Banking · Retail bank
UOB: United Overseas Bank Limited, in-branch account opening for foreigners holding a residence permit
Singaporean bank that serves foreigners holding an Employment Pass, an S Pass, a Work Permit, a Dependant Pass or a Long-Term Visit Pass. New foreign customers and "US persons" must go to a branch with original documents; no remote account opening is described for them.
Please note
Characteristics
- Family
- Retail bank
- Regulator
- Monetary Authority of Singapore
- Regulator country
- Singapore
- Deposit guarantee
- Yes
- Remote opening
- No
- Currencies
- SGD
- Services
- Current account · Savings · Multi-currency account
- Accepted residencies
- Not provided
- Refused residencies
- Not provided
- Home country
- Singapore
UOB names as its foreign clientele holders of an Employment Pass, an S Pass, a Work Permit, a Dependant Pass or a Long-Term Visit Pass, as well as students. New foreign customers and "US persons" must open their account in a branch, with their physical passport, proof of address in Singapore and residence permit, all in original form. No account opening is described for a non-resident without a Singapore pass; nothing is said about keeping the account after leaving the country.
Entities and regulatory status
| Entity | Jurisdiction | Status | Regulator | Protection of funds |
|---|---|---|---|---|
| United Overseas Bank Limitedholds the accountName as read in the footer and on the deposit insurance scheme page: participating bank in the Deposit Insurance Scheme since 1 April 2006. Registration number and entry in the MAS register not found. | Singapore | Banks with their own licence | Monetary Authority of Singaporeregister · uob.com.sg | Deposit Insurance Scheme (Singapore Deposit Insurance Corporation) |
Who can open or keep an account
| Country of residence | Case | Status | Conditions |
|---|---|---|---|
| Singapore | Opening | Conditions apply | Foreigners: Employment Pass, S Pass, Work Permit, Dependant Pass or Long-Term Visit Pass; new foreign customers in branch, original documents.uob.com.sg |
| United States | Opening | Conditions apply | "US persons": account opening in branch only.uob.com.sg |
| Any residence (general rule) | Opening | Unknown | Account opening by a non-resident without a Singapore pass is not described.uob.com.sg |
| Any residence (general rule) | Keeping after a move | Unknown | Not described on the pages read.uob.com.sg |
A country missing from this table is neither accepted nor refused: the information is not published.
Published figures
- Account feeNot provided
- Brokerage feeNot provided
- Deposit guarantee ceilingNot provided
- Entry ticketNot provided
Which entity, which status
Accounts are held by United Overseas Bank Limited, a Singaporean bank supervised by the Monetary Authority of Singapore. According to its page on deposit insurance, it has participated in the Deposit Insurance Scheme since 1 April 2006.
The bank's entry in the Financial Institutions Directory of the Monetary Authority of Singapore could not be read (address rejected by the reading tool): the type of licence, the licence reference and the registration number were not found.
Who can open an account
UOB lists among its foreign clientele professionals and students living in Singapore, and holders of an Employment Pass, an S Pass or a Work Permit, a Dependant Pass and a Long-Term Visit Pass (the bank's guide).
According to the frequently asked questions, new foreign customers and "US persons" must go to a branch with their physical passport, still valid for at least figure being updated, a recent proof of address (bill or statement) and their Employment Pass, S Pass or Dependant Pass; copies and digital documents are refused. The UOB TMRW app can only be used once the account has been approved.
The minimum age is figure being updated for an account without a chequebook and figure being updated for the Global Currency Account and Global Currency Premium Account multi-currency accounts.
No account opening route is described for a non-resident without a Singapore pass; keeping the account after the pass ends or after leaving the country is not addressed.
Offering, currencies and fees
UOB promotes to foreigners the UOB One Account, the UOB Stash Account, the UOB FX+ multi-currency account and the UOB Uniplus Account, the latter with a reduced initial deposit according to the bank. Global Currency Account multi-currency accounts are also offered.
The initial deposits, minimum balances and fees for these accounts appear in a "Deposits Fees & Charges" document that we did not read; the available currencies, transfer fees and exchange margins are not covered.
Deposit protection
Singapore dollar deposits of non-bank depositors are insured by the Deposit Insurance Scheme up to figure being updated per depositor per bank. UOB states that foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Points to check
- Whether you hold a Singapore residence permit and can go to a branch with the originals.
- The remaining validity of the passport at the time of opening.
- The fees and minimum balances of the chosen account, in the official fee schedule.
- The absence of insurance on foreign currency holdings and the reporting obligations of the country of residence, in particular for a "US person".