Singapore · Asia
Banking in Singapore: Regulator, SGD Accounts & Transfers
If you bank from Singapore, three things shape the experience: the currency (Singapore dollar, SGD), the regulator that supervises providers (Monetary Authority of Singapore (MAS)), and the way domestic Singapore transfers are addressed and settled. Below, each is set out with the source it comes from — treat these as the checks to make, not marketing.
The regulator to check
The first check for a Singapore account is the regulator standing behind the provider.
Monetary Authority of Singapore (MAS)
Banks are licensed under the Banking Act 1970 and payment or e-money providers need a Major Payment Institution or Standard Payment Institution licence under the Payment Services Act 2019. Verify the entity in MAS's Financial Institutions Directory before trusting it with funds.
Visit the regulator →Currency & local account details
Domestic payments in Singapore rely on a specific account format — get it exactly right before sending.
- Currency:
- Singapore dollar (SGD)
- Local account format
- Singapore does not use IBAN domestically: payments are made with the bank's code plus the bank-specific account number (typically 9 to 17 digits depending on the bank), and only international SWIFT wires go outside that scheme.
How domestic transfers move
The payment rail behind Singapore transfers determines timing and limits.
FAST (Fast And Secure Transfers) provides 24/7 near-instant interbank transfers, with PayNow letting customers send SGD using just a mobile number, NRIC/FIN or company UEN, while GIRO handles recurring debits and credits and MASNET/TARGET-linked systems settle high-value payments.
Before you open an account
- Confirm the provider is authorised by Monetary Authority of Singapore (MAS) before depositing funds.
- Transact in Singapore dollar (SGD) and check the provider's rate and fees for any conversion.
- Use Singapore's domestic account format exactly as issued when sending or receiving locally.
- Check the provider's cut-off times and limits on the local payment rail before relying on instant settlement.
Sources
Every fact on this page traces to an official or authoritative source: