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How to Open a Bank Account in the UK as a Non-Resident

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How to Open a US Bank Account in Singapore

Business guides

Jul 31, 2024

4 min. read

James Irwin

Author

Individuals and businesses based in Singapore might find it difficult to open a US bank account. Fortunately, EMI services like Payset provide alternative multi-currency IBAN accounts that make saving and transacting the US dollar easy anywhere in the world.

Key Takeaways

Individuals and businesses in Singapore often need to work with the US dollar
Opening a traditional US bank account from Singapore can be challenging
Electronic Money Institutions (EMI) such as Payset provide alternative multi-currency accounts that are easy to access anywhere in the world

If you live in Singapore or operate a business in the country, you might need to make transactions involving the US dollar (USD). Opening a USD account is useful whether you intend to send money between friends and family, pay employees, or simply hold, spend, and save the currency.

Opening a traditional US bank account from Singapore can be challenging, and it’s only possible to do so under some circumstances. Businesses seeking a US bank account typically need to be registered in the US, and individuals usually need to be able to visit a bank branch in person.

If you’re looking for a simpler alternative, you might consider electronic money institutions (EMIs) like Payset, which provide a more easily accessible alternative: multi-currency accounts.

Why Open a US Bank Account in Singapore?

Opening a US bank account in Singapore has numerous benefits.

First, using a US bank account streamlines USD transactions. If you receive USD transactions and plan to transact in the same currency, a US bank account can help you avoid conversion costs and other fees. If you operate a business, this strategy can help you make the most of your revenue and budget.

Working solely with USD in a US bank account can also simplify accounting procedures. Furthermore, US bank accounts provide broad access to the American banking system and economy.

However, US bank accounts are not strictly necessary unless you need one for legal, regulatory, or tax purposes. EMI accounts that support the US dollar provide similar advantages and are easy to obtain.

With an online USD payment account, companies located in Singapore can transact in USD using local an international payment networks as if they were located in the US.

The Banking Landscape in Singapore

Singapore has one of the world’s largest bank systems. According to Statista, Singapore’s banking sector has $2.5 trillion in total assets, placing it among the top 16 banking sectors worldwide. The country also has strong bank account and credit adoption rates amongst its population.

However, Singapore’s banking system is significantly smaller than that of the US, which boasts the second-largest banking sector in the world with $30.5 trillion in total assets.

The difference in size means that international access to US banking is an important consideration for companies in Singapore — especially for businesses looking to expand globally.

Can I Open a US Bank Account in Singapore?

It’s possible, but challenging, to open a traditional US bank account in Singapore.

If you’re an individual in Singapore, you don’t need to be a US citizen to open a US bank account. You might even be able to begin the registration process online. However, you’ll typically need to be able to visit a bank branch in the US in person to open an individual account.

On the other hand, if you intend to obtain a bank account for your business, you’ll need to establish your company in the US. This typically involves registering as a limited liability company (LLC) and obtaining a Federal Employer Identification Number (EIN) and other required permits. If your company has just one member, you’ll typically need to obtain a social security number (SSN).

You don’t need to open an account with a US bank to transact in US dollars. Some Singapore-based banks, such as OCBC and HSBC Singapore, provide USD accounts, which allow you to transact in US dollars. However, these services often require minimum account balances.

Electronic money institution (EMI) accounts provide an even easier alternative. Companies like Payset allow you to store, send, and receive the US dollar and other currencies with a multi-currency IBAN account. EMIs aim to serve users globally, offer competitive fees, and provide support for a wide variety of currencies.

Can I Open a USD Account Online?

If you try to open a US bank account, you might be able to begin the registration process online, but you’ll almost always need to complete the process in person.

EMI accounts, by contrast, are primarily online services that aim to serve clients around the world, and you can complete the entire registration process quickly and easily online.

To start transacting, all you need to do is provide basic information to the company and wait for approval. At Payset, we can typically approve account requests within 72 hours.

Keep in mind that this online-first model extends beyond registration. EMIs typically support web- and app-based transactions and, unlike banks, do not have a network of physical branch locations. Nevertheless, EMI services are highly useful in most circumstances.

What Do I Need to Open an EMI Account

You must submit certain information regardless of whether you open an EMI account or bank account. You’ll typically need to provide several documents, including:

Identity documentation, such as a driver’s license, passport, or other piece of ID
Proof of address, such as a utility bill or bank statement

You might also need to submit:

A “selfie” photo if you are registering online
Proof of income such as wage statements or self-employment income amounts
Non-resident information such as proof of legal residence, your home country visa status, and how you intend to use your account
Business documentation, including US registration details and documents, if you are opening a business account

At Payset, we might ask for certain business information as part of know-your-customer and know-your-business (KYC/KYB) procedures. We might ask for your business type and sector, operating regions, estimated monthly turnover, and supporting identity and registration documentation.

How Payset Can Help

Payset provides multi-currency accounts and currency conversion services. We provide service to over 180 countries, including but not limited to Singapore and the US.

We support exchanging 38 currency pairs and holding up to 34 currencies in one account.

For payments denominated in the Singapore dollar (SGD), we support SWIFT transfers and local Fast And Secure Transfers (FAST). For US dollar (USD) payments, we support SWIFT, CHAPS, FedWire, and ACH transactions. See our full list of supported currencies for more details.

With competitive fees and a wide variety of features, our services provide a fast, convenient, and affordable alternative to bank accounts for anyone who needs to make payments.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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