Opening a bank account in Singapore on an Employment Pass

The account was approved within three days, but the debit card only arrived by post a week later. I received my EP card in the same week, which I then added to my banking profile.

The frustrating part

My first address proof was not accepted because it was a short-term serviced apartment agreement, not a formal tenancy. I had to ask my employer for a letter confirming my employment and address, which the bank accepted. Ask your HR team for this letter before you start. They write it all the time.

Other banks

Friends have used:

• OCBC and UOB, both similar to DBS
• Standard Chartered and Citibank, which suit people with international banking needs
• Digital banks such as Trust Bank and GXS, which are fast to open but have fewer features

What I use now

• DBS for salary, bills and savings. PayLah and PayNow make payments very easy
• Wise for sending money home to South Africa. Much cheaper than the bank
• A credit card from a local bank for miles. I needed at least three months of salary deposits before I was approved

Useful things to know

• PayNow is Singapore's instant payment system. You can send money to anyone using a phone number
• GIRO is used for recurring payments like rent, utilities and taxes
• Many banks have a minimum balance of 1,000 to 3,000 Singapore dollars to avoid fees. Check before choosing
• CPF does not apply to foreigners, so there is no automatic retirement savings. Plan your own
• Most places accept cards and mobile payments, but some hawker stalls are still cash or PayNow only

Tax

Singapore's tax year runs from January to December. You file in the following year through the IRAS portal. As a foreigner, you may need a tax clearance when you leave the country or change jobs, and your employer may withhold your final salary until it is done.

Rating

Four out of five. The process was mostly smooth and fast, and the banking apps are excellent. One star off for the address proof problem, which added a week of stress and emails. Singapore's banking is one of the best systems I have used once you are in.