You will need an employment pass to open a bank account in Singapore. If you’re on a dependant’s pass, you can only have a joint account with your partner.
Most ATMs will permit withdrawals from any card affiliated with the worldwide Plus or Cirrus systems.
NETS is a debit system arranged through your bank, which is accepted at all supermarkets and most stores. Some retailers accept only NETS and cash, so it may be a good idea to opt for a local bank that offers NETS cards (HSBC, for example, does not provide NETS).
International banks provide financial management tailored to expats, which is why many newcomers opt to stay with larger banks from their home country. Generally, banks are open Monday to Friday from 9.30am to 3pm, and Saturday from 9.30am to 12.30pm. All major banks offer 24-hour internet banking.
Kids and Cash
Banks have different age eligibility for accounts with ATM withdrawal cards. If your children are above the age of 12, you can start with POSBank. Parental consent will be needed to open a POSBank account with an ATM withdrawal card. Citibank’s minimum age is 16. HSBC apparently only offers child accounts to existing customers who have a PowerVantage Account (minimum balance $5K) and HSBC Platinum. The Kids Savers Account is offered to children from 118 days old to 18 years old, though no ATM card will be issued.
You don’t necessarily need to open your child’s account at the same bank you currently use. See what other banks are giving as incentives for opening an account. Many banks know that children today are the customers of tomorrow, so shop around for the best offer.