Opening a DBS account

[cbat]

Hi, I will be moving to Singapore at the end of June and am flying out next week for a house hunting/orientation trip with my company and was hoping to get a couple of answers with regards to opening up a DBS bank account.

From my reading it seems all I need to open a saving account is my passport, some cash (S$500) and proof that I am entitled to work. I believe that my in-principle letter for EP is sufficent for this. Can anyone confirm this?

Also after wading through DBS website it is unclear if a saving account (saving plus) comes with a cheque book or does only the current account come with the cheque book?

Thanks

[durain]

you can open a DBS saving account anytime at the branch. you will get an ATM card immediately and a token for your online banking in the post. what you need is money, passport and an existing DBS account holder as a "sponsor". it is only a sponsor and not a guarantor, therefore not liable if you do a runner. bring your EP paper work as well. only a current account will have a cheque book.

[cbat]

Thanks for the info Durain, looks like I will have to get the current account as I will most likely need a cheque book for writing rental cheques etc.

[durain]

the saving account will allow you to do regular funds transfer to another bank account, for example for rental, fees, etc. but no harm in openning a saving account first (because it will be faster to open) and then later a cheque account.

[GarethC]

You will need to maintain around 3k in your current account, unlike savings accounts which only require 500bucks.

My two cents is to get a savings account and pay your rent via internet banking or using an ATM like the rest of us

[Turtle]

I've been here almost a year and have never needed to use a cheque. Just don't expect a savings account to pay you any reasonable interest, the interest rates here are very low.

[Jeppo]

I've been here four years and the only time I've used a cheque is when we bought our unit. They're just not needed anymore.

[cbat]

Just wanted to say thanks for everyone's advice, was in singapore a week ago and opened up a DBS saving's account with my passport and IPL and it went as smooth as I've ever seen. It has to have been the easiest bank account opening I have ever experienced.

[durain]

excellent news. thanks for the update.

[louy]

Whats the difference between Savings account and Current accounts ?

At home its the current account that everyone has, and its the saving accounts that need minmum balance criteria.

[durain]

current a/c - cheque book, overdraft, money transfer, etc.

saving a/c - better interested rate than current. limited function.

[sin2008]

Suppose i will officially move to SIN in Feb, 2009, but I already have my EP approved now. I have an opportunity to visit singapore in Dec, 2008, can I open an account during my visit then? It might (or not) have some advantage to transfer money from oversea to Singapore and save the hassle of bringing cash (or bank checks, etc).

[durain]

yes you can.

[maneo]

Just wanted to say thanks for everyone's advice, was in singapore a week ago and opened up a DBS saving's account with my passport and IPL and it went as smooth as I've ever seen. It has to have been the easiest bank account opening I have ever experienced.

Yes, they are good at getting you in.
Unfortunately, that could be the last easy thing you ever get from them.

From someone who's been with DBS for 12 years now.
Just seems like it would be too difficult to unwind all the linked Giro payments in order to leave them.