Best Areas and Suburbs in Singapore

Singapore is a fantastic city with plenty of things to offer, but it can be a little overwhelming for first-time visitors. Trying to figure out where to stay can be tricky – especially if you don’t know the area well. So, if you’re looking for some insider tips on the best areas and suburbs in Singapore, read on!

1.    Orchard Road

Orchard Road is one of the most popular areas in Singapore, and it’s easy to see why. This buzzing district is home to some of the city’s best shopping malls, restaurants, and nightlife spots. If you’re looking for a lively neighborhood with plenty of things to do, Orchard Road is a great choice. Moreover, it’s well connected to the rest of the city, so you’ll have no trouble getting around.

2.    Chinatown

Another great neighborhood for visitors is Chinatown. This vibrant district is packed with delicious restaurants, interesting shops, and lively nightlife. It’s also a great place to go if you want to experience some authentic Singaporean culture. Chinatown is a little off the city center, but it’s well worth the trip. So, if you’re looking for a quirky neighborhood that’s full of life, Chinatown is the place to be.

3.    Robertson Quay

Robertson Quay is located on the Singapore River, and it’s another one of the city’s most popular neighborhoods. If you want a place with a vibrant atmosphere and plenty of things to do, Robertson Quay is a great choice. It’s home to some great restaurants, bars, and clubs, as well as a few art galleries and museums. Plus, it’s close to the city center, so you won’t have to travel far to get around.

4.    Marina Bay

If Modern Luxury is what you seek, look no further than Marina Bay. This district offers upscale high-rise living with some of the best views in the city. World-class shopping, dining, and entertainment are all within easy reach, making Marina Bay a popular choice for expats and wealthy locals alike. If you can afford it, Marina Bay is definitely worth considering.

5.    Kampong Glam

Kampong Glam is a historic district located in the center of Singapore. It’s home to some interesting mosques and temples, as well as a lively nightlife scene. This cultural melting pot is perfect for visitors who want to experience all that Singapore offers. It’s also close to the city center, so you won’t have to travel far to get around.

6.    Bukit Timah

If you’re looking for a beautiful residential area with plenty of green space, Bukit Timah is a great choice. This affluent neighborhood is home to some of the most expensive real estate in Singapore, as well as some of the best schools. If you can afford to live here, Bukit Timah is a great place to call home. Not only is that, but it’s also close to the city center, making it a great choice for those who want to be close to the action.

7.    Sentosa

Sentosa is an island located just south of Singapore’s mainland. It’s a popular tourist destination thanks to its beautiful beaches, resorts, and theme parks. If you’re looking for a place to relax and escape the hustle and bustle of city life, Sentosa is a great option. Just be prepared to pay a little extra for the privilege.

Frequently Asked Questions about Living in Singapore

What are the requirements for living here?

The requirements for living in Singapore depend on your citizenship and visa status. Most foreigners must have a valid visa to stay in Singapore, while permanent residents and citizens do not need a visa. For more information, please see the Ministry of Home Affairs website.

What is the average cost of living here?

The cost of living in Singapore is high, although it depends on your spending habits. Those who frequent cafes and restaurants will likely spend a lot more each month than those who cook at home. For more information, please see Numbeo for details by category or check out Expatistan’s Singapore budget calculator.

Can I bring my pets?

If you’re visiting from a country that has not been listed as having rabies, you may be able to bring your pet if it is under 90 days old and in good health. For more information, please see the Agri-Food & Veterinary Authority of Singapore’s website. In fact, Singapore is a pet-friendly country, and there are many places where you can take your furry friend for a walk or playtime.

What is the weather like here?

Singapore has a tropical climate, with hot and humid weather year-round. The temperature ranges from about 23-34 degrees Celsius (73-93 degrees Fahrenheit). Besides, Singapore has heavy rainfall all year round as well as frequent drizzles and haze caused by burning in Indonesia.

Conclusion

Singapore is a great place to live, especially if you’re looking for a safe and clean environment. The country has one of the lowest crime rates in the world, and its streets are always tidy. Although it can be expensive to live in Singapore, but the city offers plenty of opportunities and high quality of life. Nonetheless, refer to this platform to know more about what living in Singapore entails.

