Singapore Expats

Hi Everyone,

I am hoping to get some advice on what happens to outstanding credit card accounts if I leave Singapore (and cancel my EP).

Firstly, I want to clarify that I am not looking to "run" and leave the debit behind. I am simply looking to confirm whether the bank will ask for me immediate payment of the whole amount outstanding (so I can make the necessary arrangements when I cancel my EP? Or, will I actually be able to continue utilizing the card and just pay down as necessary (assuming I can keep bank accounts open)

Thanks for the advice!

I've been using my US credit cards for 31 years while here in Singapore. I didn't do a runner and alway pay my bills on or before the due dates.

I've got credit cards at 3 Singapore banks. When I moved back to the USA, i went to electronic statements and informed all of them of my change of address. That's it. Of course, I've paid off my balance monthly.

They don't care where you are as long as you pay your bills.

Yep ditto. Back and forth from Asia, Europe, America.

Advise change of address, get the bills, pay them. There has never been any issue that I recall.

* electronic statements
* online payment -- some cards you will need to arrange first before leaving. e.g. citibank requires you to snail mail a paper form initially. after that, easy-peasy
* check though if your bank sends OTPs via SMS and arrange for a new number

gocanucks wrote:Hi Everyone,

I am hoping to get some advice on what happens to outstanding credit card accounts if I leave Singapore (and cancel my EP).

Firstly, I want to clarify that I am not looking to "run" and leave the debit behind. I am simply looking to confirm whether the bank will ask for me immediate payment of the whole amount outstanding (so I can make the necessary arrangements when I cancel my EP? Or, will I actually be able to continue utilizing the card and just pay down as necessary (assuming I can keep bank accounts open)

Thanks for the advice!

from what i have seen, not many banks have been thrilled, when people notified them of EP cancellation .. especially if you are from Asian countries ..

A couple of friends were told to pay up now ..

Dicey, says me .. a friend from PH left without notifying the EP cancellation, address in Singapore still valid and had friends picking up letters, paid up while she was there over the next few months .. and when she notified the banks to cancel her cards she was told to pay up now if there was any outstanding - I guess it was their SOP to send that letter ..

ecureilx wrote:

gocanucks wrote:Hi Everyone,

I am hoping to get some advice on what happens to outstanding credit card accounts if I leave Singapore (and cancel my EP).

Firstly, I want to clarify that I am not looking to "run" and leave the debit behind. I am simply looking to confirm whether the bank will ask for me immediate payment of the whole amount outstanding (so I can make the necessary arrangements when I cancel my EP? Or, will I actually be able to continue utilizing the card and just pay down as necessary (assuming I can keep bank accounts open)

Thanks for the advice!

from what i have seen, not many banks have been thrilled, when people notified them of EP cancellation .. especially if you are from Asian countries ..

A couple of friends were told to pay up now ..

Dicey, says me .. a friend from PH left without notifying the EP cancellation, address in Singapore still valid and had friends picking up letters, paid up while she was there over the next few months .. and when she notified the banks to cancel her cards she was told to pay up now if there was any outstanding - I guess it was their SOP to send that letter ..

Why notify them of anything except a change of address?

Strong Eagle wrote:... Why notify them of anything except a change of address?

Firstly, when you notify your address as not in Singapore .. shouldn't alarm bells go off at the bank end ?

and for EP holders, there is some regulation for credit cards - not sure what, but banks have to be notified when your EP ceases.

And .. hence the recently uncovered scam of producing fake approval / extension letters for EP holders ..

ecureilx wrote:

Strong Eagle wrote:... Why notify them of anything except a change of address?

Firstly, when you notify your address as not in Singapore .. shouldn't alarm bells go off at the bank end ?

and for EP holders, there is some regulation for credit cards - not sure what, but banks have to be notified when your EP ceases.

And .. hence the recently uncovered scam of producing fake approval / extension letters for EP holders ..

