Singapore Expats

We are required to open a bank account for our payroll. The agent advised us to open in a local bank. When we tried in POSB, they are asking for min of S$500 but with introduction from somebody who has account on them. Is there a local bank that would not require introduction? Which bank would you recommend?

i think most banks in Singapore has the same regulations..maybe the reason being, they don't want you to open an account just for the sake of opening one (you know how mischievious people can be). But i think POSB is a good one to open, because its convenient, and it is a local bank. Most banks have regulations that your bank acc must have a minimum amt ($500 for POSB, higher for int bank) monthly to waive the $2 admin charge. Try to check with your company if they have an existing banking account with DBS/POSB, i think then it won't be so troublesome. Worst come to worst, take it as an innitial savings of $500 is not a bad idea after all right...

cmonkeyhiney wrote:We are required to open a bank account for our payroll. The agent advised us to open in a local bank. When we tried in POSB, they are asking for min of S$500 but with introduction from somebody who has account on them. Is there a local bank that would not require introduction? Which bank would you recommend?

Enquire with the bank again on the introduction, this was an old policy that had been given away long ago. The valid documents to held to open a new account are employment letter from the goverment and passport.

The minimum deposit to open an personal account is by default. But once you get your account approved with an ATM card, go straight withdraw all the money back (they don't have restriction for you to maintain S$500 always). Incase you fail to, you are charged a flat fee of S$2 for every month. . May be for the intial deposit you can get your agent to do it.

Do consider DBS/UOB/OCBC, if you wish to use your ATM card outside of singapore. PosB only support withdrawal inside singapore as they dont support the Cirrus/Star Plus.

cmonkeyhiney wrote:We are required to open a bank account for our payroll. The agent advised us to open in a local bank. When we tried in POSB, they are asking for min of S$500 but with introduction from somebody who has account on them. Is there a local bank that would not require introduction? Which bank would you recommend?

Are you talking about opening a company account (pte ltd or other) or a personal account?

Guess, current account has more formalities and sure the minimum balance of S$500 is very less

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Harsha, have you got ur cheque book under the personal saving account or current account.

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Found out that POSB and DBS has merged and that both requires minimum 500 SGD plus introduction from an existing (at least 6 months) depositor.

Thus, I decided to open at OCBC. Less hassle. Same. 500 SGD opening but 1k maintaining balance every month. Ul be charged 2dollars a month for accounts below min balance.

Oh by the way. U need ur passport and EP.. for the newbies like meself...

cmonkeyhiney wrote:Found out that POSB and DBS has merged and that both requires minimum 500 SGD plus introduction from an existing (at least 6 months) depositor.
Thus, I decided to open at OCBC. Less hassle. Same. 500 SGD opening but 1k maintaining balance every month. Ul be charged 2dollars a month for accounts below min balance.
Oh by the way. U need ur passport and EP.. for the newbies like meself...

Ok so you have got your account finally, which branch dbs/posb was the depositor intro required.