Best Places Suitable for Expats to Explore in Singapore

Singapore is a treasure trove of attractions from nature to man-made. Every day, over 20 million people come from all corners of the world to see its beauty. If you are one among them, then this article is for you. Read on to find out about 6 of Singapore’s top tourist attractions:

The Merlion

The Merlion is Singapore’s unofficial mascot and one of its most famous tourist attractions. It’s a giant statue of a lion head with a fish body that sits on top of the Merlion Park in the Marina Bay district. Also, there’s a really cool view of the city from the park’s top. That’s why it’s one of the best tourist attractions in Singapore.

The Gardens by the Bay

The Gardens by the Bay are a cool place to visit for people who like plants and flowers or just want to take some lovely Instagram photos. You can walk through and see these super tall trees and big green plants, and there’s also this cool section called the Flower Dome where all the plants are flowers.

Marina Bay Sands Skypark

The Marina Bay Sands Skypark is a must-see for people who enjoy taking selfies of themselves standing on top of tall buildings and structures. The view from up here is absolutely stunning, and you get to see all of Singapore! You can also go shopping and clubbing inside Marina Bay Sands, which is pretty cool.

Singapore Zoo

Singapore Zoo is one of the best zoos in the world, and it’s definitely worth a visit if you’re in town. It’s home to over 2,500 animals from more than 315 species, including elephants, tigers, and orangutans. Plus, the zoo is set in a beautiful rainforest landscape, so it’s definitely worth a visit if you’re into nature.

The Chinatown Heritage Centre

The Chinatown Heritage Centre is a cool place to visit if you want to learn more about Singapore’s history and culture. It’s home to multimedia exhibits that tell the story of Singapore’s Chinese immigrants and how they helped shape modern Singapore into a major metropolis. Plus, the Centre itself is an architectural masterpiece that looks really cool.

Clarke Quay

Clarke Quay is a famous riverside entertainment zone filled with bars, restaurants, and shops that have transformed the Singapore River from a polluted eyesore into one of its most popular attractions. Moreover, you can explore the river by water taxi, which is definitely worth it if you’re into boats.

Brief Review of the Pros of Living in Singapore

Singapore is a very special city country. Even though it’s small, it is teeming with culture and beauty. It truly has something for everyone!   Here I will list the seven top reasons you should come and live in Singapore as a foreigner.

Incredible Food

The food in Singapore is so rich and unique that you’ll never get tired of it. I am always hungry for Singaporean food, even when I’ve just had a huge meal! There’s one dish in particular that I absolutely love, called the Hainanese Chicken Rice. Do yourself a favor and try it when you come to Singapore! You’ll be hooked.

Friendly Locals

The locals in Singapore are some of the friendliest and most welcoming people I have ever met. They will always go out of their way to help you, whether by giving you directions or just striking up a conversation. You’ll be sure to make some lifelong friends during your time here. And this is a great place to practice your Singaporean Singlish!

Safe and Secure

Singapore is one of the safest and most secure places in the world to live. You can walk around at night without having to worry about being mugged or attacked. This makes expat life much less stressful and allows you to focus on enjoying all that Singapore has to offer. In addition, the Singaporean government is very efficient at handling emergencies and ensuring the safety of its citizens.

Great Infrastructure

Singapore has some of the best infrastructures in the world. The roads are well-maintained, public transportation is reliable and efficient, and plenty of parks and open spaces to enjoy. This makes life as a foreigner in Singapore very easy and comfortable. Besides, the government spends a lot of money on infrastructure, so it’s nice to know that you’re reaping the benefits.

Low Cost Of Living

The cost of living in Singapore is very low compared to other countries in the West. You can buy a meal at a hawker center for two or three dollars and rent a whole house for as little as $400 per month. You can’t beat that! This makes life as a foreigner in Singapore very attractive financially. However, even though the cost of living is low, Singapore has no problem paying its government workers high salaries.

