Open a Bank Account in Singapore
For a freshly arriving expatriate it is most important to arrange for a bank account as soon as possible. First, make yourself familiar with the various types of banks in Singapore and the difference in financial services they provide. Then visit the below sections on how to open a bank account and proceed to the section making payments in Singapore.
Although Singapore is a major financial hub not all banks are licensed to offer a retail service. Before you open up a bank account in Singapore you need to be aware of the status of a bank and whether it can offer the services you require. There are currently 117 commercial banks but only 27 offer a retail banking service. Even within this sector there are sub-divisions and different levels of service.
Get a reference from your company or home country banker to speed up the process! To open an account in Singapore, you will need copies of your passport, employer's letter, and a statement from a bank in your home country. Call your contact person before the appointment and ask what other documents you have to bring.
It is highly advisable to openjoint accounts or grant authority to your partner. Expatriates in Singapore often work regionally and are away from home for a number of weeks. This authority allows the partner to operate and even close the account in case of an emergency.
You should also prepare a number of passwords/codesfor different cards and Pins, telephone and Internet banking etc. Think about a few easy to remember codes, which you need to write down and keep in a safe place. Send a registered letter with all codes to your trustee at home for emergency cases. Alternatively send a CD locked with a codeword.
With some banks, it is the practice to only grant'overdraft facilities' if you have deposited the same amount of money in the bank. If you used any money from this 'overdraft' the bank still deducts interest rates! Banks sometimes operate overdraft facilities as a separate account with its own cheque book and charges. e.g. DBS Cashline
On Arrival There are no exchange restrictions in Singapore and you may bring in or take out any amount in any currency. The Singapore Dollar is divided into 100 cents with denominations ranging from S$1 to S$1000 and coins from 1 cent to 1 dollar. All major credit cards are accepted in Singapore. Currency may be exchanged in the baggage hall at the airport and in the arrivals lounge.
ATM's are available at a number of locations on the landside but may be difficult to find. Ask at the information desk for the nearest one available.
ATM's also accept debit cards but check with your bank before you leave home that your card is valid overseas. ATM's are often the cheapest ways of "purchasing" foreign currency. There are numerous licensed moneychangers around the city and these tend to offer a slightly better exchange rate than the banks.
See below for money remittance services in Singapore before you bank account is up and running.
| Info: Convert your currency | ||
|
What You Need To Ask Your Banker
|
How many branches do you have and where are they?
Online Money Transfer/Remittance Centers Transferring money overseas has always been a headache for expatriates and involved substantial cost. With Internet Banking fairly established amongst expatriates, some banks in Singapore started offering Internet fund transfers which cost about S$ 10-15 per transfer compared to S$ 20-100 for normal telegraphic transfers. Charges vary significantly from one bank to another. The minimum balance required to avoid charges can be quite high.
Citibank launched Citibank Global Transfer (CGT), to allow customers to send funds of up to S$20,000 on a real time basis to other Citibank accounts in many countries across the world. Costs are a very reasonable SGD 10. View here for more details.
Alternatively non-bank-remittance agents may offer lower rates and are an alternative for those not having a Citibank account. Check if the exchange rate is calculated at the point of remittance or calculated on the day of receipt. The first option reduces exchange rate risks. Completion of the remittance can take anything from 15 minutes to 5 working days. POSB sends money right to the doorstep of the recipient which will him/her save the trip to the bank.
| Websites: | |||
|
| Money Remittance Centres | ||||||||||||||
|
||||||||||||||
