How can a foreign company open a bank account in Singapore?
Last update: 10 Oct 2025
If you’re a foreign business or sole proprietor hoping to open an SGD account in Singapore, you might be surprised by how complicated the process can be with traditional banks.
Most Singaporean banks require you to have an ACRA-registered Singapore company, maintain a local business presence and submit extensive paperwork (such as detailed financial statements and documents with multiple signatories). Plus, these banks typically require in-person visits and impose long wait times for account approval.
Even if you meet all these requirements, corporate accounts in Singapore typically have high minimum balances and deposits (up to SG$30,000 just to open an account), along with substantial ongoing fees. On top of those costs, slow transfer speeds can frustrate recipients and hamper your business operations.
Fortunately, there’s a much easier way to hold and trade in SGD. With a WorldFirst multi-currency account, you get all the benefits of a Singaporean bank account, without the hassle. And you don’t even need to be a resident in Singapore.
Below, we’ll explain why a standard Singapore bank account isn’t necessary for foreign companies and show you an easier way to open an SGD account.
In this article:
- How WorldFirst makes it easy to open a business SGD account
- How to open a World Account
- Top 3 traditional accounts for business banking in Singapore
Open your World Account for free today to start trading in SGD, minus the barriers of traditional banking.
How WorldFirst makes it simple to open a business SGD account
At WorldFirst, we specialise in empowering international businesses with simplified solutions for cross-border payments.
Our multi-currency World Account eliminates many of the barriers to opening a traditional SGD account. It lets users hold funds in 20+ currencies, including SGD, while managing all international payments from a single platform.
We’re regulated by the Monetary Authority of Singapore, and partner with global banks including Barclays, HSBC and J.P. Morgan, so we can give you a simpler way to manage SGD without sacrificing security or compliance.
Here are just some of the benefits to choosing a multi-currency account with WorldFirst:
Open an SGD account faster with a 100% online application process and simplified documentation
WorldFirst makes it much easier to open a business account in Singapore, with a digital approach designed for international companies.
With WorldFirst, you get a local SGD account without the need to establish a physical presence in the country. This removes the typical requirement of setting up a local entity, which can cost thousands of dollars and take weeks to complete through traditional banks.
And unlike traditional Singapore banks, which can require substantial minimum deposit, WorldFirst has no minimum deposit requirements and no monthly minimum balance.
The entire account opening process can be completed online, and accounts are typically approved in under 48 hours (instead of weeks or months).
What’s more, WorldFirst requires significantly less documentation than traditional business accounts. All document submission is handled online with no in-person meetings or physical document signings required. The standard Know Your Customer (KYC) requirements are straightforward:
- Company registration documents
- Director identification documents
- Basic business information
There’s no need for audited financial statements, extensive business plans or multiple signatories.
By the way, our dedicated account managers are trained to guide foreign companies through the account opening process. You can always give us a call, send an email or use live chat if any questions or issues arise.
Read more: Corporate bank account in Singapore: 5 options compared
Pay like a local in 20+ currencies, including SGD
With a World Account, you can hold funds in 20+ currencies including SGD, USD, CNH, MYR, THB, EUR and HKD, all from a single account. By holding all these currencies in the same place, you don’t need to open a local bank account in the other countries where you operate either.
For each currency, you’ll receive local details for that account, which can lower costs and boost your payment speed. Traditional banks rely on correspondent banking chains such as SWIFT that can take at least 3–5 business days to process international payments. But thanks to the local details you get with WorldFirst, 80% of transfers arrive on the same day.
You can pay even faster when your suppliers or other payees are also World Account holders, as these transfers can be processed instantly within the WorldFirst network.
Plus, with WorldFirst, you can connect directly to 130+ marketplaces and gateways, letting you receive payouts faster to keep your cashflow moving, cover expenses and pay suppliers on time. Direct connections to 130+ platforms including Amazon, Shopify, TikTok Shop and more mean you can receive many of your payouts on the same day, rather than waiting for traditional banking processing times.
Read more: What’s the cheapest international money transfer method?
Exchange currency up to 3x cheaper than banks
With traditional banks, you’ll often have to pay poor exchange rates and hidden fees, which can eat into your profit margins. WorldFirst offers competitive FX rates up to three times cheaper than banks when you factor in both transfer fees and exchange rates combined.
With WorldFirst, FX rates are capped at 0.6% for major currencies, compared to the 1–3% markups charged by traditional banks.