High Salary Potential

With only 5 million, there is incredible demand for good English speakers in Singapore. So if you know how to speak English well, then you have a perfect chance of getting a job here that pays well. In fact, many foreigners in Singapore make more money than they would back home. The salary potential is definitely high here.

Amazing Shopping

Singapore is one of the best places in the world for shopping and bargains, especially since the Singapore dollar is currently worth more than an American dollar! You can find anything you want here: clothes, souvenirs, electronics, and even groceries and basic household supplies at stores like Mustafa Centre. Also, you will undoubtedly enjoy the unique Singaporean shopping experience.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Living in Singapore is a great experience for most people, no matter your reasons. But it can be hard to settle into a new city all the same, even if it is one of the most accessible places on earth to get around. Now, how do you get from deciding where to live or what should you look out for?

Before you go, it’s essential to do your research on Singapore. This small city-state has a lot to offer expats, but there are some things that are different from what you might be used to. The cost of living can be high, for example, and the humidity can take some getting used to.

More so, the government here offers a great deal of support for expats who need to find work, but the process can be complicated. If you want to find a job before you arrive, make sure you understand what you’ll need to do and how it will affect your visa. You may even want to look into getting some work experience in Singapore before you arrive.

However, once you’ve arrived, settle into your new home and get used to the local customs. Time zones can be confusing when you first arrive. So, it’s essential to know when your family and friends are back at home. Most expats find that they make new friends quickly, especially if they’re staying with a family or in a shared flat.

Before we proceed, it would be better to understand that we have crafted this article to meet your requirements. Are you in search of the best areas and suburbs in Singapore? Or maybe you’ve been wondering why Singapore is so unique? Well, look no further as we’ve got you covered here today.

Top 10 Fun Facts about Living in Singapore

Are you ready for some fun (and informative) facts about living in Singapore? Not many people know this, but monkeys are ubiquitous around Singapore! And while they might look cute and cuddly, it’s actually illegal to keep them as pets.

I bet you didn’t know that one! You’ll also find that the local people love celebrating their birthdays with huge parties. During December, it’s common to see Christmas decorations displayed around the city. Without further ado, below are the ten fun facts about living in Singapore as an expat.

1.    Malls and Movie Theatres

There’s a mall or movie theatre within 5 minutes from just about every residential area! No matter where you live if it takes less than 20 minutes to get there, that’s considered close enough to count. In fact, you might want to consider yourself lucky if you have a [larger/smaller] supermarket within walking distance from your house.

In all seriousness, it’s worth walking around at least one mall once in a while to really get a feel for the variety of shops and consumer choices available here.

2.    No Tipping

If someone is nice and goes out and beyond and deserves a tip, we give them one. Not the case in Singapore. This is why you will see all of their service staff with a smile on their face. And this is because they are paid up to $2000/month with benefits.

Can you imagine what it would be like if your Uber driver were unhappy? Not that Singapore is perfect, but the people who work in customer-facing roles are happy because they really don’t have to worry about living paycheck to paycheck.

3.    The Singapore President’s Tube Times

Everyone loves it when the president comes on TV to give them time off for good weather! Everyone knows that the first day of the long weekend is always a Monday, so you can plan and know precisely how much time you have off work.

Will it be eight days? Ten days? Unfortunately, it’s not really that simple. The president can actually choose any weekday to give the nation a break, so you might have to take that day off work even if the weather is looking a bit dicey.

4.    The Singaporean Work Culture

Singaporeans are known for being hard workers. In fact, one of their politicians said that the country couldn’t have nice things because there are not enough people willing to work hard. They remember this every hour of every day!

So you better believe they show up on time and do whatever is expected of them. If you’re thinking about applying for a job here, just expect them to ask if you can start immediately or within 3 days.

5.    The National Service

This is probably the most well-known fun fact about Singapore. Most males have to serve 2 years in the military, and it’s a time that we all look forward to (not really). It’s a great way to make new friends from all over the country, learn new skills, and become a more valuable member of society.

