DBS Bank, the largest bank in Singapore, has recently been named the "Safest Bank in Asia" by Global Finance magazine. For those working, studying, or residing in Singapore for an extended period, opening a bank account is essential. DBS Bank offers a convenient online account opening service with no initial deposit requirement. You only need to fill out a simple online form to open an account instantly.

Account Opening Requirements

DBS Bank's main account types include the DBS Multiplier Account and My Account.

• DBS Multiplier Account: Must be at least 18 years old, no monthly fee, and a low balance service fee of S$5 (waived for those under 29 years old).
• My Account: No age requirement, a monthly fee of S$2 (waived if using e-statements), and no low balance service fee.

Minimum Deposit

• DBS Multiplier Account: No initial deposit requirement, but requires a balance of S$3,000.
• My Account: No initial deposit or balance requirement.

Remittance Fees

Online remittance fees through DBS Bank are as follows:

• For amounts S$5,000 or below: S$5
• For amounts S$25,000 or below: S$10
• For amounts over S$25,000: S$35

When deducting from a foreign currency account, the commission is 0.125% of the remittance amount, with a minimum of S$10 and a maximum of S$120. For MYR remittances, a service fee of S$3 applies for amounts S$500 or below. DBS also charges an incoming remittance fee of S$10 per transaction.

Required Documents

The documents required to open a DBS Bank account are:

1. Identification document (passport)
2. Singapore government-issued permit (such as Employment Pass, Student Pass, Dependent Pass) or In-Principle Approval (IPA)
3. Proof of Singapore address (such as an acceptance letter from an employer or school, or an IPA issued by the Immigration & Checkpoints Authority)
4. Proof of tax residency and tax return

If you have a Singpass (Singapore’s digital identity) and a MyInfo account (a digital personal information platform), you can open an account directly through the DBS digibank app without additional submission of a Singapore visa and address proof.

Account Opening Process

You can apply to open an account through the DBS website (digibank Online) or mobile app (digibank Mobile). If the application is submitted within the specified hours (Monday to Sunday, 07:00-22:30), the account will be opened instantly; otherwise, it will take two working days for processing. You can also bring the original documents to a branch to open an account.

The online account opening process is as follows:

1. Log in to the DBS website or app and select the account type.
2. Fill in personal information, email address, phone number, and residential address.
3. Provide additional details, including tax information, the purpose of the account, income level, and expected account transaction volume.
4. Upload account opening documents: passport, Singapore visa, and address proof.
5. Verify the information and submit the application.
6. Once the account is successfully opened, you will receive a notification with your DBS account number.

Card Activation

You can activate your DBS Bank card through the following methods:

1. digibank Online (bank website)
2. digibank Mobile (mobile app)
3. SMS Banking (text messaging)
4. DBS/POSB ATM (automated teller machine)
5. Video Teller Machine (VTM)

The DBS Bank account opening process is simple and fast, offering various account types and remittance services suitable for those working, studying, or residing in Singapore. Additionally, using a Wise multi-currency account can facilitate managing multiple currencies, making it convenient for travel and online shopping.