Most expats in Singapore end up with two accounts: a local bank for salary and daily spending, and Wise (or similar) for international transfers. The question is which local bank.
The Three Main Options
DBS / POSB
Largest Singapore bank. Best mobile app in the market. Dominant for local P2P payments (PayLah!). Open online via MyInfo in ~10 minutes.
OCBC
Fastest in-branch EP holder approval. Competitive interest rates on the 360 account if you credit salary + spend on OCBC card monthly.
UOB
Strong credit cards for regional travel (Southeast Asia). UOB One account offers tiered interest. Good for frequent regional travellers.
| Bank | Int'l Transfer Fee | App Rating | Open Online? |
|---|
| DBS | S$20–30 + 1.5–2% FX spread | ⭐⭐⭐⭐⭐ | Yes (MyInfo) |
| OCBC | S$20–35 + FX spread | ⭐⭐⭐⭐ | Partial |
| UOB | S$20–30 + FX spread | ⭐⭐⭐⭐ | Branch |
| Wise | ~0.5–0.8% all-in | ⭐⭐⭐⭐⭐ | Yes |
DBS: What Makes It the Default Choice
DBS Digibank is consistently rated the best mobile banking app in Singapore. The PayLah! app is dominant for peer-to-peer payments locally — you'll need it for splitting bills, paying at hawkers (via QR), and transferring to Singaporean friends and colleagues.
Opening via MyInfo (linked to SingPass) takes about 10 minutes. Account is active within 24 hours.
For International Transfers: Wise
For sending money home, Wise is in a different category from local banks.
DBS vs Wise: sending S$5,000 to India (approximate)
- DBS: S$25 flat fee + ~1.5–2% FX markup = S$100–125 total cost
- Wise: ~0.6% fee at mid-market rate = S$30–35 total cost
Use Wise's live calculator for exact figures — rates vary by corridor and amount.
Wise isn't a full bank — no chequebook, some SWIFT limitations. But for international transfers and multi-currency holding, it's significantly cheaper.
Open a Wise account
Multi-currency account, real exchange rate, no hidden fees.
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Standard Chartered and HSBC
Worth considering if you're from a market where Standard Chartered or HSBC is your home bank — the cross-border relationship can simplify some international transfers. SCB's Priority Banking programme is popular with higher-earning EP holders. Otherwise, not a first-choice for most expats.
This article contains affiliate links. Opening a Wise account via our link may earn SingaGuide a small commission — it doesn't affect your rates or account terms.
Disclaimer: This article is for general informational purposes only and does not constitute legal, financial, or immigration advice. Singapore government policies change regularly — always verify information with official sources or a qualified professional before making decisions.
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