Well I already had to sort out some of the basics, including setting up a bank account in Singapore – to help pay for my deposit and utilities for my new apartment, but also ensure that I am on the Amex Singapore payroll, so I can get paid in January 🙂
The problem is, they have changed the expat accounts on offer since last year, and diluted the benefits. Last year I opened one with a minimum S$500 deposit with no charges, apart if you close the account within 6 months where DBS would charge an administration fee of S$20 (which I did incur in December 2011). I was told that I could have left the account open, if I was returning (even if my Employment Pass was cancelled). The challenge is I wasn’t guaranteed to return at the time, so I had no choice but to cancel it. The minimum balance is a baseline, and if you go below it they will charge a servicing fee of S$2 per month that you are under the limit.
Now DBS have two main account options – they have raised the minimum balance limit to either S$1,000 or S$5,000 and they also limit the number of ATM withdrawals and servicing at the branches – e.g. charge servicing fees.
The options were as follows:
- minimum balance of S$5,000. Closure fee of S$20 if closed within 6 months. No ATM withdrawal or branch visit fees.
- minimum balance of S$1,000. Same closure fee and conditions. Limited of 4 ATM withdrawals per month, or you pay S$2 per additional withdrawal per month. Servicing at the branch counters charged at S$2 per visit.
I didn’t want to keep a S$5k balance so I opted for the S$1k minimum balance account – and just have to ‘plan’ around the other servicing fees. I guess most of the account servicing can be performed at the ATMs or Online – so I should hopefully not need to visit a branch 🙂
That’s the bank account sorted…now I need to find an appropriate credit card – all of which has membership and annual fees etc … Hopefully, I can get my Amex one fee-free … well I hope so 🙂
