If you are a foreigner living in Singapore, you might be wondering if you are eligible to open a DBS savings account. The answer is yes, you can! DBS is one of the largest banks in Singapore and offers a wide range of savings accounts that cater to the needs of both locals and foreigners.
To open a DBS savings account as a foreigner, you must meet specific eligibility criteria and provide the required documents. The eligibility criteria may vary depending on the type of account you wish to open.
Still, generally, you need to be at least 18 years old, have a valid passport, and hold a valid work permit or employment pass. You also need to have a local address and a Singapore mobile number.
Once you meet the eligibility criteria, you can proceed to open a DBS savings account by following a step-by-step guide provided by the bank. The straightforward process can be completed online or at a DBS branch. This article will examine the eligibility criteria, required documents, types of savings accounts available, banking features and benefits, account management and support, and additional information for foreign account holders.
Key Takeaways
- Foreigners can open a DBS savings account in Singapore, provided they meet specific eligibility criteria and provide the required documents.
- The eligibility criteria may vary depending on the type of account you wish to open. Still, you need to be at least 18 years old, have a valid passport, and hold a valid work permit or employment pass.
- DBS offers a wide range of savings accounts that cater to the needs of locals and foreigners, and the account opening process is straightforward and can be completed online or at a DBS branch.
DBS Savings Account: Eligibility Criteria for Foreigners
If you are a foreigner looking to open a savings account with DBS in Singapore, you will be pleased to know that it is possible. However, there are specific eligibility criteria that you need to meet, depending on your immigration status.
Employment Pass and S Pass Holders
If you hold an Employment Pass or S Pass in Singapore, you can open a savings account with DBS. You will need to provide your passport, work permit, and proof of address in Singapore. DBS may also require you to provide a letter from your employer stating your salary and employment status.
DBS Savings Account: Students and Dependent Pass Holders
Foreign students and dependents of Employment Pass holders are also eligible to open a savings account with DBS. You will need to provide your passport, student or dependent pass, and proof of address in Singapore. DBS may also require you to provide a letter from your educational institution or sponsor stating your status and financial support.
Permanent Residents and Malaysians
If you are a Permanent Resident of Singapore or a Malaysian citizen, you are eligible to open a savings account with DBS. You will need to provide your passport or Malaysian IC, as well as proof of address in Singapore.
In summary, if you are a foreigner in Singapore and meet the eligibility criteria outlined above, you can open a savings account with DBS. Make sure to have all the necessary documents ready and visit a DBS branch to start your application process.
DBS Savings Account: Required Documents for Account Opening
If you are a foreigner looking to open a savings account with DBS, you will need to provide certain documents as part of the account opening process. In this section, we will discuss the required documents in detail.
DBS Savings Account: Identification and Residency Proof
To open a savings account with DBS, you must provide a valid passport as proof of your identity. Additionally, you must provide proof of address, such as a utility bill or bank statement, to verify your residency status in Singapore.
Employment and Income Verification
DBS requires foreigners to provide proof of employment and income before opening a savings account. This can be a work permit or an in-principle approval (IPA) letter from the Ministry of Manpower. To comply with Singapore’s tax regulations, you must also provide proof of tax residency, such as a tax return or a tax residency certificate.
Overall, the account opening process for foreigners with DBS is straightforward as long as you have the required documents. With no minimum balance and no monthly fees, a DBS savings account is an excellent option for anyone looking to save money in Singapore.
DBS Savings Account: Step-by-Step Guide to Open an Account
Opening a DBS savings account as a foreigner is an easy process that can be done online via the Digibank app or in person at a branch. Here is a step-by-step guide to help you through the process.
DBS Savings Account: Online Application via Digibank
- Download the Digibank app on your mobile phone from the App Store or Google Play Store.
- Register for a Digibank account using your Singpass or MyInfo account.
- Once you have registered, log in to your account and select “Open an Account”.
