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| Once you're here: Banking Services |
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Banking and Finance
There are more than 140 commercial banks and 80 merchant banks in Singapore. Most offer full banking services, including checking and savings accounts, ATMs, fixed deposits, safe deposit boxes, loans, overdrafts and transfers. Most banks are open from 9:30 am to 3 pm or 4 pm on weekdays, and from 9:30 am to 11 am or 11:30 am on Saturdays. Almost all the major foreign banks are represented in Singapore, including the ABN AMRO Bank, Bank of America, Wells Fargo International Banking Group, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi, Banque Indosuez, Banque Nationale de Paris, Barclays Bank, Chase Manhattan, Citibank, Credit Suisse First Boston, Deutsche Bank, Hongkong and Shanghai Banking Corporation (HSBC), Moscow Narodny Bank, National Australia Bank Ltd, Standard Chartered Bank, Sumitomo, and the Union Bank of Switzerland.Living and Working Abroad
Property Purchase for people living and working abroad. More information Financial Services for people living and working abroad. More information Major local banks include the Development Bank of Singapore (DBS), the Overseas Chinese Banking Corporation (OCBC), and the United Overseas Bank (UOB). The Post Office Savings Bank (POSBank) recently merged with DBS and it now has the most extensive network of branches and ATMs. It offers tax-free interest to encourage saving, although the interest rate for savings is also low. Checking accountsBanks have different requirements of potential account holders. Minimum balances and account charges may vary. Most banks have a minimum initial deposit. You can also open a US dollar checking account. Savings/loan ratesBanks are free to quote their interest rates. On average, rates are 2 per cent for savings, 3-4 per cent for fixed deposits, and 7 per cent and up for loans. Applying for a credit cardCredit cards are readily accepted in Singapore. Retailers, restaurants, hotels and even some taxis will accept international credit cards. Visa, MasterCard, Diners and American Express are all common here. Typically, to apply for a credit card, you will require an employment pass with at least 9-12 months' validity and an annual salary of $30,000 for VISA and $48,000 for a Gold Card. Again, it's best to check with the individual bank in question when you're ready to apply for one. American Express 6299-8133 / 6732-2244& Diners Club 6294-4222 / 6292-7055 MasterCard 6533-2888 Visa 1800-345-1345 Financial PlanningLump Sum Investing or Regular Investing? More information. Investing in Bonds. More information. |
