As a foreigner living and working abroad, it is very important to use the right platform to hold, send, and receive money to avoid losses and difficulties in accessing funds when needed. Several institutions in Singapore offer financial services to expats and in this article, we will look at the best banks for expats to bank within Singapore and discuss all of their offerings.
Things to look out for when choosing a bank
When choosing a bank for money transfers, there are several important factors to consider to ensure you select the best option for your needs. Here are the key things to look out for:
Fees: Look out for their maintenance fees, ATM fees, and overdraft fees and compare them with those of other banks available also look out for any hidden charges.
Exchange Rates: Expats frequently need to convert money from one currency to another for several reasons like sending funds to friends and family in their home country, converting funds received from abroad to the currency used in the country they are based in, and several other reasons so it’s essential to check any markup on exchange rates that may affect the recipient’s received amount and reduce the value of money received.
Transfer Speed: There is the need to move funds around and complete transactions as quickly as possible so it’s advisable to go for banks that take less time to process money transfers.
Transfer Limits: To prevent money laundry Banks, place a peg on the total amount of money an individual can move around daily or monthly. So, if you are one for large transactions go with a bank that accommodates your average daily and monthly transactions.
Accessibility: Need to visit the bank for their service may arrive so it is essential to bank with one with branches available around the location you frequent. ATMs and convenience of access through different channels should be evaluated before settling for a bank.
Digital Features: The world has moved from the traditional banking method of visiting a bank physically before financial services can be made or accessing other services, they offer so it is crucial to consider banks with online and mobile banking features where you can get their services like deposits, transfers, get help, make inquires and lock up funds through online channels.
Customer Service: Issues are bound to arise when making transactions, so it is necessary to use a bank that prioritizes customers and offers good customer support through multiple channels via varying contact methods like phone, chat, and email round the clock.
Security: Banks in Singapore are required to be insured by the DIS under SDIC to ensure customers’ funds are safe if the bank fails or gets attacked.
Reputation and Reviews: Look out for what people are saying about the bank through reviews and ratings. Consider asking natives and long-time residents of the country about the bank’s reliability and service quality.
Below are some of the best bank accounts for expats in Singapore along with their key offerings:
| Bank | Account Type | Key Offerings |
| OCBC | OCBC 360 Account | Up to 4.65% interest on the first S$100,000, multiple currency options, and online banking services. |
| Standard Chartered | BonusSaver Account | Up to 7.68% interest (conditions apply), no monthly fees, and easy online management. |
| Citibank | Citi Wealth First Account | Up to 7.51% interest on the first S$50,000, global banking services, and no remittance fees for Citibank customers. |
| HSBC | HSBC Everyday Global Account | Multi-currency account, access to 11 currencies, and competitive interest rates with cashback options. |
| UOB | UOB One Account | Up to 3.00% interest on the first S$75,000, mobile banking, and various credit card options. |
| DBS Bank | DBS Multiplier Account | Up to 1.80% interest on the first S$50,000, extensive ATM network, and digital banking features. |
| CIMB Bank | CIMB Fast Saver Account | Up to 1.50% interest, no monthly fees, and easy online account management. |
| ANZ Bank | ANZ Online Saver Account | Competitive interest rates, online banking, and easy fund transfers. |
| Maybank | Maybank Save Up Account | Up to 2.00% interest, no monthly fees, and access to various financial products. |
| Bank of China | BOC Multi-Currency Account | Hold multiple currencies, competitive exchange rates, and online banking services. |