COREDO > Corporate Services > Bank Account for Individuals > Opening a Bank Account in Singapore

Opening a Bank Account in Singapore

Singapore is one of the world’s leading financial centres, and its banks are supervised by the Monetary Authority of Singapore. The country offers a favourable business environment, transparent regulation, and a high level of asset protection, making it highly attractive for international businesses and investors.

Since 2016, COREDO has been assisting clients with opening bank accounts in Singapore, providing full support at every stage of the process.

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Cost of the service
from EUR 700

Banking System of Singapore

Monetary Authority of Singapore

MAS is Singapore’s central bank and integrated financial regulator, overseeing banking, insurance, capital markets and payments; it sets AML/CFT requirements for banks through MAS Notice 626.

A leading financial centre

Singapore ranks among the world’s leading financial centres in the Global Financial Centres Index.

Transparent regulation

A favourable business environment, transparent regulation and a high level of asset protection attract international businesses and investors.

Strict beneficial-owner checks

Since July 2025 the revised MAS Notice 626 sets out in more detail how banks independently verify beneficial owners; for higher-risk customers banks also establish the source of wealth.

Types of Bank Accounts

Banks in Singapore provide a wide range of accounts depending on the client’s needs.

A corporate bank account

is intended for companies and allows settlement operations, international transfers, and working capital management. A company incorporated in Singapore is registered with the Accounting and Corporate Regulatory Authority (ACRA); some banks also open accounts for foreign-incorporated companies.

A payment institution account (PI account)

is an alternative for companies that require access to payment services without full banking services. Such accounts are offered by licensed payment institutions regulated by MAS in accordance with the Payment Services Act 2019.

A personal bank account

is opened for individuals to manage personal finances, savings, and day-to-day transactions. Depending on the bank, a personal account can be multi-currency and linked to investment products and wealth management programmes.

A multi-currency account

is offered by DBS and OCBC; the currencies depend on the bank — OCBC’s business account, for example, covers US dollars, euros, British pounds, Chinese yuan, Japanese yen and other currencies.

Client Requirements

Singapore applies strict standards for anti-money laundering (AML) and countering the financing of terrorism (CFT). The primary legislative act in the field of AML is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). It defines obligations for preventing financial crimes and establishes penalties for their violation. MAS regulates compliance procedures through MAS Notice 626, which sets requirements for banks regarding customer due diligence (CDD), transaction monitoring, and the filing of suspicious transaction reports (STR).

Since 2025, MAS has introduced updated requirements for the verification of ultimate beneficial owners (UBO): banks are obliged to conduct independent verification of beneficiary information and cannot rely solely on data provided by the client. In addition, for higher-risk customers banks must establish the source of wealth, which is especially relevant for companies with foreign capital or recently incorporated legal entities.

Non-residents can open an account after the bank’s due diligence; enhanced due diligence (EDD) applies where the bank assesses a customer as higher risk. Banks require the submission of documents confirming the legitimacy of the business, source of funds, and the existence of genuine economic activity.

Account Opening Process and Timelines

The procedure for opening a bank account in Singapore with COREDO’s support includes the following stages.

Preliminary client analysis (Client Analysis).

COREDO specialists assess the client’s profile, analyse the corporate structure, and determine the optimal bank and account type taking into account the specifics of the business and the jurisdiction of the company’s registration.

01

Document preparation.

A complete set of documents is assembled in accordance with the requirements of the chosen bank, including, where the bank requires it, certified copies and translation into English.

02

Submission of the application to the bank.

Documents are sent to the bank; where necessary, a personal meeting between the client and bank representatives is arranged; whether identity can be verified remotely depends on the bank.

03

Passing the compliance review.

The bank carries out KYC/AML procedures, including document verification, UBO checks, and source of funds assessment.

04

Account opening.

Upon successfully passing the review, the account is activated, and the client receives account details and access to online banking systems.

