Singapore Bank Account Glossary: 52 Chinese–English Terms

The identity card of Singapore citizens and permanent residents (PRs), and the main identity document for opening an account locally. The NRIC number also serves as the Singapore Tax Identification Number (OECD TIN information). Citizens or PRs who open a DBS account without Singpass need to have their NRIC verified at a branch.

The identification number issued to foreigners holding a work pass or immigration pass, printed on the pass card. FIN holders can register for Singpass; according to the OECD TIN information, the FIN is also the Singapore Tax Identification Number for these individuals.

A work pass issued by the Ministry of Manpower (MOM) to professionals, managers and executives. EP holders can use the "foreigners holding a pass" route to open an account, but an EP does not confer tax residence, and it is not the only pass accepted for foreigners opening accounts.

A work pass issued by the Ministry of Manpower (MOM) to mid-level skilled workers. Banks such as DBS and OCBC list the S Pass on their public pages as one of the valid passes accepted for foreigners opening accounts (checked 23 October 2026); each bank's requirements prevail.

A pass issued by the Immigration & Checkpoints Authority (ICA) to international students studying full-time in Singapore. DBS and OCBC 360 both accept a Student Pass for account opening, but accounts usually have an age threshold such as 18, and the types of account available to students under 18 depend on the bank's rules.

Residence passes issued to family members of pass holders or of citizens and PRs. The UOB One account page lists the Dependent Pass as one of the documents for foreigners opening an account at a branch (checked 23 October 2026); which accounts holders of these passes can open depends on each bank's rules.

An approval letter issued by MOM or ICA before the pass card is formally issued. DBS accepts an IPA as the pass document for account opening, and it may also serve as proof of address or proof of employment/study, but the same IPA cannot be used as both (DBS, checked 23 October 2026).

The Singapore government's digital identity system. Citizens, PRs and FIN holders aged 15 and above can register (Singpass registration guide). Logging in to a bank's app with Singpass and authorising Myinfo is the usual prerequisite for opening most retail accounts online.

A government data service linked to Singpass. With the user's authorisation, a bank can retrieve government records such as name, identification number and address directly and fill them into the application form. When the Myinfo address is used, DBS does not require separate proof of address.

In the context of opening an account, this usually means a person who has no Singapore identity card or pass and does not live in Singapore. It is a different concept from a "tax non-resident" as determined by IRAS: someone working in Singapore on a pass may also be a tax non-resident in a given year.

A demand deposit account for holding money and making everyday payments, paying interest on the balance and usually subject to a minimum average balance and fall-below fee. An individual's first account in Singapore is usually of this type - for example, OCBC 360, UOB One or DBS Multiplier.

A simple savings account with low initial deposit and balance requirements. According to a parliamentary reply dated 11 September 2017 published on the MAS website, the major retail banks have offered it since 2002, with an initial deposit of around S$20 or less. Current fees and eligibility are covered in Account fees; each bank's terms prevail.

A demand account mainly used for cheques and everyday payments, usually paying little or no interest; some banks require a higher minimum balance. It is less often an individual's first account and mainly suits customers who need to use cheques.

An account that holds Singapore dollars and several foreign currencies under one account number. DBS My Account, for example, can hold 13 currencies including the Singapore dollar (checked 23 October 2026). The foreign-currency portion is not covered by SDIC deposit insurance and is exposed to exchange-rate movements.

A time deposit placed in a foreign currency for an agreed term and rate; withdrawing before maturity may mean losing interest. Like foreign-currency demand deposits, foreign-currency fixed deposits are outside the scope of SDIC deposit insurance.

An account held jointly by two or more people. MAS Notice 626 requires banks to perform customer due diligence on every joint holder; for deposit insurance, SDIC by default splits the balance equally and adds each holder's share to their own total.

A service tier that banks offer to customers whose assets reach a certain threshold - for example, S$200,000 for HSBC Premier and S$350,000 for OCBC Premier (bank websites, checked October 2026). It is a tier set by the bank, not a regulatory threshold, and meeting the threshold does not guarantee acceptance.

