Banking in Singapore for Australians

Short answer: once your pass is issued, opening an account at DBS, OCBC or UOB takes a day or less. The trick is avoiding monthly fees and bad exchange rates.

The short version

The big three local banks are DBS (with its mass-market arm POSB), OCBC and UOB. Most Australians bank with one of them because that's where salaries, rent and PayNow all work most easily.
Foreigners generally need a passport and a valid pass such as an Employment Pass or S Pass. Some banks also want proof of a Singapore or overseas address [1][2].
Many accounts charge a fall-below fee if your average daily balance drops under S$3,000: S$2 a month at OCBC (waived in year one) and S$5 at DBS Multiplier (waived for under-30s) [1][3].
PayNow lets you send Singapore dollars instantly with just a mobile number or FIN, and it's free [4]. GIRO is the direct debit you'll use for bills, tax and rent.
Moving AUD across is cheaper with a specialist service or a multi-currency account than with a standard bank wire. Compare the rate you get against the mid-market rate.

Before you can open an account

Singapore banks want to see your work pass. In practice that means waiting until your Employment Pass card is issued, or at least until you have the in-principle approval letter and have landed. Until then, use your Australian card (check its foreign transaction fee) and a small amount of cash.

You'll usually need:

Document	Why they ask	Tips
Passport	Identity	Bring the one your pass was issued against
Employment Pass, S Pass or Dependant's Pass	Proof you can live here	A pass card or issuance notice, depending on the bank
Proof of address	Anti-money laundering checks	A tenancy agreement, Singapore phone bill or utility bill. OCBC also accepts overseas address documents if you've just arrived [2]
Initial deposit	Some accounts need one	S$1,000 for the OCBC 360 Account [1]; none for DBS Multiplier [3]

Documents generally need to be recent (OCBC asks for within three months) and in English or translated [2].

Choosing between DBS, OCBC and UOB

All three are solid, regulated by the Monetary Authority of Singapore and have plenty of ATMs. The differences are mostly in how you open an account and how the bonus interest works.

	DBS Multiplier	OCBC 360 Account	UOB One Account
Opening for foreigners	In the digibank app, with Singpass or by uploading your passport [3]	Branch visit for new foreign customers; app only if you already bank with OCBC [1]	Check current requirements with UOB
Initial deposit	None [3]	S$1,000 [1]	Check with UOB
Fee if average balance is under S$3,000	S$5 a month, waived for ages 29 and under [3]	S$2 a month, waived for the first year [1]	Check with UOB
Bonus interest triggers	Salary credit plus spending and other products [3]	Salary of at least S$1,800, saving more each month, card spend, insurance, investments [1]	Card spend of at least S$500, plus a salary of at least S$1,600 or three GIRO debits [5]

Bonus interest rates change often, so we haven't listed them. The headline rate usually needs your salary credited to that account, so pick the bank your salary will go to and set up the account before your first payday.

ANZ customers, take note: ANZ sold its Singapore retail banking business to DBS in 2017, so there's no ANZ branch to walk into here.

Opening an account, step by step

Get your pass and FIN. You can't open a regular resident account without them.
Set up Singpass if you're eligible. It speeds up DBS's online opening, and you'll need it for IRAS and other government services anyway.
Pick the bank your salary will go to. Tell HR before your first pay run.
Apply in the app or book a branch visit. Bring your passport, pass and proof of address.
Register for PayNow with your mobile number once the account is live.
Set up GIRO for your rent, utilities and IRAS tax instalments.

PayNow and GIRO: how money moves in Singapore

PayNow is Singapore's version of PayID. You link your mobile number or NRIC/FIN to your account once, and people can pay you instantly, 24/7, for free, over the FAST network [4]. Banks including DBS/POSB, OCBC, UOB, HSBC, Citibank, Standard Chartered and Maybank take part, and so do e-wallets such as GrabPay and Wise [4]. Hawker stalls, landlords and friends splitting a dinner bill all expect it. Look for the PayNow QR code at the counter.

GIRO is Singapore's direct debit. You'll use it for SP Group utilities, telco bills, rent if your landlord agrees, and IRAS tax instalments. It's also one of the ways salary lands, and both DBS and OCBC count salary paid by GIRO, FAST or PayNow towards bonus interest [1][3].

NETS and contactless cards cover everyday spending. Many places take Visa and Mastercard, and the MRT and buses accept contactless bank cards too.

Moving money from Australia to Singapore

You'll probably move AUD across at least once: a rental deposit, a bond for a car, or savings to tide you over until payday. Rent deposits for condos are often a month or two of rent up front, so this can be a five-figure transfer.

How the main options compare:

Option	How it works	Watch out for
Australian bank international transfer (SWIFT)	Send from your CommBank, Westpac, NAB or ANZ account to your Singapore account	A transfer fee plus an exchange rate margin, and sometimes intermediary bank fees
Specialist transfer service	Pay AUD in locally, receive SGD locally	Fees and margins are usually lower; compare on the day. Some, like Wise, also connect to PayNow [4]
Multi-currency account at a Singapore bank	Hold AUD in your Singapore account and convert when the rate suits	The bank's own exchange rate still applies
Australian card at a Singapore ATM	Withdraw SGD cash	Foreign transaction fees and ATM fees; fine for emergencies only

A simple way to compare: look up the mid-market AUD/SGD rate on the day, then work out how many Singapore dollars each option actually lands in your account after fees. That number is the only one that matters.

For larger amounts, expect your Australian bank to ask what the money is for and where it's going. That's normal anti-money laundering checking, not a red flag. Our guide to sending money home covers the reverse trip.

Keep your Australian accounts open

Most Australians keep at least one account at home for super, Medicare refunds and HECS repayments. Tell your bank you've become a foreign resident for tax purposes if that's the case, so it withholds tax on interest correctly. We explain this in keeping your Australian accounts while abroad.

When your pass ends

Your Singapore account is tied to your pass. When it expires, gets cancelled or you change to a different pass, the bank expects updated details. If you don't provide them, banks can restrict the account and may close it.

Before your last day:

Update the bank with any new pass, or tell it you're leaving.
Wait for your final pay. Your employer holds your final salary until the IR21 tax clearance is done, so don't close the account too early.
Cancel GIRO arrangements once the last utility and tax bills are paid.
Move the balance home using the cheapest option above.
Close the account in person or through the app, and keep the closing statement.

Some Australians keep a Singapore account open after leaving for a final tax refund or a deposit that's slow to come back. Ask your bank whether that's allowed for non-residents and what fees apply.

Want to know which bank other Aussies have found easiest? Ask in Cooee Singapore, our Facebook group for Australians in Singapore.

Banking in Singapore: opening an account and moving money from Australia