Requirement for Opening a Bank Account For EP, SP and Other Work Pass Holders

Expatriates who come to Singapore sometimes didn't know the requirement and conditions for making a new bank account in Singapore as well as it is obvious that every expat want to select the best possible bank in Singapore which saves their hard earned money.
Singapore's main banks are: DBS, POSB, OCBC and UOB. Other banks include CITIBANK, HSBC, STANDARD CHARTERED and bank of china.
To select the bank keep these things in mind.
Approach the best rate for minimum balance requirement, monthly income and deposit
Bank who Provides better online banking(internet/Mobile) services
Give first preference to bank having large network of ATMs
Find bank which is closest to your house or working area.

For your convience I am giving conditions about the most commonly used banks that are DBS (POSB), UOB and OCBC which were mostly used by my job fellows also.

The first one here to tell you about DBS(POSB) requirements

If you are WP WP, you need the following conditions

1. Deposit Amount Account NA (No minimum deposit is required based on information provided by staff)
2. Monthly account must be: $ 500 Singapore Dollars ($ 2 per month if it does not reach $ 500)

PS: This is a special point is that if you are completely new comer to singapore(meaning that just arrived in Singapore to work), your company after getting your work permit can apply for your payroll account at POSB by apply online on www.posb.com.sg/personal/deposits/for-foreigners/posb-payroll-account

SP, and the conditions of the EP are the same with the WP

DBS lines: 1800 111 1111

The second commonly used is UOB Bank

If you are holding a WP work permit, the conditions of trouble than the DBS, the need for the following conditions

1. Deposit amount: $ 1,000 SGD
2. Monthly account must have: $ 500 Singapore Dollars ($ 2 per month if it does not reach $ 500) This is the same as DBS

3. Required documents: passport, work permit, water and electricity bills or telephone list (any document that prove home address) can be

SP, and the conditions of the EP are the same with the WP

UOB Line: 1800 222 2121

The third commonly used is OCBC Bank

If you are holding a WP work permit,

1. Deposit Amount Account: $ 1,000
2. Monthly account must be: $ 1,000 Singapore Dollars ($ 2 per month if it does not reach $ 1,000) This is higher than DBS and UOB

3. Required documents: passport, work permit, water and electricity bills or telephone list (any document that prove home address).

SP, and the conditions of the EP are the same with the WP

OCBC Line: 1800 363 3333

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* All decisions will ultimately depend on the banks



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