Main Local Banks in Singapore
Singapore boasts a robust and well-regulated banking sector, comprising several prominent local banks. Here are some of the main local banks in Singapore:
Presence of UK and USA Banks in Singapore
Singapore’s status as a global financial hub has attracted major UK and USA banks to establish a significant presence in the country. Here are some of them:
Accounts and Services for Expats
Banks in Singapore offer a range of accounts and services tailored to meet the specific needs of expatriates, including Multi-Currency Accounts, Global Money Transfers, International Credit Cards, and Wealth Management Services.
Typical Bank Opening Hours
Banks in Singapore typically operate from Monday to Friday, with variations in working hours on Saturdays. The typical bank opening hours are from Monday to Friday: 9:30 AM to 3:30 PM, and Saturday: 9:30 AM to 12:30 PM. Note that some branches may have extended or different operating hours.
Areas of Concern for Expats
While Singapore’s banking system is renowned for its stability and efficiency, expats should be aware of issues such as Minimum Deposit Requirements, Foreign Exchange Rates, and Residency and Work Pass Status.
Opening A Bank Account as an Expat
Opening a bank account in Singapore as an expat involves steps such as choosing a bank, gathering documents, visiting the branch, completing the application process, and account activation.
In conclusion, Singapore’s banking system offers a wide array of services for both locals and expatriates. With a variety of banking options available, expats can navigate the system with ease and confidence, ensuring a smooth financial experience in Singapore.