Latest update: after the release of my video, I was informed by a friend that POSB payroll has no minimum balance required if the account is applied online.
Option 1: Wise
- a non-bank alternative for sending money abroad and managing your money in Singapore. (Untested, but based on my research, it should work. Please let me know if there are any restrictions…)
- Receive Fee-free transfer for up to SGD900 by applying for Wise account HERE
Special Notes:
- Please CHECK and DOUBLE CHECK account number before you send money to any overseas account for the first time.
- Always double check the email links are from wise.com before clicking through anything. (beware of scams)
Wise offers online and in-app international transfers to the Philippines, Indonesia and a broad range of other countries, with the mid-market exchange rate and no hidden fees. Whenever you switch currencies you’ll see the fees and rate in the Wise app – and the costs can be as low as 0.43%?.
You can have a wise account here to get paid in SGD and hold and exchange to any of the 40+ supported currencies, including PHP and IDR. That means you don’t need a Singapore bank account to get paid, and you can conveniently convert to the currency you need for sending home. Plus you’ll be able to order a linked Wise card – and make PayNow transfers easily where cards aren’t accepted.
Benefits:
- Fast transfer
- low remittance fee
- No minimum balance requirement
- No initial deposit
- hold 54 currencies – far more than the DBS maximum of around 12 foreign currencies
- mid-market exchange rate with no markups when you need to convert from one currency to another
- Apply for your Wise debit card for one time fee S$9 to spend and make withdrawals in 200 countries, with no foreign transaction fees or hidden costs when you’re overseas
- Wise multi-currency accounts also come with local bank details for 11 currencies so you can get paid fee free from 30+ countries. Perfect if you get an income from overseas and want to make it easier to receive foreign currency payments.
- Make 2 withdrawals of up to 350 SGD each month for free per account. After that, we’ll charge 1.5 SGD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 SGD.
- Debit Card works with Google Pay and Apple Pay – No need to wait for the physical card. You can start shopping online and in person with a digital card, too. It works just like the physical card, but exists only on your phone or laptop.
Philippines account (still in Beta testing mode – apply for a SGD wise account might be safer if you work in SG): https://wise.com/sg/borderless/php-account
Option 2: POSB Payroll Account
POSB Page: https://www.posb.com.sg/personal/deposits/for-foreigners/posb-payroll-account
User guide: https://www.posb.com.sg/iwov-resources/pdf/deposits/fdw-online-opening-guide.pdf
The POSB Payroll Account is designed to make banking easier for all Work Permit holders (Migrant Workers & Foreign Domestic Workers). You can now manage and track salary payments with ease.
According to Ministry of Manpower website,
- for New OR Transfer Migrant Domestic Worker**,** Employer can help to apply for a POSB Payroll account , when getting her Work Permit issued.
- for Current Migrant Domestic Worker**,** Employer can help to apply via POSB website.
If her account is opened using these methods, she will enjoy these benefits:
- Doesn’t need to have a minimum deposit.
Key points:
- No initial minimum deposit required for opening POSB Payroll Account.
- A S$2 monthly service fee if average daily balance falls below S$500
- Go cash free with your DBS Visa Debit Card! Pay at any store using the PayWave function/ NETS, ride local public transport, top up your prepaid SIM card and more.
- You can make your first 4 ATM cash withdrawals per month at S$0 fee. A S$2 monthly ATM withdrawal fee will apply on the 5th ATM cash withdrawals in the month.
- A S$2 fee will apply for each cash withdrawal of S$2,000 or less, at any DBS/POSB branch.
- Upon opening of Payroll Account, you will also be issued with a DBS Visa Debit Card.
- Use the DBS Visa Debit Card to:
- Tap for faster payment for your purchases and bus/train rides
- Make online purchases conveniently anywhere, anytime
- Enter PIN for your NETS purchases
- Withdraw cash from ATMS with your card and PIN
| Debit spend limit | S$200 |
| ATM Cash withdrawal limit | S$1,000 |
| NETS Point-of-sale limit | S$1,000 |
Account Opening Process:
Document Requirements:
- Valid Passport
- Front & Back copies of Work Permit or or *In-Principle Approval (IPA)
- Mobile Number for Bank OTP and PayNow
- Screenshot of SGWorkPass App (For proof of Residential Address)
- Email Address (Required for digibank application)
*If using IPA, please upload a copy of page 1 and 2 “Helper’s copy” (not “Employer’s copy”). Please key in your FIN number under promo code.
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