Opening a bank account is one of the first practical steps for any foreign professional arriving in Singapore. Without a local account, receiving your salary, paying rent, and managing daily expenses becomes needlessly complicated. The good news is that Singapore’s banking sector is well-developed and EP holders are among the easiest categories of foreign nationals to bank with — but there are real differences between institutions, account types, and the documents you need at each stage of your arrival.
This guide covers how to open a bank account in Singapore as an EP holder, the best accounts for new expats, and how to set up SRS and investment accounts once you are settled.
When Can an EP Holder Open a Bank Account in Singapore?
You do not need to wait for your physical Employment Pass card. Both DBS and OCBC accept an Employment Pass In-Principle Approval (IPA) letter — issued by MOM at the time of approval — in place of the physical card. This means you can open an account before your first day at work, or even before you arrive in Singapore if you apply via a bank’s digital pre-arrival service.
UOB typically requires the physical EP card. S Pass holders and Work Permit holders face stricter requirements at most banks, though OCBC and certain digital banks are more accommodating for these pass types as well.
The Three Main Local Banks: DBS, OCBC and UOB
DBS Multiplier Account
DBS is Singapore’s largest bank and a sensible default for new arrivals. The DBS Multiplier Account pays tiered interest based on how many product categories you transact in — salary credit, credit card spend, home loan, insurance, or investments. With salary crediting alone, you earn a base rate. Add a credit card and the rate steps up. The account has no minimum initial deposit and no monthly fees if your salary is credited.
DBS offers digital account opening for EP holders presenting their IPA letter. Branch visits are required for certain identity verification steps. DBS also has one of the most capable mobile apps in Singapore and a wide ATM network.
OCBC 360 Account
The OCBC 360 Account is often cited as the most rewarding account for EP holders who credit their salary and maintain a credit card relationship. Bonus interest categories include salary credit, spending on the OCBC 365 credit card, and insurance or investment products. OCBC offers partial digital onboarding for EP holders; you can complete identity verification with your IPA letter and passport at a branch. OCBC also allows account opening before your physical EP card arrives.
UOB One Account
The UOB One Account rewards two behaviours: salary crediting and credit card spending on a UOB card. It requires an initial deposit of SGD 1,000. Unlike DBS and OCBC, UOB generally requires your physical EP card rather than the IPA letter, so it is better suited as a second account once you have been in Singapore for a few weeks. UOB is particularly strong on the credit card and insurance side for those building a longer-term banking relationship.
International Banks: HSBC, Standard Chartered, Citi
For EP holders relocating from cities where they already bank with HSBC, Standard Chartered, or Citi, an international relationship transfer can simplify arrival. HSBC’s global banking proposition allows Premier clients to open a Singapore account before arriving, with the relationship recognised across borders. Standard Chartered’s Priority Banking serves a similar function.
These accounts generally require higher minimum balances (SGD 200,000 for HSBC Premier, SGD 100,000 for StanChart Priority) but waive fees for qualifying balances. They are well-suited for senior professionals on ONE Pass or Personalised Employment Pass packages who are consolidating financial relationships. See our EP vs PEP vs ONE Pass guide for how these pass types relate to your income profile.
Digital Banks: Trust, GXS and Maribank
Singapore licensed three digital banks in 2023 and 2024 that are now actively onboarding EP and S Pass holders.
Trust Bank (a NTUC Enterprise and Standard Chartered joint venture) offers a no-fee savings account, a credit card tied to FairPrice Group rewards, and a fully digital onboarding process. Trust is particularly attractive for EP holders who shop at FairPrice or use Kopitiam regularly. Account opening is entirely via mobile app.
GXS Bank (backed by Grab and Singtel) offers a savings account with a competitive base rate and a flexible credit product. Onboarding is through the GXS app and accepts EP holders digitally. GXS Boost credit product offers a credit limit linked to your GXS savings balance.
Maribank (backed by Sea Group, which operates Shopee and Garena) offers savings accounts and an integration with the Shopee ecosystem. Particularly useful for those who shop frequently on Shopee and want cashback.
Digital banks are excellent supplementary accounts but should not be your primary salary-crediting account — the interest structures of DBS, OCBC, and UOB reward salary credit in ways digital banks do not yet match.
Documents You Need to Open an Account
For all local banks, bring the following to your branch visit or have them ready for digital upload:
- Valid passport
- Employment Pass card or IPA letter (DBS, OCBC accept IPA; UOB typically requires the physical card)
- Proof of Singapore residential address: a tenancy agreement, a utility bill, or a letter from your employer confirming your local address
- Employment letter or contract (required by some banks as additional verification)
For international bank Premier accounts, you may also need proof of income or offshore assets to meet the relationship minimum.
SRS Accounts for Tax Planning
Once you have your primary current account, consider opening a Supplementary Retirement Scheme (SRS) account. The SRS is a voluntary savings programme administered by DBS, OCBC, and UOB. Contributions to your SRS account are tax-deductible up to SGD 35,700 per year for EP holders (the foreigners’ cap). As the Inland Revenue Authority of Singapore (IRAS) explains, SRS contributions reduce your chargeable income in the year of contribution and the funds can be invested in a wide range of instruments.
For EP holders planning to stay in Singapore long-term or apply for PR, an SRS account is a tax-efficient tool worth establishing in your first full year of Singapore tax residency. Our Singapore SRS tax planning guide covers the mechanics, contribution limits, and withdrawal rules in detail.
International Transfers
For sending money home or receiving international transfers, Singapore banks offer competitive SWIFT rates, though third-party services such as Wise (formerly TransferWise) often offer better exchange rates and lower fees for smaller amounts. Most local bank accounts support PayNow — Singapore’s instant payment system — which is essential for local rent payments, utilities, and peer-to-peer transfers.
As you settle into Singapore life, our complete family relocation guide covers the broader picture of banking, housing, schools, and healthcare for foreign professionals making Singapore their home.
Get Started with Your Singapore Banking
Whether you are just arriving or have been here a while without optimising your banking setup, Singapore Employment Agency — operated by LBEA, a MOM-licensed employment agency (Licence 19C9790) — can assist with work pass applications, pass renewals, and the practical steps of establishing yourself in Singapore. For incorporation, company secretarial, and accounting needs, our sister company Raffles Corporate Services is ready to help.
— The Editorial Team, Little Big Employment Agency