Banks in Singapore have attracted a lot of banking business formerly based in Switzerland due to the business-friendly environment of Singapore commercial banking. The total assets Singapore banks have grown steadily since the year 2000. Commercial banking in Singapore and corporate banking in Singapore have grown into a major portion of the country's economy.

Banking in Singapore is getting easier to establish, due to the presence of several large western banks such as Credit Suisse and Citibank. This banks in Singapore industry overview includes information on Singapore commercial banks, so you can get a general understanding of business banking in Singapore. Compare the services of several banks in Singapore before selecting a specific Singapore banking institution.

1. Consider establishing an account in one of the many major Singapore banking institutions that are in partnership with a western bank.

2. Open a small account in Singapore banks on a trial basis to compare Singapore banks to western banks.

3. Understand the regulations of banking in Singapore as related to the regulations of the country where your business is located.

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Get an account with major Singapore banking institutions

Banks in Singapore are becoming a major location for offshore banking resources. Many major international financial institutions offer banking and asset management services through a Singapore bank. There are over a hundred foreign commercial banks in Singapore. Singapore's political and economic stability have made it one of the top financial centers in Asia.

I recommend: Many major Singapore banking institutions have established ties with overseas banks. DBS Bank has the largest assets of any bank Singapore bank. It is also a banking leader in Hong Kong. United Overseas Bank Limited offers a full line of commercial and private banking services. Its international online banking and digital banking system is first rate.

Establish a small-scale account with Singapore banking institutions

Set up a small account in a commercial bank in Singapore before you try moving too many business assets. If you conduct business in Asia, you should open a small account in a Singapore bank with direct ties to your home bank. A Singapore commercial bank with a foreign parent bank would be the best bank to start banking in Singapore.

I recommend: The Standard Chartered Bank is one of the banks in Singapore based in London. Citibank has a large banking division located in Singapore. It offers a full range of services similar to those offered in the United States.

Work directly with established banks in Singapore

The laws governing Singapore banking institutions are quite different than those regulating most American or European banks. It is best to work directly with banking personnel from institutions that have a record of stability, and were able to weather the banking troubles that plagued many Asian banks in the late 1990s.

I recommend: The Australia and New New Zealand Banking Group (ANZ) has a long track record in Singapore commercial banking. ANZ offers a full line of commercial services for customers in Singapore. The Hong Kong and Shanghai Banking Corporation has established a fine reputation for banking in Singapore.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Go to Singapore and spend time in the region before conducting relations with any Singapore banking institutions. The area is well known for security and stability, but the regulations are quite stringent in some areas.

Banking in Singapore requires a good knowledge about that country’s system. Singapore is home to hundreds of banks—commercial banks, international banks with Singaporean offices and credit unions, to name a few. These different banks cover a wide range of banking needs, but a detailed knowledge of banks in Singapore is necessary to successfully take advantage of the system.

Singapore banks can be easy to use, but there are a variety of special issues that you need to address when dealing with them. It is also important to keep in mind that foreigners involved in commercial banking in Singapore are subject to government restrictions on foreign investment. There is a great deal of global Singapore commercial banking, but foreign investors and business people need to research banking practices thoroughly before they begin.

Keep the following in mind when looking for banks in Singapore:

1. Focus on Singapore commercial banks that will meet your specific needs.

2. Make sure you know the rules for international investing before banking in Singapore.

3. Compare Singapore banks to help you find the right bank out of the many available.

4. Check out the many websites devoted to Singapore commercial banking.

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Gather general information about Singapore banks

Information about the banking industry and general financial state of Singapore can be found from the Singaporean government.

I recommend: The Monetary Authority of Singapore is Singapore’s central bank and offers detailed news, publications, links and banking regulations.

Get background information on banking in Singapore before doing business or making investments

There are several banking service companies and organizations that provide detailed information on Singapore banking institutions and economics.

I recommend: The Association of Banks in Singapore, formed to represent the interests of Singapore banks, provides publications, news and regulation information. The ASEAN Bankers’ Association, a consortium of banking interests in several southeast Asian countries, maintains a site dedicated to Singapore banking news.

Use a list of banks in Singapore in order to know which banks will best suit your needs

With hundreds of banks of many different types, it is important to make a knowledgeable choice before starting any business banking in Singapore.

I recommend: The Monetary Authority of Singapore (MAS), Singapore's central bank, provides a list of Singapore banks with information about each and a link to that bank’s site. Also, individual banks such as HSBC give detailed banking information.

Find out about regulations pertaining to foreign banking and investing in Singapore

Financial experts consider Singapore an excellent banking location for foreigners, who can open accounts and take advantage of banking services without problems.

I recommend: Shelter Offshore offers information about the rapidly-growing industry of offshore banking in Singapore. More practical information on how to actually access Singapore banks is found at AngloINFO and DiscoverAbroad.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  There are dozens of banks in Singapore that can meet just about any business need, so be sure you shop around for the best services and rates before you pick one.

Singapore banking institutions have a reputation for catering to overseas clientele and foreign corporations. Singapore commercial banking offers all the services of American banks, and Singapore banks provide a convenient and secure entry point to the robust Asian market. With the growing ubiquitous nature of Internet-based banking, working with banks in Singapore has become almost as convenient as using the bank around the corner.

Corporate banking in Singapore necessitates the establishment of a corporate identity with the Singaporean government. After registering, select a Singapore banking institution with a proven track record of financial solvency. A smaller regional commercial bank in Singapore would be incapable of providing the full range of service of large Singapore banks with large foreign depositors. Select a foreign based bank or Singapore commercial bank with a western banking partner for additional security.

1. Start banking in Singapore by registering your business with the appropriate authorities.

2. Deposit the minimum deposit to test the system before banking in Singapore.

3. Work with a foreign owned Singapore banks to guarantee full integration across international banking channels.

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Work directly with authorities to utilize the full services of Singapore banking institutions

Singapore commercial banking is regulated through the nation's central bank - the Monetary Authority of Singapore (MAS). Business banking in Singapore has become very attractive to corporations, from large multinational corporations to small private businesses. Singapore is a rising star in international banking and investment. Check with the MAS to investigate the stability of any bank in Singapore.

I recommend: The Monetary Authority of Singapore is the main authority for corporate banking. The Accounting and Corporate Regulatory Authority will gladly help foreign businesses establish a presence in Singapore.

Arrange banking in Singapore by making a small initial deposit

Singapore banking institutions have top-of-the-line electronic facilities. Due to Singapore's affluence, Singapore banks are integrated with the international banking system, which allows for a full series of electronic banking and international monetary exchange. Establishing a small account is relatively easy and can be done over the telephone. Work with your current bank to get the correct banking identification numbers and to establish the transfer and deposit of funds.

I recommend: Many American banks have a presence in Singapore. The Citibank group has worked with Singaporean authorities for many years. American Express offers corporate customers in Singapore their full range of business services.

Visit Singapore to work face-to-face with Singapore banking institutions

If a business is to be successful in Asia, owners and managers need to spend time in Asia. Although Singapore banking institutions are completely connected to the international banking system, personal relationships are much more important in Asia than they are in America. If a company wishes to grow in Singapore, management staff must meet repeatedly with local authorities and banking officials.

I recommend: Staff of banks in Singapore place a great deal of importance on private meetings in order to connect on a personal level with business associates. The United Overseas Bank Limited is a banking leader in Singapore. The Standard Chartered Bank offers a very flexible US Dollar High Account foreign currency account.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When addressing local staff of Singapore banking institutions, refer to them by their official titles, followed by family names and given names.