Hi all,
I am arriving to Singapore on the 26th and have some last minute questions.
1. My cellphone carrier is Verizon and from my knowledge from talking to customer support is that I must suspend my account and find a new carrier and SIM card for when I arrive to Singapore. Is that how everyone else went about it? I still have a little over $1000 in my iPhone x balance that I have a payment plan on. Do you guys recommend paying it off and then disconnecting my line completely?
2. I have MbFinancial for my checking account and a Chase freedom credit card. I am not too worried with my credit card as I can just cut my card and not use it entirely, but with my MbFinancial checking account, do you guys recommend freezing the account?
3. Do you guys recommend me using only cash for my first month there? For my new role I will be salary and I wont get paid immediately. Or do you guys recommend me keeping my US bank account open and using my card until I have a Singapore bank account open? Is there a way to transfer USD to SGD after I open my bank account in Singapore?
Thanks
Things to do before moving to Singapore from US
1. Even though it is probably possible to continue using your foreign mobile phone plan in Singapore, roaming charges are typically far too high to make this a good idea.
It is easy, quick and cheap to get a local SIM card and number, pre- or post-paid - just visit one of me ubiquitous phone or convenience shops.
2. Foreign bank accounts are not of much use in Singapore - and checks do not exist. You may keep your foreign account if you want to transfer some of your savings abroad, or if you have financial obligations back home.
3. You should open an account at a local bank as soon as possible (and get a local credit card if you want). Local bank cards (in the NETS system) are a far more common payment methods than credit cards. It is possible to receive international bank transfers on Singapore accounts - ask your foreign bank how to initiate that and what the fees are.
In addition to Beppi's detailed response.
1. I would suggest, if there is any option in US where you can transfer your mobile number to someone else then you may try that option. But, I will never suggest to continue that number here under international roaming. You will be surprised by seeing your first month bill. You can try either of 3 local subscribers (StarHub, SingTel or M1), immediately they will give you SIM card and activate your account in an hour. You can select 2yrs contract or 1yr contract (they have started 1 yr contract option) or no contract - use as per the data stored then TOP up each time.
2. You can continue your financial account in your home country and to avoid any surprise fees, you should check with their customer care.
3. You can continue your US bank account at your home country and for initial phase you may bring few thousand cash in Singapore dollar (as no other currency is accepting here). As Beppi said you can transfer some amount to your local account here (open an account with DBS, widely used ATMs across island and it will take just an hour to open your account. Even they can give ATM card instantly at the time of opening an account with them). Then you can do remittance from your US account to DBS account.
I assume you have already known - Dos and Don'ts in Singapore. Welcome to Singapore.
Hi, thank you both for the response. So you guys recommend me bringing a couple thousand in cash USD, exchanging it for USD and then putting it in my local account in Singapore? Will they give me a debit card?
You can exchange in your country or in Singapore (I do exchange in Rafle place there are at least 20 money changers in Clifford building and they give good rare). You didn't mention whether company will sponsor your stay for a month or you need to accommodate by yourself?
What I had suggested earlier that you can bring $5000 or little more with you. Then once you open bank account here then you can transfer money from your US account to here (if its required). Or else $5000 would suffice your need for two to three weeks (depends on your habit).
Yes, already told you that local bank will give instant ATM card (debit card) at the time of opening your account.
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