New graduate, help setting up a bank account in Singapore

[Eibow]

Hey all,

I will be moving to Singapore the start of October to begin my one year contract. Of course, I will need to open a local bank account so I can deposit my pay. I am moving from California and I'm about 100% sure that my Wells Fargo account won't cut it.

My question is, what bank is recommended for me to use in my time abroad? My salary will be around 40K and the account will be opening with the bare minimum funds allowable (starting close to $0). I've spoken with HSBC and didn't get much info aside from the "premium" account requiring 100K (not happening.) So, for people in a similar situation, what bank have you decided to go with? Did you open an account prior to leaving or should I wait and handle it locally?

Thanks in advance

[sundaymorningstaple]

The topic has been discussed numerous times here. I don't use but two banks so won't be much help. However, a search of this forum using the excellent search function at the upper right side of this page will turn up numerous discussions.

[andrew22]

DBS--$500 minimum starting balance. From what I've heard, companies here tend to prefer DBS, and they may post the deposits to your account more quickly than other banks. Best ATM coverage around the island if I'm not mistaken as well.

[sundaymorningstaple]

DBS--$500 minimum starting balance. From what I've heard, companies here tend to prefer DBS, and they may post the deposits to your account more quickly than other banks. Best ATM coverage around the island if I'm not mistaken as well.

I would imagine that would be ideal as long as one did not need to do a lot of International Bank Transfers. DBS is a local bank. If you need one for international usage, HSBC, Standard Chartered, BoA (if they are still here) & Citibank would probably be you best bet, but again, I've not used any but StanChart, but not for Int'l and DBS/POSB for local as well.

As I said earlier, a search of this forum will unearth a lot on the subject.

[ecureilx]

DBS--$500 minimum starting balance. From what I've heard, companies here tend to prefer DBS, and they may post the deposits to your account more quickly than other banks. Best ATM coverage around the island if I'm not mistaken as well.

Essentially, you can have your account with any bank, just, that, if the employer prefers DBS, then you get your pay faster, if your account is in OCBC .. for example. And if you park your account in one of those least number of ATM banks, then you need to take a cab to draw money ..

And as for HSBC pulling the premier business, they are here to 'up-sell' and with Premier, the not so informed will never know what else they pay for such service ..

Ah, you are foreigner right ? must get only Premier account no ? If not, don't fit your image you know ??

Yah, best is to ask your employer as to their preferred bank ..

Procedure, you walk in here, get your EP, then walk into the bank, OCBC, POSB/DBS, or UOB, and when you mention that the employer is going to put your pay into this account, they will quickly waive of the 'startup' balance, or reduce it to bare minimum ..

[Eibow]

Thanks for the help everyone.

Spoke with my employer and sounds like DBS or HSBC would be the best choice. Also sounds like it's best that I wait and set-up a checking account locally seeing as I will likely need to interview/meet in person before I can link an account to my work.

[JR8]

I opened my StanChart account with $1.

p.s. Though I found their customer service absolutely atrocious.

[ecureilx]

Thanks for the help everyone.

Spoke with my employer and sounds like DBS or HSBC would be the best choice. Also sounds like it's best that I wait and set-up a checking account locally seeing as I will likely need to interview/meet in person before I can link an account to my work.

My 2 cents, unless you see a need for frequent cheques, go for savings account ..

With internet banking, you get almost everything as checking account .. including online checks