Whether you reside overseas or are a non-resident in Singapore, it is possible to open a personal bank account in Singapore without having to visit the country. However, foreign or non-resident business owners must physically visit the banks to open corporate bank accounts in Singapore.
Bank representatives will conduct interviews with applicants before making a final decision on whether to approve the opening of a corporate bank account in Singapore or not.
The primary reason why many foreigners choose to open bank accounts in Singapore is the safety and security that the country provides for individuals and businesses. Moreover, while other banks around the world are also considered safe for opening foreign bank accounts for saving, investments, and trading, banks in Singapore are often the preferred choice due to the convenience they offer in managing accounts through the banking system.
In other banks, international transactions often involve significant time delays and complicated communication between bankers and account holders.