Banking for US Citizens: The Challenge
Singapore is a premier global banking center, but US citizens face unique challenges due to FATCA compliance requirements.
Many Singapore banks are reluctant to accept US persons due to burdensome FATCA reporting requirements. Some have closed accounts of US citizens. This is a real barrier you must plan for.
The Reality for Americans
- Account opening: More difficult than for other nationalities
- Private banking: Higher minimums often required for US persons
- Investment products: Many funds not available to US persons (PFIC issues)
- Reporting: Banks report your accounts to IRS under FATCA
Major Banks in Singapore
Local Banks (DBS, OCBC, UOB)
DBS Bank
Largest bank in Southeast Asia. Generally accepts US persons for basic accounts. Strong digital banking. Requires Employment Pass or valid long-term visa.
OCBC Bank
Second largest local bank. More selective with US persons. Good wealth management services. May require higher minimum balances for Americans.
UOB (United Overseas Bank)
Third major local bank. Mixed experience for US citizens. Worth trying if DBS declines. Strong regional presence.
International Banks
Citibank Singapore
Often most accommodating for Americans due to US parent. Citigold requires S$200,000 minimum. Can link to US Citi accounts.
HSBC Singapore
Global presence helps with US compliance. HSBC Premier requires S$200,000. Jade tier for high-net-worth clients.
Standard Chartered
Priority Banking available. Generally accepts US persons. Good for those with Asia-Pacific banking needs.
Pro Tip: Citibank is often the path of least resistance for Americans. If you have an existing Citi relationship in the US, leverage it.
Opening a Bank Account
Required Documents
- Passport: Valid US passport
- Work Pass: Employment Pass, S Pass, or valid long-term visa
- Proof of Address: Singapore utility bill, tenancy agreement, or employer letter
- Proof of Employment: Employment contract or letter from employer
- W-9 Form: Required for FATCA compliance (US persons)
- Initial Deposit: Varies by bank and account type
Account Types
| Account Type | Minimum Balance | Best For |
|---|---|---|
| Basic Savings | S$500 - S$3,000 | Day-to-day banking |
| Current/Checking | S$1,000 - S$5,000 | Business transactions, checks |
| Multi-Currency | S$3,000+ | USD/SGD flexibility |
| Priority Banking | S$200,000+ | Premium services, dedicated RM |
| Private Banking | S$1M - S$5M+ | Wealth management, investments |
Singapore banks charge monthly fees (S$2-S$5) if balance falls below minimum. For multi-currency accounts, each currency may have separate minimum requirements.
Private Banking & Wealth Management
Singapore is Asia's largest wealth management center, with over US$4 trillion in assets under management.
Private Banking Options for Americans
| Bank | Minimum AUM | US Person Policy |
|---|---|---|
| DBS Private Bank | S$5 million | Selective, case-by-case |
| UBS Singapore | US$2 million | Generally accepts with restrictions |
| Credit Suisse (now UBS) | US$2 million | Limited product access for US |
| Citi Private Bank | US$5 million | US-friendly due to parent |
| JP Morgan Private Bank | US$10 million | US-based, full service |
Investment Restrictions: US persons cannot invest in most Singapore-domiciled funds due to PFIC rules. You'll be limited to US-domiciled funds or individual securities.
US Compliance Considerations
FATCA Reporting
- All Singapore financial institutions report US person accounts to IRS
- Includes bank accounts, investment accounts, insurance with cash value
- No way to avoid this—it's automatic
- Ensure your US tax filings match what banks report
Your FBAR Obligations
- Report all Singapore accounts if aggregate value exceeds $10,000
- File FinCEN Form 114 by April 15 (auto-extension to October 15)
- Include CPF account if you have one
- Penalties for non-filing are severe ($10,000+ per violation)
Form 8938 (FATCA)
- Report specified foreign financial assets on tax return
- Threshold for expats: $200,000 end of year / $300,000 any time (single)
- Higher thresholds for married filing jointly
Thinking you don't need to report accounts because Singapore already reports to IRS. Wrong. You must still file FBAR and Form 8938. The IRS uses bank reports to verify your filings.
Practical Banking Tips
Getting Started
- Try Citibank first if you have an existing US Citi relationship
- DBS is generally the most accommodating local bank
- Visit branches in person—online applications often fail for US persons
- Bring all documents in original form (not copies)
- Be upfront about US citizenship—don't try to hide it
Managing Money
- Salary: Typically paid monthly to local bank account
- PayNow: Singapore's instant transfer system (linked to phone/NRIC)
- FAST: Free same-day interbank transfers
- International transfers: Wise (TransferWise) often cheaper than banks
Credit Cards
- Easier to get than bank accounts (less FATCA scrutiny)
- Most require minimum annual income of S$30,000
- Miles cards popular (KrisFlyer, Asia Miles)
- Cashback cards available from all major banks
Cryptocurrency in Singapore
Singapore has a relatively progressive approach to cryptocurrency, regulated by the Monetary Authority of Singapore (MAS).
Key Points
- Crypto is legal to own and trade
- No capital gains tax on crypto profits (but US citizens still owe US tax)
- Licensed exchanges: Coinbase, Gemini, Independent Reserve, Coinhako
- MAS requires exchanges to be licensed under Payment Services Act
- DeFi and staking becoming increasingly scrutinized
Singapore's 0% capital gains doesn't help US citizens. You owe US capital gains tax on crypto profits. FBAR reporting may be required for foreign exchange accounts.