Best Banks for Indian Expats
Singapore has three dominant local banks — DBS, OCBC, and UOB — plus international options like HSBC and Standard Chartered. For most Indians arriving on an Employment Pass, the choice comes down to DBS for digital convenience, OCBC for savings interest, or UOB for the highest interest rate if you are willing to visit a branch.
You do not need to pick just one. Many Indians keep a DBS or OCBC account for daily use and salary crediting, and a Wise multi-currency account as a companion for foreign currency spending and India transfers.
DBS Bank
Best Overall
Best for: Digital-first Indians who want convenient everyday banking, a competitive savings rate, and direct India remittance — all from one app.
Top account: DBS Multiplier — earns up to 4.1% p.a. when you credit salary and transact across DBS. Hold and transact in 13 currencies. DBS Remit transfers directly to Indian banks via the digibank app.
Open DBS account →
Top account: DBS Multiplier — earns up to 4.1% p.a. when you credit salary and transact across DBS. Hold and transact in 13 currencies. DBS Remit transfers directly to Indian banks via the digibank app.
Open DBS account →
OCBC Bank
Best for Savings
Best for: Indians focused on maximising savings interest and long-term wealth building. SRS accounts for tax relief also available here.
Top account: OCBC 360 — earns bonus interest for salary crediting, OCBC card spending, and insurance. Wealth banking entry via Bank of Singapore at S$200,000.
Open OCBC account →
Top account: OCBC 360 — earns bonus interest for salary crediting, OCBC card spending, and insurance. Wealth banking entry via Bank of Singapore at S$200,000.
Open OCBC account →
UOB
Highest Interest Rate
Best for: Indians who want the highest possible savings interest and are comfortable visiting a branch.
Top account: UOB One — up to 6% p.a. with salary credit + S$500/month card spend. Strong for ASEAN family/business ties.
Note: Foreigners must visit a UOB branch in person — cannot open digitally.
UOB One Account →
Top account: UOB One — up to 6% p.a. with salary credit + S$500/month card spend. Strong for ASEAN family/business ties.
Note: Foreigners must visit a UOB branch in person — cannot open digitally.
UOB One Account →
HSBC Singapore
Best for Global Ties
Best for: Families with accounts in India, the UK, or UAE who want one bank linked across all markets.
Top account: HSBC Everyday Global — holds 11 currencies, no FX fees between held currencies. Premier status recognised in 30+ countries.
HSBC accounts →
Top account: HSBC Everyday Global — holds 11 currencies, no FX fees between held currencies. Premier status recognised in 30+ countries.
HSBC accounts →
Standard Chartered
Good for Professionals
Best for: Indians with an existing StanChart relationship in India, Dubai, or London who want continuity in Singapore.
Priority Banking recognised globally. JumpStart account for young professionals under 26.
Standard Chartered SG →
Priority Banking recognised globally. JumpStart account for young professionals under 26.
Standard Chartered SG →
Digital Banks — GXS, Mari & ANEXT
Newcomers to Watch
Best for: A mobile-first secondary account. Mari Credit Card has zero FX fees + 1.5% cashback — excellent for spending in India or online.
Note: Keep one of the Big 3 as your primary account for salary crediting and financial history.
MAS digital banks →
Note: Keep one of the Big 3 as your primary account for salary crediting and financial history.
MAS digital banks →
Quick comparison — the Big 3 accounts most used by Indians:
| Bank | Best Account | Max Interest | Digital Opening? | Multi-currency? |
|---|---|---|---|---|
| DBS | DBS Multiplier | Up to 4.1% p.a. | ✅ Singpass app | ✅ 13 currencies |
| OCBC | OCBC 360 | Tiered bonus rates | ✅ Singpass app | ✅ 10 currencies |
| UOB | UOB One | Up to 6% p.a. | ❌ Branch visit required | Partial |
| ⚠️ Interest rates change. Verify current rates directly with each bank before opening an account. | ||||
💡 Quick Tip
Set up PayNow as soon as your account is active. Linked to your mobile number or FIN, it enables instant transfers to any Singapore bank — the UPI of Singapore. Used universally for rent, hawker payments, and splitting bills.
⚠️ Common Mistake
Using your Indian debit or credit card for daily spending in Singapore. Foreign transaction fees of 3–3.5% apply on every transaction. On S$3,000/month of spending, that is S$90–105 quietly disappearing every month. Get a local card in your first week.
How to Open a Bank Account
Opening a bank account in Singapore is one of the first things you should do after collecting your Employment Pass card. DBS and OCBC offer fully digital account opening via Singpass — you can have a live account within the same day. UOB requires foreigners to visit a branch in person.
