
You can’t register with a local branch until you get here, and typically until you have your IC and an address. So hurry up and make all this a priority – there’s shopping to be done!
Local branches
The main local banks in Singapore are DBS (Development Bank of Singapore, which is merged with POSB, or Post Office Savings Bank), OCBC (Overseas Chinese Banking Corporation) and UOB (United Overseas Bank). All offer equally comprehensive services and a good range of ATM facilities across the island. Some, like DBS, offer something called an expat package, which allows you to move Singapore dollars into different currencies under the same account. Look out also for banks that offer NETS (see below), a handy cashless transaction card.
Foreign branches
The big players here are familiar names; Citibank, HSBC, ANZ and Standard Chartered to name a few, all of which have central HQs in the shiny Central Business District (CBD), as well as branches island-wide.
Signing up
The minimum age for holding a bank account here is 21, though some offer student packages and children’s savings accounts. You can sign up to a bank at a local branch, no need to journey into the city centre.
Most banks insist on you having an Employment Pass to get an account, although some will instead accept an IPA (In-Principal Approval letter) if your EP isn’t ready yet. Either way you will need copies of your passport and proof of an address, and if you’re at a bank that allows Dependant’s Pass holders to open an account you will need a letter of introduction from a reputable friend or colleague, though this is still not a guarantee. Call in advance to see what each bank requires, and remember that most will also ask for a deposit. The formalities shouldn’t take that long, and then it’s off to the nearest ATM for you.
Choosing a bank
Use the following checklist to pick the bank that works best for you:
• Minimum deposits
All banks require a lump sum deposit to open an account, so make sure you are aware of what the figure is.
• Location of branches and ATMs
Visit the bank websites and check in advance. You don’t want to hike in the heat to pull out your notes.
• Extended opening hours
Several branches are also open on Saturday mornings and some on Sundays too.
• Fees and charges
This is the big one and absolutely worth knowing. You don’t want to get caught out by a big cash transfer fee so make sure you have a thorough read of the fees and charges that can be applied. They are sure to be quite different in Asia to those where you’ve come from.
ATMs
Many banks only let you withdraw cash from their own machines, so be sure to choose a bank with plenty of ATMs dotted about the city, and of course always be aware of your daily limit.
NETS
The Network for Electronic Transfer system allows you to make over-the-counter payments for things by card not cash, and is useful for situations like topping up your EZ-Link card and for cashless transactions in many of the island’s supermarkets, convenience stores and cabs.
Cheques
The banks are very finicky about cheques and will return them unpaid if you write in the wrong colour ink or write or sign your name even slightly under the line. You also need to remember – if you are the payee, to have a cheque made out to you in exactly the same way your name is printed on your identity card if the payer has crossed out ‘or bearer’. Otherwise the cheque won’t be paid and you’ll need to take it into a branch and sign a stat dec. Become familiar with the rules to save yourself a lot of mucking around and wasted time.
Currency
The Singaporean dollar comes in a variety of notes and cent coins:
Dollar notes: 2, 5, 10, 50, 100, 1000, 10,000
Coins: 5c, 10c, 20c, 50c and 1 dollar coin
Lead Image: ANZ