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Saturday, September 18, 2010

Singapore Bank Application

Before I have started work, we need to open an account for banking in our salary. Most of the local company here is using the service of POSB or DBS bank. They have more than 80 branches around the island. It is like our Maybank or CIMB in Malaysia. It is wise to open one even if your company does not bank in your salary in them, easy to access the ATM for money withdrawal.

One thing I find good in Singapore companred to Malaysia is that they do not charge on interbank fund transfer (Most of the bank in Malaysia charges RM2 per transaction and transfer limit is RM5,000). And the transfer limit is up to SGD20,000, which most of the time shall not reach for normal employee like us. The limit in Malaysia is easily reach and troublesome to split our transfer into several days.

Nonetheless, Singapore's bank always required foreigner (not PR) like us to maintain at least SGD500 in our bank account in order not to be charge SGD2 per month. This shall make us think and survey properly to a suitable bank to put our money and focus on just one or two accounts. One more thing is the savings account normally has very low interest rate, keeping too many account and holding a lot of minimum saving amount is not a good practice in letting your money work hard for you.

Hence, to open a bank account, for Malaysia, remember to bring:
1) Your Malaysian IC and Passport
2) Your Singapore working pass (EP, S-Pass, Q-Pass, etc)
3) SGD500++ for your initial deposit
4) Handphone (for registering to Internet banking)

I have open my first Singapore bank account in POSB as the requirement of my company. But the interest rate really, really too little...You though in Malaysia the interest rate of 2.75% pa for FD (monthly) is very little, wait until I tell you how much is it for POSB bank.....For POSB Passbook saving account is 0.125% pa for the first SGD50,000. And by the way, it is even more less for monthly FD interest rate in Singapore for POSB, 0.1% pa for any amount!!! Can you imagine....I shall find one more bank in Singapore with a better interest rate to keep my saving in months to come (when I have more SGD cash, for minimum deposit)...(@-@)...

I have openned a bank account in POSB, as my company shall bank in my salary, $$$ to it monthly.


  1. greeting for you
    banking already save for ouwn hehehe ehm actually singapore was birn of bank in the world marketing yach

  2. Nice to meet you,

    Yeah, you are right, Singapore is one of the Financial Centre for the world. The bank no bother to increase the interest rate, still has a lot of people putting their money here.

  3. hmmm, actually even for singaporeans, we are required to maintain the minimum of monthly S$500 in bank acc else they'll just deduct the 2bucks too.... =X

  4. TaMy:
    You are correct, most of the banks applied same rule for all their customer...
    My experience is on Maybank SG's Saving Account, where the initial deposit for Singaporeans is S$10 and S$500 for foreigners. Fall below amounts are S$200 vs. S$500.

    In UOB, the initial deposit for Singaporean is S$20 vs. S$1,000 for foreigners...fall below amount is same at S$500...=p


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