If your EP card has not yet arrived, some banks — particularly DBS — will accept your In-Principle Approval (IPA) letter as proof of legal status. Check with the bank directly before visiting.
Documents required for all banks:
| Document | Notes |
|---|---|
| Valid Passport | Physical copy. Some banks accept a digital scan via app for online applications. |
| Employment Pass card | Physical card preferred. If not yet issued, IPA letter may be accepted — verify with bank first. |
| Proof of Singapore address | Tenancy agreement, utility bill, or employer letter. Must show your name and Singapore address. |
| Singapore mobile number | Required for OTP verification and PayNow registration. |
Step-by-step for DBS or OCBC (digital, recommended):
1
Set up Singpass first
Download the Singpass app → verify identity online or at a SingPost counter. Singpass is Singapore's national digital identity — the master key for all government and banking services. Register at singpass.gov.sg.
2
Download the bank app
DBS digibank or OCBC Digital — both available on iOS and Android. For UOB, visit any UOB branch with your documents.
3
Apply with Singpass login
In the app, select "Open Account" → "Login with Singpass". Your personal details are pre-filled from your Singpass profile. Choose your account type: Multiplier for DBS, 360 for OCBC.
4
Complete identity verification
A face scan or brief video KYC confirms your identity. DBS may require a short video call with a banker for new EP holders — typically completed within 30 minutes during business hours.
5
Activate and set up PayNow + salary credit
Accounts are activated within 1–3 business days. Activate your debit card, link your mobile number to PayNow via the app, and inform your HR to credit your salary to this account — salary crediting is what unlocks the bonus interest rates.
ℹ️ Can I open an account before my EP card arrives?
Some banks — particularly DBS — will open an account with the In-Principle Approval (IPA) letter as proof of legal status. Policies vary and change, so always call ahead before visiting. Once your EP card is issued, update your details with the bank promptly.
⚠️ Common Mistake
Delaying salary crediting setup. The bonus interest rates on DBS Multiplier, OCBC 360, and UOB One are only unlocked when your salary is credited to that account. Even one month of delay means a month of missed interest. Set this up in your first week — it takes five minutes with your HR team.
Sending Money to India
Sending money from Singapore to India is something most Indians here do every month. The method you choose matters significantly — the difference between a bank transfer and a specialist service can be S$60–90 on a single S$2,000 transfer.
Banks charge in two ways: a fixed telegraphic transfer fee (typically S$15–50) and a hidden margin built into the exchange rate (typically 2–4% above the mid-market rate you see on Google). Specialist remittance services operate differently — they use the mid-market rate and charge only a transparent, low percentage fee.
₹ Live SGD / INR Rate
As of March 2026: 1 SGD ≈ ₹72 (live mid-market rate)
Rates move daily. Banks apply a 2–4% markup on top of this — meaning your family receives noticeably fewer rupees per dollar than the mid-market rate shows.
Compare live rates before every transfer at sgdtoinr.com or monito.com.
Rates move daily. Banks apply a 2–4% markup on top of this — meaning your family receives noticeably fewer rupees per dollar than the mid-market rate shows.
Compare live rates before every transfer at sgdtoinr.com or monito.com.
The real cost of sending S$2,000 to India — bank vs specialist (illustrative):
| Method | Fixed Fee | FX Markup | Total Cost | Rupees Received (est.) |
|---|---|---|---|---|
| DBS / OCBC Bank TT | ~S$20–30 | ~2–3% | ~S$60–90 | ~₹139,000 |
| Wise | Nil | ~0.5–0.6% | ~S$10–12 | ~₹141,500 |
| Instarem | Nil | ~0.25–1% | ~S$5–20 | ~₹141,000–142,000 |
| SingX | Nil | ~0.5% | ~S$10 | ~₹141,500 |
| ⚠️ Illustrative figures based on ~₹72/SGD. Actual rates vary daily. Always compare before transferring. | ||||
The five services Indians in Singapore rely on most:
Wise Best Transparency
~0.5–0.6% · Mid-market rate
Speed: Minutes to 1 business day
UPI delivery: ✅ Supported
NRE / NRO: ✅ Both supported
MAS Licensed: ✅ Major Payment Institution
Best for large or regular transfers. The fee is shown fully upfront before you confirm — no surprises.
wise.com/sg →
UPI delivery: ✅ Supported
NRE / NRO: ✅ Both supported
MAS Licensed: ✅ Major Payment Institution
Best for large or regular transfers. The fee is shown fully upfront before you confirm — no surprises.
