Opening a Bank Account in Singapore
Singapore has a number of banks offering a variety of services. Prominent international banks in the island nation include HSBC, Maybank, Citibank, ABN AMRO, Standard Chartered and BNP Paribas. Determine your needs first and then shop around for a suitable bank. Paperwork requirements depend on which type of account you want to open. Your passport and proof of mailing address are two documents that are commonly required to open all kinds of accounts. It is possible to open an account without being present in person. The time taken to open an account ranges from one day to one week and depends on many factors like whether you are present in the country or not.
Credit Cards, Payments & Money Transfers in Singapore
While living or traveling in Singapore you may use cash (the Singapore dollar), travelers' cheques and debit/credit cards. Most banks offer debit cards which can be used to withdraw cash from ATM's. International debit cards can be used to withdraw cash from shared ATM's at no cost but you will have to pay a fee to withdraw money from another banks ATM. Credit cards are widely accepted and there is no need to carry a lot of cash.
If you are using a foreign bank account, transferring money in to a new account will not be a problem. However, if you are using a Singapore bank account then transferring money in to a new account could attract some transferring and conversion fees.
Corporate Accounts & Offshore Banking in Singapore
Singapore has one of the fastest growing offshore banking economies in the world. Several international banks and Singaporean banks have various options to corporations for opening bank accounts. Multi-currency accounts and freedom to move funds from Singapore to your home country are certain features of these accounts.
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