- Follow the instructions to complete the application process. You will need to provide your personal details and upload a copy of your passport and proof of address.
- Once your application is approved, you will receive an email with your account details and instructions on how to activate your account.
DBS Savings Account: In-Person Application at a Branch
- Locate a DBS branch near you using the branch locator on the DBS website.
- Bring your passport and proof of address to the branch.
- Inform the bank staff that you would like to open a savings account.
- The staff will provide you with an application form to fill in your details.
- Once you have completed the form, please submit it to the staff with your passport and proof of address.
- The staff will process your application and inform you of the outcome.
Please note that the documents required for account opening may vary depending on your nationality and the type of account you are opening. It is best to check the DBS website or contact the bank directly for more information.
With the ease of opening a DBS savings account, you can start saving and earning attractive interest rates on your deposits.
Types of DBS Savings Accounts Available
If you are a foreigner looking to open a savings account with DBS, you will be pleased to know that there are several options available. Here are some of the most popular savings accounts offered by DBS:
DBS Multiplier Account
The DBS Multiplier Account is a popular choice for many customers, as it offers high interest rates and a range of benefits. To get the most out of this account, you need to credit your salary and transact with your DBS Visa Debit Card. You can also earn bonus interest by investing, insuring, or taking out a home loan with DBS.
POSB Saye Account
The POSB Saye Account is an excellent option if you are looking to save regularly. This account offers a higher interest rate than many other savings accounts, and you can set up a standing instruction to transfer a fixed amount of money from your DBS/POSB account to your Saye Account every month.
DBS MySavings Account
The DBS MySavings Account is a personal savings account that offers competitive interest rates and no minimum balance requirements. You can access your account online or via your mobile phone, and you can withdraw money from any DBS/POSB ATM.
DBS eMySavings Account
The DBS eMySavings Account is a joint-alternate savings account that can be opened online. This account offers competitive interest rates and no minimum balance requirements, and you can access your account via your mobile phone or online banking.
In conclusion, DBS offers a range of savings accounts that are suitable for foreigners. Whether you are looking for a personal account, a joint-alternate account, or a high-interest account, DBS has something to suit your needs.
DBS Savings Account: Banking Features and Benefits
As a foreigner in Singapore, opening a bank account with DBS is a great way to manage your finances and enjoy a range of features and benefits.
Interest Rates and Savings
With a DBS savings account, you can earn interest on your savings. The interest rates vary depending on the type of account you choose, but they are competitive and can help your money grow over time. Plus, you can enjoy no minimum balance requirements and no fall-below fees with most accounts.
DBS Visa Debit Card and Credit Card
When you open a savings account with DBS, you can also apply for a DBS Visa Debit Card or Credit Card. With these cards, you can make purchases online and in-store, withdraw cash from ATMs, and enjoy exclusive promotions and discounts. Plus, you can earn cashback on your spending with some cards.
Online and Mobile Banking
DBS offers convenient online and mobile banking services that allow you to manage your account from anywhere, at any time. With the DBS iBanking and DBS digibank apps, you can view your account balance and transaction history, transfer funds, pay bills, and more.
Multi-Currency and FX Services
If you need to make international payments or receive money in different currencies, DBS offers multi-currency and FX services that can help you save time and money. With DBS Remit, you can send money overseas quickly and securely, with competitive exchange rates and low fees. Plus, you can open a Wise Multi-Currency Account and link it to your DBS account to enjoy even more flexibility and convenience.
Overall, opening a DBS savings account as a foreigner in Singapore is a smart choice that can help you manage your finances and enjoy a range of banking features and benefits.
DBS Savings Account: Account Management and Support
If you are a foreigner looking to open a savings account with DBS, you will be pleased to know that managing your account is simple and straightforward. In this section, we will discuss the fees and charges associated with the account, as well as the customer support and assistance available to you.
