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Open a bank account without proof of residence

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Hatem
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Open a bank account without proof of residence

Postby Hatem » Fri, 27 May 2016 8:04 pm

Hello,
I will be moving to Singapore during the second week of June, and I have an issue.

I was thinking about opening a bank account as soon as possible, and I found the DBS for Expatriates as a good options for me.
However, between the docs they required (Passport, EPass or IPA Letter, etc...) they also require a proof of residence.
This is a document that I do not have, because I have not a rental contract yet - opening a bank account would help me getting/paying for deposit and rent for a flat and so on.

How can I overcome this?
I cannot present any other documents, and at the time I will move there I won't have any other bank account anywhere else in Europe, I am moving with cash on me (all my savings are not much, I am within the cash limit of my airlines).

Can I ask to my company to prepare me a letter or something like that?

Any other suggestion?

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ecureilx
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Re: RE: Open a bank account without proof of residence

Postby ecureilx » Fri, 27 May 2016 9:38 pm

Hatem wrote:Can I ask to my company to prepare me a letter or something like that?

Any other suggestion?


Chicken and egg story.

Most banks are accommodating about proof of residency as long as you have your pass in hand.

Plan B, put your office address for billing and once settled in change it. Banks here don't demand documents for change of address once you have obtained an account, as long as it's done online

DBS for expats? There's unavoidable fees in that account. Like 2$ a month. Unless your employer insists consider other banks too says me

Hatem
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Re: Open a bank account without proof of residence

Postby Hatem » Fri, 27 May 2016 9:51 pm

Which bank would you recommend?
I am open to any, I just need something that I can open quickly, where I can get my salary accredited (8400-9500 depending on the month), that can send international payments and with a debit card and credit card associated to it.

That's it :)

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PNGMK
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Re: Open a bank account without proof of residence

Postby PNGMK » Fri, 27 May 2016 10:00 pm

Hatem any local bank unless you're a US citizen and then you're restricted somewhat to Citi and SCB I think.
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Re: Open a bank account without proof of residence

Postby BBCWatcher » Fri, 27 May 2016 10:02 pm

Citibank Singapore's "Tap and Save" account is currently my favorite.

No, there's no restriction on U.S. citizens at banks in Singapore.

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Re: Open a bank account without proof of residence

Postby JR8 » Fri, 27 May 2016 10:08 pm

I faced this, and I did Ecu's planB.

Also I wouldn't close your home a/c yet, not at least until you have everything up and running over in SG. I'd leave it for a couple of months at least. And note once you're SG resident if you realised then you had to re-open a new a/c in Europe it would be a *nightmare* IF you are able to at all.
For this reason these days when posted abroad I keep a UK bank a/c, the most basic low-fee one reasonably possible. It's used for maintaining UK magazine and club subscriptions, sending cash gifts to relatives, and so on.
'Do it or do not do it: You will regret both' - Kierkegaard

Hatem
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Re: Open a bank account without proof of residence

Postby Hatem » Fri, 27 May 2016 10:10 pm

I cannot close my bank account at home without being physically present in the branch - and honestly speaking I am not planning to come back to this country anytime soon, since it is 1000Km from the one I originally come from.
(Eastern Europe best-practices...)

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PNGMK
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Re: Open a bank account without proof of residence

Postby PNGMK » Fri, 27 May 2016 10:16 pm

BBCWatcher wrote:Citibank Singapore's "Tap and Save" account is currently my favorite.

No, there's no restriction on U.S. citizens at banks in Singapore.


Then things have improved. a few years back we had to close some accounts my USC wife had.
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ecureilx
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Re: Open a bank account without proof of residence

Postby ecureilx » Fri, 27 May 2016 10:39 pm

Hatem wrote:Which bank would you recommend?
I am open to any, I just need something that I can open quickly, where I can get my salary accredited (8400-9500 depending on the month), that can send international payments and with a debit card and credit card associated to it.

That's it :)


As I said, some employers will prefer POSB/DBS (Same bank, different name)

If they don't specify any preference, OCBC, UOB and all are pretty much good.

