Bank Account - Foreign intern

Bloomaul · Post by **Bloomaul** » Wed, 12 Feb 2014 7:35 pm

Hi,

I thought it might be advisable to get a bank account during my 6-month internship. I dont need any debt, credit or loan. What I am looking for is a card I can use within the ASEAN countries or woldwide without paying any fees for getting money at ATM's outiside Singapore.
My monthly income is 2000 SGD.

Any advices?

Best regards,
Bm

zzm9980 · Post by **zzm9980** » Wed, 12 Feb 2014 9:27 pm

Bloomaul wrote:Hi,

I thought it might be advisable to get a bank account during my 6-month internship. I dont need any debt, credit or loan. What I am looking for is a card I can use within the ASEAN countries or woldwide without paying any fees for getting money at ATM's outiside Singapore.
My monthly income is 2000 SGD.

Any advices?

Best regards,
Bm

Any bank will generally let you take out money at their own ATMs with minimal fees. So you need to pick a local bank with a good network of ATMs in the countries you'll need to withdraw money in.

IME, Citibank followed by HSBC will have ATMs in the most Asian countries. Some other banks have more in specific countries, but maybe less overall. Just

Bloomaul · Post by **Bloomaul** » Wed, 12 Feb 2014 11:54 pm

Isn't there a bank, which offers free withdraw at any ATM? In Singapore and worldwide? Or minimum fees (below 3SGD)?

Looking for a special bank in another country isnt cool ...

zzm9980 · Post by **zzm9980** » Thu, 13 Feb 2014 12:39 am

Bloomaul wrote:Isn't there a bank, which offers free withdraw at any ATM? In Singapore and worldwide? Or minimum fees (below 3SGD)?

Looking for a special bank in another country isnt cool ...

No, you'll be extremely hard pressed to find a Singapore bank which will let you withdraw at foreign ATMs for no charge unless you carry an extremely high balance. At the balances we're talking, foreign withdrawal fees are inconsequential.

What countries are you looking for? Citibank is almost everywhere and will meet your requirements. If you're only going to a few local countries like Malaysia or Indonesia you could probably do DBS or OCBC also.

Bloomaul · Post by **Bloomaul** » Thu, 13 Feb 2014 1:40 am

zzm9980 wrote:
Bloomaul wrote:Isn't there a bank, which offers free withdraw at any ATM? In Singapore and worldwide? Or minimum fees (below 3SGD)?

Looking for a special bank in another country isnt cool ...
No, you'll be extremely hard pressed to find a Singapore bank which will let you withdraw at foreign ATMs for no charge unless you carry an extremely high balance. At the balances we're talking, foreign withdrawal fees are inconsequential.

What countries are you looking for? Citibank is almost everywhere and will meet your requirements. If you're only going to a few local countries like Malaysia or Indonesia you could probably do DBS or OCBC also.

I am not sure to which countries I will travel. Probably Malaysia, Indonesia, Phillipienes, HK, Maccau (and Myanmar). I will check Citibank. Thanks

Girl_Next_Door · Post by **Girl_Next_Door** » Thu, 13 Feb 2014 5:05 am

Bloomaul wrote:Isn't there a bank, which offers free withdraw at any ATM? In Singapore and worldwide? Or minimum fees (below 3SGD)?

Looking for a special bank in another country isnt cool ...

If you withdraw from Citibank ATM, its free withdrawals except for FX rates. That's the only one I am aware.

zzm9980 · Post by **zzm9980** » Thu, 13 Feb 2014 9:50 am

Girl_Next_Door wrote:
Bloomaul wrote:Isn't there a bank, which offers free withdraw at any ATM? In Singapore and worldwide? Or minimum fees (below 3SGD)?

Looking for a special bank in another country isnt cool ...
If you withdraw from Citibank ATM, its free withdrawals except for FX rates. That's the only one I am aware.

Yeah, but every bank will make money off the exchange. There is no way around that unless you pull your money out in Singapore and change at the Raffles Place arcade. (which isn't what the OP wants to do)

Probably Malaysia, Indonesia, Phillipienes, HK, Maccau (and Myanmar)

Never been to Myanmar, but I've personally used Citibank in all of the other locations.

beppi · Post by **beppi** » Thu, 13 Feb 2014 4:45 pm

In Myanmar, the first international ATMs were installed a few months ago, and only in the capital.
In Thailand, a fee of THB160 (S$6 or so) is charged by the local bank ON TOP OF your home bank's fee for any foreign withdrawal.
The exchange rate for cash withdrawals is usually low, so the banks still get their hidden fee.
In addition, I have never heard of any bank in Singapore offering no-fee withdrawals elsewhere.

Post by **PNGMK** » Thu, 13 Feb 2014 9:09 pm

Bloomaul wrote:Isn't there a bank, which offers free withdraw at any ATM? In Singapore and worldwide? Or minimum fees (below 3SGD)?

Looking for a special bank in another country isnt cool ...

Maybank allows free withdrawls from corresponding bank atms in a bunch of SE Asian countries - MY, TH, PNG (!), Brunei maybe more.

Bloomaul · Post by **Bloomaul** » Thu, 13 Feb 2014 9:36 pm

In Germany we have two banks (DKB, comdirect), which offer free withdrawl worldwide and the card is free.

Anyway, it is diffuclt to find a bank, where i can open a accoutn with 2000S/month income

beppi · Post by **beppi** » Thu, 13 Feb 2014 10:11 pm

The Singapore banking system, at least from a customer perspective, is by far not as developed as in Germany. Forget about getting similar service (and costs) as German Internet banks!

zzm9980 · Post by **zzm9980** » Thu, 13 Feb 2014 10:43 pm

beppi wrote: In addition, I have never heard of any bank in Singapore offering no-fee withdrawals elsewhere.

Citibank Singapore only charges the fx % (which isn't cheap, but not ridiculous compared to its competitors either) when you use their ATMs elsewhere. Thus why I use them.

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