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Choosing a bank according to your requirements is another important task at hand as an expat. Singapore is a banking and financial hub and most of the world’s prominent banks have a presence here, besides a host of local banks. Hence you are spoilt for choice!
The country offers a plethora of choices when looking to open a bank account, from local banks to foreign banks. Not only this, local banks like Development Bank of Singapore (DBS) and Post Office Savings Bank (POSB) offer accounts specifically for foreign workers. Before this, you need to research the banks which accept foreigners as their customers.
Once you have zeroed on that, you need to gather other necessary information like interest rates, transaction charges and minimum average daily balance requirement etc. Each bank has its benefits and we will guide you in choosing the suitable one for you.
As foreigners, working in Singapore, you need to have a local bank account to receive your salary via bank transfer or cheque deposit. You could choose to open a local bank account with a local bank or a foreign bank. Please be in the know that foreign banks may have extra charges for international banking or a large deposit requirement.
Laws being quite stringent in Singapore, proof of your residence in Singapore, along with your passport and proof of employment, should be presented when opening a bank account. The latest copy of your IPA letter from MOM, Letter of employment/offer, local utility/telecommunication bill, latest payslip or a letter issued by a government body will qualify for this proof. You would also be required to justify your need for a local bank account.
Once you have gathered all the necessary documentation you can visit a branch of the bank you choose or its website to register for the account. Choose a branch closer home or office as you may be required to visit the branch as and when required.
In Singapore, your arrival & survival becomes a challenge if you don’t have a credit card. Not only it helps when you don’t have cash, but it also brings you cash backs, promotional offers, discounts, reward points, all in all it rewards to use credit card in Singapore!
Make Best with Your Credit Card
The cost of living in Singapore being high, it’s a good idea to get some gifts, offers, discounts or cash backs while shopping with your credit card, which will enhance your shopping experience. Singapore has a few great options of Credit Cards made available to foreigners/expats offered by both local and foreign banks with some great customised offers.
While applying for a credit card, you should check about the credit limit, so that you know how much is your financial limit, to what amount you can spend. A credit limit refers to the maximum you can charge to your credit cards.
Though you may have multiple credit cards with your bank, they will all share the same credit limit. Credit limits are typically 2 to 4 times your monthly salary, but it is ultimately the bank’s discretion how it grants you.
Copy of passport
A letter stating proof of employment for a minimum period
Proof of residence
Income Tax Notice of Assessment.
Reason for getting Credit Card:
It can be used as a mode of payment at almost all parts of the world
It offers promotions, discounts, gifts and rewards when you spend, some even offer cashbacks
It helps you build a credit risk rating for when you are applying for loans in the future
It is a great tool to track your monthly spending
It provides immediate access to more money
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