Banking for new arrivals — accounts, credit cards, FX — Costs and fees breakdown
Banking for new arrivals in Singapore means opening a local current or savings account, obtaining a credit card once you have local income, and choosing a cost-effective way to move and convert money. Most arrivals on a long-term pass can open an account within one to two weeks of getting their pass and a local address.
Little Big Employment Agency (EA Licence 19C9790) works with a panel of corporate and employment law firms; this article is general information, not legal advice.
Banking for new arrivals: opening your first account
The major local banks (DBS, OCBC and UOB) and the international banks all offer accounts to pass holders. You typically need your passport, your in-principle approval or issued pass, a local address (a tenancy agreement helps), and sometimes a minimum initial deposit. Digital-first options such as Wise and multi-currency providers can be opened even faster for everyday spending and transfers.
Costs and fees breakdown
Indicative 2026 fees: most basic accounts have no monthly fee if you keep a minimum average daily balance of about S$1,000 to S$3,000, otherwise a fall-below fee of S$2 to S$7.50 a month applies. Initial deposits range from S$0 to S$1,000. Overseas ATM withdrawals cost around S$5 to S$7 plus network fees. Telegraphic transfers out are commonly S$20 to S$35 plus correspondent-bank charges.
Credit cards
Banks usually require a minimum annual income (often S$30,000 for residents, higher for foreigners) before issuing an unsecured credit card, so new arrivals may start with a secured card backed by a fixed deposit. Annual fees run S$120 to S$600, frequently waived in the first year, and foreign-currency transactions carry an administrative fee of around 3 to 3.25 percent.
Foreign exchange and remittance
Bank telegraphic transfers are reliable but carry a spread on the exchange rate plus fixed fees. Specialist providers typically offer tighter mid-market rates for regular transfers, which matters if you are funding a home purchase or supporting family abroad. Compare the all-in cost, not just the headline fee.
Documents and timeline
Have ready: passport, immigration pass, proof of local address, and proof of income or employment. Corporate directors opening a business account should also read Singapore bank account opening. Timelines: personal accounts one to two weeks; business accounts two to eight weeks with more scrutiny under anti-money-laundering rules.
Wider relocation context
Banking is one piece of settling in; sequence it with housing, schooling and transport in the relocating to Singapore family guide. Where the account supports an investment structure, review Singapore holding company tax optimisation.
FAQs
Can I open an account before I get my pass? Usually you need at least an in-principle approval; some multi-currency providers are more flexible.
What is a fall-below fee? A monthly charge of S$2 to S$7.50 when your balance drops under the minimum.
Can new arrivals get a credit card? Often only after meeting income rules; a secured card is the fallback.
How long does a business account take? Two to eight weeks, subject to compliance checks.
References: the Monetary Authority of Singapore and the ICA.
Need help with this? Call, SMS or WhatsApp +65 8501 7133, or email [email protected]. Little Big Employment Agency (EA Licence 19C9790) works with a panel of corporate and employment law firms; this article is general information, not legal advice.