To open a bank account in Singapore is an essential step for anyone planning to live or work in Singapore. You can start with DBS Bank and OCBC Bank.
Having a bank account makes getting and keeping track of money more accessible. It is also needed for everyday things like making rent, getting paid, and buying things.
A bank account saves money on ATM fees and simplifies financial management by allowing for easy salary payments and setting up convenient direct debits to pay bills.
Most websites or apps linked below are in English. Use Google Translate, Tarjimly, or any other translation service if you need it.
The banking system in Singapore
Singapore is well-known as an international financial center and an essential Asian hub for wealth management and insurance. Over 150 deposit-taking organizations comprise Singapore’s banking system, including entire banks, qualifying full banks, wholesale and merchant banks, and financing businesses. Singapore’s central bank, the Monetary Authority of Singapore (MAS), was created in 1971. Singapore’s three central banks are DBS, OCBC, and United Overseas Bank.
How to open a bank account in Singapore
To open a bank account in Singapore, you must choose the bank that suits you. To make the best choice, consider the fees charged by the bank, the services provided, and the quality of customer support. These factors will help you choose the right bank for your needs.
To open a bank account in Singapore, you generally need to follow these steps:
- Find the best bank for your needs by doing some research.
- Determine qualifications and compile relevant documentation.
- Submit an application and necessary documentation either online or at a branch.
- Send in your first deposit to activate your account.
For a simpler, more flexible option:
Wise provides personal and commercial multi-currency accounts for holding and exchanging 50+ currencies, including MYR and SGD. You can transfer payments to 80+ currencies, acquire local bank information for up to 10 foreign currencies, and get a connected Wise debit card for simple spending.
Also, you can open an account with Wise before you arrive in Singapore. The charges for opening an account and for maintenance are free.
What are the types of bank accounts in Singapore
In Singapore, there are several types of bank accounts that individuals and businesses can choose from, including:
Savings accounts:
These bank accounts provide interest but limit withdrawals. They’re ideal if you want a secure location to save and grow your money.
Chequing accounts:
These “checking accounts” or “current accounts” are for daily usage overseas. Hence the name, certain Singaporean chequing accounts accept written checks. These cheques may be drawn on any account balance.
Foreign currency accounts:
These bank accounts use currencies other than the Singapore dollar. Singaporeans spend and talk about different currencies outside the US dollar, which is the most frequent for foreign currency accounts.
Can foreigners open Singapore bank accounts online
If you’re an international customer looking to create a bank account in Singapore, you can do it online with OCBC, UOB, and Singpass for other banks like DBS.
What kind of money does the Singapore use
Singapore uses the Singapore dollar (SGD) as its official currency. S$ is the currency’s symbol. It has 100 cents in it. The Monetary Authority of Singapore (MAS) is responsible for issuing and regulating the currency.
How to find the nearest branch in Singapore
Fortunately, most banks in Singapore have an extensive network of branches and ATMs, making it easy for customers to access their funds and manage their finances.
You can type “banks near Jurong West” on Google Maps or any other map app. There you can find a list of relevant branches that you can contact. You can search your area for the nearest branch if you are away from Singapore. They can help you find a bank in Singapore.
Source: Money Smart
The cover image is in Singapore. Photo by Rasheed Kemy on Unsplash
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