Banking and Tax
|It’s sometimes the case that the bank you use in your home country have an established presence in Singapore, which could make opening an account abroad and managing overseas transfers much easier. It’s important to consider the services offered, location and the ATM network available (unlike in other countries, you can only the withdraw money for your bank’s ATMs). Furthermore, banks also charge different service fees and require different minimum account balances.
OPENING A BANK ACCOUNT IN SINGAPORE
It’s incredibly easy to open a bank account in Singapore, and the process can be completed in a single day. Accounts can be established at local bank branches, so there is no need to travel to a central branch. English is the primary administrative and professional language in Singapore, so you are unlikely to face a language barrier when it comes to managing money.
Expats will likely need a copy of their passport, employment pass and a minimum deposit amount to open an account.
Once the account is open, the holder is given an ATM card, a passbook and, in some cases, a security ring that facilitates safe Internet banking. The passbook works in accordance with ATMs, and is a method for recording transactions and account updates. The security ring delivers secure login codes for accessing Internet banking, which most institutions provide for free.
Tax implications at a glance
Tax rates for resident individuals
From YA 2012 to YA 2016
From YA 2017 onwards
For more information please visit the Inland Revenue Authority of Singapore website:
You may also find the tax calculator provided useful: