If you’re a new expat or about to move here, and want to know which bank in Singapore to choose, read on. When settling down in a new country, you’ll likely be busy sorting out a whole lot of things, from property rental to finding schools for the kids. You don’t want to be worried about having access to your money and won’t have the time or energy to go through more paper work – it’s stressful enough as it is! Or if you’re a young expat that’s just finishing school here, you might be keen on setting up your first bank account in Singapore. You’d want to choose a bank that’s quick to set up, easy to use and also one that’ll give you access to mobile banking services. So let’s look at DBS, and see why it’s one of the best banks in Singapore for expats.
#1 Signing up is quick and easy
Getting started with DBS digibanking is simple. You can open a DBS bank account right on your mobile phone – skip the queues and paperwork at the bank! All you need to do is download the DBS digibank app and register with MyInfo. If you already have MyInfo, you’ll get immediate access to your new DBS bank account and other services after signing up.
DBS also offers a quick turnaround for expats to open an account, get access to their money as well as other handy banking services. You can get approval within one business day (to account for foreign tax residencies).
#2 Use multiple currencies
When you sign up for DBS digibank, you can access a Multiplier Account, a multi-currency account which can come in especially useful for expats. You’ll have the flexibility of making transactions in 13 different currencies, without needing to pay conversion fees. Currencies include Australia Dollar, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Sterling Pound, Swedish Kroner, Thai Baht, US Dollar and Singapore Dollar.
You’ll be able to conveniently make purchases (direct or online) using foreign currencies that you have pre-purchased. Plus, you can even withdraw cash from overseas ATMs with no conversion charges. Your foreign currency payments will be directly deducted from their respective foreign currency wallets in your account. You can benefit from this as long as your Multiplier Account is the primary debiting account linked to your DBS Visa Debit Card.
#3 Do everything online
From the application for a bank account to managing your transactions, everything is fully digital with DBS Bank. Once you sign up, you’ll be able to access your account as well as other mobile banking services, including PayLah!, a digital wallet for cashless transactions. PayLah! is super useful; you can do everything from making payments at stores and restaurants in Singapore, paying bills, booking a ride or simply transferring money. You can also set up an auto top-up to your bank account so you don’t have to manually keep track of your PayLah! wallet balance. Having PayLah! also allows you to enjoy promotions, redeem prizes and keep track of rewards that you can take advantage of through DBS.
All transactions with DBS digibanking are paperless and can be conveniently accessed on your phone through your digibank app. This comes in handy when you’re on the go and want to manage everything fast and easily.
#4 Easy-to-use and safe mobile app
Another reason why DBS is one of the best banks in Singapore is because of its user-friendly digibank app. The intuitive app is packed with cool features to suit different individuals’ banking needs and preferences. If you’re the sort that needs a nudge about bill payments, get personalised notifications from digibank. Or are you keen to start investing your money? You can do all this on your mobile app with just a few clicks.
You’ll also be glad to know that the DBS digibank app comes with multiple layers of protection to keep your account safe. This includes One Time Password (OTP) authorisation, biometric locks and encryption. You can also opt to use fingerprint or face logins to access your account more quickly and securely. For more convenience, you can register for a digital token so you won’t need to fiddle with a physical token or use SMS OTPs.
#5 Handy digital banking services
Besides keeping your money safe and secure while living in Singapore, DBS digibanking gives you access to a DBS Visa Debit Card as well as more than 150 online banking services.
For starters, you can:
- Get an overview of your deposits and withdrawals.
- Apply for and digitally manage credit and debit cards, transfers, loans and investments.
- Settle applications and make banking service changes directly online so you don’t need to head down to the bank.
- Grow your money using the DBS Multiplier, which offers more interest on your savings.
- Get an overview of your finances using the DBS NAV Planner. Review your ins and outs such as income, investments, loans and even expenses beyond DBS. Also, invest, get insurance, review your emergency savings and even get personalised tips on managing your finances more effectively and wisely.
- Get access to DBS Remit to make same-day overseas money transfers without any transfer fees (17 currencies and 49 destinations). Just tap on the Overseas Transfer tile on your digibank app login screen, enter the amount, choose the currency and pick a recipient. It’s perfect for expats who frequently remit money overseas, whether it’s for family back home or to pay overseas university fees.
Why choose DBS banking?
By signing up with DBS, you can easily settle all of your banking needs in Singapore through DBS digibanking. You’ll have access to a local bank account and loads of mobile services on your digibank app. With the tagline “Live More, Bank Less”, DBS aims to make banking as fuss-free and easy as possible. The bank also goes above and beyond by offering financial planning, investment and wealth management expertise through programmes such as DBS Treasures. Sign up now!
Written in collaboration with:
DBS Bank
dbs.com.sg/digibanking
Read more features in our Living in Singapore section!
