Opening a bank account is one of the first practical tasks every new Employment Pass holder faces in Singapore. Without a local account you cannot receive your salary, pay rent, set up utilities or apply for a credit card. Yet the process is not always straightforward — banks have different document requirements, some impose income floors, and digital banks have changed the options significantly since 2022.
This guide covers which banks to consider, what documents you need, how long it takes, and the practical differences between traditional and digital banking options in Singapore in 2026.
Which Banks Can New EP Holders Use in Singapore?
Singapore has three major local banks — DBS/POSB, OCBC, and UOB — plus international banks (Citibank, HSBC, Standard Chartered) and MAS-licensed digital banks. For most newly arrived EP holders, the choice comes down to three categories.
DBS / POSB
DBS and its retail brand POSB are the most accessible starting point. DBS allows account opening via the digibank app with MyInfo (SingPass) verification once your SingPass is set up. Without SingPass, you can open in-branch with your passport and EP card. The DBS Multiplier account rewards salary crediting with higher interest rates across balance tiers, making it the default choice for most new arrivals.
OCBC and UOB
OCBC and UOB both offer competitive savings accounts for EP holders. OCBC 360 offers bonus interest for salary crediting, insurance and investment transactions. UOB One requires salary credit and card spend to unlock higher rates. Both allow in-branch account opening with passport and EP card; booking an appointment online avoids branch queues.
Digital Banks and E-Money Accounts
Wise and Airwallex both offer multi-currency accounts useful for EP holders maintaining accounts abroad, with competitive FX rates for remittances. Aspire is popular with founders and SME employees for its business banking features. Note that Wise and Airwallex hold e-money licences rather than full bank licences — deposits are not covered by the Singapore Deposit Insurance Scheme. For salary receipt and day-to-day SGD banking, a DBS/OCBC/UOB account is advisable as the primary account.
Documents Required to Open a Bank Account as an EP Holder
Requirements vary slightly by bank. The standard document set in 2026 is:
| Document | Notes |
|---|---|
| Original passport | Must be valid; some banks require at least 6 months validity |
| Employment Pass (physical card) | The card issued by MOM; IPA letter printouts are generally insufficient |
| Employment letter / contract | Required by some banks (HSBC, Standard Chartered); DBS typically does not require it if you have the EP card |
| Proof of Singapore address | Tenancy agreement, utility bill, or employer letter on letterhead |
| SingPass (optional) | Enables digital MyInfo-verified application at DBS and OCBC, significantly reducing document burden |
Step-by-Step: How to Open Your Account
- Wait for your physical EP card. MOM typically issues the card within 5–7 business days of collection at the Services Centre. Most banks will not open accounts on the IPA letter alone.
- Set up SingPass. Register at singpass.gov.sg using your FIN and contact details. SingPass enables digital bank applications and simplifies the document process substantially.
- Secure proof of address. If you have not yet signed a tenancy agreement, ask your employer for a letter confirming your residential address. Most banks accept this.
- Apply. For DBS: apply via the digibank app (if SingPass is ready) or visit any DBS/POSB branch. For OCBC and UOB: book an appointment online and visit in-branch.
- Credit your salary. Give your employer your new SGD account details for payroll GIRO setup as soon as the account is active — salary crediting unlocks bonus interest at all three major banks.
How Long Does It Take?
With SingPass and a digital application, DBS accounts can be opened in under 10 minutes, with a debit card arriving within 3–5 business days. An in-branch appointment without SingPass typically takes 30–45 minutes. Accounts are generally activated the same day.
Salary Crediting and Interest Rate Comparison
Singapore banks offer bonus interest tied to monthly salary crediting. Key accounts to compare in 2026:
- DBS Multiplier: Stacks bonus interest across categories (salary, insurance, investment, loan, card spend). Effective rate 1.5–4.1% p.a. depending on eligible transaction total
- OCBC 360: Bonus for salary credit (SGD 1,800+ minimum), insurance and investment. Effective rate up to 4.65% p.a. on first SGD 100,000
- UOB One: Requires salary credit of SGD 1,600+ and five GIRO transactions or SGD 500 card spend. Effective rate up to 4% p.a.
For most EP holders, crediting your entire salary to one bank while meeting the card spend requirement is the simplest strategy. OCBC 360 has historically offered a slight edge for balances above SGD 75,000; DBS Multiplier is more flexible in how categories are met.
International Transfers
Most EP holders need to remit money regularly — to service overseas mortgages, support family, or maintain foreign investments. Local bank telegraphic transfer fees (typically SGD 20–40 per transfer) and exchange rate margins make them expensive for frequent remittances. Better alternatives:
- Wise: Mid-market exchange rate, fees 0.4–1.5% depending on currency. Excellent for India, UK, Australia and USA transfers
- Instarem: Singapore-licensed; competitive rates for India and Southeast Asia corridors
- DBS Remit: Zero transfer fee for selected corridors (India, Malaysia, UK, USA, Australia) with competitive exchange rates — worth checking if DBS is your primary bank
Credit Cards for New EP Holders
Most banks require 3–6 months of Singapore employment history before approving a credit card. The standard income threshold is SGD 30,000 per annum — well below the EP qualifying salary — so most EP holders will qualify. DBS Live Fresh and OCBC 365 both have a relatively straightforward approval process for new-to-bank EP holders. Bring your latest payslip and EP card.
Next Steps: Banking as Part of Your Relocation
Banking is one part of the broader Singapore relocation picture. See our companion guides for EP holders:
- London to Singapore: A Finance Professional’s Complete Relocation Guide
- From Mumbai to Singapore: An Indian Professional’s Work Pass and Relocation Guide
- Singapore Income Tax for Expats 2026: Resident vs Non-Resident Rates
For Employment Pass applications and renewals, Singapore Employment Agency (Little Big Employment Agency) is a licensed MOM employment agency. For company incorporation and corporate services, visit Raffles Corporate Services.
— The Editorial Team, Little Big Employment Agency