5 Things to Consider When Opening an Account in a Singaporean Bank
There are many local and international banks in Singapore that offer a range of facilities to local and international clients.
Before selecting a bank, there are many aspects to be considered, such as paperwork, document requirements, transaction charges, etc. Residents of other countries who intend to move to Singapore can also open accounts in Singaporean banks.
Residents of other countries who intend to move to Singapore can also open accounts in Singaporean banks.
Given below are some useful tips for opening an account in a Singaporean bank:
#1 Assemble all the paperwork beforehand
It is advisable for you to have all required documentation with you regardless of whether you are a Singaporean resident or a foreigner. Documents you will need are as follows:
- Your passport
- Visa—it may be a work permit or a student Visa
- An employee letter or a letter from your university or Institute
- A letter from an existing bank
If you are married and your wife is financially dependent upon you, you cannot open an individual bank account. Only a joint account is permitted.
#2 Number of branches of banks and availability of ATMs
International banks have limited branches in Singapore, so it is best to check for banks whose branches are closest to your home and office. Select one that is at a convenient distance from where you live and work so you can operate your account easily.
If you are getting EntrePass in Singapore, remember it also. Before selecting a bank, check whether they have ATM services available throughout Singapore, especially in your locality. If your bank has a wide network of ATMs, you will be able to withdraw money without any hidden fee deductions.
It is advisable to select a local bank, as such banks have multiple branches and wider ATM networks in Singapore.
#3 Working hours
It is advisable to select a bank that either stays open over the weekend or has extra working hours on Saturdays.
This way, you will be able to operate your account during the weekends, as it might get difficult to do so on weekdays, especially if both spouses are working.
#4 Fees and charges for transactions
Always check the bank’s website and read its terms and conditions carefully before opening an account there. Make sure you know and understand all relevant details pertaining to transactions.
All local and international banks will charge you for local and international money transfers. Furthermore, some banks also have extra charges for issuing new checkbooks and visa services.
#5 Online banking facilities
Before selecting a bank, make sure to check whether they are providing online banking services. This way, you will be able to get instant updates about your account and transactions via email and SMS.
Furthermore, you will be able to avoid credit card or debit card fraud and will stay updated about your account activity and balance.
These tips are sure to be helpful for all those opening accounts in Singaporean banks.
When it comes to backing there is a lot of consumer advice here. I recommend you review all your option here to make the best decision and in the end, you’ll likely have a much better experience.
Cheers!