WorldFirst also provides advanced currency management tools to help you optimise your exchange. For instance, forward contracts allow you to hedge against currency volatility by locking in rates up to 24 months in advance, giving you budget certainty for future transactions.
And for businesses that want to capitalise on favourable market movements, we can watch the market for you. With a firm order, we’ll automatically execute a trade when the market hits the rate you want, eliminating the need to constantly monitor currency fluctuations yourself.
Earn up to 1.2% cashback on business expenses with a World Card
When you open a World Account, you can issue up to 25 free virtual World Cards (physical cards coming soon). These multi-currency cards work wherever Mastercard is accepted, giving you the flexibility to pay suppliers, marketplace fees, software subscriptions and other business expenses globally.
With the World Card, you pay zero foreign exchange fees in 15 major currencies, including SGD, HKD, AUD, USD, EUR and CNH, when you hold sufficient balance. This means when you pay a US supplier in USD or cover Amazon seller fees in EUR, you avoid the typical 2–3% FX markup that traditional business credit or debit cards charge.
Every business expense you make with the World Card earns up to 1.2% unlimited cashback – whether you’re paying marketplace seller fees, advertising costs, supplier invoices or software subscriptions. You can also assign each virtual card to specific departments, suppliers or expense categories, for easier tracking and reconciliation.
There are protections against fraud and accidental overspending too, with custom spending limits and security settings for each card. Manage your settings directly from your World Account dashboard, and instantly freeze, unfreeze or cancel cards as needed.
Read more: How to choose a virtual debit card for international payments
Manage your account and expenses with a centralised dashboard and dedicated agent support
With a World Account, you can manage all your currency accounts, payments, marketplace and gateway payouts and transfers from one central dashboard, all completely online. This eliminates the complexity of juggling multiple banking relationships and gives you real-time visibility over your global financial operations.
Your World Account integrates directly with leading accounting software including Xero and NetSuite, automatically syncing your transaction data for simplified bookkeeping and reconciliation.
When you need assistance, we provide 24/7 customer support by live chat or email. You’ll get help when you need it, regardless of time zones or language barriers. This support is backed by WorldFirst’s network of offices worldwide, ensuring you have access to local expertise wherever your business operates.
Read more: How to open a business bank account online in Singapore (4 options)
How to open a World Account
To open your account, visit our online registration portal with your mobile phone and email handy, as well as all directors’ IDs. Then:
- Click the Sign up button and choose your region
- Click the Create account button
- Enter your business and personal information, including details like estimated monthly turnover and industry
- Upload qualifying documents (see our Account Opening Help page for a full list of documents you might need).
Once you complete the application process, the verification process usually takes less than 24 hours, but may take up to 48 hours. As soon as you’re approved, you can set up your SGD account to start transacting in Singapore and beyond.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Top 3 accounts for business banking in Singapore
| Account | Currencies Supported | Fees & Deposits | Application Process | Transfer Times |
|---|---|---|---|---|
| DBS Business Multi-Currency Account | SGD + up to 12 currencies | • S$40/month • Min. deposit: S$3,000 • Min. balance: S$10,000 |
• Documents required • In-person may be required • Must be ACRA-registered with UEN |
2–4 working days |
| OCBC Business Foreign Account | SGD or multi-currency | • US$1,200 setup fee • S$50/month (SGD) or US$50/month (multi) • Min. deposit: S$5,000 • Min. balance: US$30k |
• Online application • No in-person required • UEN required |
Up to 4 working days |
| UOB Corporate Account | Multi-currency | • S$35 fall-below fee (< S$10k) • S$35 annual fee • Min. deposit: S$1,000 |
• Standard documents • In-person required • Local registration not always needed |
1–5 working days |
Singapore’s banking sector is dominated by three major local banks that have served businesses for decades.
These traditional institutions offer established corporate banking services with extensive branch networks and comprehensive business banking features. However, their offerings come with higher fees, complex requirements and often require in-person visits to complete account setup.
Below, we compare the three leading traditional bank options for businesses looking to open corporate accounts in Singapore:
1. DBS business multi-currency account
DBS is Singapore’s largest bank and offers an account designed for businesses that need to handle transactions in multiple currencies. The account enables businesses to hold up SGD and up to 12 other currencies.
