Singapore guide
Banking
Opening a student bank account, the documents required and managing money day to day.
Open your account early. Banking in Singapore requires a Student Pass or IPA — you may not be able to open an account with only your passport before your Student Pass is issued. Plan to open an account in your first week after arrival.
Documents you will need
Valid passport
Student Pass or IPA document
Letter of acceptance from your college (some banks require this)
Singapore residential address proof (tenancy agreement or utility bill)
Initial deposit (varies by bank, typically SGD 500–1,000)
Banks used by students
DBS / POSB
Largest Singapore bank. POSB eSavings account is popular with students — low minimum balance, easy online banking, widely accepted PayNow QR. Apply online or in-branch.
Student friendly: Yes — POSB has specific student account options
OCBC
Strong digital banking. OCBC 360 account gives interest bonuses. Some students find OCBC easier to open as a new arrival.
Student friendly: Moderate
UOB
Good branch network. UOB One account. May require more documentation for non-residents.
Student friendly: Moderate
Wise (multi-currency)
Not a Singapore bank but a widely-used platform for students. Excellent for converting SGD to INR and sending money to India. Lower fees than banks for international transfers.
Student friendly: Excellent for transfers
Sending money between India and Singapore
Bank wire (SWIFT)
Traditional method. Your Indian bank sends SGD to your Singapore account.
Wise (formerly TransferWise)
Recommended for regular transfers. Much lower fees than banks. Widely used by international students in Singapore.
Google Pay / PhonePe to Wise / SG account
Some students use UPI to fund Wise wallets and transfer to Singapore. Verify current availability.
Cash at airport (avoid)
Airport currency exchange rates are typically the worst available. Avoid for large amounts.