Banking Services for Non-Singaporeans: What You Can Really Expect

Banking Services for Non-Singaporeans: What You Can Really Expect Would you like to open a bank account in Singapore? Do you know what are needed? How do you want to be sure your banking experience is going to be pleasant while you’re in Singapore? What types of bank accounts can be opened by non-Singaporeans? First we have to define what we mean by non-Singaporeans. If you’re in Singapore and you wish to open an account, non-Singaporean should mean you are not born in the country. If you’re a foreigner who’s simply traveling and have just decided to open a bank account, then you’re going to meet a certain level of difficulty. In fact, you will find banks who will not agree to such after all. For you to understand the limitations you need to know the requirements. Topping the list is the fact that you need to prove you can take care of your Singaporean bank accounts and, most of all, you’re not trying to commit money laundering. Money laundering is a very serious crime in the country that can lead to dire punishment, including deportation and a very long period of imprisonment. That’s why even if you are a foreigner, you should be able to present your passport as well as your employment pass to the bank if you want to open an account. It’s much easier for you to open an account if you’re already a permanent resident or you’ve converted yourself to being citizen in the country. Your spouse, however, may not be able to open his or her account, especially if he or she is only in a dependent’s pass. Your best option together is to create a joint account. If you already have an existing bank account from a bank, check in Singapore if you can find a branch. It will also be easier for you to open a bank account this way since you can conveniently ask for references. Moreover, if the bank needs to verify your status and your credibility, they can easily check on your records. There are also three types of banks in Singapore. You have the full banks, which, interestingly have very limited products and services. They are found in only one location. You have the wholesale bank, where the opening balance can be extremely high, as much as 200,000 SGD. They also don’t have any savings account. Then you have the retail banks, which have the most number of consumer services. This is where you can apply for mortgages, credit and debit cards, and savings and current accounts. You can also easily tie your accounts to retirement savings plans, such as Minimum Sum scheme and CPF (Central Provident Fund) scheme. How to Open Bank Accounts You already know that there are limitations on who can open bank accounts in Singapore. However, how do you really open one? The requirements and processes can vary from one bank to another. It is always recommended to verify these pieces of information first before you open an account. You will less likely get rejected if you have all the documents needed during your application. You can call the bank, or you can use their website to gather the much-needed information. Usually, though, you will be asked of your credit report. They will simply make a request to Credit Bureau Singapore. Nevertheless, you should know the status of your credit report by getting your own copy. It costs 5 SGD and can be obtained from authorized venues such as SingPost and the main office of the credit bureau. Check if all the details are accurate. Even a wrongfully indicated non-payment can get you in trouble with banks. Interest rates and even minimum and opening balances can vary between Singaporeans and non-Singaporeans. Sometimes you hav to pay more. The good thing is you can take advantage of the impeccable customer support Singaporean banks provide to all sorts of people. You then have to determine what kind of bank account you should open. The most common ones are savings and current accounts. There’s not much difference betwene opening these accounts in Singapore and anywhere else in the world. You can also create foreign currency savings and current account deposits. This is ideal for those who want to diversify their accounts and for non-Singaporeans. Perhaps you still want to enjoy your own currency, or you’re still maintaining businesses there. This will also be a good strategy to implement if you want to avoid the effect of currency inflation in your account. Banks in Singapore are open for most times of the week. Some of them even work until Sunday. There are hundreds of banks all over the country, so you don’t have to travel far to open your own bank account. Their banking schedule is usually from 9 in the morning until 3 in the afternoon.

Banking Services for Non-Singaporeans: What You Can Really Expect

Would you like to open a bank account in Singapore? Do you know what are needed? How do you want to be sure your banking experience is going to be pleasant while you’re in Singapore? What types of bank accounts can be opened by non-Singaporeans?

First we have to define what we mean by non-Singaporeans. If you’re in Singapore and you wish to open an account, non-Singaporean should mean you are not born in the country. If you’re a foreigner who’s simply traveling and have just decided to open a bank account, then you’re going to meet a certain level of difficulty. In fact, you will find banks who will not agree to such after all.

For you to understand the limitations you need to know the requirements. Topping the list is the fact that you need to prove you can take care of your Singaporean bank accounts and, most of all, you’re not trying to commit money laundering. Money laundering is a very serious crime in the country that can lead to dire punishment, including deportation and a very long period of imprisonment.

That’s why even if you are a foreigner, you should be able to present your passport as well as your employment pass to the bank if you want to open an account. It’s much easier for you to open an account if you’re already a permanent resident or you’ve converted yourself to being citizen in the country.

Your spouse, however, may not be able to open his or her account, especially if he or she is only in a dependent’s pass. Your best option together is to create a joint account.

If you already have an existing bank account from a bank, check in Singapore if you can find a branch. It will also be easier for you to open a bank account this way since you can conveniently ask for references. Moreover, if the bank needs to verify your status and your credibility, they can easily check on your records.

There are also three types of banks in Singapore. You have the full banks, which, interestingly have very limited products and services. They are found in only one location. You have the wholesale bank, where the opening balance can be extremely high, as much as 200,000 SGD. They also don’t have any savings account. Then you have the retail banks, which have the most number of consumer services. This is where you can apply for mortgages, credit and debit cards, and savings and current accounts. You can also easily tie your accounts to retirement savings plans, such as Minimum Sum scheme and CPF (Central Provident Fund) scheme.

How to Open Bank Accounts

You already know that there are limitations on who can open bank accounts in Singapore. However, how do you really open one? The requirements and processes can vary from one bank to another. It is always recommended to verify these pieces of information first before you open an account. You will less likely get rejected if you have all the documents needed during your application. You can call the bank, or you can use their website to gather the much-needed information.

Usually, though, you will be asked of your credit report. They will simply make a request to Credit Bureau Singapore. Nevertheless, you should know the status of your credit report by getting your own copy. It costs 5 SGD and can be obtained from authorized venues such as SingPost and the main office of the credit bureau. Check if all the details are accurate. Even a wrongfully indicated non-payment can get you in trouble with banks.

Interest rates and even minimum and opening balances can vary between Singaporeans and non-Singaporeans. Sometimes you hav to pay more. The good thing is you can take advantage of the impeccable customer support Singaporean banks provide to all sorts of people.

You then have to determine what kind of bank account you should open. The most common ones are savings and current accounts. There’s not much difference betwene opening these accounts in Singapore and anywhere else in the world. You can also create foreign currency savings and current account deposits. This is ideal for those who want to diversify their accounts and for non-Singaporeans. Perhaps you still want to enjoy your own currency, or you’re still maintaining businesses there. This will also be a good strategy to implement if you want to avoid the effect of currency inflation in your account.

Banks in Singapore are open for most times of the week. Some of them even work until Sunday. There are hundreds of banks all over the country, so you don’t have to travel far to open your own bank account. Their banking schedule is usually from 9 in the morning until 3 in the afternoon.

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