Ranked as #2 in on the World Bank's Ease of Doing Business 2020, Singapore offers itself as an attractive financial destination with various tax-relieving structures, a strong banking system, business-friendly processes for credit, and support for cross-border trade.
Whether you're Singaporean or non-Singaporean, a resident, non-resident, expat or someone who's never been before, there are many options available at different cost levels of maintaining a bank account in Singapore.
Private Expat Bank Account
The best option is to open an HSBC Expat (formerly known as HSBC International) which is the leading banking services provider for people who live in countries other than that of their own citizenship status (non-residents). You can sign up for an HSBC Expat account (account type options include Multi-Currency Current, Savings or Investment accounts) online from anywhere in the world, for a minimum sum of USD$2,000.00. The current account is available in the world's three leading currencies, i.e. EUR, USD or GBP, and the maintenance fees are decently tariffed at £25 per half year (£50 per annum/year).
Business/Corporate Account
Due to recent stringent measures the Singaporean Monetary Authority (MAS) has taken to vetting new and existing foreign clients, it has become more tedious, is the right word I think, to open a business account in Singapore. Oversea-Chinese Banking Corporation (OCBC) has been known to be the lead provider of business bank accounts, moreover known for their flexible multi-currency features, as well as their scalability offerings for all sizes of business, which allow smaller start-ups for example, to pay less maintenance and transaction fees.
Advantages of a Singaporean Bank Account
Banks in Singapore function without government-imposed financial restrictions on the movement of funds, i.e. it is easy to receive and pay out money internationally. Only countries on the United Nation's and Singapore's sanction lists, such as Russia, will have require great deal of administrative processing and perhaps even weeks to months worth of a transaction being verified and finally sent through.
Singapore is one of the few countries on Earth that has banks which can offer easy-to-access multi-currency bank accounts. Once you've applied online for the account and met all the necessary initial deposit requirements, your VISA/Mastercard debit or credit card will be shipped to you via mail, or for certain business account arrangements, you'll have to physically pick it up from one of your respective bank's local outlets/branches.
For more information on requirements: How to Open a Business Bank Account in Singapore: Guide for Expats, Non-residents, and Foreigners (wallex.asia)
HSBC Expat eligibility test: Offshore Bank Accounts (hsbc.com)
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