Representative offices of more than 30,000 international companies are open here, including most of the large international banks. In this article, we will tell you about the Singapore banks and the intricacies of opening bank accounts here.
In addition to large international banks, a number of local banks operate in Singapore, represented mainly in Southeast Asian countries. All banks offer a standard range of services: opening accounts for individuals and legal entities, credit and debit cards, consumer and mortgage loans, deposits, investments and insurance products. The choice of a bank is a rather personal matter, so we will only touch on a few key aspects to consider when opening an account in Singapore.
Down payment and minimum balance
Different banks in Singapore have different policies regarding the initial deposit and the minimum balance that you are required to keep in the account at all times. In practice, in international banks, the initial contribution and minimum balance are higher than in local banks. The amount usually ranges from 500 to 5,000 SGD. If your account has less than the specified amount, the bank will fine you every month for this.
The larger the bank, the more ATMs it has and the more developed its branch network, respectively, the easier it will be for you to use its services.
Account maintenance cost
In general, the commission for maintaining an account and carrying out transactions on it is quite comparable in different banks, but there are differences. If the transfer of money abroad or some other operations is of principle for you, it is better to clarify this issue with the bank in advance.
Singapore has severe restrictions on the opening of personal accounts by foreigners. In order to open a Singapore bank account, you must either be a resident of Singapore (citizen, PR status) or have a long-term work visa. It is also possible to open a corporate account if you are a director/shareholder of a local company. In all other cases, you will almost certainly be refused to open a bank account.