Singapore personal bank account opening process is an important issue for lots of people because it is a big country in terms of technology and world’s economy. Singapore or officially named as Republic of Singapore is a country build on an island on the Malay Peninsula, in Far East. The official language of the country is Malay but as being a former British colony for more than 100 years, English is still a widely spoken language. The residents are mostly Chinese, Indian and Tamil people. The country is well known especially for its education policy and system because they follow the best and most systematic education policy. Singapore is a very developed economy of free market. It has a low-tax rates economy. Singapore exports lots of vital materials like electronics and chemicals but the country is so lack of water that it is considered precious. Singapore uses Singapore Dollar as currency. That’s why when a person is in Singapore, he/she has to apply for Singapore personal bank account opening.
What is a Personal Bank Account?
As it was mentioned before people wants to know about Singapore personal bank account opening. But first we should get this straight; what is a personal bank account? A personal bank account is an agreement a certain person and a bank, a financial institution that people use to keep their money safe, make investments and have loan and make withdrawals in time of need, that the bank will keep the money safe and the person will be loyal and reliable in many terms to the bank. A personal bank account allows a person not to carry a lot of cash so it is really wise to have one in case of any robberies. The bank agrees to put your money in a safe place and also in today’s world you can use digital banking for almost every bank.
How to Open a Personal Bank Account in Singapore?
Before considering Singapore personal bank account opening, a person should know the process of it. In Singapore like anywhere else on the world a person should provide some documents for personal bank account opening. If you are a Singapore citizen or a long-term resident you need to bring your ID, and a copy of one of the followed documents: local telecommunication bill, local utility bill, local bank statement or credit card statement to proof your residential address. If you are working in Singapore but not a citizen, a foreigner, you should provide your valid passport, your Ministry of Manpower issued employment pass and one of the followings: letter of offer, letter of employment, latest pay slip, local bank statement/credit card statement, local utility bill or local telecommunication bill that has your residential address on it. If you are a foreign student in Singapore, you will need a valid passport, documents that prove that you are a student in Singapore; a student card and your acceptance letter from school, also you have to provide any of the followings; local utility bill, local telecommunication bill, local bank statement or credit card statement. If you are a dependent or a long-term visitor in Singapore you will need to provide your valid passport, long term visit or dependent pass, and you have to prove your residential address by providing one of these; local utility bill, local telecommunication bill, local bank statement. As it can be understood clearly, for applying Singapore personal bank account opening, you don’t have to be a Singaporean.
Which Bank Is the Best to Open a Bank Account in Singapore?
When thinking of Singapore personal bank account opening, there are, of course some important subjects to consider. Most of the banks in Singapore are working good and reliable in many terms but still a person may think “which is the best bank account to open?” Most people say that OCBC bank is the best consistent savers and this bank will charge you with minimum S$1000 for deposit. We can put Standard Chartered in the second place and best for people earning high amount of money and this bank will charge you with no deposit. For third place we can say DBS is good again for high-earning people and again it will charge you with S$0 deposit. After deciding which bank to apply for you can start your Singapore personal bank account opening process.
Can Someone Use a Personal Account for Small Business?
Singapore is a business center because technology and trading is very important for the country and the people living there. So, people who start a new business, and who apply for Singapore bank account opening or a sole proprietor may consider “can I use my personal bank account for my small business?” That is something that mostly can be done in most of the countries but cannot be done in Singapore because the country obligates every business owner to have a business account. Even a sole proprietor needs a business bank account and cannot use his/her personal bank account for business purposes. The country is doing this for many reasons like frauds, security problems and reliability of people. Also, the country wants to make sure that all of the business owner’s accounts are safe.