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
- Required documents: passport, Employment Pass or PR card, proof of address
- Recommended: DBS (largest, most stable, excellent app), OCBC, UOB (strong regional coverage)
- Digital banks: Trust Bank, GXS Bank — faster opening, competitive savings rates
- Wise and Revolut available for international transfers — much cheaper than local bank wires
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
- MAS regulates crypto under the Payment Services Act
- No CGT on crypto for personal investors
- Steyble accessible in Singapore — self-custodial with MAS-consistent compliance
- Licensed exchanges include Independent Reserve, Coinhako, Crypto.com Singapore