Best way to open a current account?

[LoriW]

I'm due to be relocating in July, but will be visiting Singapore in the last 2 weeks in May for a holiday and to attempt to find somewhere to live etc etc.

I've looked at trying to open a bank account from the UK - HSBC appear (from their website anyway) to do an International Account but having spent a fair bit of time on the phone to them being apssed from pillar to post and getting no sense, I may try to take some time off to visit a UK high street branch.

So questions ....... I'm on a local terms deal with an EP and will be on $6500 so nothing amazing. All I seem to find in terms of international accounts is offshore banking for huge balances etc. Will I be better off just turning up in a couple of weeks time and walking into somewhere like HSBC/OCBC/DBS and asking to open an account?

I also seem to keep finding information from singaporean bank websites which require a minimum account balance of some enormous sum - $3000 or similar. Is this normal?

[durain]

easiest way is to open a saving account. a saving account will also give you a ATM card and you can use it for payment at shops, etc. once you settle down, then open a current account. also have a search on the forum as this question been asked many times.

[jolonicc]

look harder honestly


basically, you just have to open the account once you arrive to SG and have an address, proof of job, passport and I am sure other things. The basic fact is you need to be in Singapore to get a "normal" savings or checking account.

[Strong Eagle]

You have to be in Singapore to open an account. Why? So that you can sign the signature cards in the presence of a bank employee... simply mailing in signed cards is not acceptable.

To open an account as a local you will need your passport and your EP card. Some banks like Citibank will open an account with only a passport but have very high monthly fees. Others like UOB will open an account with only a passport if a current account holder will vouch for you.

Usually, the minimum balance is to avoid a service charge and there is no service charge on some accounts. Look around when you get here. POSB/DBS is the most popular with the most branches, I use Stan Chart because their fees are reasonable.