Singapore Banks Compared
The Best Options for Expats Based in the EU and Asia
When people move to Asia — whether it’s for retirement, business, or a full relocation — they don’t just need a visa and a house. They need a financial base. That’s where we come in.
From our hub in Davao City, Philippines, we help clients from Europe and Asia set up their new lives. We take care of local residency, connect them with the right support networks, and — crucially — make sure they have a solid offshore banking setup in Singapore.
Why Singapore? Because while you may live in the Philippines or Thailand for the sun and the lifestyle, you don’t want your main savings tied up in fragile local banks. Singapore is the regional safe haven: well regulated, internationally connected, and efficient. For our clients, a Singapore account becomes the anchor — the place where serious money sits safely while daily life unfolds in Asia.
Opening a Singapore account is not just a formality. Each bank has its own strengths, quirks, and upgrade paths. The glossy “Premier” brochures may look identical, but the reality is very different once you’re inside. Here’s how they compare.
Minimum Requirements: The Starting Line
All Singapore premier programs require you to park a significant amount of money — either in cash or investments — and a personal visit is mandatory.
DBS Treasures – S$350,000 AUM
UOB Privilege Banking – S$350,000 AUM
OCBC Premier Banking – S$350,000 AUM
Standard Chartered Priority Banking – S$200,000 AUM
HSBC Premier – S$200,000 AUM
So which one fits best if your home base is Davao or Thailand, or if you’re moving from the EU?
DBS Treasures – The Digital & FX Champion
For clients who base themselves in Davao, Cebu, or Chiang Mai, DBS is often the most practical choice.
DBS Remit is the game changer: instant, zero-fee transfers to 40+ countries. If you’re sending money back to Europe or between Asia accounts, this alone can save you 5–10k a year in fees.
Digital-first platform: DBS built its tech in-house. FX conversions are instant, spreads are tight, and you can buy ETFs, REITs, and bonds inside the app.
Weakness: If you’re EU-domiciled, DBS limits access to certain investment products because of MiFID II rules.
Best for: Expats in Asia who want daily usability and cheap, fast FX transfers.
UOB Privilege Banking – The ASEAN Specialist
For our Thai-based clients, UOB is unbeatable.
ASEAN integration: UOB is strong in Thailand, Malaysia, Indonesia, and Vietnam. If you want a mortgage in Bangkok or need accounts tied across ASEAN, UOB is the only Singapore bank that makes this seamless.
Relationship-driven: UOB’s RMs are old-school — less app, more human. Some clients like this.
Investment angle: Strong in regional bonds and ASEAN placements, weaker in global alternatives.
Best for: People living in Thailand or Malaysia, or business owners with ASEAN operations.
Standard Chartered Priority – Portability Across Continents
For clients who split their time between Asia and the EU, Standard Chartered is a natural fit.
Priority status is global: If you open in Singapore, you get recognition in London, Dubai, Bangkok without starting over.
Solid investment shelf: Access to 15+ global stock exchanges even at the Priority level.
Credit cards: The Priority Visa Infinite is one of the few truly global expat cards, with lounge access and decent FX earn rates.
Best for: EU clients who still spend significant time in Asia and want one banking relationship across continents.
HSBC Premier – Seamless Global Integration
For clients moving out of the EU but keeping ties there, HSBC Premier is the cleanest option.
Premier in one, Premier everywhere: One login connects HSBC Singapore to HSBC Germany, France, or the UK. Transfers are instant.
Family pooling: The S$200k minimum can be shared across family accounts, so your spouse and kids qualify too.
Education support: HSBC is set up for international families — great if your children study in Europe, Australia, or the US.
Best for: EU-based families who want real global integration without friction.
OCBC Premier → Bank of Singapore – The HNWI Gateway
For wealthier clients, OCBC has one big advantage: it’s the gateway to Bank of Singapore, their private bank.
At S$2m AUM, you’re upgraded directly into Bank of Singapore. No need to reapply or restart with a new RM.
Swiss-style systems: BoS runs on Avaloq, giving you institutional-grade reporting across currencies and asset classes.
Alternatives shelf: Hedge funds, private equity, co-investments — BoS has one of the deepest alternative shelves in Asia.
Best for: Clients with S$2m+ who want a smooth transition into private banking.
Multi-Currency Accounts – Not Created Equal
They all advertise MCAs, but usability differs:
DBS → 13 currencies, instant conversions, tight spreads. Best for daily FX.
UOB → Strong ASEAN currency support (THB, MYR), but less slick tech.
SCB → Global MCA, but wider spreads.
HSBC → Integrated with Global Transfers, but FX margins are high.
OCBC / BoS → Best for custody & wealth reporting, not daily use.
Advanced Products for Sophisticated Investors
This matters for many of our clients:
DBS → Asian REITs, corporate bonds, FX derivatives.
UOB → ASEAN private equity, Thai/Indo IPOs.
SCB → Global hedge funds and lending options.
HSBC → UCITS funds and EU-compliant alternatives.
OCBC / BoS → Full private banking shelf: hedge funds, PE, co-investments.
Our Perspective from Davao
When clients arrive in Davao City to build a new life in the Philippines, Singapore banking is always part of the plan. We help them open accounts, set up their Asian base, and ensure that capital remains safe while life in Asia is about freedom, not paperwork.
If you’re living in Thailand or the Philippines → DBS (for FX & digital) or UOB (for ASEAN integration).
If you’re relocating from the EU → HSBC (for global integration) or Standard Chartered (for portability).
If you’re wealthy enough for private banking → OCBC → Bank of Singapore is the smoothest route.
Final Word
Whether you’re leaving Europe for good or setting up a base in Asia, a Singapore bank account is the anchor that makes the rest work. From our offices in Davao, we’ve helped dozens of clients open accounts and integrate them into a bigger relocation strategy.
If you’re considering setting up your Asian base in Singapore, visit our services page to learn more about how we can help.
Start Your Singapore Banking Setup
Opening a premier account in Singapore is not something you want to attempt blindly. Each bank has its own requirements, and without proper preparation, clients often waste time flying in and getting rejected.
From our base in Davao City, we handle the entire process:
Choosing the bank that fits your profile (EU-based or Asia-based).
Preparing all the required documents.
Making introductions and arranging your visit.
Ensuring the account is set up as the cornerstone of your Asian base.
👉 You have two options to get started:
Book a personal consultation – talk through your situation and let us advise you.
Order the Singapore Account Opening Package directly from our shop – and we’ll handle the entire process step by step.
