Banking in Singapore requires a good knowledge about that country’s system. Singapore is home to hundreds of banks—commercial banks, international banks with Singaporean offices and credit unions, to name a few. These different banks cover a wide range of banking needs, but a detailed knowledge of banks in Singapore is necessary to successfully take advantage of the system.
Singapore banks can be easy to use, but there are a variety of special issues that you need to address when dealing with them. It is also important to keep in mind that foreigners involved in commercial banking in Singapore are subject to government restrictions on foreign investment. There is a great deal of global Singapore commercial banking, but foreign investors and business people need to research banking practices thoroughly before they begin.
Keep the following in mind when looking for banks in Singapore:
1. Focus on Singapore commercial banks that will meet your specific needs.
2. Make sure you know the rules for international investing before banking in Singapore.
3. Compare Singapore banks to help you find the right bank out of the many available.
4. Check out the many websites devoted to Singapore commercial banking.
Action Steps
The best contacts and resources to help you get it done
Gather general information about Singapore banks
Information about the banking industry and general financial state of Singapore can be found from the Singaporean government.
I recommend: The
Monetary Authority of Singapore is Singapore’s central bank and offers detailed news, publications, links and
banking regulations.
Get background information on banking in Singapore before doing business or making investments
There are several banking service companies and organizations that provide detailed information on Singapore banking institutions and economics.
I recommend: The
Association of Banks in Singapore, formed to represent the interests of Singapore banks, provides publications, news and regulation information. The
ASEAN Bankers’ Association, a consortium of banking interests in several southeast Asian countries, maintains a site dedicated to Singapore banking news.
Use a list of banks in Singapore in order to know which banks will best suit your needs
With hundreds of banks of many different types, it is important to make a knowledgeable choice before starting any business banking in Singapore.
I recommend: The Monetary Authority of Singapore (MAS), Singapore's central bank, provides a
list of Singapore banks with information about each and a link to that bank’s site. Also, individual banks such as
HSBC give detailed banking information.
Find out about regulations pertaining to foreign banking and investing in Singapore
Financial experts consider Singapore an excellent banking location for foreigners, who can open accounts and take advantage of banking services without problems.
I recommend: Shelter Offshore offers information about the rapidly-growing industry of offshore banking in Singapore. More practical information on how to actually access Singapore banks is found at
AngloINFO and
DiscoverAbroad.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- There are dozens of banks in Singapore that can meet just about any business need, so be sure you shop around for the best services and rates before you pick one.
The official source of Banks in Singapore is the Banks in Singapore page at Business.com
Related Resources from Business.com
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