How to Open a US Bank Account in Singapore
Individuals and businesses based in Singapore might find it difficult to open a US bank account. Fortunately, EMI services like Payset provide alternative multi-currency IBAN accounts that make saving and transacting the US dollar easy anywhere in the world.
Key Takeaways
- Individuals and businesses in Singapore often need to work with the US dollar
- Opening a traditional US bank account from Singapore can be challenging
- Electronic Money Institutions (EMI) such as Payset provide alternative multi-currency accounts that are easy to access anywhere in the world
If you live in Singapore or operate a business in the country, you might need to make transactions involving the US dollar (USD). Opening a USD account is useful whether you intend to send money between friends and family, pay employees, or simply hold, spend, and save the currency.
Opening a traditional US bank account from Singapore can be challenging, and it’s only possible to do so under some circumstances. Businesses seeking a US bank account typically need to be registered in the US, and individuals usually need to be able to visit a bank branch in person.
If you’re looking for a simpler alternative, you might consider electronic money institutions (EMIs) like Payset, which provide a more easily accessible alternative: multi-currency accounts.
Why Open a US Bank Account in Singapore?
Opening a US bank account in Singapore has numerous benefits.
First, using a US bank account streamlines USD transactions. If you receive USD transactions and plan to transact in the same currency, a US bank account can help you avoid conversion costs and other fees. If you operate a business, this strategy can help you make the most of your revenue and budget.
Working solely with USD in a US bank account can also simplify accounting procedures. Furthermore, US bank accounts provide broad access to the American banking system and economy.
However, US bank accounts are not strictly necessary unless you need one for legal, regulatory, or tax purposes. EMI accounts that support the US dollar provide similar advantages and are easy to obtain.
With an online USD payment account, companies located in Singapore can transact in USD using local an international payment networks as if they were located in the US.
The Banking Landscape in Singapore
Singapore has one of the world’s largest bank systems. According to Statista, Singapore’s banking sector has $2.5 trillion in total assets, placing it among the top 16 banking sectors worldwide. The country also has strong bank account and credit adoption rates amongst its population.
However, Singapore’s banking system is significantly smaller than that of the US, which boasts the second-largest banking sector in the world with $30.5 trillion in total assets.
The difference in size means that international access to US banking is an important consideration for companies in Singapore — especially for businesses looking to expand globally.
Can I Open a US Bank Account in Singapore?
It’s possible, but challenging, to open a traditional US bank account in Singapore.
If you’re an individual in Singapore, you don’t need to be a US citizen to open a US bank account. You might even be able to begin the registration process online. However, you’ll typically need to be able to visit a bank branch in the US in person to open an individual account.
On the other hand, if you intend to obtain a bank account for your business, you’ll need to establish your company in the US. This typically involves registering as a limited liability company (LLC) and obtaining a Federal Employer Identification Number (EIN) and other required permits. If your company has just one member, you’ll typically need to obtain a social security number (SSN).
You don’t need to open an account with a US bank to transact in US dollars. Some Singapore-based banks, such as OCBC and HSBC Singapore, provide USD accounts, which allow you to transact in US dollars. However, these services often require minimum account balances.
Electronic money institution (EMI) accounts provide an even easier alternative. Companies like Payset allow you to store, send, and receive the US dollar and other currencies with a multi-currency IBAN account. EMIs aim to serve users globally, offer competitive fees, and provide support for a wide variety of currencies.
Can I Open a USD Account Online?
If you try to open a US bank account, you might be able to begin the registration process online, but you’ll almost always need to complete the process in person.
EMI accounts, by contrast, are primarily online services that aim to serve clients around the world, and you can complete the entire registration process quickly and easily online.
To start transacting, all you need to do is provide basic information to the company and wait for approval. At Payset, we can typically approve account requests within 72 hours.
Keep in mind that this online-first model extends beyond registration. EMIs typically support web- and app-based transactions and, unlike banks, do not have a network of physical branch locations. Nevertheless, EMI services are highly useful in most circumstances.
What Do I Need to Open an EMI Account
You must submit certain information regardless of whether you open an EMI account or bank account. You’ll typically need to provide several documents, including:
- Identity documentation, such as a driver’s license, passport, or other piece of ID
- Proof of address, such as a utility bill or bank statement
You might also need to submit:
- A “selfie” photo if you are registering online
- Proof of income such as wage statements or self-employment income amounts
- Non-resident information such as proof of legal residence, your home country visa status, and how you intend to use your account
- Business documentation, including US registration details and documents, if you are opening a business account
At Payset, we might ask for certain business information as part of know-your-customer and know-your-business (KYC/KYB) procedures. We might ask for your business type and sector, operating regions, estimated monthly turnover, and supporting identity and registration documentation.
How Payset Can Help
Payset provides multi-currency accounts and currency conversion services. We provide service to over 180 countries, including but not limited to Singapore and the US.
We support exchanging 38 currency pairs and holding up to 34 currencies in one account.
For payments denominated in the Singapore dollar (SGD), we support SWIFT transfers and local Fast And Secure Transfers (FAST). For US dollar (USD) payments, we support SWIFT, CHAPS, FedWire, and ACH transactions. See our full list of supported currencies for more details.
With competitive fees and a wide variety of features, our services provide a fast, convenient, and affordable alternative to bank accounts for anyone who needs to make payments.
Sign up now or contact our sales team for more information.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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