Opening bank account

[Pepijn]

Hi all, I did a search and did find some information, but a few remain.

I'll be arriving in Singapore december 27th, and will start a local job with local salary. But there will still be a big chunk of money needing to get wired in from the Netherlands.

When I open a bank account as normal checking account, how long will it take for it to get activated? Is that straight away/ As soon as there is money coming in or from the moment the first salary comes in?

I have seen all of the above used by banks over the years, so it would be wise to know what I have to count on before wiring in my money to a Singaporean account

My employer will be paying a relocation package, including temporary housing. Would the bank accept a temporary address as proof of residency, and having me change that after a month?

Would a bank accept me opening an account when I show proof of employment, but before the actual employment has started? As I will be arriving late december but my contract effecting from January onwards?

Thanks in advance,

Pepijn

[Tas Burrfoot]

Hi all, I did a search and did find some information, but a few remain.

I'll be arriving in Singapore december 27th, and will start a local job with local salary. But there will still be a big chunk of money needing to get wired in from the Netherlands.

When I open a bank account as normal checking account, how long will it take for it to get activated? Is that straight away/ As soon as there is money coming in or from the moment the first salary comes in?

I have seen all of the above used by banks over the years, so it would be wise to know what I have to count on before wiring in my money to a Singaporean account

My employer will be paying a relocation package, including temporary housing. Would the bank accept a temporary address as proof of residency, and having me change that after a month?

Would a bank accept me opening an account when I show proof of employment, but before the actual employment has started? As I will be arriving late december but my contract effecting from January onwards?

Thanks in advance,

Pepijn

As far as I can remember, Citi already allowed me to open an account when I showed them my IPA and a copy of my employment contract/offer. Address I had then was the address of my office, I just changed it afterwards when I got my place here.

On your question on when it will get activate, it should be as soon as you made your first deposit in the new account.

Hope this helps!!

[Pepijn]

Tas,

Thanks, this was what I more or less hoped for, but having it (more or less) confirmed sounds good. Hopefully someone could really confirm this, or maybe I should just call the banks, but timezone differences and work obligations are not really helping me out there

Pepijn

[x9200]

When I open a bank account as normal checking account, how long will it take for it to get activated? Is that straight away/ As soon as there is money coming in or from the moment the first salary comes in?

Even before you step away from the bank counter - as far as I remember you have to be there in person so they can witness your signature. For the checking account you would need to provide initial deposit of SGD3K and for the saving, SGD500 only. You can immediately withdraw this money at the ATM. This is how it works at least for ocbc and dbs.

My employer will be paying a relocation package, including temporary housing. Would the bank accept a temporary address as proof of residency, and having me change that after a month?

No problem with this - they typically accept your employer's address.

[ScoobyDoes]

When I open a bank account as normal checking account, how long will it take for it to get activated? Is that straight away/ As soon as there is money coming in or from the moment the first salary comes in?

Even before you step away from the bank counter - as far as I remember you have to be there in person so they can witness your signature. For the checking account you would need to provide initial deposit of SGD3K and for the saving, SGD500 only. You can immediately withdraw this money at the ATM. This is how it works at least for ocbc and dbs.

I managed to convince the guy at UOB to open the savings account with only S$1000 on the promise more would come within hte next week or two. Taking a few months worth of bank statements helped, to prove i actually did have something to transfer in.

Also, i opened the account with only Employment Contract and office address, no EP.

[Pepijn]

Great! Thanks to you all. This will allow me to wire in (most) of my money before I start working, and save bank commission back at home for withdrawal of money abroad And make house hunting a bit easier.

Pepijn

[jpatokal]

There's a surprising amount of variance with what banks require. My new colleague opened his UOB account just last week: First they refused to open it without the EP card and told us a letter from the company attesting a residential address in Singapore was needed; when we came back with the EP card, they then refused to accept the letter as proof of residence. They did relent though... and then it took another 45 min of running back and forth between counter and back office to actually open the darn thing.

And oh, they told us $1000 minimum balance for savings, $3000 for checking account.

[amarettoSour]

so what is accepted as "proof of residence"? because i'm going to singapore next week and i don't even have my EP card yet (haven't picked up my medical check up result yet, which will be the first thing I will do when I get there)

[Pepijn]

There's a surprising amount of variance with what banks require. My new colleague opened his UOB account just last week: First they refused to open it without the EP card and told us a letter from the company attesting a residential address in Singapore was needed; when we came back with the EP card, they then refused to accept the letter as proof of residence. They did relent though... and then it took another 45 min of running back and forth between counter and back office to actually open the darn thing.

And oh, they told us $1000 minimum balance for savings, $3000 for checking account.

The minimum balances will not really be the problem. The hassle might be kinda frustrating though. So I will have to pick a bank based on limited red tape And a good credit card deal, and proper internet banking, including easy international payments. But those latter things have been covered elsewhere.

[durain]

as a tourist/unemployed/illegal immigrant, you can open a DBS saving account*. pop in with cash and you will get an ATM card immediately too.



* all you need is an exisitng DBS customer recommending you.

[amarettoSour]

I've just opened a savings account with DBS/POSB this morning.. very easy and quick. all I had to show them was my passport and my IPA letter since I don't have my EP card yet. you get the ATM card on the spot and it can be used right away.

the min to open savings is $500 and you just have to make sure the balance doesn't go below that or they will charge you $2.

[Pepijn]

Sounds all great Is there any particular bank you guys could advise for frequent travelers? Due to work I will be out of Singapore about 20-30% of the time, so I will be drawing money internationally quite often.

Is there any bank that is obviously better/cheaper for that or is there no serious difference?

[Strong Eagle]

Sounds all great Is there any particular bank you guys could advise for frequent travelers? Due to work I will be out of Singapore about 20-30% of the time, so I will be drawing money internationally quite often.

Is there any bank that is obviously better/cheaper for that or is there no serious difference?

There is no serious difference. Just make sure the ATM card you get has Cirrus, Maestro, etc on it... my Stan Chart ATM card works everywhere... Europe, Vietnam, Laos, US, Australia, Dubai... OK, haven't tried it in South America.