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bank accounts

Discuss the different banking options, rates, offers and perks.
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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 22 Sep 2011 11:27 pm

It just like a corporate account. There is a standing giro order to deposit the maids wages into the maids account. The funds to be withdrawn from the employers account. The accounts are links by the WP which states the employers name as well as the FDW's name. Simple really. And smart.

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carteki
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Postby carteki » Fri, 23 Sep 2011 11:22 am

sundaymorningstaple wrote:It just like a corporate account. There is a standing giro order to deposit the maids wages into the maids account. The funds to be withdrawn from the employers account. The accounts are links by the WP which states the employers name as well as the FDW's name. Simple really. And smart.


Yeah, and ensures that the maid gets paid :)

PS - how about paying the $5 monthly service fee. As you noted it is way more money to the maid than to you.

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ecureilx
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Postby ecureilx » Fri, 23 Sep 2011 1:30 pm

carteki wrote:
sundaymorningstaple wrote:It just like a corporate account. There is a standing giro order to deposit the maids wages into the maids account. The funds to be withdrawn from the employers account. The accounts are links by the WP which states the employers name as well as the FDW's name. Simple really. And smart.


Yeah, and ensures that the maid gets paid :)

PS - how about paying the $5 monthly service fee. As you noted it is way more money to the maid than to you.


And I like the part of "not more than 1,000 $" :D :D

What if the maid is to be paid more ?? :) No can do ?? :)

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ksl
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Postby ksl » Fri, 23 Sep 2011 1:42 pm

I would think POSB was the most beneficial as they also cater for the money home service which is a cheap transfer to the FDW home. So saving money in a POSB account may have some benefits too.

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Re: bank accounts

Postby vegavega25 » Wed, 30 Dec 2015 8:37 pm

Hello,

Would like to bring up this topic of a bank account for the FDWs again.

POSB does offer this type of account, linked to the employer's own POSB/DBS account. But I had a question:

Does the bank allow us to change the amount that we want to transfer in any particular month? Suppose I lend my FDW some money and we agree that I will withhold a certain amount from her monthly salary for x months. For those x months, can I change the amount of monthly transfer from my POSB/DBS account to her linked POSB account?

Thank you in advance for responding!


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