Finance for expats in Singapore — every guide in one place

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.

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. The right choice depends on the amount, destination, and whether you care more about speed or FX margin.

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.

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.

Singapore consistently ranks among the world's more expensive cities. Housing and international school fees are the two biggest variables — but food, transport, and utilities are more manageable than the headlines suggest.