Banking & Finance

Banking

Finance

Banking Details

Details

A recently renovated consumer banking sector has resulted in high capitalistic competition between the three major Singaporean banks and a few licensed global banks specialising in consumer banking products. Electronic payment services and other technology applications in banking and finance are a highly developed, essential part of daily life.

Currency: The Singapore dollar (SGD) divided into 100 cents. Notes are coloured differently according to monetary value and issued in denominations of $2, $5, $10, $50, $100, $500, $1000 and $10,000. Coins are issued in denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents and $1. Do not be surprised if you receive a Brunei bank note as change. These have the same value as the Singapore dollar and are acceptable as customary tender. ALERT: Malaysian currency is NOT acceptable as legal nor customary tender.

Foreign Exchange: Funds may be brought into or taken out of Singapore in any amount and in any currency. Singapore residents and foreigners are welcome to open banking accounts in both local and foreign currency. Foreign currency banknotes and travellers checks can be readily changed at most banks and licensed money changers. ATMs are linked to global payment systems such as Visa, Plus and Cirrus to facilitate local cash withdrawals using foreign credit cards or bank cards.

Banking Services: saving accounts, checking accounts, fixed deposits, internet banking, mortgages, personal lending, foreign exchange, safe deposits, and more

ATMs: No single linked ATM system is available. The largest system belongs to DBS/POSB, followed by UOB/OCBC and another shared between HSBC, Standard Chartered, Maybank, ABN-AMRO and Citibank.

NETS: Singapore-established Network for Electronic Transfers (S) Pte Ltd operates and manages an online debit payment system including Electronic Funds Transfer at Point of Sales (EFTPOS). Linked to the user’s checking or savings account for automatic debiting at time of usage, there is a daily limit of $2,000 – $3,000.

CashBack: If you are short on cash and don’t want to wait in line for an ATM, simply head to a CashBack participating retail outlet. They will provide you an additional cash amount to your purchase, making the withdrawal from your DBS/POSB, OCBS or UOB account. A small service charge is levied. For a list of participating outlets, visit:
http://www.nets.com.sg/consumers/using_cashback.asp

eNETS: Shop, pay bills, send money to another party over the Internet or using a mobile phone! For more details, visit:http://www.nets.com.sg/enets/

