Opening a bank account in a foreign country can be a daunting task, but it doesn’t have to be. If you’re a foreigner looking to open a POSB bank account in Singapore, you’ll be happy to know that the process is relatively straightforward. In this article, we’ll provide you with all the information you need to know about opening a POSB bank account as a foreigner in Singapore.
Before we dive into the details of opening a POSB bank account, let’s take a look at the eligibility criteria for foreigners. To open a bank account in Singapore, you must be at least 18 years old and not an undischarged bankrupt. Additionally, you must have a valid work pass, student pass, or long-term visit pass issued by the Singapore government. If you’re a foreigner who doesn’t meet these criteria, you may still be able to open a bank account in Singapore, but the process may be more complicated.
Now that we’ve covered the eligibility criteria, let’s move on to the required documents for account opening. To open a POSB bank account in Singapore, you’ll need to provide your passport, work pass or student pass, and proof of address. Additionally, you may need to provide other documents depending on your specific situation. It’s always a good idea to check with the bank beforehand to ensure you have all the necessary documents.
Key Takeaways
- To open a POSB bank account in Singapore as a foreigner, you must have a valid work pass, student pass, or long-term visit pass issued by the Singapore government.
- Required documents for account opening include your passport, work pass or student pass, and proof of address.
- POSB bank offers a variety of accounts and features to meet the needs of foreigners living in Singapore.
Eligibility Criteria for Foreigners
If you are a foreigner looking to open a POSB bank account in Singapore, there are certain eligibility criteria that you need to fulfill. In this section, we will discuss the eligibility criteria for foreigners in detail.
Employment Pass and Work Permit Holders
If you are a foreigner in Singapore holding an Employment Pass or Work Permit, you are eligible to open a POSB bank account. You will need to provide the following documents to open a bank account:
- Your passport
- Your Employment Pass or Work Permit
- Proof of your residential address in Singapore, such as a utility bill or a tenancy agreement
- Your phone number registered with the Singapore government
Malaysian and Other Nationalities
If you are a Malaysian or a foreigner from another nationality, you can open a POSB bank account in Singapore if you fulfill the following criteria:
- You are at least 16 years old
- You have a valid Singapore address
- You have a valid Identification Card or passport
- You have a valid phone number registered with the Singapore government
It is important to note that some accounts may require you to be a resident of Singapore to be eligible. Additionally, you may need to provide additional documents depending on your nationality and the type of account you are opening.
Overall, opening a POSB bank account in Singapore as a foreigner is a straightforward process as long as you fulfill the eligibility criteria and provide the required documents. With a POSB bank account, you can enjoy a range of benefits and services, including easy online banking, attractive interest rates, and more.
Required Documents for Account Opening
If you are a foreigner looking to open a POSB bank account in Singapore, there are certain documents that you will need to provide. Here are the documents that are typically required:
Passport and Proof of Residential Address
To open a POSB bank account in Singapore, you will need to provide a valid passport. This is used to verify your identity and ensure that you are legally allowed to open a bank account in the country. In addition to your passport, you will also need to provide proof of your residential address. This can be in the form of a recent utility bill or a rental agreement.
Employment Pass, NRIC, and Other IDs
In addition to your passport and proof of residential address, you may also need to provide other forms of identification. This can include your Employment Pass or your National Registration Identity Card (NRIC). If you do not have these documents, you may be able to provide other forms of ID such as a driver’s license or a student ID card.
It is important to note that the specific documents required may vary depending on your individual circumstances. For example, if you are a student, you may need to provide proof of your enrollment in a Singaporean educational institution. Similarly, if you are self-employed, you may need to provide additional documentation to prove your income.
Overall, opening a POSB bank account in Singapore as a foreigner is a relatively straightforward process, but it is important to ensure that you have all of the necessary documents before you begin. By providing the required documentation, you can enjoy the benefits of having a Singaporean bank account, including easy access to your funds and a range of banking services.
Account Opening Process
If you’re a foreigner looking to open a POSB bank account in Singapore, you’ll be pleased to know that the process is relatively straightforward. There are two ways to apply for an account: using MyInfo for an expedited application or manually via branch or mail.
Using MyInfo for Expedited Application
One of the quickest and easiest ways to apply for a POSB bank account as a foreigner is to use MyInfo. MyInfo is a government digital service that allows you to submit your personal details and documents online, thus expediting the account opening process. To apply using MyInfo, follow these steps:
- Download the DBS digibank app and log in.
- Click on “Apply for Accounts” and select “MyInfo”.
- Enter your SingPass details and follow the prompts to submit your personal details and documents.
- Wait for approval and confirmation of your new account.
Manual Application via Branch or Mail
If you prefer to apply for your POSB bank account manually, you can do so by visiting a branch or mailing in your application. Here are the steps to follow:
- Download the account opening form from the POSB website or pick one up at a branch.
- Fill out the form with your personal details and attach the required documents.
- Submit the form and documents at a POSB branch or mail them to the address provided on the form.
- Wait for approval and confirmation of your new account.
