Banking in Singapore

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Banking in Singapore

There are no exchange restrictions in Singapore so it is possible to bring in or take out any amount in any currency.

Types of Bank in Singapore

There are three types of banks in Singapore: full licence, restricted, and offshore banks. Only 27 out of the 127 banks in Singapore offer a retail banking service.

Not all banks are licensed to offer a retail service. It is important to determine the status of the bank and whether it offers the services required. Listed below are the major banks and the services each type offers.

Foreign Retail Banks

The following banks provide current and savings accounts, credit and debit cards, and mortgages. They also offer Supplementary Retirement Scheme and CPF Investment Scheme accounts, and accept fixed deposits under the CPF Investment Scheme and Minimum Sum Scheme.

• RBS Singapore
• BNP Paribas
• Citibank 
• HSBC 
• Maybank
• Standard Chartered

Although several of these banks offer debit cards, only Standard Chartered is a member of the Network for Electronic Transfers (NETS).

HSBC, Maybank, ABN AMRO, Citibank, and Standard Chartered operate a shared ATM system covering many locations and clients of one bank may use an ATM belonging to any of the other participants without paying transaction fees.

Foreign Restricted Banks

These banks are also designated "Full Banks", but there are restrictions on the services they can offer. They are limited to one location and do not offer full consumer banking services.

• Bangkok Bank
• Bank of China
• Bank of East Asia
• Bank of America
• Bank of India 
• Bank of Tokyo Mitsubishi 
• Hong Leong Bank 
• Indian Bank 
• Indian Overseas Bank 
• JP Morgan Chase 
• PT Bank Negara Indonesia
• RHB Bank 
• Sumitomo Mitsui Banking Corporation 
• UCO Bank 

Singapore International Banks (Singapore owned)

• OCBC Oversea-Chinese Banking Corporation (Strange spelling but this is correct)
• DBS (Development Bank of Singapore)
• UOB United Overseas Bank

Wholesale Banks

Wholesale banks may offer the same range of banking business as full licence banks, except that they may not:

• open fixed deposit accounts of less then S$250,000
• operate savings accounts
• have any sub branches

Opening a Bank Account

It is advisable to get a reference from a company or home country banker to speed up the process of opening an account in Singapore.
Call the bank before going in and ask what documents they'll require. Most banks need to see a passport and proof of mailing address, for example a utility bill or a tenancy agreement.

Only permanent residents or those on employment passes are able to open a bank account. Spouses on dependant's passes may not open an account by themselves.

Joint accounts

Operating a joint account allows the partner to operate and even close the account in case of an emergency.

Using a Singaporean Bank Account

Depending on the bank and type of account chosen the applicant will receive a cheque book, NETS card and/or ATM card. Some banks offer online banking.

Network for Electronic Transfers (NETS)

NETS cards are issued by the Singaporean banks and Standard Chartered bank and are linked to a bank account for automatic debiting. NETS cards double as ATM cards and are widely used in Singapore.

Cash Cards

Cash Cards are prepaid debit cards and can be purchased from 7-Eleven stores, service stations and local banks. Cash Cards are commonly accepted for low value retail purchases, shops, parking fees, and government offices, and for ERP (Electronic Road Pricing) deductions.
They can be topped up using a NETS card or via the Internet. 7-Eleven outlets will top them up for a small fee.

ATM/Debit Cards

Some of the foreign banks have ATM cards that can now also be used as debit cards. Check with the preferred bank if this is a required feature.

Cheques

• Cheques should be crossed by drawing two diagonal parallel lines on the upper left corner of the cheque. This way the cheque can only be paid into the account of the payee stated
• Cross out the words "or bearer" at the end of the line for the payee's name, to ensure that only the payee can deposit the cheque. If the cheque is not crossed in this way any person will be able to cash it at any bank
• Always write the amount in words followed by the word "only" to ensure that nothing can be added. The numbers must be identical to the words
• Corrections must have a full signature against them.
• The date is written as dd/mm/yy.

Further Information

Investor alert: The Monetary Authority of Singapore (MAS) regulates firms offering financial services and issues them with a licence. It is not advisable to deal with any company providing financial services that is not licensed by MAS.