Wealth management services for high-net-worth clients. DBS Private Bank serves clients with more than US$5 million in investable assets, and Bank of Singapore at least US$5 million (checked October 2026). Some private banking tiers require Accredited Investor status, such as OCBC Premier Private Client.

A bank that operates mainly online, usually without physical branches. On 4 December 2020 MAS announced the successful applicants for two digital full bank (DFB) licences, which may take retail deposits, and two digital wholesale bank (DWB) licences; licences were issued only after pre-licensing conditions were met. Singapore-dollar deposits at Scheme members are subject to the same SDIC rules.

A Singapore-dollar instant transfer service launched by The Association of Banks in Singapore (ABS). Individuals can link their mobile number or NRIC/FIN to a bank account to send and receive payments; it went live at participating banks on 10 July 2017, and the ABS page shows that the nickname feature was discontinued from 6 June 2026.

Money or assets newly transferred in from outside the bank and not previously held with it. Some priority and private banking tiers count only fresh funds for entry - OCBC, for example, requires non-residents opening a Premier Banking account remotely to deposit or invest at least S$350,000 in fresh funds (checked 23 October 2026).

The measure of assets banks use to decide a customer's tier, usually including deposits, fixed deposits and investments, and at some banks insurance with a surrender value. Definitions, and whether fresh funds are required, differ between banks; the bank's terms prevail.

A measure of a customer's combined deposits, investments, insurance and other assets with the same bank. HSBC Premier (Singapore) requires a Total Relationship Balance of at least S$200,000, or existing HSBC Premier status in another country or territory (checked 23 October 2026).

The average of the end-of-day balances over a month, the measure banks commonly use to decide whether a fall-below fee applies. DBS calculates the MADB of its multi-currency account by converting each currency into Singapore dollars and adding them together (checked 23 October 2026).

A monthly fee charged when the average balance falls below the account's requirement. Examples: DBS Multiplier charges S$5 a month below S$3,000, and UOB One charges S$5 a month below S$1,000 (bank websites, as at October 2026). Some banks waive it for the first year, the first six months or younger customers.

A fee charged when an account is closed shortly after opening. OCBC's retail fees guide states that closing within six months of opening costs S$30 for a Singapore-dollar account and US$20 for a foreign-currency account (08/2025 edition); UOB One charges S$30 for closure within six months (UOB website, checked 23 October 2026).

A way of sending money overseas through interbank messaging systems. Charges generally consist of the remitting bank's commission, cable charge, agent bank fees and the FX spread, and the time to arrive depends on the payment route and intermediary banks.

A flat fee the remitting bank charges for sending the payment message. OCBC's retail fees guide (08/2025 edition) states a S$20 cable charge for telegraphic transfers made both at the counter and through online banking; fee schedules may differ between account tiers, so check the current schedule for your tier.

Fees deducted by intermediary banks or the receiving bank along the payment route. OCBC's retail fees guide (08/2025 edition) lists fixed agent bank fees by remittance currency (where applicable), charged separately from commission and cable charges; intermediary banks on the receiving side may deduct further fees, which cannot always be known in advance when the money is sent.

The difference between a bank's buying and selling rates; a hidden cost of currency conversion that is not itemised in fee schedules. When comparing conversion costs across channels, look at the actual rate obtained, not just the explicit fees.

A commission charged when you remit or withdraw foreign currency in the same currency, so the bank earns no conversion spread. OCBC's retail fees guide (08/2025 edition) states that remitting from a foreign-currency account without conversion costs 1/8% (minimum S$25, maximum S$120), and depositing or withdrawing foreign-currency notes costs a minimum of 1%.

The umbrella term for a financial institution identifying its customers and understanding their background and the purpose of their transactions. In Singapore banking, the specific KYC requirements are set out mainly in the customer due diligence provisions of MAS Notice 626.

A set of measures banks must carry out under MAS Notice 626: identifying and verifying customers and beneficial owners, understanding the purpose of the business relationship, and ongoing monitoring. A bank that cannot complete CDD must not open the account (2024 version, paragraph 6.35).

Stricter due diligence for higher-risk customers, including senior management approval, establishing source of wealth and source of funds, and enhanced ongoing monitoring. MAS Notice 626 requires it for politically exposed persons and other higher-risk customers (2024 version, Part 8).