Banks

ABN AMRO Bank N.V. 63 Chulia St #02-00 OCBC Centre East
Singapore 049514
Tel : 6231 8888
Agricultural Bank of China 80 Raffles Pl #27-20
UOB Plaza 2
Singapore 048624
Tel : 6535 5255
AIG Private Bank Ltd 1 Robinson Rd #14-01 AIA Tower
Singapore 048542
Tel : 6538 8131
American Express Bank Ltd General Tel : 6538 4833
Arab Bank PLC 80 Raffles Pl #32-20
Singapore 048624
Tel : 6533 0055
Arab Banking Corporation 9 Raffles Pl #35-01 Republic Plaza
Singapore 048619
Tel : 6535 9339
Australia and New Zealand Banking Group Ltd 1 Raffle Pl #32-00
Tel : 6535 8355
Banca Intesa S.P.A 9 Raffles Pl #51-01/02
Tel : 6220 1333
Bangkok Bank Public Co Ltd 180 Cecil St
Bangkok Bank Bldg
Tel : 6410 0400
Bank Indonesia Chief Rep/Associate Rep Tel : 6223 2700
Bank Internasional Indonesia 10 Collyer Quay
07-08A Ocean Bldg
Tel : 6226 2101
Bank of America National Association General Information Tel : 6239 3888
Bank Of China 4 Battery Rd
Tel : 6535 2411
Bank Of China Nominees Pte Ltd 4 Battery Rd
#04-00 Bank of China Bldg
Tel : 6533 0421
Bank Of East Asia Ltd The 137 Market St
Bank of East Asia Bldg
Tel : 6224 1334
Bank Of India 138 Robinson Rd #01/02/03-01
Tel : 6222 0011
Bank Of New York The 1 Temasek Ave
#02-01 Millenia Tower
Tel : 6432 0222
Bank Of Nova Scotia The 10 Collyer Quay
#15-01/04 Ocean Bldg
Tel : 6535 8688
Bank Of Singapore Ltd 101 Cecil St #B1-00 Tong Eng Bldg
Tel : 6389 3020
Bank Of Taiwan 80 Raffles Pl #28-20 UOB Plaza 2
Tel : 6536 5536
Bank Sarasin-Rabo (Asia) Limited General Line Tel : 6536 6848
Banque Cantonale Vaudoise 7 Temasek Blvd #32-01 Suntec Tower One
Tel : 6339 5885
Barclays Bank PLC 23 Church St #13-08
Tel : 6395 3000
Bayerische Landersbank 300 Beach Rd #37-01
Tel : 6293 3822
Bermuda Trust (S) Ltd 20 Raffles Pl #13-01/05
Tel : 6534 1900
BNP Paribas 20 Collyer Quay
Tel : 6210 1288
Bumiputra-Commerce Bank Bhd 7 Temasek Blvd
#37-01 Suntec Tower One
Singapore 038987
Tel : 6337 5115
Canadian Imperial Bank Of Commerce 16 Collyer Quay #04-02 Hitachi Tower
Singapore 049318
Tel : 6535 2323
Ceic Data (Sg) Pte Ltd 180B Bencoolen St #06-01
Singapore 189648
Tel : 6238 6100
Chang Hwa Commercial Bank Ltd 1 Finlayson Green
#08-00 Nedlloyd Hse
Singapore 049246
Tel : 6532 0820
Chiao Tung Bank Co Ltd 80 Raffles Pl
#23-20 UOB Plaza 2
Tel : 6536 6311
China Construction Bank 9 Raffles Pl
#33-00 Republic Plaza
Singapore 048619
Tel : 6535 8133
Cho Hung Bank 50 Raffles Pl
#40-02 Singapore Land Tower
Tel : 6533 5272
Citibank N A 24-Hour CitiPhone Banking Tel : 6225 5221
Credit Agricole Indosuez 168 Robinson Road
#22-00 Capital Tower
Tel : 6538 8606
Credit Industriel Et Commercial 63 Market St, #15-01
Singapore 048942
Tel: 6536 6008
Dai-Ichi Kangyo Bank Ltd 168 Robinson Rd
#12-00 Capital Tower
Tel : 6538 2601
DBS Bank Ltd Main Office: 6 Shenton Way
Tel : 6878 8888
Den Norske Bank ASA 8 Shenton Way
#48-02 Temasek Tower
Tel : 6220 6144
Deutsche Bank AG General Tel : 6423 8001
Development Bank Of Japan 36 Robinson Rd
#07-04 City Hse
Tel : 6221 1779
Dresdner Bank AG 20 Collyer Quay #22-00
Tel : 6222 8080
DZ Bank AG 50 Raffles Pl
#40-01 Singapore Land Tower
Singapore 048623
Tel : 6223 0080
Far Eastern Bank Ltd 156 Cecil St
#01-00 Far Eastern Bank Bldg
Singapore 069544
Tel : 6224 2263
First Commercial Bank 76 Shenton Way #01-02 Ong Bldg
Singapore 079119
Tel : 6221 5755
Fortis Bank S A/N V Tel : 6539 4988
HL Bank 20 Collyer Quay
#01-02 Tung Centre
Singapore 049319
Tel : 6349 8338
Hongkong And Shanghai Banking Corporation Ltd 21 Collyer Quay HSBC Bldg
Singapore 049320
Tel : 6216 9082
HSBC Republic Bank (Suisse) SA 21 Collyer Quay #21-01
Singapore 049320
Tel : 6224 8080
HSH Nordbank AG 3 Temasek Ave
#32-00 Centennial Tower
Tel : 6550 9000
Hua Nan Commercial Bank Ltd 80 Robinson Rd #14-03
Singapore 068898
Tel : 6324 2566
Hyakugo Bank Ltd 20 Collyer Quay #10-01 Tung Centre
Singapore 049319
Tel : 6227 6500
ICICI Bank Limited 9 Raffles Pl
#50-01 Republic Plaza
Tel : 6723 9288
Indian Bank 3 Raffles Pl
Tel : 6534 3511
Indian Overseas Bank 64 Cecil St
Tel : 6225 1100
Industrial & Commercial Bank Of China 6 Raffles Quay
#12-01 John Hancock Tower
