Banking in Singapore Uncovered: All Information for Residents and Travelers
Opening an account in the city can be a daunting task especially to foreigners who have never been to the country before. This is due to the availability of a wide variety of local and international banks in Singapore. There are also additional paperwork and transactional fees involved. To solve this problem, the website aims to provide reliable information and strategic guidelines to opening a bank account in Singapore.
Foreigners who want to invest in Singapore can open bank accounts in the country for trading, investment or saving purposes. On-line applications are allowed, though some countries have regulatory restrictions on this However, there are basic requirements that have been put in place when opening a bank account in Singapore.
Expatriate planning to relocate to Singapore can open a bank account on-line before arriving in the country. All banking arrangements and accounts such as funds transfer and salary credits can be set up by the time the expatriate gets in the country.
The age limit also plays a major role is opening an account. Anyone above 18 can open a deposit and a savings account. However, anyone at the age range of 15 - 18 can open a savings account which they can do it personally or their parents/guardians can do it on their behalf. A passport and a minimum deposit amount will be required for opening the account.
It is important, however, to also consider some of the services the banks offer such as accessibility to ATMs and the charges associated with using ATMs, bank branches near one's residence to reduce the commute time in case of financial issues that need to be resolved, charges and fees associated with transactions such as issuance of new check books and standing orders, and availability of Internet or mobile banking applications. These services should be some of the top priorities to consider before settling for a bank in Singapore, and the portal provides such information as well at banksing.com.