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 Opening a Bank Account in Singapore

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MUM
post Jul 21 2022, 01:04 PM

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QUOTE(gaijin @ Jul 21 2022, 12:42 PM)
Sorry I dont see any FAQ on 1st page ... are malaysians on tourist visa allowed to open Singapore savings account ? Which bank can ?

Thanks in advance
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While waiting for responses, you can try the recent comments in page 206
SUSTOS
post Jul 23 2022, 03:12 PM

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CIMB SG revised their deposit rates upwards.

https://www.cimb.com.sg/content/dam/cimbsg/...ision-jun22.pdf

Fastsaver <75k SGD rate is increased to 0.5% p.a. from 0.3% p.a. before.
GAT
post Jul 23 2022, 07:17 PM

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QUOTE(MUM @ Jul 21 2022, 01:04 PM)
While waiting for responses, you can try the recent comments in page 206
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Good info there. Going to try apply DBS account soon. Thank you
Perakpower
post Jul 23 2022, 10:04 PM

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QUOTE(TOS @ Jul 23 2022, 03:12 PM)
CIMB SG revised their deposit rates upwards.

https://www.cimb.com.sg/content/dam/cimbsg/...ision-jun22.pdf

Fastsaver <75k SGD rate is increased to 0.5% p.a. from 0.3% p.a. before.
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FD rates also up to 2.05 to 2.30. Much better than 3.20 in Malaysia.
lyyera96
post Jul 24 2022, 09:18 AM

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QUOTE(GAT @ Jul 23 2022, 07:17 PM)
Good info there. Going to try apply DBS account soon. Thank you
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before I have ask DBS via email, if foreigner want apply must have work premit
GAT
post Jul 24 2022, 08:22 PM

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QUOTE(lyyera96 @ Jul 24 2022, 09:18 AM)
before I have ask DBS via email, if foreigner want apply must have work premit
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Too bad. Then will try cimb sg. Thank for the info.
tadashi987
post Jul 25 2022, 10:45 AM

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QUOTE(lyyera96 @ Jul 24 2022, 09:18 AM)



QUOTE(GAT @ Jul 24 2022, 08:22 PM)


FYI
QUOTE(TOS @ Jun 24 2022, 04:53 PM)
Successfully opened my DBS Multipler Account! rclxm9.gif

(Too bad, DBS My Account for Sporeans only, according to staff from DBS Woodlands branch.)

Anyway, took me 4 hours of waiting, 2 visits, and 3 attempts...

Some important takeaways:

1. As mentioned before, arrive earlier with your documents ready. I arrived 30 minutes before branch opens and you already see 15 people queuing. By the time branch open at 10 am, another 15 people queuing behind me.

2. Not all passes are strictly acceptable. Certain passes lie in the grey area. Work Holiday Pass (WHP) is one of them. It happened that when I showed all the documents, including the WHP card to the bank staff, it was rejected initialy by one of the staffs (not the same staff I met last week). Just before I packed things and started planning my trip to the MBFC branch, I saw and remembered another staff whom I knew from my first visit last week. I double confirmed with her that I have provided all the documents this time and suspected of potential miscommunications among the staffs (recall last week I don't have proof of residential address and source of fund, this time the 2 documents are ready.)

She went back in with all my documents and came back telling me it is ok to open an account with a WHP pass.

So, key message: you need some luck. Try to ask other employees in case one says no. Last resort is to go to MBFC branch and finally try online digibank submission.

3. Woodlands branch is especially busy due to Malaysians coming in from JB as well (overheard a DBS banker's conversation with another client while queuing), so consider other branch further south if needed.

4. If you queue early you will be attended early. But once you leave and want to return to the queue (they use a SMS queuing system, where the queue number will be sent to your phone), you will have to wait. I received SMS at 10.30 a.m. and was only able to enter the branch and started the applications at around 2.30 pm.

