Bank accounts
3 guides
The single most important financial task when you arrive in Singapore is opening a local bank account. Most expats start with DBS or OCBC — both accept an IPA letter before your EP card arrives.
Complete guide
Expat-friendly bank accounts in Singapore — DBS, OCBC, UOB & HSBC compared
Which bank to open first, what documents to bring, minimum balances, IPA letter acceptance, and tips for new arrivals. The most complete guide on this page.
Full Guide
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Official site
DBS Bank — Expat Banking
DBS's official expat banking page. Apply online or book a branch appointment. The DBS Multiplier account offers bonus interest when you credit your salary.
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Official site
OCBC 360 Account
OCBC's flagship savings account with bonus interest for salary crediting and regular savings. A strong choice if you also want to apply for a credit card quickly.
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International money transfers
2 resources
Singapore has no foreign exchange controls — you can send any amount internationally without restrictions. That said, the cheapest way to send money home is almost never your local bank's wire transfer. Fintech platforms save most expats meaningful money on every transfer.
Fintech tool
Wise — Low-cost international transfers
Transfers at the mid-market exchange rate with transparent fees (typically 0.4–1%). Supports 50+ currencies. Most expats use Wise for regular transfers home. The Wise multi-currency account also gives you local bank details in SGD, GBP, USD and more.
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Fintech tool
Revolut Singapore
Multi-currency debit card useful in the first weeks before your local account is set up. Competitive exchange rates, strong spending analytics, and travel perks on paid plans.
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Good to know: See the full bank accounts guide for a deeper comparison of transfer options, including DBS Remit's promotional zero-fee corridors.
Income tax for expats
2 resources
Singapore's tax rates are low by global standards — progressive rates up to 24% for tax residents, with foreign-sourced income generally exempt if it isn't remitted to Singapore. Filing runs January to April each year.
Official source
IRAS — Individual Income Tax Rates
Official IRAS page with current tax brackets, residency thresholds, and how rates apply to Employment Pass holders and other foreign nationals.
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IRAS — Tax Residency for Foreigners
Explains the 183-day rule, what counts as Singapore-sourced income, and how the Avoidance of Double Taxation Agreements (DTAs) protect expats with multi-country income.
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SRS & retirement planning
1 resource
The Supplementary Retirement Scheme (SRS) is worth knowing about if you plan to stay in Singapore for several years. Contributions (up to S$35,700/year for foreigners) are deducted from taxable income in the year you contribute, giving an immediate tax saving.
Read more: The bank accounts guide includes a plain-English explanation of whether the SRS makes sense for your situation — including the early withdrawal penalty and the retirement age calculation for foreigners.
Related topics
Once your finances are sorted, these are the next areas most expats tackle.
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Moving, Managed — Your Singapore Relocation, Simplified
Banking sorted. Now for the move itself. Moving, Managed coordinates your condo relocation — vendor booking, handover scheduling, and timeline planning.