Singapore Expats

Hi, I'm getting paid here in US Dollars, so have to open up one (or 2) bank accounts. I have Citibank in the US, but there doesn't seem to be a big incentive to use them here, as they are not connected.

Which banks have lower fees / better benefits? Thanks!

DBS. why? because it was there!

DBS needs to learn many things about customer service.
Wife absolutely hates them.
That's on a good day.

Citibank used to have good service several years ago.
However, last year they almost lost our business with mindless bureaucratic idiocy.

Standard Chartered seems to be trying hard.
The nearby Vivo City branch stays open until 10 PM, 7 days a week.
Lot's of interesting financial "products," too.
Wife actually likes them, so far.

I use StanChart, DBS & POSB. Only thing I don't like with Stanchart is the contant sms's advertising financial products and the incessant phone calls by their telemarketers. (ABN-Ambro is another one who's telemarketers I hate).

UOB, lots of branches and ATM's (without the queues seen at POSB)

DBS since we arrived some 3 years ago - I would go for the branch rather than a bank's name - seems to be a wide diversity of opinions on this subject - I, for instance will never go near HSBC again after the debacle I had when trying to open my accounts. DBS were great and have continued to give pretty good service across a range of products. But apparently they too have good branches and bad

Im with DBS too. When I arrived here I asked for advice into my company, and they suggested me DBS.

Im quite happy. Only thing that I really dislike is that I can't do transfer to Spain through Internet Banking, and I must go to office for that.

Besides that, ok, long queues in peak hours like in any other place, but good service, reasonable prices and so.

If this is about branches, I have worked mainly with Bedok and City Hall branches, but cant complain about any other I have used

Main account(s) with HSBC; this was done because we could do all the paperwork in the UK before moving and then we just went to the Collyer Quay branch when we arrived and everything was already set up. Now have one of their multi-currency savings acoounts which works well - lets you keep money in different currency 'pots' and move it around when you need to. Also have a PowerVantage account for the cheque book, ATM and Visa cards. Their internet banking system works well for me and transferring money overseas in different currencies always seems to work efficiently (although their charges are not insignificant it has to be said).

Big drawback with HSBC is the relatively low number of ATMs in the '5 banks' network or whatever it's called. OK for getting cash at the airport or major shopping centres, but we also opened an OCBC account to get an ATM / NETS card that is useful in many places.

I am also moving to Singapore soon from Australia.

I will need a Bank that will allow me to Transfer money to Oz by Internet.

Does anyone know which bank allows this currently?

Appreciate any feedback. Thanks.

Milko wrote:I am also moving to Singapore soon from Australia.

I will need a Bank that will allow me to Transfer money to Oz by Internet.

Does anyone know which bank allows this currently?

Appreciate any feedback. Thanks.

if you want to move money between countries, then use a money broker as their rates are much better than high street banks. for aussie, you can try www.ozforex.com.au and for brits, www.hifx.co.uk or www.ukforex.com.

Don't know if they do it, but you could always try ANZ Singapore

http://www.anz.com/singapore/singapore.asp

does anyone have input into where to go for a US dollar account? It seems with Citibank if I wanted to pull out US cash from my US dollar account (I'm getting paid in USD) I have to pay a 1% withdrawal fee if it's over $1,000. Is this standard? Seems a little extortionary....

Hi

I am moving to Singapore on the 20th May and was hoping to opena bank account asap so it is easier to setup standing orders for flat rental etc.

Firstly how easy is it to open a bank account? What documentaion will I need?

Secdondly, someone has recommended and HSBC account but by the looks of things some people are not happy with them.

My criteria would be 1. Easy to open account 2. ability to move money between singapore and UK 3. Number of ATMs (as I have heard that you can only use the ATM of your bank??) 4. Good expat services (ie personal service)

If anyone has any suggestions then they will be most welcome.

Josh

JoshGilham wrote: My criteria would be 1. Easy to open account 2. ability to move money between singapore and UK 3. Number of ATMs (as I have heard that you can only use the ATM of your bank??) 4. Good expat services (ie personal service)

1. if you open a saving account with DBS, you can get a ATM card there and there. but what they need is a "sponsor" letter. you need to find a DBS customer to "sponsor" you. the person sponsoring you is not liable to anything.

2. of course you can money money between countries in singapore. it all depends if you are getting a good rate, and also how much fee you have to pay.

3. dont know the stats but seems DBS/POSB got the most ATM in singapore.

4. the bank is not going to discriminate locals or expats. so you are going to be treated the same. if i was an expat in the UK, which bank give me good expat services?

My criteria would be 1. Easy to open account 2. ability to move money between singapore and UK 3. Number of ATMs (as I have heard that you can only use the ATM of your bank??) 4. Good expat services (ie personal service)

I went an opened an account with OCBC. Took basic documentation, passport, EP card and proof of address (rental contract). They gave me a Nets / ATM card on the spot and I applied for a Visa debit card and got that about a week later. I've transferred money abroad and found the bank to be helpful and friendly. OCBC ATM's are everywhere as are DBS, POSB etc etc. The harder to find ones I reckon are HSBC and Citibank but if you get the Visa debit card then you can use any machine, like back home. I certainly do as I don't have an OCBC on my doorstep where I live.

I think if you want a personal service then don't use a bank. Let's be fair, the ones in the UK are shocking! Not too mention their charges are well off the mark. The service here will vary and I'm sure you'll hear horror stories about every bank from someone. I would suggest going into a branch and see how they treat you. if you don't like their attitude then you know where the door is... walk through it!

I think the hardest thing you'll find is moving money from the UK to Singapore unless you use a money broker or I think have a Citibank or HSBC account. Don't quote me on that I don't have either. I'm with Lloyds in the UK and they are abyssmal. Asked me to fill in a form and post it back to them! Welcome to the 21st century eh!