How to Open a Bank Account in Singapore
There are currently more than 140 commercial banks and 80 merchant banks in Singapore. Not every bank will cater to the type of an account you may want. There are three types of banks in Singapore: full service (which is the type of bank Americans are used to), restricted (these banks are not able to offer all the services of a full service bank) and offshore (these banks follow a whole different set of rules). The Monetary Authority of Singapore (MAS) regulates all the banking in Singapore. When checking out a bank through which to open an account, verify that it is licensed with the MAS.
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Things You'll Need
- Passport Employer's letter or verification of residence Statement from stateside bank
Instructions
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Find the bank that you want. It may be best to stay with major international banks that you may be familiar with when choosing a bank. Some of the more common international banks include Bank of America, Chase Manhattan and Citibank. Many banking hours are from 9:30 a.m. to 3 p.m. Monday through Friday, and 9:30 a.m. to 11:30 a.m. Saturday. There are exceptions to this rule, so ask your bank of choice what its hours are.
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Show your passport. This is standard. A passport will be required at any bank you choose to open account with.
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Show your employer's letter. Banks will not open an account for you unless you are a resident or have an employment visa. The employer's letter or a verification of residence (utility bill) is required at all banks.
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Show your statement from a stateside bank. This is not always mandatory, but some banks do require a statement from a bank from your home country.
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Give a deposit. The deposit varies greatly from bank to bank, but it is required at most banks.
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Create an account. Several of the larger banks will allow you to create a multi-currency account. This allows you to have money saved as United States dollars and/or Singaporean dollars. Typically, especially with larger banks, the account is created the very same day.
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Resources
- Photo Credit www.design.org.au
