Today, there are 111 commercial banks, 49 commercial banks, and 45 representative offices of foreign banks in Singapore. You can learn more about top Singapore banks on sgbanks.com. Together they operate over $350 billion worth of assets.
When it comes to choosing a bank to open an account for your Singapore company, or a personal account, there are many criteria according to which this choice can be made. These criteria are bank reliability, quality of service, international service, presence of representative offices in other countries, ease of opening accounts, ease of transferring funds, availability of Internet banking, affordable investment packages and much more.
As in the rest of the world, the banking sector in Singapore is divided into two large segments – Corporate and Personal Bank Account.
The corporate segment offers the opening of corporate accounts for companies and organizations. In this environment, the choice of a bank depends on the needs and type of business. For example, with a projected shortage of cash flow, the choice is likely to fall on the bank with the best business lending conditions. In this case, DBS offers excellent loan terms up to S $500,000 for up to 5 years without pledging assets at just 10.88% per annum. In other types of business, the choice can be entirely attributed to the ease and speed of opening an account. Which in most local Singapore banks takes one to four weeks.
Personal segment allows you to open accounts for personal use. Personal accounts can be current and deposit. A current account is simply a balance in the bank, to which there is always access for withdrawal or replenishment. Deposit accounts are investment accounts. The purpose of their opening is the safety and earning of funds. This is where Singapore offers tempting foods. For example, Bank of Singapore offers the opportunity to personally select a portfolio for each client, depending on the desired level of risk. For example, against bonds of local companies that are priced as an asset with minimal risk, such as SingTel with an annual coupon of 3.25% or Sing Airlines with 3.75%, Bank of Singapore gives the opportunity to borrow twice the size of the initial fixed deposit, at just 2% per annum.