Skip to main content
AISG

money · Week 1

Open a Singapore bank account as a foreigner

You need a local bank account to receive your salary, pay rent, and use SingPass services. Most expats pick DBS Multiplier.

Source: DBS — Savings Accounts · verified 2026-04-06

Why this matters

A local Singapore bank account is essential for receiving salary, paying rent, setting up GIRO for bills/tax, and using PayNow/NETS cashless payments.

Singapore runs on cashless payments. Without a local account: your employer may not be able to pay you (most require local payroll), you cannot auto-pay utilities/tax via GIRO, you cannot use PayNow for instant transfers, and you pay SGD 20-50 per international wire. Open a local account within your first week — non-negotiable.

If you skip it: Cannot receive salary efficiently, cannot set up GIRO for utilities/tax/rent, no PayNow, no NETS payments at hawker centres and shops, international transfer fees eat into savings.

When to do it

Earliest

Day 1 in Singapore with IPA letter. DBS and OCBC even allow opening BEFORE arrival (online application).

Optimal

After EPSC registration (SingPass setup makes everything smoother). But if you need salary crediting urgently, IPA + employer letter works from Day 1.

Deadline

No legal deadline, but open within your first week — you need it for salary, bills, everything.

If late: Delayed salary crediting, cannot set up GIRO for utilities, no PayNow for everyday payments.

How to do it

For the applicant

  1. 1

    Choose your bank: DBS Multiplier recommended for most EP holders

    Best app, online opening, multi-currency built in. See comparison in WHICH section.

  2. 2

    Online path: Download DBS digibank app → "Open Account" → "Foreigner/Non-Resident"

    Upload passport + EP card/IPA + proof of address. Documents must be dated within 3 months.

    https://www.dbs.com.sg/personal/deposits/savings-accounts/multiplier
  3. 3

    Branch path: Walk into DBS Raffles Place, take queue number for "New Account Opening"

    Say: "I want to open a Multi-Currency Account, I am an EP holder." Bring passport + EP card/IPA + proof of address.

  4. 4

    Present documents, sign forms, declare tax residency (CRS/FATCA)

    If you are a US citizen/green card holder, you must declare US Person status honestly.

  5. 5

    Make initial deposit if required (DBS Multiplier: SGD 0, OCBC 360: SGD 1,000)

  6. 6

    Receive account number immediately. Temporary debit card on the spot (branch). Permanent card mailed in 5-7 working days.

  7. 7

    Set up mobile banking app + PayNow (link your FIN or SG phone number)

  8. 8

    Give account number to your HR for salary crediting

    Email HR: bank name + account number + branch code. Ask them to credit as "SALARY" for bonus interest.

Common mistakes

  • · Using IPA letter for both address and employment proof — banks reject this
  • · Forgetting proof of address (employer letter on company letterhead is easiest)
  • · Not setting up PayNow immediately — you need it for everyday transfers
  • · Not telling HR to credit salary as "SALARY" — misses bonus interest qualification

What you need

  • · passport — Identity verification
  • · ep_card — Proof of employment status. IPA letter also accepted, but with limitations.

For the spouse

  1. 1

    Wait until Dependant Pass (DP) card is issued

    Most banks require DP card, not just IPA. Processing takes 3-8 weeks after application.

  2. 2

    Visit branch together with EP holder if possible (same trip)

  3. 3

    Bring: spouse passport + DP card + proof of address (same as EP holder's)

What you need

  • · passport — Spouse's passport

Cost

SGD 0 – 1,000

  • · Account opening fee: SGD 0
  • · Initial deposit (OCBC 360/UOB One: SGD 1,000; DBS: SGD 0): SGD 0 – 1,000

Quick check

IRAS YA2026 verified 2 days ago

Basic monthly salary only. Bonus and AWS go in the next field.

Other taxable employment income (IRAS Form B1)

Performance bonus, contractual bonus, Annual Wage Supplement (AWS), 13th-month pay.

Housing, transport, meal, cost-of-living. Taxable per IRAS. Reimbursed business expenses do NOT count here.

Restricted Stock Unit (RSU) vest value, Employee Stock Purchase Plan (ESPP) discount, stock option exercise gain. All taxed at fair market value at vest/exercise.

Fees from sitting on a board. Rare for individual contributors. Taxable as employment income.

What's NOT taxable? (per IRAS)
  • · Reimbursed business expenses (receipts required)
  • · Approved per-diem within IRAS acceptable rates for overseas trips
  • · Festive / marriage / bereavement gifts up to SGD 200
  • · Long service awards up to SGD 200
  • · Group medical and dental insurance / subsidy
  • · Employer contributions to recognized overseas pension (in some cases)

Affects Earned Income Relief amount (18–75)

At least 183 days = tax resident (lower rates). Fewer = non-resident (flat 15% or progressive, whichever is higher).

SGD 4,000 relief per child

Free. Based on Inland Revenue Authority of Singapore (IRAS) Year of Assessment 2026 rates.

Done with this step?

Saved on this device. See your full checklist →

Was this helpful?

Be the first

Related steps

identity

Collect your EP card

You can't open a bank account, register SingPass, or sign a lease until you have your physical EP card. This is the gate.

identity

Register for SingPass

SingPass is your digital ID for 2,700+ government and private services. Without it you can't file taxes, open accounts, or access HealthHub.

money

File income tax (annual)

Annual deadline: April 18. File via myTax Portal with SingPass. SRS contributions reduce taxable income up to SGD 35,700/year — biggest saving.

This is one of 13 things you need to do when moving to Singapore.

See your full personalized checklist →