Singapore is one of the leading financial centers in the world and a key financial hub in Southeast Asia. Not surprisingly, the country boasts one of the most advanced banking systems, with roughly 700 local and foreign banking and financial institutions providing services ranging from consumer banking and asset management to foreign exchange, investment banking and specialized insurance services. (Refer to the Monetary Authority of Singapore), the Central Bank for Singapore, for more information about Singapore's monetary policies.

Leading banks in Singapore include ABN AMRO, Citibank, DBS, HSBC, OCBC, Standard Chartered and UOB. There is a local bank in Singapore known as POSBank (sometimes affectionately known as the Singapore Bank). Most expatriates will find the range of services offered by consumer banks adequate for their needs. Long queues are notorious at banks; many customers thus opt for e-banking and telephone banking services. Many basic banking transactions (e.g. funds withdrawals and transfers, checking bank account balance, payment of stocks or shares) can done at the Automated Teller Machines (ATMs) that usually operate 24 hours. Note that several banks join together to offer shared ATMs. For example, DBS and POSBank bank account holders can freely use each other ATMs at no cost, while if you use a DBS card in a UOB ATM, you can be charged a small fee.

Since April 2006, The Monetary Authority of Singapore launched a Deposit Insurance Scheme that safeguards the savings of small depositors in banks in Singapore. The scheme compensates individuals for the first $20,000 of their Singapore Dollar deposits in standard current, savings and fixed deposit accounts, in the event if the bank or finance company fails.

As for general banking requirements, each bank sets their own, such as the amount required to open or maintain an account, fees, account charges, etc. To open an account, you will generally have to fill out an application and present both a passport and a valid Employment Pass. Banks and consumer finance companies offer an array of accounts and services, including:

Checking accounts

Savings accounts

Car loans

Mutual funds or "trusts"

NETS (cash withdrawal) cards that allow for electronic payment for goods and services

ATM

Credit card facilities

Crediting foreign checks

Mortgages

Some banks send out monthly or regular bank statements, while others are shifting towards a paperless banking system (e-banking). POSBank, a local bank with a strong presence in Singapore, has a bankbook system for its savings account holders. Bank statements can be updated at automated kiosks located throughout the island.