What You’ll Find

• Consumer banking, multi-currency accounts, FX & remittances.
• Investment banking, asset/wealth management, insurance.
• Modern rails: FAST/PayNow instant transfers, GIRO, NETS, widespread contactless.

Regulator: Monetary Authority of Singapore (MAS).

Major Banks

Your home-country bank may already operate here—handy for cross-border banking.

Currency

Singapore Dollar (SGD, S$), divided into 100 cents. Common notes: $2, $5, $10, $50, $100. Common coins: 5¢, 10¢, 20¢, 50¢, $1.

Higher-value notes are no longer issued but remain legal tender.

Everyday Payments

• NETS and contactless cards widely accepted.
• PayNow/FAST for instant account-to-account transfers.
• ATMs are ubiquitous; international cards may incur FX/processing fees.

How It Works

• Walk into a neighbourhood branch; most accounts can be opened the same day.
• English is the working language across banks and documents.
• Compare fees, minimum balances and ATM networks before choosing.

What to Bring

• Passport (copy acceptable for onboarding).
• Work Pass / In-Principle Approval (or employer confirmation, where allowed).
• Local address & minimum opening deposit (varies by bank).

You’ll typically receive a debit/ATM card and digital banking access right away.

Availability

Amex, Visa and Mastercard are widely available. Banks may require minimum income, a security deposit, or salary crediting to a linked account.

Tips

• Ask about annual fees, foreign-currency markups and rewards.
• Link eligible cards to KrisFlyer to earn miles on spend and Singapore Airlines flights.

Who Pays

• All individuals earning in Singapore are liable for income tax (IRAS).
• Tax residency generally: ≥183 days in a calendar year or holding PR status.
• Non-residents are taxed on Singapore-sourced income; foreign-sourced income is typically not taxed upon receipt.

Many countries have Double Taxation Agreements with Singapore—check your home country.

Filing & Rates

• Progressive resident rates; non-resident employment income generally 15% or resident rates—whichever is higher.
• Some non-employment income for non-residents is taxed at flat rates.
• Tax year is the calendar year; typical filing deadlines are in April (e-file preferred).

Rates and thresholds change—always confirm the latest with IRAS before filing.