What is the local currency?
The Singapore dollar.
What denominations does it come in?
Coins: 5 cents, 10 cents, 20 cents and 50 cents
Notes: $1, $2, $5, $10, $50, $100 and $1000
What is the best way to exchange currency?
Authorized money changers located in the shopping malls normally give the best rates.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash is used, as is NETS (Network for Electronic Transfers Singapore), a point-of-sale system that deducts payment from your local (Singapore) bank account using your ATM card.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Credit cards are readily accepted in Singapore's shops and restaurants. However, you will not be able to use your credit card at the local food courts or neighborhood shops. Only certain taxi companies accept credit card payment, so it's a good idea to keep some cash in your wallet, just in case.
By what method are bills (such as rent and utilities) paid?
Rent is normally paid via GIRO (General Interbank Recurring Order) from your local bank account, but can also be paid by check.
Regular bills can also be paid via GIRO, at any post office or through SAMs (Self-service Automated Machines) where you can settle postal, telecom, utility and even hospital bills.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
You will need your Employment Pass or Dependant Pass card and passport to open a bank account.
Certain banks may also require a letter from your employer. Depending on the bank and account type, the initial cash deposit requirement may vary.
Will foreign residents be able to find banking services in their native languages?
Banking services are primarily in English.
Are there any restrictions on services for those who are new to your country?
There are no banking restrictions.
What are typical banking hours?
Local banks normally operate from 9:30 a.m. to 3:00 p.m., Mondays through Fridays, and 9:00 a.m. to 11:30 a.m. on Saturdays.
International banks generally operate from 9:30 a.m. to 3:30 p.m., Mondays through Fridays, and 9:30 a.m. to 11:30 a.m. on Saturdays.
Internet and phone banking are also readily available and many transactions can be handled through ATMs. Please check with your bank for more details.
Are automatic teller machines (ATMs) available around the clock?
ATMs are available 24 hours.
Is there any other money information that might help me?
For income tax matters, you may contact the Inland Revenue Authority of Singapore (IRAS).
Some expats opt to become Permanent Residents (PRs). Crown Singapore can assist you with your PR application. As a Permanent Resident, you would contribute to the Central Provident Fund (CPF), a social security savings plan.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.