Banking & Finance

A recently renovated consumer banking sector has resulted in high capitalistic competition between the three major Singaporean banks and a few licensed global banks specialising in consumer banking products. Electronic payment services and other technology applications in banking and finance are a highly developed, essential part of daily life.

Currency: The Singapore dollar (SGD) divided into 100 cents. Notes are coloured differently according to monetary value and issued in denominations of $2, $5, $10, $50, $100, $500, $1000 and $10,000. Coins are issued in denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents and $1. Do not be surprised if you receive a Brunei bank note as change. These have the same value as the Singapore dollar and are acceptable as customary tender. ALERT: Malaysian currency is NOT acceptable as legal nor customary tender.

Foreign Exchange: Funds may be brought into or taken out of Singapore in any amount and in any currency. Singapore residents and foreigners are welcome to open banking accounts in both local and foreign currency. Foreign currency banknotes and travellers checks can be readily changed at most banks and licensed money changers. ATMs are linked to global payment systems such as Visa, Plus and Cirrus to facilitate local cash withdrawals using foreign credit cards or bank cards.

Banking Services: saving accounts, checking accounts, fixed deposits, internet banking, mortgages, personal lending, foreign exchange, safe deposits, and more

ATMs: No single linked ATM system is available. The largest system belongs to DBS/POSB, followed by UOB/OCBC and another shared between HSBC, Standard Chartered, Maybank, ABN-AMRO and Citibank.

NETS: Singapore-established Network for Electronic Transfers (S) Pte Ltd operates and manages an online debit payment system including Electronic Funds Transfer at Point of Sales (EFTPOS). Linked to the user’s checking or savings account for automatic debiting at time of usage, there is a daily limit of $2,000 - $3,000.

CashBack: If you are short on cash and don’t want to wait in line for an ATM, simply head to a CashBack participating retail outlet. They will provide you an additional cash amount to your purchase, making the withdrawal from your DBS/POSB, OCBS or UOB account. A small service charge is levied. For a list of participating outlets, visit:
http://www.nets.com.sg/consumers/using_cashback.asp

Singapore is a well regulated international centre for personal financial planning (wealth management). Regulations consolidate industry best practices and create a level playing field for financial advice and the sale of investment and insurance products. Financial advisors are encouraged by the government to represent clients’, not the provider’s, interests.

The Financial Panning Association: upholds professional and ethical industry standards for the provision of unbiased financial advice, represents qualified financial planners and imposes penalties on breaches of professional standards.
Visit: http://www.fpas.org.sg

The Monetary Authority of Singapore (MAS): Visit the website for a list of financial advice institutions as well as an Investor Alert List for known investment offenders.
Visit http://www.mas.gov.sg

Income tax is applicable if the work is actually done in Singapore and when the individual resides in Singapore at least 183 days per calendar year or has a permanent home in Singapore.