Costs:
- Monthly service charge: SG$40 (waived if average daily balance is at least S$10,000 or equivalent)
- Cross-border transaction fees: SG$0 to SG$120, depending on conditions
- Minimum deposit: SG$3,000
- Minimum balance: SG$10,000
- FX rate margins: Undisclosed
Application process:
- Documents required: View checklist here
In-person visit required: Depends - Local residency/registration: Must be ACRA-registered and have a UEN
Overseas transfer times: 2–4 working days for standard telegraphic transfers
2. OCBC Business Foreign Account
The OCBC Business Foreign Account is specifically designed for businesses registered outside of Singapore that want to establish banking relationships in the country.
The account caters to international businesses looking to expand into the Singapore market or manage regional operations, and includes options for both single-currency (SGD) and multi-currency account management.
Costs:
- One-time US$1200 account setup fee
- SG$50 monthly fee for Business Foreign Account (SGD only) or US$50/month for multi-currency business account
- US$200 service charge per month if monthly average balance falls below $30,000
- Cross-border transaction fees: $30 flat fee for telegraphic transfer, plus additional fees listed here including agent fees based on remitting currency where applicable
- Minimum initial deposit: S$5,000
- FX rate margins: View rates here plus possible commissions and additional FX fees (for example, when you use your card, there’s a 2% administrative fee and cost of conversion for all foreign currency transactions, and 1% dynamic currency conversion fee for all MasterCard transactions)
Application process:
- Documents required: Undisclosed
- In-person visit required: No, but you must maintain a minimum balance of $30,000 or pay $200 monthly to maintain the account
- Local residency/registration: Online application requires a UEN
Overseas transfer times: Up to four business days depending on location
3. UOB Corporate Account
UOB offers the Corporate Current Account as its primary business banking solution for companies operating in Singapore. It includes standard business banking features such as online banking, bulk payment capabilities and multi-currency support.
Costs:
- Monthly fall-below fee of SG$35 for average daily balance below S$10,000
- SG$35 annual account fee
- Cross-border transaction fee: $10–100 + agent charges
- Minimum initial deposit: SG$1,000
- FX rate margins: Exchange rates and fees listed here
Application Process
- Documents required:
- Account opening form
- Identity documents of all approved persons and signatories
- Proof of residential address
- Account opening resolution
- Certificate of incorporation (or equivalent document)
- Memorandum & Articles of Association (or equivalent)
- FATCA self-certification or IRS withholding certificate
- Additional supporting documents as required by the bank
- In-person visit required: Yes
- Local residency/registration: Not necessarily
Overseas transfer times: 1–5 business days with SWIFT
Get SGD account access without the traditional banking hassles
Opening a traditional Singapore bank account can be challenging or even impossible for many foreign businesses. But WorldFirst removes the barriers to access associated with traditional accounts, while offering the same features you need to do business in Singapore and globally.
With a World Account, you can make fast, affordable payments, save on fees and pay in SGD or over 200 other currencies.
Open a World Account today and start accessing SGD account services in as little as 48 hours.
Frequently asked questions (FAQs)
Why do businesses need a corporate bank account in Singapore?
A corporate bank account helps business owners separate personal and business finances, manage cash flow and build credibility with suppliers and partners. It’s also required for SMEs, startups and foreign-owned companies to carry out many business activities in Singapore.
What required documents are needed to open a business bank account in Singapore?
Traditional banks often ask for a certified true copy of the company’s business profile from ACRA, identity documents for business owners and ultimate beneficial owners, proof of address and additional documents depending on the type of business and service provider.
Are foreign-owned companies eligible to open a corporate bank account in Singapore?
Yes, but eligibility depends on the bank. Many banks require local incorporation or a Singapore business presence, and may ask for necessary documents proving business activities before approving the account application.
What eligibility requirements do banks consider when reviewing a corporate account application?
Banks typically assess the company’s business profile, type of business, ownership structure and compliance documents. Some may require certified true copies of incorporation papers and identification for directors and ultimate beneficial owners.
Can entrepreneurs open a business bank account without a local company registration?
Most traditional banks in Singapore require ACRA registration and a company’s business profile, but some digital banking platforms and international service providers allow entrepreneurs to open accounts with fewer barriers and less extensive documentation.
How can a foreign company open a bank account in Singapore?
As a foreign business, you may struggle to open a Singaporean business through traditional banks. Luckily, there’s an alternative built specifically for you.
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