Jan 6 2012, 12:12 AM
QUOTE(MilesAndMore @ Jan 5 2012, 09:03 PM)
I also can confirm that you do not need a prior approval from BNM to open an account overseas.
S$1,000 is for S Pass and EP holders. For all other foreigners, you need S$5,000 of initial deposit as well as to maintain the account (to avoid the S$2,000 fall-below fee).
Anyway, UOB Bank is a better choice if one is looking for a more affordable Singapore based savings account as one only needs an initial deposit of S$1,000 to open a savings account as well as to maintain the account.
Just in case any existing DBS a/c holders wondering if the SGD5k applies to them. Not entirely.S$1,000 is for S Pass and EP holders. For all other foreigners, you need S$5,000 of initial deposit as well as to maintain the account (to avoid the S$2,000 fall-below fee).
Anyway, UOB Bank is a better choice if one is looking for a more affordable Singapore based savings account as one only needs an initial deposit of S$1,000 to open a savings account as well as to maintain the account.
If you open before 12 Sept 2011, your fall below rate is SGD500 and won't change.
You can call to confirm, I did and the CSO confirmed with me, she said my fall below rate will only change if I close the a/c and open again. She also reassured me that if I ever remove until SGD600 I still won't be 'taxed'. Anyway, for ease of mind, please call them, they pick the phone quite fast, but the menus are very long.
And also to check the fraud cases today from DBS/POSB (someone skim cards and go to JB to withdraw SGD200,000 total [SGD1k x 200 transactions] ) to make sure my money wasn't laundered away.
This post has been edited by MYstombox: Jan 6 2012, 12:13 AM
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