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Once you're here: Banking and Currency PDF Print E-mail

Handling currency will be one of the first things you need to acclimatise to and knowing how to get the best deals on currency exchange and money transfers. It can be very tempting to go with the first deals you see online or when you arrive, but in rushing in you could cost yourself money that you could otherwise spend elsewhere.

Understanding Singapore Money

To know how to make your money in Singapore go further is to understand it. The unit of currency in Singapore is the Singapore dollar which is represented as S$ and also as SGD. As with many currencies around the world, the SGD is split into 100 cents, and notes start at 2 SGD and go up to 10,000 SGD.

If you don’t want to carry so many or such large notes around with you, you might want to check out the NETS cashless payment system. With a NETS card in your pocket you can make and receive payments and draw out money at ATMs and make a purchase in over 85,000 participating outlets. NETS is currently the most trusted and popular e-payment service in Singapore today.

It may also be a good idea to swap your international credit card for a credit card from a Singapore provider as international cards can attract higher transaction costs.

Moving Your Money To Singapore

When you move you will need to consider your savings, pension and/or current account in your home country. If you are still looking for the best way to transfer or exchange those Singapore dollars, here are a few words of advice that will ensure you make your money go further.

Many expats make the costly mistake of using their bank to handle their money transfers or currency exchanges and have no idea how much extra they are paying. When compared to using other currency services and specialists, you could be paying up to 9% more with your bank through poor exchange rates or bank charges.

We recommend an online money specialist that allows you to compare exchange rates:
- MyCurrencyTransfer

Banking In Singapore

When it comes to opening a bank account and using banking services in Singapore you will certainly be spoilt for choice. You may even find that your home country bank has an established presence, helping you to smooth the process of transferring your account without too much paperwork or delay. Citibank, HSBC and Standard Chartered are just some of the international banks you will find in Singapore.

If you need to choose a new bank, there are many to choose from. Consider a bank that has a wide ATM network, has a branch local to you and which offers cost effective banking services. DBS, OCBC and United Overseas Bank (UOB) are some of the most popular local banks and offer a wide range of services.

Opening A New Bank Account

The good news is that it is very easy to open a new bank account in Singapore and you could be up and running on the same day. It is a good idea to compare bank accounts to ensure you choose the best bank, the best deal and avoid high account charges and other fees. You may also need to deposit a minimum balance in order to open a new account and this amount will vary from bank to bank.

Once you have opened your new bank account you will be given an ATM debit card, a passbook and often some kind of security device that ensures safe and secure internet banking. The passbook is a great way to keep track of account updates and transactions and is widely used in Singapore.

 


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