I have changed address to overseas for my credit cards and no one asked me any questions in this regards. I always pay the balance due and they don't seem to care at all if I am a resident or not.

stiwi wrote:I have changed address to overseas for my credit cards and no one asked me any questions in this regards. I always pay the balance due and they don't seem to care at all if I am a resident or not.

if you were on an EP when you got the card, does the bank know you are no longer under EP ?? I'm Just curious ..

ecureilx wrote:

stiwi wrote:I have changed address to overseas for my credit cards and no one asked me any questions in this regards. I always pay the balance due and they don't seem to care at all if I am a resident or not.

if you were on an EP when you got the card, does the bank know you are no longer under EP ?? I'm Just curious ..

I don't recall anything in the card agreement related to this. Do you have some verbiage we can look at?

Strong Eagle wrote:

ecureilx wrote:

stiwi wrote:I have changed address to overseas for my credit cards and no one asked me any questions in this regards. I always pay the balance due and they don't seem to care at all if I am a resident or not.

if you were on an EP when you got the card, does the bank know you are no longer under EP ?? I'm Just curious ..

I don't recall anything in the card agreement related to this. Do you have some verbiage we can look at?

when you apply for a card, the following rules are as per MAS guidelines:

...In addition, you must hold either a 1) Valid Employment Pass with at least 9 months validity from time of application until processing is completed ..

... ... For Foreigners, please also include photocopies of your employment pass (valid for at least 9 months) and passport. ...

And per MAS rules, you cannot issue a Credit Card to non-resident Foreigners. Though many a bank does close an eye as long as the card holder has enough funds to cover their card borrowings.

Just was asking the Stanchart guy below our office and he did confirm that by right, when the bank knows a person has no EP here, the card must be cancelled .. and if the card holders has a deposit account then the card status must change to hold the deposit as guarantee .. all as per MAS rules !

Now, banks are not run by those risk averse people right ?? If they were risk averse, how will they make loads of $$ ?

ecureilx wrote:

stiwi wrote:I have changed address to overseas for my credit cards and no one asked me any questions in this regards. I always pay the balance due and they don't seem to care at all if I am a resident or not.

if you were on an EP when you got the card, does the bank know you are no longer under EP ?? I'm Just curious ..

I told Amex over the phone when changing address that I left Singapore and relocated overseas and no further questions where asked. I changed mobile numbers for Amex, SCB, Citi etc to overseas number over the phone as well and no one asked me if I still have EP in hand.

stiwi wrote:I told Amex over the phone when changing address that I left Singapore and relocated overseas and no further questions where asked. I changed mobile numbers for Amex, SCB, Citi etc to overseas number over the phone as well and no one asked me if I still have EP in hand.

Agreed they didn't bother ..

In any case, if there is an Issue, it is their headache, not yours .. after all, Banks are there to make $ right ? why kill off a customer paying on time ?




PS: why not tell them you cancelled your EP and see how they respond ??

ecureilx wrote:

Strong Eagle wrote:

ecureilx wrote: if you were on an EP when you got the card, does the bank know you are no longer under EP ?? I'm Just curious ..

I don't recall anything in the card agreement related to this. Do you have some verbiage we can look at?

when you apply for a card, the following rules are as per MAS guidelines:

...In addition, you must hold either a 1) Valid Employment Pass with at least 9 months validity from time of application until processing is completed ..

... ... For Foreigners, please also include photocopies of your employment pass (valid for at least 9 months) and passport. ...

And per MAS rules, you cannot issue a Credit Card to non-resident Foreigners. Though many a bank does close an eye as long as the card holder has enough funds to cover their card borrowings.

Just was asking the Stanchart guy below our office and he did confirm that by right, when the bank knows a person has no EP here, the card must be cancelled .. and if the card holders has a deposit account then the card status must change to hold the deposit as guarantee .. all as per MAS rules !

Now, banks are not run by those risk averse people right ?? If they were risk averse, how will they make loads of $$ ?

I don't think your Stan Chart guy is correct (gee - wouldn't that be a first for a Singapore bank... NOT).

You need to show an EP to get a credit card because you need to prove up income, and how can you earn income without having an EP?

But, once you've got the card, no bank ever calls up to see if your EP has expired, or for that matter, if you are still earning at the minimum requirements. So long as you are a good customer, you're good to go.

I can't recall anything though that says you have to turn your cards back in when leaving. If you've been a good credit risk in the past, the bank sure won't care.