DBS Bank Singapore
traditional bank
DBS Bank is Singapore's largest bank by assets and one of Southeast Asia's most internationally regarded financial institutions, consistently ranked among the world's best digital banks. It offers a full suite of retail, private, and business banking products across Singapore, Hong Kong, India, Indonesia, China, and Taiwan. For expats and new arrivals in Singapore, DBS is a natural first port of call: accounts can be opened in-branch or partially online, and the digibank mobile app supports 12 currencies with competitive foreign exchange rates. The flagship Multiplier account rewards salary crediting and card spend with tiered interest up to 4.1% p.a. on SGD balances. DBS does not accept US persons due to FATCA compliance burden. Non-residents holding a valid Singapore work or dependent pass can open accounts; tourists cannot. Business accounts (DBS Business Multi-Currency Account) are well-suited to Singapore-incorporated entities and regional SMEs. MAS-regulated and deposits insured up to SGD 100,000 by SDIC.
Details
- Headquarters
- Singapore
- Currencies
- 12
- Monthly Fee
- $4
- Non-Residents
- Accepted
- US Persons
- Not accepted
- Debit Card
- Available
- Business Account
- Available
Opening Requirements
- •Valid passport or Singapore NRIC/FIN
- •Proof of residential address (utility bill, bank statement, or equivalent dated within 3 months)
- •Employment Pass, S Pass, or Dependant's Pass (for non-residents/foreign nationals)
- •Minimum initial deposit (SGD 1,000 for most accounts; SGD 3,000 for Multiplier account)
- •Tax Identification Number and CRS self-certification form
- •Source of funds declaration for compliance screening
Restricted Nationalities
Not available to nationals of: north-korea, iran, myanmar, syria, russia
Nationality Acceptance Matrix
Who this provider will and will not onboard. Refusals are listed first. Sourced from the provider's own published terms and recent public onboarding reports — confirm with the provider before applying.
| Nationality | Accepted | Notes |
|---|---|---|
| us | NO | US persons declined across all DBS retail and business accounts due to FATCA compliance costs and reporting complexity. |
| russia | NO | Russian nationals restricted post-2022 MAS/international sanctions alignment; individual review may apply. |
| iran | NO | Blocked — OFAC/UN Iran sanctions apply under MAS guidance. |
| north korea | NO | Blocked — UN/OFAC DPRK sanctions. |
| myanmar | NO | Myanmar nationals face heightened scrutiny or decline following MAS AML advisories post-2021 coup; case-by-case review. |
| syria | NO | Blocked — UN/OFAC Syria sanctions. |
| singapore | YES | Singapore citizens are the primary retail market; full product suite available. |
| china | YES | Chinese nationals accepted; CRS self-certification and enhanced due diligence required. DBS has a large Chinese-speaking customer base in Singapore. |
| india | YES | Indian nationals accepted; DBS India subsidiary operates separately but Singapore accounts open to Indian EP/S Pass holders. |
| malaysia | YES | Malaysian nationals commonly open DBS Singapore accounts; cross-border DBS presence simplifies transfers. |
| uk | YES | UK nationals accepted with standard KYC; popular among UK expats on Singapore Employment Passes. |
| australia | YES | Australian nationals accepted with standard KYC documentation. |
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Sources & last verified
- Last verified 2026-06-15