I have opened accounts for new arrivals in POSB, DBS and OCBC, with a promise that the first month pay will be credited to the account, and the minimum deposit requirement etc was all waived.

If you wanna save, go with the suggestion of BBCW's suggestion of Citi or WD40 (who wrote a long post about saving using OCBC and all .. )

Though the above means you need to (for example) a) use a specific EZ Link card b) pay x amount every month for bill, often topping up for the 'rewards' thing .. and more .. :D

Some like it, some can't be bothered. Your choice

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Re: Open a bank account without proof of residence

Postby BBCWatcher » Sat, 28 May 2016 12:51 pm

PNGMK wrote:Then things have improved.

They have. The U.S. and Singapore signed a FATCA intergovernmental agreement (IGA) rather early on, and that made some difference.

Regarding Citibank Singapore's "Tap and Save" account, I'm not just recommending it for U.S. persons. It appears to be the best, general purpose bank account in Singapore -- currently the best value. The free debit/ATM card issued with that account includes an EZ-Link function for buses/trains, and there's a 1% rebate with every Visa point of sale purchase in Singapore. (You can use the card overseas, but like all Singapore-issued cards it's pretty expensive to do that. Although if you use the card at most Citibank ATMs overseas to withdraw cash it's not too expensive.) You have to maintain a minimum balance to avoid monthly fees, but in the salary range the original poster has that should be no problem whatsoever. Citibank Singapore's ATM network isn't as large as DBS/POSB's, but it also isn't as jammed with people waiting in line and it's certainly plenty big enough for what is, after all, a very small country. Citibank Singapore also tends to be a bit more willing to issue credit cards to new foreign residents if you insist on getting a Singapore-issued credit card, and they have some competitive ones. (Good question: why?)

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Re: Open a bank account without proof of residence

Postby PNGMK » Sat, 28 May 2016 12:59 pm

BBC - is it at all possible for non-resident US citizens to open a bank account here now?
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Re: Open a bank account without proof of residence

Postby BBCWatcher » Sat, 28 May 2016 2:59 pm

Citibank Singapore offers a U.S. dollar savings account aimed at non-residents.

Hatem
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Re: Open a bank account without proof of residence

Postby Hatem » Sat, 28 May 2016 5:15 pm

The tap and save looks ok, just one thing:

Can I use my Citibank SMRT Debit Card for Internet purchases?
For your protection, we currently do not allow for Internet transactions.

What card can I ask for internet purchases?
I will have to buy a lot of things via internet (also simply a flight ticket..) - is there any card I can ask additionally?

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Re: Open a bank account without proof of residence

Postby BBCWatcher » Sat, 28 May 2016 9:16 pm

Hatem wrote:What card can I ask for internet purchases?

You can ask Citibank Singapore for a credit card, and they might provide one.

Failing that, OCBC's Plus Visa Debit Card is a good choice. It's a good card for earning LinkPoints at Fairprice, in particular.

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Re: Open a bank account without proof of residence

Postby Hidy Ho » Mon, 30 May 2016 2:27 pm

BBCWatcher wrote: Citibank Singapore also tends to be a bit more willing to issue credit cards to new foreign residents if you insist on getting a Singapore-issued credit card, and they have some competitive ones. (Good question: why?)


I have a Citibank SG and POSB accounts as US citizen. My salary goes to my Citibank account and monthly I transfer set amount of POSB account for living expenses (rent, tax,etc).

I got a Citibank SG credit card (two cards to one credit limit, one for airline mileage and another one for SMRT top up) right away based on my salary. It wasn't that big of credit to start with (5K SGD I think). It was bumped up later when I requested it (hit the limit when I travel to US and end up buying stuffs to bring back). I think they bumped it to something like 3 or 4 months salary.

I got the shock of my life when I noticed what they charge for annual fee on the credit cards. They wanted something close to SGD 200 for EACH of the card. They waive the fee if I go to a branch to request a waiver but I have to do this annually. I don't know their criteria for waiver but I do carry a decent balance in my account.


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