How to Open a Bank Account in Singapore. Singapore is one of the countries with many expatriates living there. A lot of businesses run in the country so that many foreigners deal with their business in Singapore. Even though considered a small country, Singapore has so many projects offices from around the world. It is also a comfortable place to stay too. Therefore, many of them require information on how to open a bank account in Singapore.
It is not surprising if creating a bank account in the country becomes a necessity. Since many business deals and payments proceed in the country, most of the foreigners require an easier way to get paid or make a payment.
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Unfortunately, some of the new foreigners that decide to stay longer in the country sometimes lack information about this. Therefore, to help expatriates in Singapore open a bank account, the following paragraphs can be a good start to read.
Selection of Local Bank in Singapore with Its Various Service
Singapore has so many local banks that offer various services for the consumer. However, the local bank might give full service to their resident. A little bit different when offering a service to expatriates. Therefore, you need to make a selection of which bank will offer you the best service as your requirement.
There are also two types of account registration in Singapore, online and offline at the local branch. Since the country is quite busy with job and business, most of the bank in Singapore offers those services.
Currently, the major banks in Singapore include DBS, OCBC, UOB, and Maybank. Those all not only giving service in the country but also overseas. So that in case you select one of them as your bank account, you will be able to use it overseas too.
However, it is noted that the currency rate might be an issue. You still need to decide whether you want to open a bank account with Singapore Dollar or American Dollar. It will give you different charges and of course different services too. In case you need the account for your daily transaction in Singapore, then creating a new bank account with Singapore Dollar currency is recommended.
While with regards to the kind of services offered from the banks, there are several common services provided such as listed in the following points:
• Automatic Teller Machine in many areas of Singapore.
• Online banking services for various financial transactions.
• Mobile banking services for various financial transactions.
• Credit card services.
• Business loan services.
Required Documents to Open a Bank Account in Singapore for Non Resident
It is noted that to open a bank account in Singapore, there must be several documents to prepare first. Between residents and foreigners, there are several different types of documents to provide.
Singapore residents might require ID, local utility bills, local address, and local bank statement. While foreigners might request to provide a passport, employment pass, and proof of residence such as a work permit. If you are a student, you will need to provide a student card.
With that requirement, you will be able to start opening a bank account online and offline. If you are too busy to get to the bank, then an online service will be easier to perform. You can apply for an account anytime and anywhere.
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Simply choose your preferred bank and go to their website. You will request to fill in several important forms and then submit the scanned required documents. After that, your request will be processed and once it is approved, the bank will send you the book bank and all necessary cards such as debit card and credit card.
Singaporean residents can apply online in a much easier way since there will be no form to fill in. They only need to register the ID and then the new bank account will be proceeding accordingly. Once it is approved, all necessary documentation will be sent through mail within several working days.
However, if you want to experience opening a bank account in a local bank, then you need to go to one of the banks and see the officer. In a similar way with online service, the officer will request you to fill in the form. You also request to show the document and then pass a copy to the bank administration.
The difference with the online application is that you can directly receive the book bank and ATM card by the same day. You can also get some more information related to other services such as mobile banking, online banking, or even asking for credit card and business loan services.
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By reading the above explanation on how to open a bank account in Singapore, dealing with many businesses will no longer be an issue. Through a local bank account, you can easily get paid or manage a payment transaction without the worry of any high fee charge.
Furthermore, you can also get additional benefits such as a loan fund, insurance credit, and many more. Therefore, if you manage to move to Singapore for some months or some years, opening a bank account with a local Singapore bank will be your best choice to select.
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