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.
Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
