You can\u2019t 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 \u2013 there\u2019s shopping to be done!<\/p>\n
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.<\/p>\n
The big players here are familiar names; Citibank, HSBC, ANZ\u00a0and 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.<\/p>\n
The minimum age for holding a bank account here is 21, though some offer student packages and children\u2019s savings accounts. You can sign up to a bank at a local branch, no need to journey into the city centre.<\/p>\n
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\u2019t ready yet. Either way you will need copies of your passport and proof of an address, and if you\u2019re at a bank that allows Dependant\u2019s 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\u2019t take that long, and then it\u2019s off to the nearest ATM for you.<\/p>\n
Use the following checklist to pick the bank that works best for you:<\/p>\n
\u2022 Minimum deposits<\/p>\n
All banks require a lump sum deposit to open an account, so make sure you are aware of what the figure is.<\/p>\n
\u2022 Location of branches and ATMs<\/p>\n
Visit the bank websites and check in advance. You don\u2019t want to hike in the heat to pull out your notes.<\/p>\n
\u2022\u00a0Extended opening hours<\/p>\n
Several branches are also open on Saturday mornings and some on Sundays too.<\/p>\n
\u2022 Fees and charges<\/p>\n
This is the big one and absolutely worth knowing.\u00a0You 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.\u00a0<\/p>\n
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.<\/p>\n
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\u2019s supermarkets, convenience stores and cabs.<\/p>\n
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. \u00a0You 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.<\/p>\n
The Singaporean dollar comes in a variety of notes and cent coins:
\nDollar notes: 2, 5, 10, 50, 100, 1000, 10,000
\nCoins: 5c, 10c, 20c, 50c and 1 dollar coin<\/p>\n