Singapore 048580
Tel : 6538 1066
ING Bank N V 9 Raffles Pl #19-02
Tel : 6535 3688
JPMorgan Chase Bank General Line Tel : 6882 2888
KBC Bank N V 30 Cecil St #12-01
Prudential Tower
Singapore 049712
Tel : 6395 2828
Koram Bank 50 Raffles Pl #38-02
Singapore Land Tower
Tel : 6536 4100
Korea Exchange Bank 30 Cecil St #24-03
Prudential Tower
Singapore 049712
Tel : 6536 1633
Land Bank Of Taiwan 80 Raffles Pl #34-01
UOB Plaza 1
Singapore 048624
Tel : 6349 4555
Land Bank Of The Philippines 1 Shenton Way #17-02
Robina Hse
Singapore 068803
Tel : 6324 7110
LGT Bank In Liechtenstein (S) 3 Temasek Ave #30-01
Centennial Tower
Tel: 6415 3800
Malayan Banking Berhad Call Centre (Product & Service Enquiries)
Tel : 1800 629 2265
Man Financial (S) Pte Ltd 1 George St #17-03
Tel: 6347 8300
Merrill Lynch International Bank Ltd (Merchant Bank) 2 Raffles Link #03-00
Marina Bayfront
Tel : 6331 3888
Mizuho Corporate Bank Ltd 168 Robinson Road #13-00
Tel: 6423 0330
Moscow Narodny Bank Ltd 50 Robinson Rd
M N B Bldg
Singapore 068882
Tel : 6220 9422
Natexis Banques Populaires 50 Raffles Pl #41-00
Singapore Land Tower
Tel : 6224 1455
National Australia Bank Ltd 5 Temasek Blvd #15-01
Suntec Tower Five
Tel : 6419 6875
National Bank Of Kuwait SAK 9 Raffles Place #15-01/02
Tel : 6222 5348
Nordea Bank Finland PLC 3 Anson Road #22-01
Springleaf Tower
Tel : 6317 6500
OCBC Asset Management Ltd 63 Chulia St #05-00
OCBC Centre East
Tel : 6438 3314
Oversea-Chinese Banking Corporation 65 Chulia St OCBC Centre
Singapore 049513
Tel : 6318 7222
P.T. Bank Negara Indonesia (Persero) TBK #01-00 to #04-00 Dapenso Bldg
Tel : 6225 7755
Philippine National Bank #03-02/07Lucky Plaza
Tel : 6737 4646
PT Bank Mandiri (Persero) #35-01/02 Republic Plaza
Tel : 6213 5688
Rabobank General Line Tel : 6536 3363
Resona Bank Ltd 137 Market St #07-01
Bank of East Asia Bldg
Singapore 048943
Tel : 6333 0378
RHB Bank Berhad 90 Cecil St #03-00
Carlton Bldg
Singapore 069531
Tel : 6225 3111
Royal Bank Of Canada 20 Raffles Pl #27-03
Ocean Towers
Singapore 048620
Tel : 6536 9206
Royal Bank Of Scotland PLC 50 Raffles Pl #08-00
Tel : 6416 8600
SanPaolo IMI SpA 6 Temasek Blvd #42-04
Suntec Tower Four
Singapore 038986
Tel : 6333 8270
Skandinaviska Enskilda Banken 50 Raffles Pl #36-01
Tel : 6223 5644
Societe Generale 80 Robinson Rd #25-00
Tel : 6222 7122
Southern Bank Bhd 39 Robinson Rd #01-02
Tel : 6532 1318
Standard Chartered Bank Main Line Tel : 6225 8888
Standard Merchant Bank (Asia) Ltd 80 Raffles Pl #55-02
UOB Plaza 1
Singapore 048624
Tel : 6533 4111
State Bank Of India 6 Shenton Way #22-08
DBS Bldg Tower 2
Singapore 068809
Tel : 6222 2033
State Street Bank & Trust Co 168 Robinson Road
#33-01 Capital Tower
Singapore 068912
Tel : 6826 7377
Sumitomo Mitsui Banking Corporation 3 Temasek Ave #06-01
Tel : 6882 0000
Sumitomo Trust & Banking Co Ltd 8 Shenton Way #45-01
Temasek Tower
Tel : 6224 9055
Svenska Handelsbanken 65 Chulia St #21-01/04
Tel : 6532 3800
The Bank Of Bermuda Ltd 20 Raffles Pl #13-06
Ocean Towers
Tel : 6532 4177
The Bank Of Tokyo-Mitsubishi Ltd 9 Raffles Pl #05-00
Republic Plaza
Singapore 048619
Tel : 6538 3388
The Chiba Bank Ltd 16 Raffles Quay #34-04
Hong Leong Bldg
Tel : 6438 5400
The Hachijuni Bank Ltd 16 Raffles Quay #15-05
Hong Leong Bldg
Singapore 048581
Tel : 6221 1182
The International Commercial Bank Of China 6 Battery Rd #39-03
Tel : 6227 7667
The Korea Development Bank 8 Shenton Way #07-01/02
Temasek Tower
Singapore 068811
Tel : 6224 8188
The Northern Trust Co 80 Raffles Pl #46-00
UOB Plaza 1
Tel : 6437 6666
The Shizuoka Bank Ltd 2 Shenton Way #04-02
SGX Centre 1
Singapore 068804
Tel : 6225 3600
UBS AG #18-00 Suntec Tower Five
Tel : 6431 8000
UCO Bank Bharat Bldg
Tel : 6532 5944
UFJ Bank Ltd 6 Raffles Quay #24/25-01
Tel : 6538 4838
United Overseas Bank Ltd UOB Plaza 1 & 2
Tel : 6533 9898
United World Chinese Commercial Bank 6 Battery Rd #16-06
Tel : 6324 1958
UOB Asia Ltd Raffles Pl #21-21
UOB Plaza 2
Singapore 048624
Tel : 6538 6136
Westlb Ag General Line Tel : 6333 2388
Westpac Banking Corporation 77 Robinson Rd
#19-00 SIA Bldg
Tel : 6530 9898