5. The DBS Visa Debit card will be automatically renewed every 5 years. DBS will send a "free" card to the address registered in the system. Make sure you change the address to your Malaysia's address when you return home otherwise the card will be mailed to the existing SG address. No annual card fees. The DBS Visa debit card will have NETS features as well, similar to the Maybank SG card.

6. For Malaysians, the DBS account identity card no. will be your Malaysian IC No., NOT your passport number. The I/C No. column in the DBS system will show something like MXXXXXX-XX-XXXX (M stands for Malaysia, XXXXXX-XX-XXXX is your Malaysia IC no.). However, you still need to bring BOTH documents when you open your bank account.

7. A note on SG phone number. If you are just a short-term visitor who puchase "cheap" SIM cards from 7-11 like me (validity 90 days), some of these phone numbers have already been used before by other users and become inactivated or cancelled. It so happened that my current SG mobile number was used before by someone else and has been registered in the DBS system. In this case, use your Malaysian phone number to proceed with account opening. Make sure you can receive TAC and messages from DBS at the same time to verify that the Malaysian SIM can receive TAC and other important messages. 

8. For those who are interested, DBS Multipler Accounts have some "tricks" for you to earn the maximum saving account rates. You can find these tricks online in SG's HardwareZone forum: https://forums.hardwarezone.com.sg/threads/...r-plan.5699929/ 

Will add more here if I can remember.
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This post has been edited by tadashi987: Jul 25 2022, 10:46 AM
gaijin
post Jul 25 2022, 11:04 AM

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Walked in to following banks in raffles place area :
1) Maybank - require mandatory investment commitment of $1k per month for 15 years shocking.gif
2) CIMB - cannot open savings without work/student/etc pass
3) DBS - cannot open savings without work/student/etc pass




QUOTE(gaijin @ Jul 21 2022, 12:42 PM)
Sorry I dont see any FAQ on 1st page ... are malaysians on tourist visa allowed to open Singapore savings account ? Which bank can ?

Thanks in advance

Only reference found is from below quotes ... but not sure still valid ?
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Ramjade
post Jul 25 2022, 11:38 AM

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QUOTE(lyyera96 @ Jul 24 2022, 09:18 AM)
before I have ask DBS via email, if foreigner want apply must have work premit
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QUOTE(gaijin @ Jul 25 2022, 11:04 AM)
Walked in to following banks in raffles place area :
1) Maybank - require mandatory investment commitment of $1k per month for 15 years  shocking.gif
2) CIMB - cannot open savings without work/student/etc pass
3) DBS -  cannot open savings without work/student/etc pass
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Without any working pass or student pass only way to get a DBS account is go to their HQ open up a DBS Vickers account and they will open up a DBS Account for you. Of course this info is like 7 years old but some people said they have success doing it recently.
Keep in mind, you might need to lock up sgd3k for 6 months. The SGD3k is forzen or else you will kena sgd5.00/month fees if it fall below sgd3k.

For CIMB, use CIMB sg online and apply. Sg bank account all memang cannot walk in without any pass.

For Maybank just apply from Malaysia side.

QUOTE(tadashi987 @ Jul 25 2022, 10:45 AM)
FYI
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TOS way only valid because he got study pass. For common poor people like us who got no working/study pass, not applicable.

This post has been edited by Ramjade: Jul 25 2022, 11:41 AM
john123x
post Jul 25 2022, 11:38 AM

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del

This post has been edited by john123x: Jul 25 2022, 11:39 AM
SUSTOS
post Jul 26 2022, 12:25 AM

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QUOTE(Ramjade @ Jul 25 2022, 11:38 AM)
......

Keep in mind, you might need to lock up sgd3k for 6 months. The SGD3k is forzen or else you will kena sgd5.00/month fees if it fall below sgd3k.

For CIMB, use CIMB sg online and apply. Sg bank account all memang cannot walk in without any pass.

For Maybank just apply from Malaysia side.
TOS way only valid because he got study pass. For common poor people like us who got no working/study pass, not applicable.
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Uhmm, I checked with DBS. For first-time account opening, no minimum balance needed and thus no fall-below fees charged. I just have less than 100 SGD in my DBS account, will wait for a few months and observe for any charges, shall report back here.