wise.com/sg →
Instarem SGD-INR Specialist
~0.25–1% · Near mid-market
Speed: 1–2 business days
UPI delivery: ✅ Supported
NRE / NRO: ✅ Both supported
MAS Licensed: ✅ Singapore headquartered
Often competitive on the SGD→INR corridor specifically. Instarem amaze cardholders get additional discounts on transfers.
instarem.com →
UPI delivery: ✅ Supported
NRE / NRO: ✅ Both supported
MAS Licensed: ✅ Singapore headquartered
Often competitive on the SGD→INR corridor specifically. Instarem amaze cardholders get additional discounts on transfers.
instarem.com →
SingX Zero Recipient Fees
~0.5% · Zero charges to recipient
Speed: 1–3 business days
Transfer limit: Up to S$1,000,000
MAS Licensed: ✅ Singapore-based
SingX processes as a local Indian payment — so the recipient’s bank charges zero receiving fees. Ideal for sending to parents whose bank deducts inward wire charges.
singx.co →
Transfer limit: Up to S$1,000,000
MAS Licensed: ✅ Singapore-based
SingX processes as a local Indian payment — so the recipient’s bank charges zero receiving fees. Ideal for sending to parents whose bank deducts inward wire charges.
singx.co →
Remitly Fastest Option
Express: higher fee · Economy: lower fee
Express: Minutes to a few hours
Economy: 3–5 business days
UPI delivery: ✅ Supported
MAS Licensed: ✅
Use Express for urgent transfers. Use Economy for routine monthly remittances to save on fees.
remitly.com →
Economy: 3–5 business days
UPI delivery: ✅ Supported
MAS Licensed: ✅
Use Express for urgent transfers. Use Economy for routine monthly remittances to save on fees.
remitly.com →
DBS Remit Best for DBS Users
Competitive rates · No extra app
Speed: Same-day available
NRE / NRO: ✅ Both supported
Supports: HDFC, SBI, ICICI, Axis, Kotak
If you already bank with DBS, the most convenient option — no separate registration. Rates are competitive and occasionally promotional, though generally not as low as Wise or Instarem.
DBS Remit →
NRE / NRO: ✅ Both supported
Supports: HDFC, SBI, ICICI, Axis, Kotak
If you already bank with DBS, the most convenient option — no separate registration. Rates are competitive and occasionally promotional, though generally not as low as Wise or Instarem.
DBS Remit →
💡 The Smart Approach
Register accounts with both Wise and Instarem — takes 10 minutes each. Before every transfer above S$500, check both for the live rate. The rate difference between them shifts daily. Keeping two options ready costs nothing and consistently saves money over time.
⚠️ Common Mistake
Sending via bank online banking because it feels familiar. On a monthly S$2,000 remittance, choosing a bank over Wise costs approximately S$600–900 per year in avoidable fees. Small habit, significant difference over time.
All five services listed here are licensed by the Monetary Authority of Singapore (MAS) as Major Payment Institutions. Your funds are protected under Singapore financial regulation. Verify any provider at eservices.mas.gov.sg/fid.
❓ Frequently Asked Questions
Start with DBS or OCBC. Both open digitally via Singpass within the same day and have excellent apps, widespread ATMs, and competitive interest rates. DBS Multiplier and OCBC 360 are the accounts most used by Indian expats. UOB One offers the highest interest rate but requires a branch visit — add it later once you are settled in.
Some banks — particularly DBS — will open an account with the In-Principle Approval (IPA) letter as proof of legal status. Policies vary and change periodically. Always call the bank before visiting. Once your EP card is issued, update your details with the bank immediately.
Yes. Wise is licensed by the Monetary Authority of Singapore as a Major Payment Institution, and is also regulated by the FCA in the UK. Your funds are held in safeguarded accounts. Wise has processed billions in transfers for millions of NRIs globally and is widely trusted. You can verify their MAS licence at eservices.mas.gov.sg/fid.
Yes. Wise, Instarem, SingX, Remitly, and DBS Remit all support transfers to NRE and NRO accounts. When setting up the transfer, enter the account number and IFSC code — both account types are accepted the same way. Incorrect IFSC codes are the most common cause of failed transfers, so double-check before confirming.
Via bank telegraphic transfer: S$20–50 fixed fee plus 2–4% FX markup — on S$2,000 you lose approximately S$60–130. Via Wise or Instarem: approximately 0.25–0.6% — on S$2,000 you pay roughly S$5–12. The difference over a year of monthly transfers is S$600–1,400. Always use a specialist remittance service for regular India transfers.
The best real-time comparison tools are sgdtoinr.com (shows live rates from DBS Remit, Instarem, SingX, HDFC, SBI, and Wise side by side) and monito.com (global comparison engine). Always check both before any transfer above S$500 — the best provider changes day to day.