Singapore: Relocating overseas? Here’s how to set up a bank account in your new home
To get the ball rolling this week, we’ll be looking at Singapore, famed worldwide not only for its status in financial and high-net worth circles, but also for its reputation as a great location for expats young and old. However, unlike our typical guides to relocation, we’re going to look at one of the most important elements of your move overseas once all of the initial processes are complete, your bank account.
Why is a bank account so important?
If you are asking yourself this question, chances are you are not alone. In our day-to-day lives, we take our bank accounts, credit cards and debit cards for granted, tapping away on contactless payment terminals and making numerous other transactions a day, either online or in shops, all of which come back to the same underlying element, your bank account.
So, it becomes obvious that once you move away from your home comforts and venture into new lands, your money will have to come with you, and while you could keep your bank account at home, you won’t get the same benefits or security as you would have by opening a local bank account in Singapore.
Here are some examples of the benefits of a local account:
· ATM usage
· Remittance payments
· Savings accounts
· Credit cards available
So, how do I open an account?
Here are the documents you’ll need to provide:
· Proof of employment or study (in the form of a permit)
· In some cases, an NRIC number is required
One quick thing to note is also that it is possible to apply online, so if you are looking to be well prepared ahead of actually making your move to Singapore, you can make your application to the bank of your choice in advance!
In most cases, all you need to actually open the account is visit the bank, fill out the application form and provide the documents outlined above, but, as we also touched on, if you have the option to apply online, you can just upload copies of the documents and save yourself the in-person visit.
Which banks do I have to choose from?
The following are the predominant banks at the moment in Singapore:
· OCBC (a perfect option with many branches internationally)
· Standard Chartered (great choice for savings accounts
· Citibank (American bank online and in-person)
· HSBC (Many ATMs and highly trusted)
· UOB (Deposit accounts and business loans)
· DBS Bank (Many digital services, online option for expats)
· ANZ Bank (Fantastic customer relations for your peace of mind)
So, if you are interested in finding out more about the United Kingdom residency by investment program and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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