And no, not study pass. It's Work Holiday Pass. I am a visiting student (though the uni letter addresses me as "visiting research fellow"... laugh.gif ).

In general, as long as you have an MoM work pass, you should be eligible for opening a DBS/OCBC/UOB account in SG.

Check the list of passes here: https://www.mom.gov.sg/passes-and-permits
Ramjade
post Jul 26 2022, 02:18 AM

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QUOTE(TOS @ Jul 26 2022, 12:25 AM)
And no, not study pass. It's Work Holiday Pass. I am a visiting student (though the uni letter addresses me as "visiting research fellow"...  laugh.gif ).
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Same thing. It's still a pass. You should test out my method (without pass) and see if it still works. No pass harder. Not many of us here can have pass to work or study in Singapore.
SUSTOS
post Jul 26 2022, 09:23 AM

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QUOTE(Ramjade @ Jul 26 2022, 02:18 AM)
Same thing. It's still a pass. You should test out my method (without pass) and see if it still works. No pass harder. Not many of us here can have pass to work or study in Singapore.
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1-hour-journey from Woodlands to MBFC... have to wake up at 5 or 6 in the morning, then queue for another hour or 2 to check if can open account. shakehead.gif

Really depends on the person you meet. The staffs themselves don't agree with one another sometimes.

This post has been edited by TOS: Jul 26 2022, 09:23 AM
sunami
post Jul 26 2022, 01:46 PM

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Hi...
anyone has cimb sg account?
my sg acc is tide to my local cimb account.
how do i transfer from sg account back to my local cimb account using wise?
possible?
tadashi987
post Jul 26 2022, 02:19 PM

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QUOTE(sunami @ Jul 26 2022, 01:46 PM)
Hi...
anyone has cimb sg account?
my sg acc is tide to my local cimb account.
how do i transfer from sg account back to my local cimb account using wise?
possible?
*
why do you want to use wise thou, i thought CIMB SG-CIMG MY with better than wise?
sunami
post Jul 26 2022, 02:23 PM

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QUOTE(tadashi987 @ Jul 26 2022, 03:19 PM)
why do you want to use wise thou, i thought CIMB SG-CIMG MY with better than wise?
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how do u transfer using cimb?
i cant select transfer from sg account ..
the drop down selection menu is empty at transfer page
tadashi987
post Jul 26 2022, 03:47 PM

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QUOTE(sunami @ Jul 26 2022, 02:23 PM)
how do u transfer using cimb?
i cant select transfer from sg account ..
the drop down selection menu is empty at transfer page
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user posted image
gooroojee
post Jul 26 2022, 03:54 PM

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QUOTE(leetan33 @ May 31 2022, 11:50 AM)
I applied Maybank SG online and got it approved on the next day. I'm still waiting for my SG Debit Card to arrive since mid-May, hopefully it will reach me soon.
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With a SG pass?
sunami
post Jul 26 2022, 03:57 PM

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QUOTE(tadashi987 @ Jul 26 2022, 04:47 PM)
user posted image
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i believe yours is SG CIMB click...
it's different from MY CIMB click..

i opened SG CIMB acc which tide to MY CIMB acc.
I can transfer to SG from MY but not otherwise

edit.. can you transfer from MY to SG?

This post has been edited by sunami: Jul 26 2022, 03:58 PM
tadashi987
post Jul 26 2022, 04:01 PM

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QUOTE(sunami @ Jul 26 2022, 03:57 PM)


QUOTE(sunami @ Jul 26 2022, 01:46 PM)
Hi...
anyone has cimb sg account?
my sg acc is tide to my local cimb account.
how do i transfer from sg account back to my local cimb account using wise?
possible?
*
sorry i am confused, u were asking "how do i transfer from sg account back to my local cimb account using wise?"

so i was suggesting u to transfer above operation using CIMB SG - CIMB MY, it is with better rate

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