Setting up an Expat bank account in Singapore

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Singapore - This Southern Asian destination is one of the top locations for expats looking to earn top dollar.
Jobs in the banking and financial sectors are among the best paying worldwide. Singapore is also rated as one of the best places to raise children. It offers quality childcare and education among other benefits.

If you are moving to Singapore to live and work you will need to set up a bank account to carry out everyday transactions like paying bills, shopping and making other purchases. The great news is that opening a bank account in Singapore is very easy and can be done in a day's time.

Money Matters

The Singapore currency is the Singapore dollar. (SGD)

The denominations are as follows:
Notes: 2, 5, 10, 50, 1000 and 10,000
Coins: 1, 5,10, 20, 50 cents and 1 SDG dollars.




Banks in Singapore

There are a number of international banks offering services to expats including HSBC, Standard Charted, Citibank and BNP Paribas. Local banks include Bank of Singapore, DBS Bank, Far Eastern Bank, OCBC Bank and the United Overseas Bank.

What you'll need
To open a bank account in Singapore, you must present
1. A copy of your Passport
2. A copy of your employment pass (some banks will accept a confirmation slip/letter for appointment at M.O.M from the company if you do not yet have the pass)
3. A minimum balance required (this varies from bank to bank, but must be paid in local currency).

Once the account is opened you will be given an ATM card.
ATMs are located everywhere, and credit cards are widely accepted; though, international cards will incur high transaction costs.

Good to Know
To obtain a credit card as an expat most banks require that you have a small deposit in a bank account and a salary confirmation slip. Most major credit cards are accepted in Singapore but be mindful of the transaction fees.

Remember each individual has different banking needs so it is always astute to shop around to see which bank is best suited to serve your needs.

Related:
Singapore offshore banks.
Singapore expat guide.



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