Singapore's digital banks open accounts in-app with zero minimums; traditional banks need a branch visit. What non-residents need, minimum deposits, and how to choose.
Singapore accounts come in three flavors: licensed digital banks (GXS, Trust, MariBank — all app-based), traditional banks (DBS, OCBC, UOB — branch visits), and business-oriented platforms like Aspire. For non-residents the usual sticking points are proof of address and minimum deposits, so start by splitting on whether you can be in Singapore.
If you are abroad without a local address, prioritize digital banks that accept a foreign passport; if you need lending, cheques or wealth services, plan a branch visit instead.
GXS Bank, Trust Bank and MariBank all have no minimum deposit: upload a passport in the app and expect a decision within a few working days. They are backed by Grab-Singtel, Standard Chartered and Sea respectively, all MAS-licensed digital banks.
Aspire (Singapore) skews toward business users but personal business accounts exist; ANEXT Bank belongs to Ant International and suits cross-border e-commerce operators.
DBS Bank, OCBC Bank and United Overseas Bank generally require non-residents to deposit around SGD 1,000 up front and verify identity at a branch. The upside is full functionality — joint, investment and loan accounts — for people who live or do business in Singapore long term.
Standard documents: passport valid at least six more months, proof of address (utility bill or bank statement from the last three months, in English or translated), and a source-of-funds statement. Digital banks usually also need a phone number that can receive SMS.
The most common failures: proof of address in the wrong language, name spellings that do not match your ID, and picking an account tier with a balance floor that then triggers monthly fees.
Singapore's deposit insurance scheme (SDIC) covers personal deposits at member banks up to a cap; when choosing, look at ownership background and licensing. Digital and traditional banks are equally MAS-supervised, so the real difference is features, not safety.
Some can. Digital banks like GXS, Trust and MariBank accept passport plus overseas address online; traditional banks (DBS, OCBC, UOB) usually need an in-person visit. Check each bank's latest policy.
Digital banks generally have no minimum; traditional banks usually ask non-residents for around SGD 1,000 up front, and some account tiers charge a fee if the balance drops below a floor.
Digital banks are worth trying — most accept overseas proof of address. Local transfers and PayNow may be restricted, usually requiring a Singapore phone number or ID.
Both are licensed and supervised by MAS, and personal deposits fall under the deposit insurance scheme (capped). The difference is features, not safety.