Banking system in the Singapore

Singapore is one of the mainstream financial centers of the world and a worth mentioning distribution center point of funding in Southeast Asia. The Monetary Authority of Singapore (MAS) controls all the functions of a central bank including the issuance of money. MAS was established under the MAS act of 1976, however, it has been already started its operations on January 1, 1971.

Apart from controlling and regulating the financial institutions, the MAS has a Financial Sector Promotion Department that introduce new financial exercises, creates IT framework and manpower assets for the financial sectors, and plans proper motivations to pull in international financial firms to lead exercises in Singapore.

The country has also made the most advanced banking systems in the world, numbering around 700 local and overseas banks and financial foundations providing services such as customer banking, asset management, stock trade, investment banking, and specific insurance services.

Country’s continuous growth in the banking sector has given the fame to the country as Switzerland of Asia. All credit goes to the quickly developing monetary, stable political condition, sound legal and tax policies, and also the strict implementation against crime and tax evasion, have added to Singapore's position as the main worldwide Finance Center; the third biggest in Asia, after Japan and Hong Kong.

A report proposed by the central bank’s Macroeconomic Surveillance Department states that Singapore’s banking system is capable and durable enough to survive in any external disaster. Possessing high asset quality and local banks have a great amount of capital available from the required amount and the liquidity positions are also very strong.

In a regulatory test of MAS, the test indicate that the banks are meeting with the regulatory capital requirements even under the harsh conditions, which indicates that how strongly the MAS can handle any industry-wide stress.

Individuals are keen on opening a bank account in Singapore as they have low tax rates, double taxation treaty with developed and developing countries, investment opportunities, favourable exchange rates and easy ways to withdraw cash. There are two ways of opening a bank account – offshore bank account and bank accounts for tourists. The bank accounts are multicurrency in nature and provides secure online banking.

Offshore Banking in Singapore

Banks Available at Singapore

HSBC is the largest bank in Singapore and provides one of the best rates for opening a bank account. It operates in the Asia Pacific region and has multiple offices spread throughout this region. It provides 24 hour currency exchange. It comes with a lot of benefits other than banking including providing insurance online and in investment opportunities. The minimum opening bank account is slightly on the higher side.

DBS has many branches across Singapore. Apart from providing bank accounts it also helps the businessmen in wealth management and business banking solution. The initial bank account opening balance is USD 10,000.

It provides interest rates of upto 0.25% for the first 100,000 units. They provide 24x7 banking facility and are a very safe bank to have your accounts. It provides various facilities for small business owners who want to open their account. Other services include business, commercial and corporate banking.

Standard Chartered Bank provides excellent service for opening an account. Account holders get full access to their money 24x7 across the globe without any restrictions.

Documents Required For Opening Bank Account

Banking Benefits in Singapore

  1. No personal visit to the bank or country required
  2. Minimum balance required is USD 6500
  3. Minimum account deposit required is USD 1300
  4. Transactions in multi-currency is available
  5. No need of physical presence to open a bank account
  6. Minimum a week required to open your bank account
  7. Widely available for foreign nationals as well

Why form an offshore bank account with DNS?

We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.