Can somebody tell me which is better for me, a savings account or a current account?
I am single and relocating to Singapore for work. I would like to know which between a savings account and a current account would be the best bet for me taking into consideration the interest rate, culture etc.
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There is a surplus of banks in Singapore that can provide banking services for a foreign resident. However choosing a banking option will largely depend on your personal assets, exact needs, duration of stay and so on. For everyday financial paraphernalia like receiving salary, paying rent, or cash withdrawal, a current account would be amply. However, though there exist no limit on cash imports or transactions from overseas, you should not deposit large sums in current accounts as only bank deposits of up to 50,000 SGD are covered by Singapore’s deposit insurance scheme. Subsequently, all account deposits made in foreign currency inclusive of offshore accounts are exempted from insurance in any form. On a lighter note, interest rates are low on both current and savings accounts. Irrespective, I would like to advice that before moving to Singapore you should talk to your independent advisor or bank back home.