Bank options

[Shaxiaoyu]

We need to open a bank account in Singapore and wanted to know if anyone could give some recommendations or warnings about which banks to approach or some advice on pros and cons such as affiliations, bonus point type systems, bank charges, ATM networks, etc.

We use internet banking a lot and will do regular international transfers but other then that it'll be for everyday transaction stuff and a little bit of savings (but nothing major).

Thanks for your help!

[baloo]

For regular international transfers I would open a Citibank account in both countries and transfer within the one Internet banking portal. Works wonders. You can have multi currency accounts as well to make it even easier.

Then I would get a local bank for ATM access. Foreign banks don't have the reach. keep away from DBS and POSB as their ATMs always have long lines. UOB and OCBC have as much reach, can use each others ATMs and have smaller lines.

OCBC. Have revamped their Internet banking platform and I reckon it's one of the better ones I have used.

[Fat Bob]

Citibank have stepped up the number of ATMs island-wide. A lot of Cold Stoarge stores have them, as well as MRT stations. And a bit of planning (and if you use credit cards for as much as possible!) then ATM requirements are low.

I would steer clear of the local banks when it comes to credit cards, much better customer service from Citibank, HSBC and Amex than with DBS (though experience with DBS is 6+ years ago).

[slinky]

I second baloo's comment about Citibank accounts in both countries for Internet money transfer. We finally got around to this and it definitely makes life much easier. FB is correct that more and more Citibank ATMs are popping up all over. I am able to use my US ATM card from PNC Bank in DBS, POSB, OCBC and UOB without penalty charges, so it might be worth checking if you currently have a bank card elsewhere that will work the same. Honestly, I haven't tried my US Citibank card anywhere because I don't keep a lot of cash in the US account - just enough to transfer in to the Citi acct here to pay bills.

[Shaxiaoyu]

Cheers for the feedback guys - having asked around a little more as well Citibank seems to be the clear favourite here, will also look in to an OCBC local account.

Thanks!