Understanding Fees and Charges
DBS offers a range of savings accounts, each with its own set of fees and charges. As a foreigner, you may be subject to additional costs, such as service charges or account fees. It is essential to understand these fees before opening an account to avoid any surprises later on.
To help you understand the fees and charges associated with your savings account, DBS provides a comprehensive list of charges on its website. This list includes details on charges for banking services such as ATM withdrawals, fund transfers, and foreign currency transactions.
Customer Support and Assistance
DBS provides excellent customer support and assistance to all its customers, including foreigners. If you have any questions or concerns about your savings account, you can contact the bank’s customer service team for help and support.
The bank also provides a range of online resources to help you manage your account, including a detailed FAQ section and video tutorials. If you require more personalized assistance, you can visit one of DBS’s branches in Singapore, where a customer service representative will be happy to assist you.
To open a savings account with DBS as a foreigner, you will need to provide supporting documents such as your passport and proof of address. If you require help with the account opening process or have any questions about the fees and charges associated with your account, don’t hesitate to reach out to DBS’s customer support team for assistance.
DBS Savings Account: Additional Information for Foreign Account Holders
If you are a foreigner looking to open a savings account with DBS, there are a few things you should know before you get started.
Minimum Balance and Initial Deposit
To open a DBS savings account as a foreigner, you will need to make an initial deposit of at least SGD 1,000. Additionally, you will need to maintain a minimum balance of SGD 1,000 in your account at all times. If your balance falls below this amount, you may be subject to fees or penalties.
Age Restrictions and Approval Process
To open a savings account with DBS as a foreigner, you must be at least 18 years old. You must also provide a valid passport, proof of address, and other documentation as part of the approval process. DBS may also conduct a credit check to determine your eligibility for an account.
No Minimum Balance
It’s worth noting that DBS offers a savings account option with no minimum balance requirement. This account is called the DBS eMulti-Currency Autosave (eMCA) account, and it allows you to save in multiple currencies without being subject to any minimum balance requirements. However, this account is only available to Singaporean citizens and permanent residents.
Overall, opening a savings account with DBS as a foreigner is straightforward as long as you meet the minimum balance and age requirements. With a wide range of account options, including multiple currencies, DBS is an excellent choice for anyone looking to save money and manage their finances in Singapore.
Frequently Asked Questions
What’s the scoop on non-Singaporeans opening a DBS savings account?
Good news for non-Singaporeans: you can open a DBS savings account as long as you meet the eligibility criteria. The bank offers a range of savings accounts to suit different needs and lifestyles, including the DBS Multiplier Account and the DBS eMulti-Currency Autosave Account.
Is it possible for someone without a Singpass to kick off a DBS account?
Yes, it is possible to open a DBS savings account without a Singpass. However, you will need to visit a DBS branch in person to complete the account opening process. Make sure to bring along all the necessary documents, such as your passport and proof of address.
How do work permit holders go about setting up a DBS bank account?
Work permit holders can open a DBS savings account by visiting a DBS branch in person. You will need to bring along your passport, work permit, and proof of address. Alternatively, you can also apply for an account online if you have a Singpass.
Can I start my DBS savings account adventure from abroad?
Unfortunately, you cannot open a DBS savings account from abroad. You will need to be physically present in Singapore to complete the account opening process. However, you can start the process online and visit a DBS branch when you arrive in Singapore.
What are the steps for a foreign national to get a DBS bank account up and running?
To open a DBS savings account as a foreign national, you will need to visit a DBS branch in person with your passport and proof of address. Alternatively, you can also apply for an account online if you have a Singpass. Once your account is open, you can start enjoying the benefits of banking with DBS.
What’s the lowdown on opening a DBS bank account online for someone not from Singapore?
If you are not from Singapore, you can still open a DBS savings account online if you have a Singpass. However, you will need to be physically present in Singapore to complete the account opening process. If you do not have a Singpass, you will need to visit a DBS branch in person to open an account.
