Singapore Expats Forum

Singapore bank charges

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
cutejesey
Newbie
Newbie
Posts: 19
Joined: Sat, 11 Jul 2015

Singapore bank charges

Postby cutejesey » Tue, 28 Feb 2017 9:30 pm

Any suggestion for corporate bank account? My company involve more on wire overseas transactions, would like to seek recommendation. Any recommended bank with low bank charges and service fee?


Sent from my iPhone using Tapatalk

User avatar
ecureilx
Immortal
Immortal
Posts: 8900
Joined: Fri, 20 Aug 2010

Re: RE: Singapore bank charges

Postby ecureilx » Tue, 28 Feb 2017 10:58 pm

cutejesey wrote:Any suggestion for corporate bank account? My company involve more on wire overseas transactions, would like to seek recommendation. Any recommended bank with low bank charges and service fee?


Sent from my iPhone using Tapatalk

Corporate and low charge ? What did I miss ? ;) not with the local banks.

Local banks here seem to be hell bent on milking corporates and delivering extremely poor service.

Example: it took me 3 visits to get a supplier form endorsed by DBS and every time the counter girl who helps issue the queue number reminded me of the long queue and to come back tomorrow, even though I told her I just need the form's bankers details certified.

And another time I was sitting for nearly 1 hour with 500k S$ in another DBS branch, to deposit my company money, and no, no priority even though It's corporate account.

Back home, corporates are given a separate queue, and deposits especially are handled as high priority.

Welcome to Singapore.

User avatar
Strong Eagle
Moderator
Moderator
Posts: 10260
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Re: Singapore bank charges

Postby Strong Eagle » Wed, 01 Mar 2017 4:01 am

I used UOB from 2004 through 2014. Getting people setup in online banking was a hassle, requiring paper transactions but the online transaction charges were reasonable. And, I never had to wait very long at the UOB branch on Boat Quay to get service.

DrScrumMaster
Regular
Regular
Posts: 60
Joined: Sat, 23 Jan 2016

Re: Singapore bank charges

Postby DrScrumMaster » Wed, 01 Mar 2017 8:37 am

MayBank appear to have a low cost business bank account. Though with all such things they may have higher fees in different areas.

taxico
Director
Director
Posts: 3095
Joined: Sat, 10 May 2008
Location: Existential dilemma!

Re: Singapore bank charges

Postby taxico » Wed, 01 Mar 2017 10:26 am

i searched this out about half a year ago. this was what i recall:

there's an indian bank with low fees and what looked like rudimentary e-banking access.

they either had 1, 2 or 3 branches (max) in singapore. main/only office in CBD.

can't remember which one. google is your friend.
Aut viam ad caelum inveniam aut faciam

User avatar
ecureilx
Immortal
Immortal
Posts: 8900
Joined: Fri, 20 Aug 2010

Re: RE: Re: Singapore bank charges

Postby ecureilx » Wed, 01 Mar 2017 4:32 pm

taxico wrote:i searched this out about half a year ago. this was what i recall:

there's an indian bank with low fees and what looked like rudimentary e-banking access.

they either had 1, 2 or 3 branches (max) in singapore. main/only office in CBD.

can't remember which one. google is your friend.

UCO bank is used by a lot of businesses. They are full service bank. And trusted by big businesses..

I hope you didn't mean the State .... horror stories a few abound about the latter

cutejesey
Newbie
Newbie
Posts: 19
Joined: Sat, 11 Jul 2015

Re: Singapore bank charges

Postby cutejesey » Thu, 02 Mar 2017 10:38 am

Ocbc charged usd43 commission and usd15 agent fee, reasonable?


Sent from my iPhone using Tapatalk

User avatar
Strong Eagle
Moderator
Moderator
Posts: 10260
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Re: Singapore bank charges

Postby Strong Eagle » Thu, 02 Mar 2017 10:42 am

cutejesey wrote:Ocbc charged usd43 commission and usd15 agent fee, reasonable?


Sent from my iPhone using Tapatalk



For a wire transfer? That's terrible. How many dollars are you transferring?

cutejesey
Newbie
Newbie
Posts: 19
Joined: Sat, 11 Jul 2015

Re: Singapore bank charges

Postby cutejesey » Thu, 02 Mar 2017 6:24 pm

Yes, wire transfer usd1,000

Terrible? Does it means uob lower fee?


Sent from my iPhone using Tapatalk

User avatar
Strong Eagle
Moderator
Moderator
Posts: 10260
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Re: Singapore bank charges

Postby Strong Eagle » Thu, 02 Mar 2017 9:10 pm

cutejesey wrote:Yes, wire transfer usd1,000

Terrible? Does it means uob lower fee?


Sent from my iPhone using Tapatalk


http://www.uob.com.sg/online_rates/corp ... tward.html

cutejesey
Newbie
Newbie
Posts: 19
Joined: Sat, 11 Jul 2015

Re: Singapore bank charges

Postby cutejesey » Thu, 02 Mar 2017 11:03 pm

Strong Eagle wrote:
cutejesey wrote:Yes, wire transfer usd1,000

Terrible? Does it means uob lower fee?


Sent from my iPhone using Tapatalk


http://www.uob.com.sg/online_rates/corp ... tward.html

Thank you for the useful information


Sent from my iPhone using Tapatalk

User avatar
maneo
Reporter
Reporter
Posts: 724
Joined: Sat, 15 Mar 2008
Location: Titik Merah Kecil

Re: RE: Singapore bank charges

Postby maneo » Fri, 03 Mar 2017 12:17 am

ecureilx wrote:Back home, corporates are given a separate queue, and deposits especially are handled as high priority.

OCBC branches have separate business banking queues.
The MBFC branch is usually a quick stop.

User avatar
ecureilx
Immortal
Immortal
Posts: 8900
Joined: Fri, 20 Aug 2010

Re: RE: Re: RE: Singapore bank charges

Postby ecureilx » Fri, 03 Mar 2017 12:33 am

maneo wrote:
ecureilx wrote:Back home, corporates are given a separate queue, and deposits especially are handled as high priority.

OCBC branches have separate business banking queues.
The MBFC branch is usually a quick stop.

Maybe it's Just DBS doesn't care about their captive market

User avatar
maneo
Reporter
Reporter
Posts: 724
Joined: Sat, 15 Mar 2008
Location: Titik Merah Kecil

Re: RE: Re: RE: Singapore bank charges

Postby maneo » Fri, 03 Mar 2017 12:37 am

ecureilx wrote:Maybe it's Just DBS doesn't care about their captive market

Always thought that DBS stood for Dismal Banking Service.
:P

User avatar
Strong Eagle
Moderator
Moderator
Posts: 10260
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Re: RE: Singapore bank charges

Postby Strong Eagle » Fri, 03 Mar 2017 2:03 am

maneo wrote:
ecureilx wrote:Back home, corporates are given a separate queue, and deposits especially are handled as high priority.

OCBC branches have separate business banking queues.
The MBFC branch is usually a quick stop.


So does UOB.


  • Similar Topics
    Replies
    Views
    Last post

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests