Singapore (SG)

Monthly fee: S$0 (DBS Multiplier with salary credit); S$5/month if below S$3,000 minimum balance on some accounts

Requirements: Valid Employment Pass / Dependant Pass / Permanent Residence, passport, and Singpass (for Myinfo verification). Most accounts opened online in minutes via DBS digibank app with Singpass. POSB Everyday Savings is the easiest account — no minimum balance for first 6 months.

• + Largest ATM and branch network in Singapore (1,400+ ATMs, 400+ CDMs)
• + DBS digibank app rated best digital banking app in Singapore — comprehensive, English-only
• + DBS Multiplier account earns up to 4.1% p.a. interest with salary credit + 3 qualifying transactions
• + Multi-currency account (DBS My Account) holds 13 currencies — good for international travel
• + PayNow registered automatically; instant transfers free
• + POSB (People's Own Savings Bank — a DBS subsidiary) is the most accessible brand, especially for everyday banking

• - Promotional interest rates require salary crediting and multiple simultaneous spending conditions (credit card spend, home loan, insurance) — practical rate for most expats without all conditions is 0.05–0.5%
• - POSB accounts have lower features than DBS premium accounts — DBS Multiplier benefits not available on POSB Everyday Savings
• - International SWIFT fees for non-DBS-Remit corridors: S$20–40 per outbound wire plus 1–2% FX spread — Wise is significantly cheaper for most overseas transfers
• - DBS Remit promotional rates limited to select corridors (India, Philippines, Indonesia, Malaysia) — all other destinations revert to standard SWIFT wire fees

Monthly fee: S$0 (OCBC 360 with salary credit S$1,800+/month); S$2/month fee waived if meeting any qualifying transaction

Requirements: Employment Pass / Dependant Pass / Long-Term Visit Pass, passport, and Singpass for Myinfo verification. Online account opening via OCBC Digital app with Singpass.

• + OCBC 360 Account earns up to 7.65% p.a. interest (across salary credit, insurance, investments, and savings bonus criteria) — highest potential rate among local banks
• + Strong investment platform (OCBC Securities, OCBC RoboInvest)
• + OCBC Frank card is a popular no-annual-fee cashback card for expats new to Singapore credit
• + Online banking and mobile app are highly rated and English-only
• + Good customer service at branches — English-speaking staff across all branches

• - Very high interest requires meeting many conditions simultaneously — practical rate for most expats without all conditions (salary + insurance + investments + savings bonus) is 3–5% on relevant balance tiers
• - Investment products require separate OCBC Securities account setup — extra onboarding steps before investment features become active
• - International SWIFT fees: S$20–35 per outbound wire plus 1–2% FX spread — Wise is significantly cheaper for regular overseas transfers
• - Frank card (starter credit card for new-to-Singapore customers) has low initial credit limit of S$500–1,000 — upgrade to higher limit takes 6–12 months of credit history

Monthly fee: S$0 (UOB One Account with S$1,600+ salary credit and 5+ GIRO transactions)

Requirements: Employment Pass / PR card, passport, and Singpass. Online via UOB TMRW app or in-branch.

• + UOB One Account earns up to 7.8% p.a. (tiered interest with salary + card spend conditions) — competitive with OCBC
• + UOB KrisFlyer card and UOB Visa Signature are excellent for travel miles accumulation (Singapore Airlines KrisFlyer miles)
• + UOB TMRW app is strong for digital banking and multi-currency features
• + Strong regional presence across ASEAN — useful for expats working across Southeast Asia

• - Interest rate conditions are complex — requires careful tracking of eligible transactions across salary, card spend, and GIRO requirements simultaneously
• - Branch service can be slower than DBS/POSB — fewer branch locations than POSB in some residential HDB estates
• - International SWIFT fees: S$20–40 per outbound wire plus 1–2% FX spread — Wise is significantly cheaper for personal overseas transfers
• - UOB One interest conditions have changed multiple times (2022–2025) — always verify current terms before relying on advertised rates as conditions are subject to revision

Monthly fee: S$0 (HSBC Everyday Global Account — no minimum balance for Expat Banking; Premier requires S$200,000 total relationship balance)

Requirements: Employment Pass, passport, and proof of address (utility bill or EP approval letter). Online via HSBC Singapore Mobile Banking app. HSBC Expat Banking programme available for new-to-Singapore expats with qualifying balance.

• + HSBC Expat Banking: pre-arrival account opening for employees of major corporates; useful for arriving with funds already accessible
• + Global banking connectivity — manage HSBC accounts across 30+ countries from the Singapore app
• + HSBC Premier provides dedicated relationship manager, global emergency cash, and fee-free international transfers between HSBC accounts
• + Multi-currency Global Wallet in the app holds 10+ currencies at competitive rates
• + Strong mortgage products for private property buyers (relevant if you obtain PR)

• - S$200,000 total relationship balance required for Premier status — out of reach for most new expats; standard Everyday Global Account has no high-interest tier
• - Standard Everyday account has limited features compared to DBS Multiplier or OCBC 360 promotional rates — no competitive interest without qualifying Premier balance
• - Some branch services require advance booking during peak periods — walk-in appointments not always available at CBD branches
• - International SWIFT fees for transfers to non-HSBC accounts: S$25–40 per outbound wire — transfers between HSBC accounts globally are free but limited to HSBC recipients only

Monthly fee: S$0 (Bonus$aver Account with salary credit S$3,000+); otherwise S$0–18/month

Requirements: Employment Pass, passport. Online account opening via SC Mobile app with Singpass.

• + SC Bonus$aver earns up to 7.88% p.a. interest (with salary credit, 5 bill payments, and eligible credit card spend)
• + SC EasyEarn is a simple alternative with 3.28% on balances up to S$200,000
• + Standard Chartered Visa Infinite credit card is excellent for airport lounge access and travel rewards
• + Priority Banking from S$200,000 with dedicated RM and preferential rates
• + Good for international wire transfers through the SC network

• - Achieving maximum interest requires meeting many simultaneous conditions — salary credit, 5 bill payments, and eligible credit card spend all required together
• - Branch network is smaller than DBS/POSB — mostly in CBD and major suburban malls; limited in HDB heartland estates
• - International SWIFT fees: S$20–30 per outbound wire plus 1–2% FX spread — Wise is significantly cheaper for regular overseas transfers
• - Priority Banking requires S$200,000 total relationship balance — standard account customers receive limited relationship management and fewer product preferential rates

Monthly fee: S$0 (Standard); S$9.99/month (Premium); S$19.99/month (Metal)

Requirements: Singapore FIN or NRIC, selfie verification — no Singpass required. Fully online in minutes via Revolut app.

• + Multi-currency account holds 30+ currencies at interbank exchange rates — best for international spending and transfers
• + Free international transfers at mid-market rate (within monthly limits for standard plan)
• + Virtual and physical Visa debit card accepted globally
• + Excellent app with spend analytics, budgeting, and cryptocurrency features
• + Stock trading available through Revolut (US stocks)
• + Ideal for expats with financial connections in multiple countries

• - NOT a full bank — no cheque book, no GIRO, cannot receive salary, no bank code for CPF (once PR)
• - No PayNow registration (as of 2026) — cannot receive PayNow transfers
• - Deposits are NOT insured by Singapore Deposit Insurance Corporation (SDIC) — funds held as e-money, not bank deposits
• - Customer service is primarily chat-based with delays during high volumes