6.    It’s one of the Cleanest Cities in the World

Singapore is known for its impeccable level of cleanliness. In fact, it’s so clean that the city itself has been ranked as one of the cleaner cities in the world.  This is largely thanks to the strict laws and regulations that are in place regarding littering and pollution. So, as an expat living in Singapore, you’ll be able to enjoy a clean and safe environment.

7.    Home to One of the Safest Cities in the World

Have you ever heard about the saying ‘safe as Singapore’? Well, it turns out that this saying is actually true! In 2017, Singapore was ranked as the second safest city in the world. This is thanks to the city’s low crime rate and efficient law enforcement. So if you’re looking for a safe place to call home, Singapore is definitely a great option. Therefore, rest assured that as an expat living in Singapore, you can feel safe and secure.

8.    It’s A Great Place to Raise Kids

There’s nothing more important than family, and as such, many parents may be concerned about raising their children in a foreign country. Luckily, as an expat living in Singapore, you won’t need to worry about such things. In fact, Singapore has been ranked as one of the best places in the world to raise kids. So, if you’re looking to start a family, Singapore is definitely a great place to do it.

9.    It’s Home to a Diverse Mix of Cultures

Singapore is known for its diversity and multiculturalism. In fact, the city is home to people from worldwide, including China, India, Malaysia, and Indonesia. This makes for a wonderfully diverse and vibrant city, perfect for expats looking to experience new cultures.

On the flip side, you’ll also get to learn more about their cultures too. Also, there are plenty of cultural festivals held throughout the year, so you’ll be able to experience their cultures in a fun and engaging way too.

10. There Are Plenty of Options for Dining Out

As an expat living in Singapore, it can get pretty boring eating bland Western food all of the time. Luckily, there are plenty of Asian restaurants to choose from, which will give you a taste of real Singaporean cuisine.

In addition, there are also plenty of international restaurants to choose from, so you’ll never get bored with your dining options. So go ahead and try out some of the delicious food that Singapore offers.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Have you decided to make Singapore your new location? If that sounds like a YES, you’re on the right platform. One of the first things you’ll want to consider is getting to know the country. Did you check our post or guide on living in Singapore for expat? If you’re not, take time to go through it before reading.

So, as you would love to settle in Singapore, many factors can hinder your relocation. Some of which include; visa applications, employment, language barrier, getting around, and making friends. Regardless of these factors, you’ll need to prepare ahead and, if possible, seek travel advice.

However, as a new expat in Singapore, you’ve probably got a long to-do list which might not include figuring out the best banks in the country. Moreover, this is one of the things you’d need after relocating to a new nation. Since you won’t be using your local currency, opening a bank account is crucial for you.

Now, are you curious about knowing the best banks in Singapore for expats? Well, worry less, as we’ve got you covered in this article. Singapore is known as the top financial hub in Asia. Given its status as a globally competitive market, it’s no surprise that many emigrants have decided to relocate to Singapore.

Moreover, we have compiled this article to meet your requirements. You don’t need to keep surfing the internet to know the best banks in Singapore. This is due to the fact that you have everything in this ultimate guide. Would you love to know what we’ve unleashed for you? Read further to get the full details.

Travel Tips to Expatriate in Singapore

Expatriation is often a significant source of stress as it implies starting from scratch in all ramifications or fields. Among others, Singapore expatriates need to find a job, choose new accommodation, sign up for health insurance, and, most importantly, think about opening a bank account.

Now, how do you address those issues as a future expatriate? Well, starting with a simple travel guide could see you through the process. We aim to bring all expat the latest tips for relocation and create a favorable route or guide to travel. Without further ado, below are the tips to expatriate in Singapore.

Capitalize On a Good Network

There are more reasons to choose Singapore in today’s world. But if you’re just traveling to the country for the first time, one of the tips you should be wary of is to capitalize on a good network. However, if you have a relative or colleague with professional contacts in Singapore, you should get in touch.

The labor demand in the country is in high demand, and therefore job opportunities are numerous for expatriates. With that being said, you need to have a professional that understands the process to avoid being scammed. As the professional world in the country emphasized networks, you should have one.

