Moving to Singapore: Banking and Finance Setup Guide

Singapore's financial system is world-class but navigating it as a new arrival takes preparation. Here is how to set up your banking and finances.

Singapore has one of the most efficient financial systems in the world. Opening a bank account typically takes 15–30 minutes in-branch with the right documents. Local payments (PayNow) are instant and free. The challenge for new arrivals is knowing which bank to choose and what documents to bring.

Banking Setup for New Arrivals

CPF: Singapore's Mandatory Savings

The Central Provident Fund (CPF) is a mandatory savings and retirement system. Employees contribute 20% of salary; employers contribute 17%. For a $10,000/month salary, that is $3,700/month going into CPF. Funds are allocated across three accounts: OA (housing/education), SA (retirement), and Medisave.

Crypto in Singapore