Choosing a Bank Account | Opening a Bank Account | Singapore
Bank Accounts | Savings Accounts | Singapore
by Priyadarshini
10 March 2021
Moving to a new country comes along with a lot of challenges. One such important challenge is to get your banking sorted. Without proper banking services, it will get difficult for you to operate in the new place. To save you a ton of comparative research on the various banking choices in Singapore, we have compiled this blog. Read on to know the factors to consider before choosing a bank account you want to sign up for.
Singapore has all kinds of expats from all over the world. Some people are for studies, some other expats are first-jobbers and of course, there are billionaires. So, different people have different banking needs. Banking options are not a one-size-fits-all program. We tell you about the important factors you should keep in mind before choosing a bank and the kind of account you need.
As a general rule of thumb, most expats prefer to consider the following services to begin their journey in Singapore.
Choosing a Bank Account:
Savings account: It does not matter what your income or salary is. You will need savings account for the fact that your employer has to credit your salary every month. Moreover, you need an account to stash your money. Do check that the account your choosing gives you a good interest rate.
Current account: This is an alternative to a savings account. You can have it if you don’t have a stable source of income so that in case you run into a negative balance, you are still good to go. Most savings account do not allow this. However, with current accounts, you should expect no or little interest.
Remittance: In Singapore, most banks have easy online facilities for you to send money back to your home country. So, as an expat do check with your bank about its remittance services.
ATMs: This is an important factor and you must keep it in mind while choosing a bank. The bank must have a good ATM presence across the city because you would not want to walk miles just to withdraw some cash. Although online payments are widely accepted in Singapore, you would still need cash for miscellaneous expenses. For instance, eating at street-side stalls, etc.
Credit cards: In Singapore, banks offer lucrative offers and rewards on credit cards. Check with the bank you are signing-up with for credit card facilities. You can choose a different bank for credit card services, but it is just convenient to have the same bank for all your needs.
Multi-currency accounts: Multi-currency accounts are a must-need. In today’s times when the world is a global village and people travel from one part of the world to the other, having access to multiple currencies will save you. Who wants to stand in a queue at shady exchange stores? Also, with a multi-currency account, you don’t have to depend on carrying cash.
Investment account: Planning to make a huge stash of money in Singapore? While a choosing bank account, opt for the investment account. Many banks here offer such accounts and it will also allow you to invest in equities, unit trusts, etc.