A bank establishing a business relationship with a customer without meeting them, for example through an app. MAS Notice 626 permits this but requires the due diligence to be "at least as robust" as for face-to-face relationships (2024 version, paragraph 6.29).

Where the specific money used to open an account or for a particular transaction comes from, such as salary or the proceeds of an asset sale. Banks may ask for an explanation and supporting evidence; for customers such as politically exposed persons, establishing source of funds is a statutory requirement.

How a customer's overall wealth was built up, for example through business income, inheritance or long-term investment. It is broader than source of funds and is usually examined in more detail when opening priority or private banking accounts.

A person who holds or has held a prominent public function, together with their family members and close associates. A bank must obtain senior management approval to establish a relationship with them and must establish source of wealth and source of funds (MAS Notice 626, paragraph 8.3, 2024 version).

The natural person who ultimately owns or controls an account, or on whose behalf transactions are conducted. When an individual opens an account, the bank confirms that the account is for the applicant's own use; opening an account for someone else or holding one as a nominee does not meet the requirements.

A person who lets others use their bank account or receives and transfers money on others' behalf, often exploited by scam or money laundering syndicates. The Singapore Police Force has explained that since 8 February 2024, giving up control of an account or disclosing Singpass credentials may be a criminal offence - for example, under section 55A(5) of the CDSA, punishable by imprisonment of up to three years, a fine, or both.

A report a financial institution files with the Suspicious Transaction Reporting Office (STRO) when it identifies something suspicious. MAS Notice 626 requires a bank that cannot complete due diligence to consider whether an STR should be filed.

A document showing your current address, such as a utility or telco bill, a bank statement or a letter from your employer. DBS requires it to be dated within three months before the application; overseas proof of address must come from a government, regulated public body or regulated insurer in a FATF member country (checked 23 October 2026).

The standard developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of financial account information for tax purposes. Singapore has exchanged information with partner jurisdictions since September 2018 (IRAS); the amended CRS applies from 1 January 2027.

The tax residency declaration completed when opening an account, covering name, address, every jurisdiction of tax residence, the TIN for each and date of birth (IRAS). Knowingly making a false declaration can lead to a fine of up to S$10,000 or imprisonment of up to two years.

The number a tax authority uses to identify a taxpayer. For individuals in Singapore it is usually the NRIC or FIN; for mainland Chinese individuals who use the Resident Identity Card as their identity document, the TIN is the identity card number (OECD TIN information).

A Singapore financial institution, including a bank, that must report account information to IRAS under the CRS. IRAS states that Reporting SGFIs must complete their report for the previous year by 31 May each year.

A US law requiring foreign financial institutions to identify and report accounts held by US persons. Singapore's FATCA regulations implementing the Model 1 Intergovernmental Agreement took effect on 18 March 2015, and Singapore financial institutions report the relevant information to the US Internal Revenue Service (IRS) through IRAS.

A tax status determined by IRAS based on facts of presence. A foreigner who stayed or worked in Singapore for at least 183 days in the previous calendar year, or who has been in Singapore for three consecutive years, among other cases, is generally tax resident; it is a different concept from a pass or nationality.

Statutory deposit protection administered by SDIC. If a Scheme member fails, Singapore-dollar deposits are covered up to S$100,000 in aggregate per depositor per member (raised from S$75,000 on 1 April 2024, MAS Annual Report), automatically and without any application. Foreign-currency deposits, structured deposits and investment products are not covered.

A deposit-type product whose return is linked to exchange rates, interest rates, indices or similar; principal and return terms vary by product. SDIC treats it as an investment product, outside the scope of deposit insurance.

A category of investor defined in section 4A of the Securities and Futures Act - for example, net personal assets exceeding S$2 million (with the primary residence counting for at most S$1 million), net financial assets exceeding S$1 million, or income of at least S$300,000 in the preceding 12 months - who must actively opt in.

Singapore's independent body for resolving financial consumer disputes. Disputes over the service or charges on an existing account can first be raised with the bank, then brought to FIDReC within six months of the bank's final reply; for cases filed on or after 1 July 2024, the adjudication cap is S$150,000 per claim.