Explore the Best Recruitment Agencies

If you don’t know anyone in Singapore, this is when you’ll need to explore the best recruitment agencies in the country. They may put you in contact with the right people, but you should have researched the best agencies. In the same way, you can get assistance from the Human Resources department of the various Chambers of Commerce in the country.

Avoid Focusing on Expatriates Areas

Expat areas in Singapore are usually less affordable than others. In fact, real estate agents tend to show expats the apartments located in those districts. However, you should rather take your time to visit other flats in cheaper districts before making your decisions. Basically, you can find something affordable with respect to your income level, as the range of prices is large from the luxurious condos.

Seek Advice from Other Expatriates

In addition, to enjoy your relocation process, getting advice from other expatriates is essential. Moreover, this could even be an opportunity to meet fellow expat as your future roommates if you’re looking to have a shared apartment. Also, by seeking advice from other expatriate, you’ll have a lot of apartments to choose from.

Best Places to Live in Singapore

Singapore is considered to be a small country where neighborhoods bleed into one another easily. Even if you’re going to visit a friend in the country, it will take approximately 45 minutes long to get to your destination. With strong transportation connecting the routes together, Singapore is the right place.

While the country has its pros and cons, it is important to think about what you want before planning your trip.  We have listed the top places for expats to live, chosen for personality, location, amenities, budgets, and many others. Without further ado, below are the best places for expat to live in Singapore.

Tiong Bahru (Singapore)

Tiong Bahru is a heritage housing estate that’s rich with retro charm. The city has a well-designed street in an interlocking horseshoe shape, enclosing the community center. This expat community is located about 15 minutes outside of the city center. Moreover, Tiong Bahru is a nice escape from the downtown skyscrapers and has a much quieter feel.

Holland Village (Singapore)

The Holland village is one of the most popular areas for expat to reside. It’s home to lots of families, and it has a very eclectic feel with a variety of bars, shops local and western restaurants. In addition, Holland village puts expats in proximity to some very good schools options, including high quality and landed houses.

Tanjong Pagar (Singapore)

Tanjong pagar is another suitable destination for expats that want to relocate to Singapore. This area boasts many classically beautiful shop house storefronts that maintain Singapore’s Malay heritage and give the city its sense of picturesque charm. Located just outside the central business district, the neighborhood is home to bankers and different advertising agencies.

Sentosa (Singapore)

Sentosa is another place for expats to reside in today’s world. For those who have a generous relocation package, this expat area can be an attractive high-end option. Aside from this fact, Sentosa boasts homes right on the water, and they are both in beautiful condos and even in some landed houses.

Ultimate Guide to the Best Banks in Singapore

To understand the banks in Singapore, you might have been residing in the country for a long, right? Of course, if that’s the case, let’s take you through the ultimate guide to the best banks for expat in the country as of 2021. While some of the famous banks include DBS, OCBS, read further to know more.

The bank services in Singapore are famous, and most of the popular ones include; DBS (Development Bank of Singapore Limited), OCBC (Oversea-Chinese Banking Corporation Limited), UOB (United Overseas Bank Limited), and many more. At the same time, Singapore is also home to offshore and multinational banks like Standard Chartered and HSBC.

Furthermore, if you’re choosing a bank, you need to consider your banking needs. As a general rule of thumb, most expats in this country will require the banking services as listed below.

Singapore’s Savings Account

No matter your income or level of employment in the country, you’ll need a basic bank account for crediting your salary and depositing money. Not only that, but you’ll also be earning interest on the money in your account. Additionally, your interest rates differ across banks, so be sure to choose one that offers you the best credit or debit rate as you wish.

Automated Teller Machine

While mobile wallets and credit cards are widely used in Singapore, you’ll still want to ensure that you carry enough cash with you. For example, certain food places in Singapore operate solely on a cash-based system. This means you’ll have to go with your card to transact in any other food palace or restaurant.

