Beginner’s Guide to Choosing the Best Personal Bank Account Opening in Singapore
Whether you’ve just started work or relocated to Singapore, a bank account is something everyone needs. Setting up your bank account is generally a pretty straightforward affair. However, regardless of whether this is your first bank account or third, professional help can come in handy. In this guide to personal bank account opening in Singapore, we’ve sought to provide crucial information for everyone.
In fact, it’s normal to have multiple accounts these days as banks aggressively compete for new business. Most people have multiple accounts at various banks to separate their personal and business transactions. Some banks may offer competitive rates for using their facilities, such as a checking account, fixed deposits, etc. Certain banks may also be preferred by your favorite app, making it easier to have an account there.
Whatever your reasons are, knowledge and careful consideration will enable you to make a better choice. Companies that help you open bank accounts do more than submit documents. The reliable ones will advise and guide you on the most suitable type of bank for your specific needs. This means taking into account location, facilities, and products, as well as the costs you may incur.
We’ve put together some facts, addressed a few issues, and sourced a list of the best service providers. It’s all you need to get started on the right footing.
What Is Personal Bank Account Opening?
A personal bank account is different from a joint account or a business or corporate account. As the name implies, personal bank accounts are for personal banking, and only one person owns the account. Strictly speaking, personal bank account opening in Singapore is usually for non-business purposes.
Personal bank accounts can be conveniently opened online if you are a Singaporean national or have permanent residence status. Non-residents will need to show proof of residential address, a copy of a passport, etc. They will also need to present themselves at the bank physically.
When opening a personal bank account, consider what kind of service you may require. A current account, for example, does not earn interest but facilitates ease of payment. You can issue cheques or link the account to your debit card. Conversely, a savings account is great for savings as it earns an annual interest.
Why Do You Need Personal Bank Account Opening?
Having a personal bank account is essential in so many ways, the least of which is paying your bills. A digital wallet is convenient but does not offer as many facilities as a bank account. There are usually no transaction limits, and you can better manage cash flow by issuing cheques.
Hence, personal bank account opening in Singapore is a crucial move in your money management strategy. It is a useful way to ensure your money is safe, earning interest, and available at the drop of a pin.
Where Should I Find the Best Personal Bank Account Opening?
Once you’re ready to get your bank account set up, it’s time to commit to action. Whatever your needs, finding the best personal bank account opening service is the safest way to get it done. In our top ten list of companies, you will encounter professionals who are experts at what they do.
Our carefully curated list features some of the finest service providers in the industry. They will help you navigate the ins and outs of banking so that you get the best possible solution.