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Old Jul 24th 2017, 8:39 pm   #1
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Default Opening a Bank Account in Singapore for Dependent Spouse

Hullo All,

Well...after being in the US for 18 months, hubby and I will be moving to Singapore. I'm going there as his dependent.

Question background: I've been reading various articles online about how to open a personal bank account in Singapore, separate from my husband but the articles I've read ran the gamut of "Sure you can, if you have $200,000 to spare" to "Nope, impossible, you can only open a joint account with your spouse."

Main Question: Is it possible to open an individual bank account in Singapore for a dependent spouse? I'm hoping it's not as convoluted as when I had to open a US bank account. To all those who had gone through this, your experiences would help a lot.

Thanks.
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Old Aug 8th 2017, 6:50 pm   #2
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Default Re: Opening a Bank Account in Singapore for Dependent Spouse

I've done some more forum searching and have emailed a couple of Singaporean banks regarding this.

HSBC is the only one that responded to my query:

Based on the email they sent, it is possible for dependent Visa holders to open their own savings and/or current bank account with HSBC without being a joint holder.

Minimum initial deposit is S$1,000.

For those wanting a credit card, I'm quoting from their 7-page application form which apparently takes 15 minutes to fill up.

"All applicants must be at least 21 years of age with a minimum annual income of S$30,000 p.a. (S$250,000 p.a. for HSBC Visa Infinite credit card) for
Singaporeans or permanent residents (PR). A minimum annual income of S$40,000 p.a. (S$250,000 p.a. for HSBC Visa Infinite credit card) for
self-employed and commission-based Singaporeans or PR and foreigners residing in Singapore applies."

Applying is okay, approval is another thing.
Will find out once I'm already in Singapore.
Anyone who has had a direct experience can chime in.
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Old Aug 10th 2017, 11:39 am   #3
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Default Re: Opening a Bank Account in Singapore for Dependent Spouse

I'm Not based in Singapore so don't know chapter and verse but..... since it is possible to open bank accounts in Singapore even if you don't live there, I wouldn't have thought it a problem . I'm sure hsbc will sort you out.

Are you American? Just asking as I know some banks in Asia may restrict kinds of accounts.... something to do with US tax rules or something.

Enjoy Singapore
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Old Aug 10th 2017, 1:10 pm   #4
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Default Re: Opening a Bank Account in Singapore for Dependent Spouse

Quote:
Originally Posted by bakedbean View Post
I'm Not based in Singapore so don't know chapter and verse but..... since it is possible to open bank accounts in Singapore even if you don't live there, I wouldn't have thought it a problem . I'm sure hsbc will sort you out.

Are you American? Just asking as I know some banks in Asia may restrict kinds of accounts.... something to do with US tax rules or something.

Enjoy Singapore
Based on the requirements I've seen from the local Singapore banks, it's not that easy to open a bank account if you're not a citizen or a permanent resident and you hold a dependent pass. If you hold a work visa, there's no problem, unless you're an American passport holder, that gets tricky. I hold an Australian passport.

While they do offer banking services, some prefer Priority clients. This is where they require about $100k to $200k minimum assets / deposit.

Thanks!
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Old Sep 29th 2017, 5:46 am   #5
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Default Re: Opening a Bank Account in Singapore for Dependent Spouse

Hi again!

We finally moved to Singapore and opening a bank account was very easy, unlike what I read in some forums.

The day I got my dependent pass letter, husband and I went to UOB since they had good reviews and they have a low opening deposit (SGD 1,000).

The staff were generally lenient.

They required the following:

- the Dependent Pass Card for me to open a bank account in my name but they allowed me to have a joint account with husband.
- Tenancy agreement, the entire contract.
- Passport
- SGD 1,000 in cash or local cheque

While setting up the account took close to an hour, we received our own debit cards on the same day since they had the cards ready and merely had to emboss our names on the card and activate them.

When my DP Card arrived, I went back and opened my own bank account and signed a form stating I was not an American citizen.

Apparently, there are limited banks in Singapore that take on US citizens due to the requirements imposed by the US gov't.
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Old Sep 29th 2017, 7:11 am   #6
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Default Re: Opening a Bank Account in Singapore for Dependent Spouse

Getting to be the same the world over Orchid. Banks have to make annual reports to the US IRS for all accounts held by US citizens so many of them just won't take them.
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