Best International Bank Accounts for Expats in 2024

DBS, short for Development Bank of Singapore, is a solid banking option for expats in Singapore.  

It offers several types of accounts that are relevant to expat needs: 

• My Account Multi-currency accounts. Allows you to hold 12 foreign currencies in a single account, simplifying your cross-border transactions. No initial deposit or minimum account balance required.
• Multiplier accounts. Unlocks tiered interest rates to help you save more.
• DBS Treasures. For Accredited Investor expats with >$350k in deposits or investments. Lowest tier of wealth management services that provides you with personalized financial advisory services, investment opportunities, and priority banking services.

For non-residents, DBS bank account opening may be possible, but it will require you to visit a physical branch.

I have used DBS for my personal bank accounts.

UOB, short for United Overseas Bank, is a leading bank in Singapore, offering a wide range of banking products and services to individuals and businesses. It is the third-largest bank in Southeast Asia, with over 500 branches and offices in 19 countries.

Here are some of the bank account types that expats can use in UOB Singapore:

• ‍UOB One Account. Versatile account that offers a variety of features, including cash management, savings, and credit card facilities. Initial minimum deposit = S$1,000.
• Uniplus Account. Statement-based savings and comes with a UOB One Debit Mastercard which you can use to get up to 10% rebate on online shopping, groceries, transport, and more.
• ‍UOB Global Currency Account. A multi-currency account that allows you to hold and manage multiple currencies in one account.
• ‍UOB Global Currency Premium Account is a premium version of the UOB Global Currency Account that offers higher interest rates and more features, such as access to foreign exchange trading services.
• UOB Wealth Account. For expats with >S$100k in assets. Lowest tier of wealth management services that provides you with a dedicated relationship manager, wealth banking centers in Singapore, and priority banking services.‍
• UOB Privilege Account. For expats with >S$350k in assets. Similar to Wealth but offers privilege banking centers across Malaysia, Indonesia, China, Vietnam, and Thailand.

To open a personal or business account in UOB Singapore as a non-resident, you will need to:

• Visit a UOB branch in person
• Bring your passport and other identification documents
• Complete the necessary paperwork

OCBC, short for Oversea-Chinese Banking Corp, is the second largest bank in Singapore. They offer a wide range of banking products and services, particularly having a reputation for being more friendly towards foreign individuals & businesses looking to open up a bank account.

OCBC offers the OCBC 360 Account, a high-yield savings account. Initial minimum deposit is S$1,000 and minimum account balance (without fee) is S$3,000.

In 2023, OCBC started offering certain non-residents the ability to open a bank account remotely:

• Individuals from Malaysia, Indonesia, mainland China and Hong Kong SAR can open SGD and multi-currency accounts on the OCBC Digital app remotely
• To start, they need to apply for an account using the OCBC Digital App and verify using their passport/ID card

For other non-residents, you can request opening a personal or business bank account as a non-resident by visiting a physical branch. Ideally, you should know what accounts you want to open (brokerage) and for what purpose (investing) to increase the chances that your banker will open your account.

HSBC Expat, short for The Hongkong and Shanghai Banking Corporation Limited, is a division of HSBC Bank (Singapore) Limited that offers financial products and services to expats across the globe.

The bank offers a variety of bank account types for expats, including:

• ‍Expat Bank Account. This account allows you to hold multiple currencies in one account, making it easy to manage your money when you are living or working in multiple countries. There is no cost for holding an account and transactions are fee-free. But you will need to meet one of these criteria:
  - Save or invest at least £50,000 (or currency equivalent) with HSBC Expat within 3 months of opening your account
  - Have a salary of at least £100,000 (or currency equivalent), or
  - Already be an HSBC Premier customer in another country or region

• ‍Multi-currency savings accounts Save in up to 19 currencies with their range of instant access and fixed-term (from 1 month) savings accounts for expats. Interest rate from 1% - 5.40%

Non-residents can open a personal or business account at HSBC Expat by visiting a local HSBC branch or submit it online and providing the following documents:

• Passport
• Visa or work permit
• Your tax details including your taxpayer identification number (TIN)
• Proof of address
• Proof of income

Standard Chartered Bank is a British multinational banking and financial services company headquartered in the UK. It has a strong presence across Asia, Africa, and the Middle East.

Here are some of the bank account types available for expats:

• ‍Wealth$aver Account is a high-interest savings account that offers up to 5.00% p.a. interest. Requires Priority Banking or above (min S$200,000)
• ‍Bonus$aver Account is a savings account that offers up to 7.88% p.a. interest on the first S$100,000.
• ‍Cheque and Save Account is a basic savings account for expats who are looking for a basic savings account with a cheque book. Minimum initial deposit is S$5,000 and minimum account balance is also S$5,000 to avoid fall-below fee of S$7.50

Non-residents can open a bank account with Standard Chartered Bank, but must deposit a minimum of S$200,000 and provide:

• Valid passport or other identification document
• Proof of address
• Proof of income