Your Guide To Student Banking In Singapore

Moving to Singapore for your studies? Super exciting! Setting up your finances early will help you settle in faster and open opportunities while you dive into university life. Choosing the right bank account isn’t just a chore, it empowers you to focus on what matters most, your adventure, your community and your growth.

Major Banks In Singapore And Types Of Student Accounts

Singapore’s banking scene is ultra-welcoming to international students, with a great mix of local and international banks. Here’s a quick overview of banks that are especially student-friendly offering versatile accounts, packed with perks just for students.

DBS/POSB

The most accessible, with branches and ATMs everywhere. Known for digital innovation and seamless student experiences.

DBS Multiplier Account: Not strictly a student account but a winner for its flexibility (no minimum deposit), a strong online platform and access to 13 currencies. There is a minimum monthly balance (often S$3,000) to avoid the fall-below fee, so budget accordingly!

* Australian dollar, Canadian dollar, Chinese renminbi (offshore), Euro, Hong Kong dollar, Japanese yen, New Zealand dollar, Norwegian kroner, Sterling Pound, Swedish kroner, Thai baht, US dollar, Singapore dollar.

OCBC Bank

Great digital platform, the FRANK account is a favourite among students for its trendy vibe and ease of use.

OCBC FRANK Account: Absolutely made for students and young adults! No initial deposit, offers bold and colourful debit card and no fall-below fees.

UOB

Wide presence in Singapore and the broader region with easy to use UOB TMRW app.

UOB One Account: The UOB One Account is ideal for international students as it offers up to 4.5% p.a. interest with simple criteria like spending S$500 on a UOB card and making three GIRO payments monthly, along with perks like cashback and easy progress tracking via the UOB TMRW app.

Bank of China (BOC)

Ideal for international students, especially if you need to manage funds across multiple currencies. BOC’s SmartSaver and student accounts offer multi-currency options and competitive rates.

Bank Of China (BOC) SmartSaver Account: Standout for multi-currency features, a big advantage if you’re transferring money from home or love to travel. The BOC SmartSaver lets you earn bonus interest if you spend on their credit or debit cards. However, do watch out for minimum balance and fall-below fees.

Citibank

A top choice for globally-minded students who want strong international banking features, digital-first account management and easy access to financial tools. Their Citi Plus account offers no minimum deposit and financial literacy resources, making it student-friendly.

Citibank Citi Plus Account: Citibank’s Citi Plus account is digital-first with no minimum deposit and a user-friendly mobile app. Enjoy up to 4% interest by spending with your Citibank card, crediting your allowance or investing through the platform. Financial tools like Wealth Smart help you sharpen your money skills along the way.

HSBC

Known for its international reach and excellent multi-currency accounts, HSBC provides easy onboarding for students and supports global transfers—perfect if you'll be moving money between countries. Also lauded for strong digital banking options and student perks.

HSBC Everyday Global Account: HSBC’s student-friendly global account lets you manage up to 10 major currencies# with no monthly fee. Perfect for those moving money internationally or planning to travel. Their digital app makes banking simple plus you can use HSBC’s international ATM network for cash withdrawals worldwide.

# Australian dollar, Canadian dollar, Euro, Japanese yen, New Zealand dollar, British Pound, Swiss franc, US dollar, Hong Kong dollar and Chinese renminbi.

Quick Tip: Minimum deposit requirements vary. Some (like FRANK) are S$0, while others (like OCBC 360 or UOB One) usually ask for S$1,000. If you apply online, banks may waive the initial deposit. Always check the latest terms!

Am I Eligible?

Most full-time international university students are absolutely eligible to open a bank account in Singapore. Banks typically require you to hold a valid Student Pass from Immigration & Checkpoints Authority (ICA) and you’ll need an address in Singapore, even a temporary one (such as a student hostel) can work, as long as you provide supporting documents.

Photo by Collabil

Notable Extra: Multi-Currency

For globetrotters and serial exchangers, multi-currency accounts are a game-changer. DBS, BOC and HSBC let you hold and transfer multiple currencies without constant conversion headaches. Perfect for scholarships, family transfers or summer travel.

Must-Know Student Banking Features

• Waived fees: Most student accounts drop pesky monthly service and fall-below fees.
• Robust digital banking: Manage your account, pay bills and transfer funds on the go, every major bank has a strong app.
• Wide ATM network: You’ll rarely be far from your money. DBS/POSB and OCBC especially have great campus coverage.
• Bonus interest: Opt for accounts that reward regular deposits or spending, let your cash work harder for you.
• Security & protection: Singapore dollar deposit accounts are insured up to S$100,000 by the Singapore Deposit Insurance Corporation (SDIC).

How To Open A Student Bank Account

Opening an account is straightforward and supportive. Here’s the typical journey:

What You’ll Need

• Passport
• Student Pass (from the ICA)
• Proof of Admission (university letter or matriculation card)
• Proof of Address (tenancy agreement, bill original copy of a faculty/hall residence letter issued by your school)
• Tax residency declaration (sometimes asked)
• Initial Deposit (amount varies: S$0 – S$1,000+ depending on the account/bank)

Steps

1. Pick Your Bank & Account: Match your needs, do you want no fees, multi-currency, perks or simple online access?
2. Prepare Documents: Originals (plus copies!) of all required paperwork.
3. Apply: Many banks allow online applications. For some, you’ll still need to drop by a branch for ID and document check. You may want to try campus-near branches for extra support.
4. Approval & Activation: Some banks approve within hours whilst others in a few days. Once opened, your debit card will be mailed or handed over and you’ll be guided on mobile banking setup.
5. Start Exploring: Activate your online or mobile banking, set up PayNow and enjoy seamless local and international transactions.