A guide to International banking in Singapore for Expats

It can be challenging for expats dealing with international banking in Singapore, such as receiving payments, sending money to relatives, and paying utility bills or loans. Therefore, international financial services in Singapore are the perfect choice for managing assets across nations. We can achieve several benefits when operating our international account in Singapore.

However, as a newcomer, some foreigners in this country need help to choose which financial provider is the best for them. More specifically, the following are the guidelines for foreigners in Singapore that are worth considering.

A guide to International banking in Singapore for Expats

The system of International banking in Singapore

Singapore is home to global banking behemoths such as DBS, OCBC, and UOB. In Singapore, there are just six indigenous banks. However, the number of international financial providers can reach 120 from the worldwide financial networks.

This is compelling evidence that Singapore is transforming into an international financial market and a premier banking center.

International Banking in Singapore is well-versed in most financial areas, including wealth & asset management, consumer banking, and the stock market, which helps them drive a unique customer experience.

Select the suitable services for your international banking in Singapore

To optimize the benefits of your Singapore bank account, select a bank that provides vital services and assess your demands. In every aspect, there would be detailed introductions for you to operate your own business easily:

Accounts for saving

Because the future is uncertain, you should open a savings account to credit your earnings and protect your assets.

Some banks that provide international banking in Singapore offer high-interest rates, so you can pick one that works for you.

Accounts with several currencies

Having an account holding many currencies will be helpful for your company's international activities, it could be an account from a bank (high-fee international transactions) or from a multi-national financial service provider (a nearly free option from the same account in different countries & currencies). Choose international banking in Singapore that allows you to switch among currencies easily; it would help your business benefit from the cost of money transfer to another country from Singapore.

Remittance

As an expat to Singapore, you may send money back and forth to family and friends back home. Though most banks provide this service, you should choose one with low-interest rates. A wise decision will help you save money and keep the value of money when sending it back home, so that family and friends benefit from the more significant difference in weight.

ATMs system

You may need to withdraw petty cash when your credit card is denied. A bank with a broad ATM network across Singapore is sufficient.

Credit payment

Credit card is a convenient way to spend money, but stay moderate, or you'll deplete all of your assets. There are strict requirements related to these sectors, so make sure that you already take it into consideration when you take action.

Loans for individuals

Personal loans are only available from some Singapore banks, particularly for foreigners. If you must, find a trusted bank with a competitive interest rate. It will help you experience international banking in Singapore effectively.

The best bank for expats in Singapore that you may consider

The Local options

If you prefer a Singaporean bank, you can choose from DBS, UOB, or OCBC.

DBS - Development Bank of Singapore

In terms of size and total assets, DBS is the largest bank in Singapore and Southeast Asia. DBS offers over 100 branches and ATMs throughout Singapore so that you can access the bank's services in several locations. This significant presence is an important quality that allows DBS to outperform competitors.

UOB - United Overseas Bank

UOB is South East Asia's third largest bank, with 68 branches in Singapore and over 500 offices in 19 countries. Furthermore, UOB offers one of the best savings account interest rates in Singapore.

OCBC - Overseas Chinese Banking Corporation

OCBC is one of the world's best-rated banks, operating in 18 countries and regions. It also provides a variety of savings accounts that can be tailored to individual needs and come with a variety of incentives and benefits.

The International considerations

If you enjoy working with foreign banks or Financial Institutions, opt for Citibank, Standard Chartered, or DNBC.

Citibank

Citibank is a United States-based bank. Providing a widespread network of branches and ATMs making it easier to withdraw cash. The bank also offers a global banking program to facilitate money transfers between your accounts no matter where you are.

Standard Chartered

Standard Chartered is another multinational banking giant in Singapore. They offer bank account set-up and savings accounts with additional benefits and personal loans.

The specific benefits will differ depending on the financial providers. However, you can always contact or visit their website for further information.

About DNBC Financial Group

DNBC is the leading financial service provider. We offer fast services for opening all-in-one current accounts. Our global network provides exclusive international transfers in multiple currencies , low fees, exchange rates, and preferable remittance that assists expats in managing their money flow both inside and outside of Singapore. Start to gather your information and determine your preferred options for international banking in Singapore.