05

Account opening timelines depend on the client category, the completeness of the documents and the depth of the bank’s due diligence.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Non-refundable deposit (Stage 2)	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Non-refundable deposit (Stage 2)	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee includes full support throughout the process, from the preliminary analysis to receiving account details. A non-refundable deposit — EUR 1,000 for legal entities and EUR 400 for individuals — is required upon commencement of Stage 2.

Required Documents

MAS guidance on Notice 626 names the documents banks use to verify a company. They include the Certificate of Incorporation, the constitution, the record in the company registry (for a Singapore company, the ACRA BizFile+ profile) and a board resolution authorising the account and its signatories. Banks also verify directors, signatories and beneficial owners (passport copies) and ask about the ownership structure and source of funds. COREDO’s basic package adds a business plan or profile description and the bank’s application form.

Where an original cannot be produced, a bank may accept a copy certified by a notary public, lawyer or accountant; documents in other languages are translated into English by a qualified translator.

For a personal account, COREDO’s basic package includes a valid passport and proof of residential address (a utility bill or bank statement not older than three months). It also includes documents on the origin of funds (income certificate, tax declaration); COREDO helps complete the bank’s application form.

The specific list of documents may vary depending on the bank, account type, and client profile. A bank may also ask the client to visit its office.

Advantages of Working with COREDO

COREDO provides clients with a number of significant advantages when opening a bank account in Singapore. Professional experience since 2016 ensures a deep understanding of the requirements of Singaporean banks and MAS regulatory standards. COREDO specialists provide full support at every stage — from the initial analysis to receiving access to the account. Each stage has its own fee set in advance; bank and payment institution fees are not included, and the final price may vary with the complexity of the case. An individual approach to each client enables the selection of the optimal bank and account type, taking into account the specifics of the business, jurisdiction of registration, and operational needs.

Contact us

Our Experts

The COREDO team has been operating since 2016 and supports clients in opening accounts with banks and payment institutions.

Nikita Veremeev

Founder & NED of COREDO. Founded the company in 2016 and personally oversees the strategic development of the business across dozens of jurisdictions.

Pavel Kos

Head of Legal. Has been with the COREDO team since June 2017, responsible for legal support of corporate projects and company registration.

Alena Mach

Executive Director

Daniil Saprykin

Head of Customer Success

Annet Abdurzakova

Senior Customer Success Manager

Frequently Asked Questions

Can non-residents open a bank account in Singapore?

Yes, banks in Singapore accept non-residents; the bank applies enhanced due diligence (EDD) where it assesses a customer as higher risk. Some banks also open accounts for foreign-incorporated companies, and the applicant is required to provide documents confirming the source of funds and the nature of business activity. COREDO assists in preparing the complete set of documents for successfully passing the review.

What currencies are available for bank accounts in Singapore?

The primary currency is the Singapore dollar (SGD). DBS and OCBC offer multi-currency accounts, and the currencies depend on the bank. OCBC’s business account, for example, covers US dollars, euros, British pounds, Chinese yuan, Japanese yen and eight more currencies.

Is a personal visit required to open an account?

It depends on the bank. MAS Notice 626 allows business relations without face-to-face contact if the bank’s checks are at least as robust as in person; a bank may still ask to meet directors and beneficial owners. COREDO assists in organising the process in a way that minimises the need for a visit to Singapore.

How long does it take to open a corporate account?

The timeframe is set by the chosen bank. It depends on the completeness of the documents provided, the results of the compliance review, and the internal procedures of the chosen bank. COREDO ensures prompt document preparation to reduce timelines.

Which regulator oversees banking activity in Singapore?

The regulator is the Monetary Authority of Singapore (MAS), the country’s central bank and integrated financial regulator, which oversees banking, insurance, capital markets and payments. MAS sets AML/CFT requirements for banks through MAS Notice 626; the licensing and regulation of banks is governed by the Banking Act 1970.

Submit Application

For an individual consultation on opening a bank account in Singapore, contact COREDO specialists. We will analyse your profile and propose an optimal solution tailored to the specifics of your business.

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