Kamusta, kabayan?
This post is for first-time OFWs in Singapore. If it's your first job in Singapore as a Filipino, you might have a lot of questions with regard to the life, culture, and work in this lovely country. When I started, I was like you, so I guess that's normal. I felt the same as I felt when I took on my very first job in the Philippines -- lost as to how PhilHealth and SSS contributions work, how to file my taxes, and even how to open a bank account. I know all the struggles, so I figured I'll help you out and make it a bit easier for you.
In this blog, Your Filipina Ate in Singapore will guide you through the process of opening a bank account in Singapore. Usually, your employer will ask you to open one, which they'll use to send you your monthly salary. And oh, you might be surprised: the pay in Singapore is typically once a month only, oftentimes it falls on either the end of the month or on the 21st for some.
So let me take you through the top considerations and steps in opening your first bank account in Singapore as an Overseas Filipino Worker.
1. Choosing the right bank
Singapore boasts a robust banking sector with numerous reputable banks to choose from. Some of the popular banks in Singapore include DBS (or POSB), OCBC, UOB, and Standard Chartered. Before deciding, consider factors like accessibility (as in which banks you see in the neighbourhood you're staying in; if you have yet to find accommodation in Singapore, you can just choose between DBS or UOB as these two have many branches and ATMs scattered across all areas), services offered, and fees.
2. Knowing the types of bank accounts
In Singapore, banks offer various types of accounts tailored to different needs. Common account types include:
Savings Account: A basic account for everyday transactions and savings. Look for accounts with low fees and competitive interest rates. This is the most common one, and one I would recommend to you.
Current Account: Suitable for frequent transactions, especially for professionals with a steady income. This is also an ideal bank account type for us.
Multi-Currency Account: Ideal for those who frequently deal with multiple currencies for travel or remittances.
Fixed Deposit Account: If you want to earn higher interest on your savings over a fixed period, consider a fixed deposit account.
3. Understanding the document requirements
To open a bank account in Singapore, you'll typically need the following documents:
Identification: This can be your valid passport or your FIN or Foreign Identification Number which you will have once your employment permit has been approved by MOM (Ministry of Manpower).
Employment Pass or Work Permit: For those working in Singapore, provide your employment pass or work permit as proof of your employment status.
Proof of Residence: A utility bill or rental agreement that shows your current address in Singapore. Hence, it's best to settle on accommodation in Singapore before you start work.
Initial Deposit: Some banks may require an initial deposit (most do not -- I opened DBS/POSB and it didn't require me to), so check the specific bank's requirements.
If you're already in Singapore and just found a job, let's say you're a Dependant's Pass holder, you will have a FIN already. You can just set up your SingPass and you can open a bank account online via SingPass.
4. Visiting the bank
Once you have gathered the necessary documents, visit the chosen bank branch to open your account. The bank staff will guide you through the process, and you can ask any questions you may have. I tried doing this at a branch near our area. Usually, you can find bank branches inside the malls or in the town area, so it should be easy to find one. I opened my second bank account with UOB and it took me about 2 hours maximum to complete the process. When you go there, just get a queue number and wait to be called. The process will be straightforward from there. I got my ATM card and my mobile bank app registered within that same day.
If you'd rather not head to the branch and talk to people (lol), there's an easier way, which I did for my first back account opening process. You can open your bank account online. Just go to the bank's website and follow the instructions. Oftentimes, online account opening is fast and only requires you to link via SingPass and submit additional details. DBS/POSB has a straightforward bank account opening process. You can check it out here.
5. Online banking
Whether you choose to open your bank account online or in-person, you must enroll or register your account for online banking. Singapore uses online/digital banking a lot and very few people (at least the ones I know) carry and use cash for transactions. Your bank would have an app that you can download and register your account. Just fill in the needed details and you're good to go.
The app would allow you to manage your finances, check your account balance, make transfers, and pay bills conveniently. If you don't know yet, Singapore uses PayNow, PayLah!, Shopback, Grab Pay, Fave Pay, Google Pay, and other platforms, too. So you can download all these apps as well to make your life more convenient. Trust me, when you're working already, you will use PayNow and Paylah! very often.
6. Remitting money to your family in the Philippines
This might not be the best section to add here but I know it will be helpful for you, first-time OFWs in Singapore, so I'll include a short section on remittances here.
Almost all banks in Singapore can process your remittances. You don't need to queue at Western Union or at Lucky Plaza to remit money to your family in the Philippines. Just explore your mobile banking app and it should have an option to remit, with its own exchange rate (SGD to PHP, oftentimes it's not too far from the actual rate in the market).
When I first started working in Singapore as an OFW, I used World Remit to send remittances to my family. The fee is reasonable and it is quite fast, except holidays and weekends. But the app stopped operations in Singapore, so I decided to try other platforms.
Then I found that DBS (the bank I'm using) has a remittance option, so it has been my trusted platform for my monthly remittances. It's faster, especially when you send your remittance before the cut-off time which is at 11:00 p.m. It's even faster if you remit to its partner banks in the Philippines, like BDO. I'm using BDO, PNB, and BPI, so I compared the speed, and BDO was the fastest. I could put in a request at my mobile app to remit money to my BDO bank account and it will be sent in an instant, except on weekends which take a bit of time.
The steps to sending your remittance via DBS are simple. You just have to enroll your Philippine bank account and you can send money already. It has zero fees, but of course, they get the fee from the exchange rate.
And oh, before I forget, DBS allows you to remit to a GCash account, too (although I haven't tried this one yet as I don't really use GCash a lot, but you can try!).
I hope you got helpful information on opening your bank account in Singapore, kabayan!
Cheers,
Your Filipina Ate in Singapore
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