Financial ties while absent from Singapore

[PNGMK]

Good info Mal. The FIN or IC related account is a new one

[malcontent]

Good info Mal. The FIN or IC related account is a new one

Yes, be aware: IRAS now requires PayNow by FIN/IC setup on a local account to refund any overpayment from tax clearance. I experienced it first-hand, despite IRAS initially saying they would send payment to the account with the former GIRO arrangement — they later insisted on PayNow by FIN. It almost felt like an intentional stumbling block.

[MikeJones]

Interesting info, not that I'm planning on leaving just yet but I checked and found my bank (HSBC) doesn't support Paynow by FIN only mobile number or NRIC so something to keep in mind when it is time for me to leave the red dot.

[malcontent]

Interesting info, not that I'm planning on leaving just yet but I checked and found my bank (HSBC) doesn't support Paynow by FIN only mobile number or NRIC so something to keep in mind when it is time for me to leave the red dot.

You can try adding your FIN where it asks for NRIC, locals often don’t know the difference. I often refer to my FIN as my IC number so they don’t get confused.

[MikeJones]

I wondered that, found this link while researching: https://www.activesgcircle.gov.sg/hubfs ... ration.pdf which pretty explicitly says HSBC , Standard Chartered, ICBC and Bank of China don't allow FINs. On my banking app there is no option for me to use my FIN only my mobile number so I suspect they don't even give the option to non IC holders. Things change fairly frequently though so I will check directly with the bank when the time comes

[PNGMK]

Those banks are not local banks (i.e. they don't operate as local entities but as global entities) Mike.

[malcontent]

I wondered that, found this link while researching: https://www.activesgcircle.gov.sg/hubfs ... ration.pdf which pretty explicitly says HSBC , Standard Chartered, ICBC and Bank of China don't allow FINs. On my banking app there is no option for me to use my FIN only my mobile number so I suspect they don't even give the option to non IC holders. Things change fairly frequently though so I will check directly with the bank when the time comes

From that link it looks like Citi is the only global bank that has PayNow by FIN. You are right though, things change all the time… HSBC has a history of keeping up with the locals. They were among the first to adopt NETS as an example.

A little known fact about Citi, it has the unique distinction of being FATCA exempt for US persons, regardless of the balance. It’s still FBAR reportable, but because it’s a wholly owned entity by the US parent, no FATCA.

[malcontent]

Although it’s not a financial tie to Singapore, I have been so impressed with one particular financial institution in the U.S. that I feel compelled to bring it up for the benefit of any U.S. persons, no matter where they reside.

State Department Federal Credit Union (SDFCU functions like a bank and has the same protections as a bank) has been useful to me while in Singapore, but after returning to the US it has become even more so. I thought for sure I would find a local bank in the US that would be better, but no. SDFCU is famous for supporting overseas addresses, but it turns out that was just the cherry on top.

Whether it’s the lack of fees or the convenience of ATM and branch access virtually anywhere in US, the integrated free ACH, Zelle and Wise support, bill pay, mobile deposit. They recently updated their terms to include a $1 fee for using an ATM overseas, but that is waived if you live overseas. Inbound wires to the account are totally free. Are they perfect? No. Customer service can be clunky at times, but not incompetent. I’ve only had to call them 5-6 times over the past 6 years, and they always resolved my issue eventually. For example, they started my outbound ACH limit at $100, but after calling, they eventually increased it to $10,000… but never informed me, so I had to call in again to confirm. I guess you can’t have it all, but I’m still a huge fan and have gotten incredible value. Sometimes I have to scratch my head and wonder how they survive, even as a non-profit.

[malcontent]

During our last trip to Singapore, I discovered that my son (who has no ties to Singapore) was charged an extra fee when he took the MRT using his Apple Pay with Apple Cash. I knew that Apple Cash doesn’t charge any foreign transaction fees and was surprised how much he was charged.

Later I figured it out when I tried using my U.S. credit card and linked it to my SimplyGo app to unhide the charges. Sure enough, an extra 60 cents was tacked on. I’ve been trying to find a no cost way to get around this but without a local card of some kind, apparently there is none.

[MikeJones]

Just did a quick google and found this on the SimplyGo website:

*A SGD0.60 Foreign Bank Card Admin Fee per day will apply for foreign-issued Mastercard or Visa debit/credit cards

So a daily fee rather than per trip so not too terrible but doesn't seem any way round it for foreign cards, I guess you can still get an EZLink card to avoid the daily fee if you are here for a while or coming back and forth frequently.

Though actually EZLink top-ups charge fees for foreign cards as well:
What is the convenience fee to top up my stored value card with my foreign-issued bank card at the ticketing service kiosks?

The following charges will apply for topping up with foreign-issued credit/debit bank cards:

Transaction Amount For Assisted Service Kiosks and Top-Up Kiosks
Less than or equal to SGD 30 SGD 1.10
More than SGD 30 4% of the top-up amount

Can't see anything about auto-top up of EzLink via a foreign card but I wouldn't be surprised if there is a fee for that as well

[malcontent]

Maybe we should have opened a DBS MyAccount for my son while he was still on a dependent pass. It’s $0 minimum balance and he could have gotten a free debit card. I’ve checked and there’s no way to get him an account now that he is a nonresident. Even adding him as a joint to his PR mother’s account is not an option. The banks say he needs a Singapore nexus.

Because of my wife’s family, we will be making 2 family trips to Singapore each year for the indefinite future. We may also move back to Singapore 5 years from now. Obviously 60 cents a day isn’t going to change our lives, but it’s just a rude surprise and a little annoying.

[malcontent]

Here is one final update I am making with my financial ties. For over 20 years I’ve had the same DBS current account as my main account. The last time I was in Singapore I tried to convert it to a ‘My Account’ since I no longer write cheques, and don’t want to pay the $7.50/mo fall below fee.

Unfortunately they said my current account is a legacy product and can’t be converted. Fortunately I was still able to open a new ‘My Account’ instantly from the Digibank app, and have been moving everything over to that new account: pay now, debit card, giro, etc… the GIRO arrangements have been the biggest challenge. Most still require a paper application, and I have started sending those via snail mail to get them updated.

This is the final puzzle piece on my a $0 balance, $0 fee ecosystem that includes 2 no fee credit cards, 1 no fee debit card, 2 bank accounts, an SRS, brokerage and CDP account. The last 3 can be terminated once my SRS is liquidated, but the others will likely remain.

One thing I wish we would have done before my pass was cancelled is to set up a local joint account with my wife. Because Singapore doesn’t allow beneficiaries to be named on bank accounts, a joint account can save a lot of trouble.