Get your finances in order, manage those credit cards, and start saving with this handy advice for personal banking in Singapore
So you’ve moved to Singapore and you think you’ve got it all figured out. You know where to grab a decent cup of coffee, you’re totally getting to grips with Singlish, you know where the hottest restaurants in town are, and you’ve got your weekend travel plans nailed for the next year. Though you might think you’ve got it all worked out, it’s easy to lose track of the one thing that is kinda fundamental: your finances. And since moving to Singapore, the expat Honeycombers tribe have collectively made numerous errors that have cost us dearly. So we decided to round up the mistakes we’ve all made in the past, so you won’t make them in future. You’re welcome!
Splurging not saving
We’ve all been there: you think that Singapore’s low tax rates will mean you’ll finally be able to ringfence that extra cash to bolster your savings. But no! Upon arrival you develop a new found love for brunching, weekends getaways to exotic locations, and generally living the high life. That extra cash soon starts funding your new exciting lifestyle, instead of setting you up for the future. We now swear by squirreling away a hefty chunk of our salaries at the beginning of each month, instead of trying to save what we have left at the end (which thanks to the price of wine is usually nothing!).
Not using your credit card perks!
Credit card perks in Singapore are top notch; think awesome air mile deals and discounts at fancy bars, restaurants, spas, and designer stores. Do your research before you apply for a credit card and make sure you pick the one with the best perks that fit your lifestyle. We’re fans of the HSBC Advance Visa Platinum credit card; there’re loads of travel, beauty, and foodie related discounts to take advantage of. What’s more, the everyday savings on things like petrol all rack up and result in serious savings.
The multiple account juggle
Having to manage multiple bank accounts in different countries is an irritation we could do without. Though online banking does cut out some of the hassle, we’ve been crying out for a truly global bank to make life easier. Thankfully HSBC have solved the problem with its Global View and Global Transfer products. You’ll be able to easily transfer money between your accounts in various different countries instantly, and check the balances of all of your accounts at the same time. One global account? Huzzah!
Never withdrawing cash
It’s easy to lose track of how much you’re spending when absolutely everything gets thrown on a card. What’s more, many banks in Singapore only allow you to withdraw cash from their own ATM machines making it even harder to get your hands on your dollar. So choose a bank that allows you to access your cash in multiple ways. HSBC accounts are NETS friendly, offer QuickCash services at 360 locations (Cold Storage, Giant, Guardian Health and Beauty, Photo Finish, and Market Place) , and are part of the atm5 network. You’ll never get caught short on cash again (and you’ll keep a closer eye on exactly how much you’re spending!).
Missing out on the best exchange rates
Though you might live in a foreign country, you’ll likely still have financial obligations at home. And that can mean numerous trips to the bank to transfer money, it also means you’ll develop an unhealthy interest in monitoring exchange rates to ensure you get the most bang for your buck. Which is why we’re fans of HSBC’s FX Order Watch; it allows you to set your own target foreign exchange rate to convert funds automatically, or you can receive alerts when the designated foreign exchange rate is reached. You’ll never miss out on the best rate again! What’s more the HSBC multi-currency savings account gives you access to up to 11 different currencies right here in Singapore, making it even easier to manage your finances at home and away.
HSBC Advance provides comprehensive wealth management and personal lending solutions, to help you achieve your ambitions. These include banking services like credit cards, loans, investment, insurance, as well as preferential offers and privileges for HSBC Advance customers. For more information about HSBC Advance, click here.
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Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
This article is sponsored by HSBC.