Opening bank account - average daily balance fees

[kuchizuke]

Hi everyone,

I tried searching on the forums before for this specifically but haven't quite found what I wanted.
Basically I've recently graduated (I'm from the UK) and I'll be moving over to Singapore next month to start a new job (excitied?? nervous more like!). I'll probably open a current account once I'm actually here (I asked my bank - HSBC - about opening a bank from the UK and they said it would cost me £100 to do so). So I went onto the Singapore HSBC site to look for information.

http://www.hsbc.com.sg/1/2/personal/dep ... nt-account

On the site it says that they charge a "minimum balance fee of S$7.50 if average daily balance falls below S$3,000". Now maybe I've read this wrong but that seems quite a lot considering my monthly salary will just be above $3000 and I probably won't get paid till end of the month or something? (In the UK we don't raelly have fees for average daily balances). Would anyone recommend a good bank that doesn't charge as much?
Sorry if the question is a bit silly but this is like my first time moving abroad and away from home so please be gentle with comments!

[JR8]

The UK might be one of the few countries on earth where there is a historic culture of free bank accounts. But with the advent of near 0% interest rates (that they earn on your balance) such offerings are dying out even there. After all, ask yourself, why should a business offer it's services to you for nil return?


So, I think you'd be better starting from a viewpoint that the UK culture of free bank facilities is not the norm. And also that HSBC have a bit of a rep for scalping fees.


Have you looked at opening a local bank account with the likes of OCBC, DBS etc?


p.s. Don't be nervous, relax mon

[kuchizuke]

Hi thanks for your reply. Yes this is my first time relocating abroad so I'm just pretty overwhelmed by things and I know next to nothing about banking haha! Basically I'm young, dumb but hopefully not living off mum...

I just felt that the fee was quite worrying but I'll definitely take a look at the local banks on offer. I just wanted a bank that I could open an account with straightaway without much hassle as I will only have my Visa Debit card with me (I don't have a credit card) so will have to rely on that to pay for stuff. And of course I will be looking to rent accomodation so I'd like a local bank account to sort the payments through.

Quick update: Had a brief look on DBS as they do accounts for foreigners:
http://www.dbs.com/sg/personal/deposit/ ... /fees.aspx
Seems to be a bit better than a regular current account for local Singaporeans? but they charge for withdrawing cash? Do singaporeans not use cash often?? lol

[JR8]

Hi thanks for your reply. Yes this is my first time relocating abroad so I'm just pretty overwhelmed by things and I know next to nothing about banking haha! Basically I'm young, dumb but hopefully not living off mum...

I just felt that the fee was quite worrying but I'll definitely take a look at the local banks on offer. I just wanted a bank that I could open an account with straightaway without much hassle as I will only have my Visa Debit card with me (I don't have a credit card) so will have to rely on that to pay for stuff. And of course I will be looking to rent accomodation so I'd like a local bank account to sort the payments through.

Your current arrangements should tide you over fine. Opening up a bank account on the ground in SG will happen rapidly, more so than in the UK. If needs be you can kick-off a rental with cash or drafts (counter checks). .

Think positive, at least they generally speak English in Singapore, so it could be harder!

[kuchizuke]

Think positive, at least they generally speak English in Singapore, so it could be harder!

Haha definitely! I'm sure something will be sorted out once I arrive, just want to get an idea of how it works before I head over really. Having no money is not as bad as having money and not being to use it!