Singapore Expats

Relocating to SNG - Order to opening accounts 2022

Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
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Relocating to SNG - Order to opening accounts 2022

Post by markhansen » Tue, 08 Mar 2022 12:30 pm

Hi there,
I have tried to search and seem to get conflicting advice on the order to do things....

I am relocating to Singapore sometime H1-22, my employer is just about to lodge the EP application and I am actually in Singapore at the moment visiting / scouting things out!

Hopefully someone can assist with the basic order to do things once I land for good

I have a transferwise account all set up so have easy source of funds, I will likely go into a 2m Serviced Apartment to get settled in and then start the looking process

Logic would have been
1. Open standard bank account - need a fixed address + EP + employment letter + ID
2. Find apartment - need bank account + EP + employment letter + ID
3. Add utilities - HP, Internet etc

1. Will apartment accept transferwise as a bank account?
2. Can i open a traditional bank account if i am only in a serviced apartment? Do i need pay slips or anything else for this part of the process

Am i missing anything else, as wherever i look (ie opening bank account) it seems to be circular referancing other things i cannot do until i have apartment etc set up.....

Sorry i know this would have been answered a million times already

Many thanks

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Re: Relocating to SNG - Order to opening accounts 2022

Post by PNGMK » Tue, 08 Mar 2022 4:17 pm

Transferwise have been a bit silly recently - they downgraded their Singapore account a bit (it was actually a DBS account but now they've made it a fintech style account - the main difference being you can only transact with FAST type transfers).

Saying that you should have no problem paying rent from a TF account. Receiving payments in SGD might be a bit tricky from overseas but locally should be ok as there is a bank code and account - that is if you're paid by EFT! I, unfortunately, get paid by cheque for one of my contract so I need a "real" bank account.

To open a normal bank account you need an EP with an address - not much else. Bank doesn't care about the address as long as it is there on EP.
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