Investing in Singapore: Can Foreigners Open a Bank Account in Singapore?

Investing in Singapore: Can Foreigners Open a Bank Account in Singapore?
Banking and Finance in Singapore



Can Foreigners Open a Bank Account in Singapore?
To open an account in Singapore, you will need copies of your passport, employer's letter, and a statement from a bank in your home country. Most of the major banks in the world are represented here. Singapore has extensive facilities of automated teller machines (ATMs) and a cashless payment system called NETS for your paying convenience.


If you plan to invest in or stay in Singapore for an extended period, using these facilities are highly recommended. DBS and POSB bank accounts are the most commonly used in Singapore so if you are intending to lease out your Singapore apartment while staying abroad, having a bank account with either bank will make the monthly rent collection a far more painless affair.


You will be able to do online banking and monitor when payments are made. Also, where your agent has to manage properties on your behalf, petty cash payments for repairs or maintenances can be easily transferred to him/her, without the added costs of a Telegraphic Transfer.





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Is it difficult or where can i change my money to Singapore currency?

Banks and hotels can change money and most shopping complexes have a licensed money changer. Visitors are advised not to change money with an unlicensed operator. Most banks open from 9.30am to 3pm on weekdays and 9.30am to 11.30am on Saturdays. Places where money changers congregate are in Chinatown, Little India and Peninsula Shopping Centre in City Hall.






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Are credit cards widely accepted in Singapore?


Credit cards are widely accepted in Singapore. Hotels, retailers, restaurants, travel agents and even individual taxis accept international credit cards.

Just in case you need the common numbers to dial:


American Express Tel: 62998133
Diners Card Tel: 62944222
Master Card Tel: 65332888
Visa Card Tel: 1-800-3451345 (Service Centre)