 

Personal Financial Planning

Singapore is a well regulated international centre for personal financial planning (wealth management). Regulations consolidate industry best practices and create a level playing field for financial advice and the sale of investment and insurance products. Financial advisors are encouraged by the government to represent clients’, not the provider’s, interests.

The Financial Panning Association: upholds professional and ethical industry standards for the provision of unbiased financial advice, represents qualified financial planners and imposes penalties on breaches of professional standards.
Visit: http://www.fpas.org.sg

The Monetary Authority of Singapore (MAS): Visit the website for a list of financial advice institutions as well as an Investor Alert List for known investment offenders.
Visit http://www.mas.gov.sg

Insurance

There are several reputable Singapore-based as well as international insurance groups in Singapore. Many banks also offer comprehensive insurance products through traditional insurance brokers or insurance affiliates.

Great Eastern Holdings
http://www.lifeisgreat.com.sg
Hotline: 1800 248 2888
Asia Insurance Co. Ltd.
http://www.asiainsurance.com.sg
2 Finlayson Green #03-00
Asia Insurance Building
Singapore 049247
Tel: 6224 3181
NTUC Income Insurance Cooperative Ltd.
http://www.income.coop
General Insurance: 6788 5255Motor Insurance: 6477 7722Travel Insurance: 6332 3456
AXA (Equitable Life)
http://www.axa.com.sg/axa_ins_sg/default.asp
143 Cecil St #01-01GB BuildingSingapore 069542Hotline: 1800 880 4741
Allianz
http://www.allianz.com.sg
3 Temasek Avenue
#09-01 Centennial Tower
Singapore 039190Tel: 6297 2529
Chubb
http://www.chubb.com
18 Cross Street
#11-08 China Square Central
Singapore 048423
Tel: 6333 8113
Prudential
http://www.prudential.com.sg
30 Cecil Street
#01-01 Prudential Tower
Singapore 049712Mon – Fri, 9am to 6pmHotline: 1800 333 0333
Aviva General Insurance
http://www.aviva-gi.com.sg
Customer Centre
4 Shenton Way
#21-01 SGX Centre 2
Singapore 068807
Tel: 6827 7888

 

Taxation

Tax regulations vary depending on your nationality. If you are not Singaporean, get information from specialists in your home country on their taxation laws and how they interface with Singapore’s laws.

Income tax is applicable if the work is actually done in Singapore and when the individual resides in Singapore at least 183 days per calendar year or has a permanent home in Singapore.