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How to open a bank account in Singapore

 

You will need an employment pass to open a bank account in Singapore. If you’re on a dependant’s pass, you can only have a joint account with your partner.

Most ATMs will permit withdrawals from any card affiliated with the worldwide Plus or Cirrus systems.            

NETS is a debit system arranged through your bank, which is accepted at all supermarkets and most stores. Some retailers accept only NETS and cash, so it may be a good idea to opt for a local bank that offers NETS cards.

International banks provide financial management tailored to expats, which is why many newcomers opt to stay with larger banks from their home country. Generally, banks are open Monday to Friday from 9.30am to 3pm, and Saturday from 9.30am to 12.30pm. All major banks offer 24-hour internet banking.  

Kids and Cash

Banks have different age eligibility for accounts with ATM withdrawal cards. If your children are aged between 7 and 15, they can start with a POSBkids Account through POSBank; parental consent will be needed to open the account. Citibank’s minimum age for its Junior Savings Account is 15. Other options are available through the various banks.

You don’t necessarily need to open your child’s account at the same bank you currently use. See what other banks are giving as incentives for opening an account. Many banks know that children today are the customers of tomorrow, so shop around for the best offer.

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