Multi-Currency Account in Singapore

Some banks in Singapore allow you to store money in multiple currencies. This process is highly beneficial for expats, especially if you frequently travel since you can hold one or more foreign currencies within the same account. Also, when you wish to remit money to your loved ones back at home, a multi-currency account is essential. Again, the multi-currency account is a great way to avoid some international transaction fees that might be imposed on normal bank accounts.

Credit Card in Singapore

The credit card in Singapore is basically a must-have, given its status as one of the most universally accepted modes of payment. Whether you decide to buy an electronic gadget or groceries from local supermarkets, credit cards will always come in handy for any transaction.

DBS Expat Programme in Singapore

As an expat, you might want to consider opening a DBS expat program. This account allows expat to set various currency wallets and exchange money whenever rates are favorable. You can also shop, pay for groceries, and many others with this DBS expat program. Some of the requirements for opening this account include; your passport, employment pass, proof of residential address, and approved letter.

UOB Bank Account

Another expat-friendly bank in Singapore is known as the United Overseas Bank Limited. Aside from other perks, this kind of bank account provides up to a 10 percent rebate when you spend using your debit or credit card.  Also, it offers a competitive exchange rate for overseas expenditure. To apply for this kind of bank account, you’ll need to head down to the bank in person. And some of the documents involved include; your passport, proof of residence address, employment pass, and many others.

Citibank Global Banking Programme

Citibank’s Global Banking Programme helps foreigners manage their international accounts more easily. Aside from this fact, it offers fringe perks such as international relocation services and provides other services to help you better manage your finances. More so, if you have a Citibank account in your home country, you can use the Citibank Global Transfer service, as it allows you to remit money with no fees. If you want to open this kind of bank account, you’ll need to submit your form with personal particulars.

Standard Chartered Expat Banking

Standard chartered expat banking is another bank that’s suitable for expat. In fact, you can open this bank account before you arrive in the country and remit money to an overseas StanChart account for free. This bank takes pride in prioritizing its customers. With dedicated and personalized support from its relationship Managers in your origin and destination countries, you can enjoy premium services.

HSPC Expat Banking

This type of bank is similar to Citibank and Standard Chartered bank. It offers an international banking solution for expats that plan to relocate to Singapore. On the flip side, HSPC bank allows customers to open a bank account before arriving in Singapore by simply getting in touch with the bank before arrival. However, the bank is unique, and it offers free remittance to nearly 230 countries, whether or not the recipient is an HSBC account holder.

Wise (formerly Transferwise)

Wise, formerly known as Transferwise, is a solution to traditional banking for expats in Singapore. Aside from this fact, it is a London-based leading fintech company established in 2011. The mission of this financial institution is to make international money transfers fast, cheap, convenient, and reliable. With multiple currency support and its excellent services, they have helped more than 10 million individuals and businesses to manage their money on a global scale.

With a Wise account, expat can convert and hold up to 56 currencies. Additionally, the best thing to operate this account is that you can transfer your money to more than 70 countries with a low and transparent fee. However, the fees are on average seven times lower than high-street banks and Paypal.

Requirements to open a Bank Account in Singapore

In most cases, the first thing you need when you’re opening a bank account in Singapore is to meet the qualification criteria to stay in Singapore for a long period of time. To this end, it would be better to check whether your documents are complete and make sure you have proof of residence before planning.

Moreover, applicants that the Singapore government blacklists cannot open bank accounts. Therefore, it is clear-cut that the requirements are bare essentials. Now that you’re eligible for a bank account understanding the key documents is quite essential. Below are the key requirements.

• A valid passport that’d certify your identity in the country
• Valid employment to certify that you work or study right in Singapore. This document could be your study visa or employment visa
• A valid proof of residential address is suitable to confirm your place of residence when you’re in Singapore. These documents are copies of a recent bank statement or utility bill, or a letter verifying your current employment

Top 5 Reasons to Open a Bank Account in Singapore

As one of the financial hubs of Asia, Singapore is a popular destination for expat. It’s not just a tourist center, but you’ll definitely enjoy your stay in this country. While you’re enjoying your stay, it’s also crucial to open a bank account. Now, what are the reasons for opening this account? Well, check it out below.

