Citibank Singapore

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If you want to open an account for a non-resident company in Singapore or register a local company and open an account, Citibank Singapore has a wide network of banks around the world and does not need to be introduced.

It can be a good decision to open an account with Citibank Singapore because it is one of the first financial institutions in Singapore, which was founded in 1902. Then the bank was known as the International Banking Corporation. The bank began its history as a branch of Citi Bank of New York. This was the opening of the first branch of an American bank in Asia, which confirmed the prestige of the region.

The institution offers the following opportunities:
  • to open an account in the name of a non-resident with Citibank Singapore;
  • open a corporate account with Citibank Singapore;
  • open a personal account with Citibank Singapore.

The institution is the largest banking employer in Singapore and provides jobs for more than 8,000 employees.

The initial goal of the institution was to finance American industry. Since 1982, Citi Bank has been providing a full range of services for both individuals and legal entities. Entrepreneurs, interested in opening an account with Citibank Singapore must note that the main fields of Citibank's work are: asset management services (investments, insurance, deposits), loans and equity financing.

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Citibank Singapore is the location of strategic innovation technology centers and Citi Asia Pacific Service Center (SCS). The bank also has separate divisions for offering a wider range of services to its customers, including: Global Subsidiaries Group, Citi Private Bank, International Personal Bank, Global Consumer Bank.

In 2015, Citibank was licensed by the Monetary Authority in Singapore and was recognized as one of the systemically important financial institutions in the country. And in 2017, the bank launched Facebook Citi Bot, the world's first chat for the Citigroup.

Tariffs for those who intend to open a corporate account with Citi Bank Singapore
  • International transfers – 0.125% of the amount.
    • Minimum – SGD 20 (approximately USD 15);
    • The maximum is SGD 200 (approximately USD 150).
  • The minimum balance is SGD 100,000 (approximately USD 72,000);
  • The minimum bank commission for opening an account is SGD 250 (approximately USD 180);
  • Commission for maintenance (per month) – USD 50;
  • Bank commission for the first payment – USD/EUR 5,000;
  • The remittances are available in the following currencies: AUD, CAD, EUR, HKD, NZD, JPY, STG, SGD, USD.

Those planning to open a bank account in Singapore, must know that a mandatory requirement is a personal visit for an interview with the bank.

The period for consideration of an application by the bank: approximately 30 days.

In order to open a corporate account with Citi Bank Singapore you will need to provide the following documents:
  1. Documents confirming the identity of the account holder.
  2. Company's statutory documents.
  3. Bank's letter of recommendation, not older than 3 months (if it is not a newly registered company).
  4. Documents confirming the company's legal address.
This list can be expanded at the request of the bank.

You can receive legal advice on how to open an account with Citibank Singapore from IQ Decision specialists. Also, our experts will provide you with legal assistance in the process of establishing a company in Singapore.

The payment for IQ Decision legal support services in opening an account with Citi Bank Singapore will be carried out after the approval of an application by the bank.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

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