DBS Bank Singapore
traditional bank
DBS is Singapore's largest bank and consistently ranked among Asia's best. The DBS Multi-Currency Account holds 13 currencies with the ability to lock in exchange rates. Non-residents can open accounts in person at a Singapore branch. DBS Altitude and Vantage cards provide strong travel rewards. Digital banking via digibank is best-in-class for the region. Business accounts (DBS BusinessClass) support multi-currency operations, PayNow, and SWIFT transfers. Singapore accounts are subject to MAS regulation with strong depositor protection up to SGD 75,000 under the Singapore Deposit Insurance Scheme. Does not accept US persons due to FATCA complexity.
Details
- Headquarters
- Singapore
- Currencies
- 13
- Monthly Fee
- $7
- Non-Residents
- Accepted
- US Persons
- Not accepted
- Debit Card
- Available
- Business Account
- Available
Opening Requirements
- •Passport or NRIC
- •Proof of Singapore address OR overseas address for non-residents
- •Employment Pass, S Pass, or valid visa (for non-citizens)
- •Minimum initial deposit (SGD 1,000 for multi-currency; waived for some accounts)
- •In-person visit or MyInfo (SingPass) digital onboarding for residents
Restricted Nationalities
Not available to nationals of: united-states, north-korea, iran, cuba, syria
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 generally not accepted for new accounts; DBS declined FATCA compliance path for retail/priority banking in Singapore. |
| russia | NO | Russian and Belarusian nationals restricted post-2022; MAS-aligned sanctions compliance. |
| iran | NO | Blocked — UN/MAS/OFAC sanctions. |
| cuba | NO | Blocked — OFAC Cuba sanctions. |
| north korea | NO | Blocked — UN/OFAC DPRK sanctions. |
| syria | NO | Blocked — UN/MAS/OFAC Syria sanctions. |
| uk | YES | UK nationals accepted; in-person Singapore branch visit typically required for non-residents. |
| eu | YES | EU nationals accepted; standard KYC and minimum deposit applies. |
| china | YES | Chinese nationals widely accepted; DBS has significant China operations. |
| myanmar | YES | Accepted with enhanced due diligence; specific designated individuals screened; DBS has historical Myanmar banking presence. |
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