For Students: A Guide to Opening a Bank Account in Singapore
Many Indonesian students are determined to pursue their education abroad. One of the most popular destinations with a world-class education system is Singapore.
See also The easiest and most convenient way to send money to Singapore
In addition to finding accommodation, another essential need is to open a local bank account in Singapore. Having a local bank account will make managing your finances during your stay and studies much easier. It also makes it more convenient for your parents or sponsors to transfer money from Indonesia to Singapore.
How to Open a Bank Account in Singapore for Students
Here are some simple steps to help you open a bank account in Singapore:
1. Choose Your Bank
The first step is to choose which bank you’d like to open an account with. You can opt for local Singapore banks like DBS, UOB, or OCBC, or go with foreign banks such as Citibank and HSBC.
Interestingly, you can also open an account at an Indonesian bank, such as BNI, which allows withdrawals abroad. So, before you depart for Singapore, you can open a BNI Taplus account with a MasterCard logo at your nearest BNI branch.
Which is the best option?
That depends on your needs: Opening an account at a local Singapore bank gives you easier access to ATMs and no additional charges for withdrawals. However, if your parents are transferring money from Indonesia, international transfer fees may apply.
If you choose an Indonesian bank like BNI, the transfer process from Indonesia is simpler, as your parents just need to send funds to your BNI Taplus account.
But keep in mind: Withdrawals must be made at MasterCard-branded ATMs and are subject to a Rp25,000 fee, plus a typically higher exchange rate.
2. Prepare the Required Documents
Once you’ve chosen your bank, prepare the necessary documents. If you’re opening an account with a local Singapore bank, the two main documents you’ll need are:
- Your passport
- Your student pass (student visa)
- Some banks may also request supporting documents such as proof of address in Singapore.
3. Review the Bank’s Terms and Conditions
Finally, review the bank’s terms and conditions, as they may vary. Check:
- The minimum initial deposit
- Monthly administrative fees
- ATM withdrawal charges
- International transfer fees
- And minimum balance requirements
Most local banks in Singapore offer:
- No monthly fees
- Free withdrawals at their own ATMs
- Some even allow withdrawals at other ATMs without additional charges
You can inquire further about the terms during account opening.
See Video on How to Easily Send Money Abroad with Transfez
Use Transfez to Transfer Money to Singapore
Those are the 3 simple steps to opening a student bank account in Singapore. No matter which bank you choose, when it’s time to send money from Indonesia to Singapore, you can use Transfez, a licensed international money transfer app approved by Bank Indonesia.
Transfez is the easiest and most convenient way to send money abroad. It’s quick, secure, and up to 91% cheaper than traditional bank transfers. Best of all, the money can arrive as soon as the next day.
Download the Transfez app today and experience a better way to manage your international payments!
Download Transfez App
Transfez App can help you transfer money abroad more quickly and efficiently. Jack Finance can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.
