Banks in Singapore

[Funions]

Does anyone based in Sinagpore have particularly strong recommendations for a bank to open up a current account? Potentially planning a mid/long-term stay which may make it worthwhile.

What are the local options like, and are there any particular advantages in having one of the local banks vs. an international one...?

I would recommend OCBC or UOB. Plenty of discounts in restaurants plus advance booking for concert tickets sometimes. Lots of branches and cashpoints and the card is a NETs card.

I would avoid HSBC as they don't have NETs and there are very few cashpoints.

You can get cashback in Cold Storage with HSBC, I don't know if you can with other cards.

However HSBC is good for transferring money to the UK as they don't charge for this. Useful if you have teens at uni or for if you want to save in the UK.

Thanks Cerisier, that's interesting. ATM access is certainly important, as would be NETS.

Do you know if HSBC give you any recognition if you have a UK account, as in - is the set-up process any easier? I have an account with First Direct in the UK.

Also: have you heard anything about DBS at all...? Someone recommended them, but I really don't know much about them.

No it doesn't make any difference if you have a UK HSBC account, they say in the UK it does, but it doesn't. The process is the same as for all the banks.

DBS is good too, I forgot that one.

You need a FIN card as well as rental agreement and passport to set up a bank account and to set up Starhub or Singtel accounts. You can't do any of it until in Singapore. Dependants' passes don't go down well, you'll need an EP to get accounts in your own name or you can do a joint account.

I recommend DBS. Get a credit card too to collect Singapore Airmiles. We are still enjoying those a year after leaving. (Four of us currently in California on hols having flown here from UK solely on airmiles).

One annoying thing with OCBC - DH came here first and opened an account in his name. He was assured he could add my name to the account once I arrived. This was not the case. We had to open a new joint account - they could (or would) not add my name to the account.

Other than that, they've been fine.

HSBC are a pain in the neck. I have a UAE account with them and a Singapore account with them. I have never been in debt in my life and yet when I come back to the UK I cannot;

1. get a John Lewis credit card (because John Lewis' bank is HSBC and they won't accept my overseas HSBC accounts) (very very confusing)

2. open an account in the UK because they "cannot prove my address" (despite having an address in the UK for over 20 years)

DH is a "premier customer" - yeah...that means jack-shit.

The banks cocked up big style and now they are taking it out on their customers.

We were with HSBC and agree they were a pain in the neck and certain problems sprang up. Go with one of the others.

There is no need to close your UK account, just keep it ticking over. I use my UK credit card still for UK purchases like flowers to DM/MIL and for online shopping I have sent over here.

I would recommend having two credit cards as it isn't uncommon for one to be stopped due to some reason or other (like strange purchases on an account) or for a foreign bank to not let you draw money from it and if you are travelling it makes it difficult if you haven't a back up card.

You should also keep a uk bank account for your uk iTunes account if you have one. Singapore iTunes is terrible!

Good point Butterflies!