Can funds be moved freely between Singapore and other countries?

Yes, Singapore has no foreign exchange controls, so for legitimate business purposes both Singapore dollars and foreign currencies can be freely sent abroad and received. However, banks may check the purpose of a transfer.

Under anti-money laundering rules, banks may ask for documents such as contracts or invoices that show the purpose of the funds for large or unusual transfers.

• When sending capital or loans from Korea: there are no restrictions on the Singapore side, but an overseas direct investment report or similar filing may be required under Korean foreign exchange regulations, so check with the remitting bank first.
• When paying interest, royalties or service fees to Korea: withholding tax may apply in Singapore depending on the type of payment, so check before making the transfer.

Lee Kim Alliance provides a corporate bank account opening support service and accounting and tax services.

As of November 2026, source: MAS