1.    Highly Advanced Financial Hub

There are tons of financial platforms in Singapore, which could trigger you to open a bank account. Also, Singapore’s banks and financial institutions employ cutting-edge technology. While there are equally safe platforms, you should open a Singapore bank account for local and overseas transactions.

2.    Unique Investment Opportunities for Expat

Singapore’s unique position, as a bridge between East and West, offers unique investment opportunities that expat will not find in their country. This is because; you can find numerous wealth management services, brokerage houses, funds, and much more to manage your money while living in the country.

On the flip side, you can be positioned to take advantage of markets in Singapore, Hong Kong, the United States, and others. Therefore, expats would definitely enjoy the unique investment opportunity in the country for just opening a bank account in the country.

3.    Forex Isn’t a Major Problem

Another reason to open a bank account in Singapore is that foreign exchange isn’t a major problem. Moreover, banks may not give you the best exchange rates when you transfer money to and from home, and some banks will require you to open a mess of accounts to handle the different country transactions. But in Singapore, you can open a savings account in your choice of 10 different currencies.

4.    Highly-Skilled Wealth Management Boards

The wealth management teams in Singapore are quite educated and highly skilled. With this in mind, you should be expecting the best banking services in the country. On the flip side, you can take advantage of the specialized wealth management services offered by the banks if you have substantial wealth in the bank and investment assets. With this, you can get a holistic view of your wealth.

5.    High Degree of Safety

The high degree of safety is another reason to open a bank account. Most of the banks are standard, and they have a reliable staff. With that being said, you should know that your money is safe. And this makes it ideal for storing your legally acquired assets in a safe hand. Also, note that the banking sector is highly regulated to prevent fraud and other malpractices in the country.

6.    Regulated Exchange Rates

The standard regulated bank in Singapore has a convenient foreign exchange rate. While some banks in other countries require customers to have multiple accounts to handle different currencies or offer low exchange rates, Singapore banks are more customer-oriented, and they offer the best foreign exchange rate to customers. More so, the banks can even give you more details about the various lucrative emerging markets.

7.    Excellent Banking Secrecy

Secrecy maintained by the Singapore banks is another reason to consider opening the account. This is due to the fact that Singapore has developed its banking secrecy laws over the past decade, and it now allows freer exchanges of tax information between participating nations. However, you should know that a stated law governs the banking secrecy in Singapore.

Frequently Asked Questions about Singapore Banks

What’s the strongest bank in Singapore?

From the explanation about the best banks, you should know that the strongest are the best banks we’ve listed in this article. Some of these banks include; DBS Bank, OCBC Bank, Maybank, and many others, to mention a few.  In the long run, you can check out this platform for more information.

Is Singapore’s banking system well?

As of 2021, we can tell you that Singapore’s banking system is good. And because they are known as the safest in the world, the benefits of opening one cannot be overemphasized. However, the banks rank at positions 1, 2, and 3 for the same survey conducted for the Asian subcontinent. Also, you should note that Singapore has never had a bank failure since the bank’s inception.

Can a foreigner open a bank account in Singapore?

Of course, yes! The above banks are meant for expats, and they can open a bank account without disturbance from anyone. Meanwhile, to open a bank account, you’ll need to provide the documents mentioned in this articles. But be rest assured that an expat can open a bank account in the country.

Which country has the safest banking options?

Surprisingly, Singapore is among the countries with the safest banking system. From our research, Finland, Canada, and Hong Kong are the leading safest countries in the banking system. However, Singapore took the fourth position, after which Norway, Germany, and Switzerland are next.

Which bank is the safest in Asia?

When it comes to choosing the safest banks in Asia, there are more to pick. Sometimes, these banks are considered the lead because of their standard, customer-oriented facilities and services. However, the banks that made it to the top include; ICBC, China construction bank, and agricultural bank of China.

Conclusion

When it comes to living in Singapore, the first thing to consider is opening a bank account. Since the country is vibrant, and it’s one of the most desirable destinations for expat, choosing the best banking option is essential. Nonetheless, we’ve compiled the best banks in Singapore to choose from.