Banking in Singapore as a Brit

Opening a bank account in Singapore is one of the easier jobs on your moving list, as long as your work pass and address are sorted first.

The short version

Foreigners can open accounts with the big local banks. Expect to show your passport, your work pass (Employment Pass, S Pass or Dependant's Pass) and proof of a residential address [1][2].
Once you've registered for Singpass, Singapore's digital ID, most of it can be done on your mobile. Without it, some banks want you in a branch with original documents [1][2].
Singapore dollar deposits are insured up to S$100,000 (about £58,100) per depositor per bank by the SDIC. Back home, the FSCS covers £120,000 [3][4].
Phishing scams are a real problem. Since 16 December 2024, banks and telcos have had set duties under the Shared Responsibility Framework [5].
Keep a UK current account if you can. It's far easier to hold on to one than to open one from abroad.

Choosing a bank

Singapore's three local banks, DBS (with its sister brand POSB), OCBC and UOB, have the most branches and cash machines, and they're the three banks that run the Supplementary Retirement Scheme [6]. International banks such as HSBC, Standard Chartered and Citibank also operate here, which can make sense if you want one relationship across the UK and Asia.

Things worth comparing before you choose, as UOB's own guide for foreigners suggests [2]:

Minimum balance rules and monthly fees. Many accounts charge a fee if your balance falls below a set amount, a bit like a packaged account in reverse.
Salary crediting. Some accounts pay bonus interest when your salary goes in and you spend on the bank's card.
Foreign currency. Multi-currency accounts let you hold pounds and Singapore dollars side by side.
The app. You'll use it for PayNow, bills and transfers far more than you'll ever visit a branch.

Opening your first account

What you'll need

Document	DBS (online, without Singpass)	UOB (in branch)
Identity	Passport	Passport and a secondary ID, valid for at least 6 months
Proof of address	Proof of residential address	Latest telephone or utility bill, or a recent bank statement
Status	Proof of tax residency	Employment Pass, S Pass or Dependant's Pass

Sources: DBS documents required for account opening [1]; UOB guide to opening a bank account in Singapore for foreigners [2].

UOB says foreigners must visit a branch and that "only original documents are accepted" [2]. DBS lets you apply in its digibank app; with Singpass your details are pulled in automatically, and you'll need your FIN number and a Singapore (+65) mobile number to register for Singpass in the first place [1].

The address problem

The classic newcomer's faff is that you need an address to open an account and an account to rent a flat. DBS has a sensible workaround: you can apply with an overseas residential address if you don't have a Singapore one yet, backed by a government letter or one from a regulated insurer, and then update it in the app once you've moved in [1]. Bring a recent UK council tax bill or HMRC letter just in case.

Step by step

Get your work pass card and FIN. Your employer usually handles the pass; the FIN is on it.
Get a Singapore mobile number. Banks and Singpass both want a +65 number.
Register for Singpass. Face verification is quickest [1].
Apply. Online if your bank allows it, in a branch if not. Some accounts ask for a small first deposit [2].
Set up PayNow and your digital token. PayNow links your account to your mobile number so friends, landlords and the hawker uncle can be paid in seconds.
Give your employer the details for salary crediting before payroll closes.

Keeping your money safe

Deposit insurance

The Singapore Deposit Insurance Corporation (SDIC) insures deposits at member banks up to S$100,000 per depositor per member [3]. Your deposits at one bank are added together, so spreading larger sums across banks keeps more of it covered. Money held under CPF investment schemes is insured separately, also up to S$100,000 [3].

Compare that with the UK, where the FSCS limit rose to £120,000 per person per bank on 1 December 2025 [4]. If your savings are still in a UK bank, check it's covered by the FSCS and not an overseas branch outside it.

Scams

Singapore's banks are safe, but the scammers are busy. Fake bank messages, fake government officials and fake parcel delivery texts are all common. The Shared Responsibility Framework, run by the Monetary Authority of Singapore (MAS) with the media regulator IMDA, has applied since 16 December 2024. It sets duties for banks and telcos to guard against phishing scams, and requires them to pay affected customers where they fail in those duties [5]. You still carry most of the risk, so:

Never click a link in a text claiming to be your bank. Use the app.
Use your bank's money lock feature if it has one, which ring-fences savings so they can't be moved out digitally.
Call the ScamShield helpline on 1799 if you're unsure. The Council for Estate Agencies points renters to the same service, because fake landlords are a big part of the problem [7].

Keeping your UK bank account

Don't close your UK current account when you go. A UK account is useful for UK pensions, rental income, direct debits for a mobile contract or ISAs you've kept, and for the day you come home. Opening a new one from Singapore with an overseas address is a struggle.

Some UK banks restrict or close accounts once they learn you live abroad, so check your bank's terms before you move and tell it your new address; don't just keep using your mum's. Our guides to keeping a UK bank account when you live abroad and keeping a UK mobile number and address for banks and HMRC cover what to do.

Two Singapore-specific points:

Interest on UK savings isn't taxed in Singapore in most cases, because overseas income received here generally isn't taxable [8]. It can still be taxable in the UK; see our guide to Singapore taxes for Brits.
UK cards work here, but foreign transaction fees add up quickly at the hawker centre. Use a Singapore card for daily spending.

Moving money between the UK and Singapore

You've broadly got three routes:

Route	Good for	Watch out for
Bank-to-bank international transfer	Large one-off sums, such as a rental deposit	Exchange rate margins and fees at both ends
A licensed money transfer service	Regular transfers, often cheaper	Check it's licensed by MAS (Singapore) or the FCA (UK)
Multi-currency account at your Singapore bank	Holding pounds until the rate suits	Limits and fees on conversions

Whichever you use, compare the total cost: the fee plus the gap between the rate you get and the mid-market rate. Our guide to sending money between the UK and abroad goes through the maths. We don't recommend particular firms; check any provider's licence on the MAS or FCA register before sending a penny.

For a big transfer, such as a property purchase or the deposit on a flat in Tiong Bahru, tell your banks beforehand. Large unexpected transfers can trigger fraud checks that delay things by days.

Newcomers in our community group for Brits in Singapore are quick to share which accounts suit people waiting for a pass card, so ask there before you queue at a branch.

Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = SGD 1.7214).

Banking in Singapore as a Brit: your first account, scams and money from home