Hey there, Work Permit Holders!
Are you ready to kick-start your banking journey in Singapore? Look no further! This comprehensive guide will walk you through everything you need to know about opening a DBS account as a Work Permit Holder.
Why DBS?
DBS (Development Bank of Singapore) is one of the leading banks in Southeast Asia, renowned for its exceptional customer service, innovative products, and wide network of branches and ATMs.
- #1 Bank in Singapore: Ranked as the best bank in Singapore by Global Finance for 13 consecutive years.
- Extensive Branch Network: Over 100 branches and 1,000 ATMs islandwide for your convenience.
- Digital Banking Services: Seamless online and mobile banking platforms to manage your finances anytime, anywhere.
Eligibility for Work Permit Holders
To be eligible to open a DBS account as a Work Permit Holder, you must:
- Have a valid Work Permit issued by the Ministry of Manpower (MOM).
- Be at least 18 years old.
- Have a Singapore residential address.
Types of DBS Accounts Available
DBS offers a range of account options tailored to meet the specific needs of Work Permit Holders:
1. DBS Multiplier Account
- Earn up to 4% p.a. interest on your savings.
- Enjoy exclusive rewards and cashback on everyday purchases.
- No minimum balance required.
2. DBS Current Account
- Free unlimited transactions for all DBS/POSB ATMs and DBS PayLah! transfers.
- Fast and secure online and mobile banking services.
- Monthly maintenance fee of S$2 applied if average daily balance falls below S$500.
3. DBS Basic Savings Account
- Simple and straightforward account with no frills.
- No monthly maintenance fee or minimum balance requirement.
- Limited transaction options and interest rates.
How to Open a DBS Account
Opening a DBS account is quick and easy:
Step 1: Visit a DBS Branch
Bring along your Work Permit, passport, and proof of residential address.
Step 2: Fill Out the Application Form
Provide your personal information, employment details, and preferred account type.
Step 3: Submit Required Documents
Submit your original Work Permit and a copy of your passport and proof of address.
Step 4: Fund Your Account
Deposit a minimum amount as required by your chosen account type.
Step 5: Activate Your Account
You will receive an ATM card and a PIN number to activate your account.
Benefits of Having a DBS Account
There are numerous benefits to opening a DBS account for Work Permit Holders:
1. Convenient Transactions
DBS provides a wide range of banking channels, including online, mobile, ATM, and branch banking, for your convenience.
2. Secure Banking
DBS employs advanced security measures to protect your account and financial information, giving you peace of mind.
3. Rewards and Privileges
Earn rewards and enjoy exclusive privileges, such as cashback, discounts, and lifestyle perks, with your DBS account.
FAQs
1. Can I open a DBS account with a Special Pass?
No, only Work Permit Holders are eligible to open a DBS account.
2. Can I transfer money to other countries from my DBS account?
Yes, DBS offers competitive exchange rates and low transfer fees for international remittances.
3. What is the minimum balance requirement for a DBS Multiplier Account?
There is no minimum balance requirement for a DBS Multiplier Account.
4. Can I use my DBS card overseas?
Yes, your DBS card is accepted at millions of merchants worldwide and ATMs with the VISA or Mastercard logo.
5. What are the monthly transaction limits for DBS accounts?
The monthly transaction limits vary depending on your account type and tier level. Please contact DBS for specific details.
6. Can I apply for a DBS credit card as a Work Permit Holder?
Yes, you may be eligible to apply for a DBS credit card depending on your income and financial history.
7. What is the process for closing my DBS account?
To close your DBS account, you must visit a branch and submit a written request. Ensure that all outstanding balances are cleared before closing your account.
8. Can I open a DBS account if I hold multiple Work Permits?
Yes, you can open multiple DBS accounts, but each account must be linked to a different valid Work Permit.
Conclusion
Opening a DBS account as a Work Permit Holder is a smart move that offers numerous benefits. With its exceptional customer service, convenient banking channels, and rewards programs, DBS is an ideal choice for managing your finances in Singapore. Visit a DBS branch today to start your banking journey!
