Singapore & money
 

Hi - I wanted to get some advice from people. I am going to be working in Singapore for three months (singaporean company) - my employer tells me that I can either open a Singaporean bank account or get paid in case or they will give me a cheque that I cash into my home bank account.

I wondered whether anyone could offer any advice on what the best course of action would be. Are there fees assocated with setting up bank accounts in Singapore? If I get paid cash are there any easy ways of transfering the money to my home bank account (e.g. Western Union - never used this so don't know how it works) will my home bank account accept a cheque written in Sing dollars?
Any adcice much appreciated!
Thanks, Juanita

Re: Singapore & money
 

The best place to ask is

http://www.expatsingapore.com (messageboards). Lots of expats in the banking industry post there and no doubt some expats have been in the same situation as yourself.

We used to bank with UOB (United Overseas Bank) when we lived in Singapore but this was a few years ago and we didn't incur fees when opening our account (but this could have changed by now). Amongst other banks there include OCBC (Overseas Chinese Banking Corporation) Maybank (Malaysian), POSB - Post Office Savings Bank, Citibank and HSBC. You could send them all an e-mail with your question(s).

I wouldn't send money via Western Union as they're very expensive.

Also you might be interested in joining ANZA, the Australian & New Zealand Association as they have lots of fun social events. I volunteered in their office for a few years.

http://www.anza.org.sg/

Re: Singapore & money
 

We lived there 5 yrs ago, UOB used to be free of charge when you open an account. Just before we left they put the charges for balance under 500 SGD. Before... you able to write a cheque through their machines dotted around Singapore, but then they take the machines out and you have to go to their branches for doing the cheque. And you have to pay SGD 5 per issued.

I am sure few thing have changes by now.

I used POSB bank too, i find it its handy... alot of shops giving extra discount for POSB bank card atm card holder.