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How to choose a bank account in Singapore

POSTED BY Best Licensed Moneylender | News
Choosing bank account in Singapore

Choosing bank account in Singapore

There are a lot of popular Personal banks in Singapore. Most of it have been known for its well-regulated and well-organized services. But still, you have to choose the one where you are comfortable entrusting the safe keeping of your money.

Below are the guides to help you find the best bank for opening a bank account in Singapore:

Gather all the required documents

Ensure that you’re eligible to open a saving and deposit account. The usual age eligibility is 18 years old and above. For below 18 years old, your guardian or your parents can open on your behalf. You should secure identification papers that include, but not limited to company ID, passport, visa or Employment Pass, proof of billing with current address, or letter from the employer. Some banks will also require proof of income.

With your requirements, you should bring with you the bank’s required minimum deposit. The minimum deposit may vary from bank to bank; it is better for you to know the minimum deposit before you open an account; you can make a call or visit their website to obtain that information.

For the dependent spouse, an individual account is not possible for you, unless you will apply a joint account with your working spouse.

 

Location of ATMs and bank branches

Choose a bank with branches that are a walking distance from your house or office. It is convenient for you if you choose a bank with the most number of ATMs throughout Singapore. The ATM5 is a network that includes the major international banks, namely HSBC, Standard Charter, Citibank, HSBC, Maybank, Bank of China, Sate Bank of India, and ANZ. The holder of these accounts has the privilege of withdrawing in any ATM with ATM5 logo with free of charge.

 

Availability of the bank

Before opening a bank account in Singapore, you need to know the banking hours. The banking hours for banks in Singapore on weekdays usually starts at 9:00 AM and ends at 4:00 PM while on Saturdays it is open from 9:30 AM until 12:30 PM. If you have difficulties in going to the banks at these times, you should look for a bank with extended banking hours or open on Sunday.

 

Offers lesser fees and charges

You can check on the bank’s website for the details of the fees associated with different transactions, or you may contact their help desk. Look for a bank that offers lesser payment services. The charges may vary if the transaction is local or international; international transactions are more expensive than the local transactions.

 

Online banking services

This has been the trend for most of the banks to have an online banking services, but not all has an application that provides mobile banking. It is more convenient to use an app with records of all the transactions made and with updated track of your account balance for 24/7. It even notifies you via text message if there is any transaction made using your account.

 

Maintaining balance

Almost all banks in Singapore have a maintaining balance. Familiarize the chosen bank with their minimum maintaining balance to avoid charges.

 

Cashless transaction

ATM cards from the banks that operate on NET payment scheme offers no charges if you use your ATM card in purchasing from a retail store.

 

When you open a bank account in Singapore, you should wait for a maximum of 5 working days to get your account activated.


Best Credit SG Pte Ltd is used to be known as Cing Dien Credit. We are a licensed moneylender operating in Singapore. We have been a legal moneylender in Singapore for more than 30 years! If you require a loan today, get in touch with us, we will help you in every possible way.

We aim to provide you with immediate notification of your loan application’s approval and low interest rates. If you are in need of cash, get in touch with us! You can drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372 or call us at +65 6272 5538 if you have any questions.