Whether you choose to apply via MyInfo or manually, you’ll need to provide the following documents:
- Passport
- Employment Pass or Work Permit
- Proof of Address (e.g. utility bill or rental agreement)
Once your account is approved, you can start using POSB’s iBanking services to manage your account online. With iBanking, you can view your account balance and transaction history, transfer funds, pay bills, and more.
So what are you waiting for? Open your POSB bank account today and start enjoying the benefits of banking in Singapore!
Types of Accounts and Features
If you are a foreigner looking to open a bank account with POSB in Singapore, you will be pleased to know that there are several types of accounts available to suit your needs.
Savings and Personal Accounts
The POSB My Account is an all-in-one savings account that allows you to save, spend, pay bills, and more. There are no initial deposit, minimum balance or service fees, making it a great option for those who want a hassle-free account. You can store up to 13 currencies in this account, and there are no foreign exchange conversion fees. Additionally, the DBS Visa Debit Card that comes with this account offers up to 5% cashback.
Another option is the POSB eMySavings Account, which allows you to earn higher interest rates on your savings. This account can be opened with just $1, and there are no fall-below fees. The interest rates are tiered, so the more you save, the higher the interest rate you will earn.
Special Accounts for Salary and Savings
For those who are working in Singapore, the POSB Payroll Account is a great option. This account allows you to receive your salary directly and offers a range of features such as free internet banking, bill payments, and more. You can also enjoy higher interest rates on your savings with the POSB SAYE Account. This account allows you to save a fixed amount each month for a period of 2 or 3 years and earn an attractive interest rate.
If you are looking for a more flexible savings account, the POSB Multiplier Account may be the right choice for you. This account offers higher interest rates based on the amount of money you save and the number of transactions you make each month. The more you save and transact, the higher the interest rate you will earn.
In conclusion, POSB offers a range of accounts that cater to the needs of foreigners in Singapore. Whether you are looking for a simple savings account or a more complex account with additional features, POSB has you covered.
Banking Services and Facilities
Opening a POSB bank account in Singapore as a foreigner gives you access to a wide range of banking services and facilities. Here are some of the services and facilities that you can expect:
DBS Visa Debit Card and Foreign Currency Options
Once you open a POSB bank account in Singapore as a foreigner, you will be issued with a DBS Visa Debit Card. This card can be used to make purchases online and in-store, as well as withdraw cash from ATMs worldwide. With your DBS Visa Debit Card, you can enjoy exclusive deals and discounts at various merchants in Singapore.
Foreign currency options are also available for POSB bank account holders. You can easily convert your Singapore dollars to other currencies and vice versa, making it convenient for you to manage your finances when travelling abroad.
Digital Banking with iBanking and Digibank App
POSB bank account holders can enjoy the convenience of digital banking with iBanking and the Digibank app. With iBanking, you can access your account, check your balance, transfer funds, pay bills, and more, all from the comfort of your home or office.
The Digibank app takes digital banking to the next level, providing you with a seamless banking experience on your mobile device. With the Digibank app, you can check your account balance, view your transaction history, pay bills, transfer funds, and more, all with just a few taps on your screen.
Minimum Balance
To maintain your POSB bank account in Singapore as a foreigner, you will need to maintain a minimum balance. The minimum balance requirement varies depending on the type of account you have. Be sure to check with POSB to find out the minimum balance requirement for your account.
In conclusion, opening a POSB bank account in Singapore as a foreigner gives you access to a wide range of banking services and facilities. With a DBS Visa Debit Card, foreign currency options, and digital banking with iBanking and the Digibank app, managing your finances has never been easier. Just be sure to maintain the minimum balance requirement to keep your account active.
Frequently Asked Questions
What are the requirements for a foreigner to open a POSB bank account in Singapore?
To open a POSB bank account in Singapore as a foreigner, you will need to provide your FIN number and a Singapore mobile number. Additionally, you will need to show your passport and proof of address, such as a utility bill or rental agreement. If you have a Singpass, you can use it to sign up for a digibank account.
Are there any fees associated with opening a POSB bank account for foreigners?
No, there are no fees associated with opening a POSB bank account for foreigners. However, there may be fees for certain transactions or services, such as ATM withdrawals or international transfers. Be sure to check with the bank for a complete list of fees and charges.
How can a foreign domestic worker open a POSB account online?
Foreign domestic workers can open a POSB account online by providing their FIN number and a Singapore mobile number. Additionally, they will need to show their work permit and a letter from their employer stating that they are employed as a domestic worker.
What is the address for foreign account opening services at POSB in Kaki Bukit?
The address for foreign account opening services at POSB in Kaki Bukit is 1 Kaki Bukit Road 1, #01-01, Enterprise One, Singapore 415934.
Is it possible for ‘s Pass holders to open a POSB account in Singapore?
Yes, it is possible for ‘s Pass holders to open a POSB account in Singapore. They will need to provide their FIN number and a Singapore mobile number, as well as their work pass and proof of address.
Which bank in Singapore offers the best services for foreigners wishing to open an account?
There are several banks in Singapore that offer good services for foreigners wishing to open an account. POSB is a popular choice due to its easy account opening process and low fees. Other options include DBS, UOB, and OCBC. Be sure to compare the features and fees of each bank before making a decision.