Best Bank for Expats | Savings Account for Expats | Singapore
Bank Accounts | Savings Accounts | Singapore
by Priyadarshini
9 March 2021
Moving to Singapore as an expat? You will have a long list of things-to-do, one of the most important being opening a bank account. Sorting your banking is a high-priority task and you would not want to delay it. We understand the complexities of this and so, we tell you about the popular local banks in Singapore. In this blog, we discuss the best banks for expats in Singapore. Read on to find out more.
UOB One Account
UOB is one of the best banks for expats in Singapore. It has plenty of ATMs across the city and the good thing is that UOB customers can use OCBC ATMs. Its best savings account product is the UOB One account. Similar to the DBS Multiplier account, you can credit your salary of at least $2,000 every month.
And if you spend $500 or more on selected UOB credit cards, you are offered at least 1.85% interest annually. The only drawback is that the UOB One account does not offer a multi-currency function. You choose to sign up for a supplementary card UOB’s multi-currency wallet service known as Mighty FX. This card will support AUD, CNH CHF, CAD, GBP, HKD, NZD, JPY, and USD.
DBS Multiplier Account
DBS bank is omnipresent in Singapore and almost all Singaporeans have a savings account with the bank. The DBS Multiplier Account is great for expats living in Singapore. You can use it as your regular savings account. It is a 0 minimum balance account and you are offered an interest of 1.55% annually. Just make sure your salary gets credited every month into the DBS account. You can get added benefits and interests on taking up credit cards from DBS bank, which most likely you will as it is common here. You can easily find their ATMs everywhere in the city which makes it super convenient for you.
However, keep in mind that peak hours can have long queues outside the ATM. The DBS account also allows you to save cash in 12 different foreign currencies. For instance, AUD, EUR, CAD, HKD, NZD, JPY, NOK, SEK, GBP, THB but you won’t get any interest. However, you do earn interest on CNH and USD, but it is way less as compared to SGD. It is also an affordable bank for remitting money back to your home country. Also, no fees are charged for transferring money to countries like China, Australia, Eurozone, India, Hong Kong, Indonesia, Philippines, Malaysia, US, and UK. If you are planning to move to Singapore, then DBS bank will allow you to open an account with them even before you get your employment pass.
Citibank Global Banking Programme
The Global Banking Programme by Citibank is specifically meant for expats. Citibank has various branches in Singapore, one near almost all MRT stations. So, if you are a Citibank customer getting cash will be extremely easy. It offers one of the most convenient and simple banking services. With Citibank’s global banking programme, you can easily manage your international accounts.
If you are a Citibank account holder in your home country as well, you can reap the benefits of the Citibank Global Transfer Service This service allows you to remit money with no extra charges. The global banking programme also has many perks such as relocation services. For your regular banking purposes, you can choose a local currency savings account. There are many options to choose from like Citibank MaxiSave Checking and Account Citibank InterestPlus Savings Account. Or you can opt for a Global Foreign Currency Account as well. So, now you know all about the best banks for expats in Singapore.
