Singapore Student Pass holders can open a bank account with their passport and Student Pass (ICA letter before pass is issued). Most banks require a visit to a branch within the first 2 weeks.
Banking in Singapore on a Student Pass
Singapore Student Pass holders can open a bank account with their passport and Student Pass (ICA letter before pass is issued). Most banks require a visit to a branch within the first 2 weeks.
Best Banks for Student Pass Holders
| Bank | Type | Key Benefit | Fee |
|---|---|---|---|
| DBS | Student | Multiplier account, 3.5%+ interest | 0 SGD |
| OCBC | Frank Student | No min balance, cashback card | 0 SGD |
| UOB | One Account | Cashback features, student bonus | 0 SGD |
| Wise | Multi-currency | Best for receiving from family abroad | Varies |
Taxes for Student Pass Holders in Singapore
International students with part-time income in Singapore pay personal income tax. Singapore has low, flat-ish rates and no capital gains tax. Part-time work is limited to 16 hours per week during term.
| Income Band | Tax Rate |
|---|---|
| SGD 0-20,000 | 0% |
| SGD 20,001-30,000 | 2% |
| SGD 30,001-40,000 | 3.5% |
| SGD 40,001-80,000 | 7-11.5% |
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| Service | Rate | Fee | Speed |
|---|---|---|---|
| Wise | Mid-market | 0.4-1.5% | 1-2 days |
| InstaReM | Near mid-market | 0.5-1% | 1-2 days |
| Remitly | Near mid-market | 0-3.99 SGD | Minutes |
| Bank Wire | 2-4% markup | 15-25 SGD | 3-5 days |
Cost of Living in Singapore on a Student Pass
Singapore is expensive by regional standards but student accommodation in halls is heavily subsidised by universities:
| Expense | NUS/NTU Campus Hall | Private Condo | HDB Room Rental |
|---|---|---|---|
| Accommodation per month | 400-800 SGD | 1,800-3,000 SGD | 800-1,400 SGD |
| Groceries | 200-350 SGD | 200-350 SGD | 200-350 SGD |
| Transport (EZ-Link) | 60-100 SGD | 80-120 SGD | 60-100 SGD |
| Monthly total | 660-1,250 SGD | 2,080-3,470 SGD | 1,060-1,850 SGD |
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Download FreeFrequently Asked Questions
Can international students work part-time in Singapore?
Yes, up to 16 hours per week during the semester and full-time during official vacation periods. You must have a valid Student Pass and your institution must have applied for work authorisation on your behalf.
How much does it cost to study in Singapore as an international student?
Annual tuition ranges from SGD 8,000-20,000 at NUS/NTU/SMU for MOE subsidised courses. Private university tuition is higher. Annual living costs add approximately SGD 12,000-18,000.
What is the tuition grant in Singapore and who qualifies?
The MOE Tuition Grant subsidises international student fees significantly in return for a 3-year service obligation working in a Singapore-registered company after graduation. Most international undergraduates at public universities receive it.
Can I open a bank account in Singapore as a Student Pass holder?
Yes. DBS, OCBC, and UOB all open accounts for Student Pass holders. You need your passport, Student Pass (or ICA in-principle approval), and a local address. Visit a branch in person within the first week of arrival.