward with standard documents like a passport and proof of address, and residents using Singpass can often get instant online approval.
• Standard bank current accounts in Singapore frequently include service fees, such as fall-below fees that apply if your average daily balance drops under a set limit.
• While international money management can often lead to high exchange rate markups and account complexity, a Wise account solves this pain point by allowing travellers and expats to hold multiple currencies and spend abroad with no monthly fees and mid-market exchange rates with low, transparent fees.

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Sources used:

1. DBS - About DBS Bank
2. RHB - Singapore Results Review
3. OCBC - First Quarter 2026 Results Press Release
4. UOB - Financial Highlights
5. Maybank - About Maybank Singapore
6. Citibank Singapore - Statement of Financial Position 2025
7. HSBC - Annual Results 2025 media release
8. BNP Paribas - Consolidated financial statements - year ended 31 December 2025
9. DBS - DBS Multiplier
10. RHB - Trio Current Account
11. OBCB - OCBC 360 Account
12. UOB - One Account
13. Maybank - PremierOne Current Account

Sources last checked on 12-Jun-2026.