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Opening a Bank Account
To
open an account in Singapore, you will need copies of your passport,
employer's letter, and a statement from a bank in your home country.
Most of the major banks in the world are represented here. Singapore
has extensive facilities of automated teller machines (ATMs) and
a cashless payment system called NETS for your paying convenience.
If you plan to stay in Singapore for an extended period, you should
use these facilities.
Currency
Currency in Singapore is Singaporean dollars and cents.
Most commonly used notes are $1, $2, $5, $10, $20, $50 and $100.
Coins come in the following
denominations: 5¢, 10¢, 20¢, 50¢, $1 coins.
Major
Banks in Singapore
There are more than 140 commercial banks and 80 merchant
banks in Singapore.
Most of them
offer full banking services, which include checking, and savings
accounts, ATMs, fixed deposits, safe deposit boxes, loans, overdrafts
and transfers. Almost all the major foreign banks are represented
in Singapore.
Major international
banks in Singapore:
- ABN AMRO
Bank
- Bank of
America
- Bank of
Nova Scotia
- Bank of
Tokyo-Mitsubishi
- Banque
Indosuez
- Banque
Nationale de Paris
- Barclays
Bank
- Chase
Manhattan
- Citi Bank
- Credit
Suisse First Boston
- Deutsche
Bank
- Moscow
Narodny Bank
- Standard
Chartered Bank
- Sumitomo
Bank
- The Union
Bank of Switzerland.
Major local
banks in Singapore:
- Development
Bank of Singapore (DBS),
- Keppel
Bank,
- Overseas
Chinese Banking Corporation (OCBC),
- Overseas
UnionBank (OUB),
- Tat Lee
Bank and the United Overseas Bank (UOB).
The Post Office
Savings Bank (POS Bank) recently merged with DBS and it now has
the most extensive network of branches and ATMs. Although the
interest rates for savings is low, it is offering tax-free interest
to encourage saving.
Checking
accounts
The requirement of potential account holders varies
from one bank to another. The minimum balances and the account
charges also vary from bank to bank. Most of the banks have an
initial deposit. An US dollar checking account can also be opened.
Savings/loan
rates
The
Banks have freedom to quote their interest rates. In general on
an average, rates are 2 per cent for savings, 3-4 per cent for
fixed deposits, and 7 per cent and up for loans.
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