Banking in Singapore Made Easy
DBS Expatriate Programme
DBS. Living, Breathing Asia
Dear Customer,
Welcome to Singapore! With the DBS Expatriate Programme, our goal is to make your
transition here as smooth as possible. That’s why we’ve designed a comprehensive suite of
products and services to meet your banking and financial needs.
Singapore is an exciting city with its own unique way of doing things – and banking is
no exception. This guide gives you a summary of the benefits of the DBS Expatriate
Programme. It also provides useful information regarding your salary, taxes, billing
arrangements as well as a quick guide to common financial terms used locally.
With this information, we hope to help you settle in more easily, and that you will have a
more pleasant experience living and working in Singapore.
Yours sincerely,
Answers to your Basic Banking Needs
Linda LeeExecutive Director & Deputy HeadDBS Branch BankingConsumer Banking Group, SingaporeDBS Bank Ltd
Highlights of the DBS Expatriate Programme
PAGE 4
PRODUCT HIGHLIGHTS
Savings in multiple currencies – DBS Multiplier Account
Your local and foreign currency transactions – all in one account.
Deposit Insurance SchemeSingapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Conversions between currencies involve fluctuations and are subject to exchange controls. If you are converting from another currency to place the deposit and intend to convert it to the original currency, exchange rate fluctuations could cause the converted amount to be less than your original amount.
Better manage your exposure to foreign exchange fluctuations
•Save on fees when you send money overseas via online transfers
•Convert currencies when you think exchange rates are moving in your favour
•Send or receive foreign currency directly into your account
Enjoy the convenience of the widest network in Singapore
•Easy access to our ATMs, Cash Deposit Machines, Quick Cheque Deposit Boxes and numerous DBS/POSB branches in Singapore
Earn higher interest of up to 2.08% p.a.
•Enjoy higher interest on the SGD balance in this account, if you do any of these with us:My salary goes to a DBS or POSB personal deposit accountMy shopping is with DBS or POSB credit cardsMy home loan is from DBS or POSBMy investment dividends go to a DBS or POSB personal deposit account
What else you need to know
Fees•Nomonthlyaccountfees•FallbelowfeeofS$5willbechargedifaveragedailybalancefallsbelowS$3,000 (based on total SGD equivalent of SGD & foreign currency balances)•EarlyclosurefeesofS$30(ifaccountisclosedwithin6months)
Eligibility•Atleast18yearsofage•Noinitialdepositrequired
PAGE 5
Benefits
• BlackList:Enjoy1-for-1offersandexclusivediningprivilegesatSingapore’smostpopularnightspotsandrestaurants
• Black Refuel: Enjoy fuel savings at Esso from 7pm – 7am daily
• Black Bazaar: Get the coolest gadgets and lifestyle products from our mobile store
• BlackLimo:ReceiveacomplimentarylimousineridehomeeveryFriday(withmin.$800spentinasinglereceipt)
• Convenientaccesstocashatover1,000DBS/POSBATMsislandwide
• Enjoy3-yearannualfeewaiver-exclusivelyforDBSExpatriateProgrammecustomers!
IfyouhaveyettoapplyforaDBSBlackCreditCard,SMS<CALLEPBLACK>to76060andwewillcontactyoutoassistinyourcardapplication.
Terms and Conditions apply. Visit www.dbs.com.sg/blackvisa or www.dbs.com.sg/blackamex to find out more.
American Express is a trademark of American Express. This card is issued by DBS Bank Ltd pursuant to a license from American Express.
or
DBS Black American Express® Card
DBS Black Card
More Purchasing Power, Wherever You GoPRODUCT HIGHLIGHTS
DBS Black Visa Card
PAGE 6
PRODUCT HIGHLIGHTS
We Care Insurance Plan
Personal Accident Protection For You
NOTESAllthebenefitslisted(1)to(6)arepayableoverandaboveanyotherinsurancecoveragethatyoumayalreadyhave,exceptforBenefit(4)whichispayableonlyifyoudonotrecovertheexpensefromanyothersource.
We Care is underwritten by MSIG Insurance (Singapore) Pte. Ltd. (“MSIG”) and distributed by DBS Bank Ltd (“DBS”). It is not an obligation of, deposit in or guaranteed by DBS. This is not a contract of insurance. Full details of the terms, conditions and exclusions of the insurance are provided in the policy wordings and will be sent to you upon acceptance of your application by MSIG. All the benefits of We Care (except “Special Daily Hospitalisation Benefit”) are only payable subject to the occurrence of an Accident during the policy period. You should consider carefully if you are intending to switch personal accident policies, as this might be detrimental to your current and/or future needs.
This policy is protected under the Policy Owner’s Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (“SDIC”). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact MSIG or visit the General Insurance Association or SDIC websites (www.gia.org.sg or www.sdic.org.sg).
Enjoy comprehensive personal accident protection with total coverage of more than S$200,000, for just S$0.95 a day for Premier Plan.
If you have yet to apply for We Care insurance plan, visit us at any DBS branch to find out more.
WE CAREBENEFITS AT A GLANCE
1. Accidental Death (AD)
2. Total & Permanent Disablement (TPD) Lump sum payment subject to the compensation scale for Total & Permanent Disablement
3. Income Protector Pays for your loss of monthly salary / income if: • 100%ofTotal&PermanentDisablementBenefitispayable,and • PermanentemploymentisterminatedbyanInsuredPerson’semployer; or registered business is terminated
4. Medical Expenses due to Accident Reimbursement of medical expenses and treatment charges by a Physician (Including Treatment by registered TCM Practitioner in Singapore)
5. Special Daily Hospitalisation Benefit Daily hospitalisation benefit as a result of the following illness certified by a Physician: •InfluenzaA(H1N1) •DengueFever •FoodPoisoning •AvianInfluenza(BirdFlu)
6. Automatic Increase in Benefit An increase in the original sum insured for AD and TPD upon renewal of the Policy
Monthly Premium(Premiumisinclusiveof7%GST)
CHOICE OF PLAN
Sum InsuredCLASSIC
S$100,000
UptoS$100,000
S$19.50
Upto6months’basicsalary;
maximum S$20,000per Injury
MaximumS$1,500per Injury
TCM: Up to S$50pervisit;
maximum S$500per Injury
S$150perday;Up to 90 days per occurrence
10%increaseinAD&TPD;up to 5 consecutive years
PREMIER
S$200,000
Up to S$200,000
S$28.50
Upto6months’basicsalary;
maximumS$30,000per Injury
MaximumS$3,000per Injury
TCM: Up to S$50pervisit;
maximum S$500per Injury
PAGE 7
OTHER HIGHLIGHTS
DBS Remittances
Speedy And Secure Funds Transfers
Be In The Know
Stay Constantly Engaged
DBS remittance services allow you to wire funds – in various foreign currencies – swiftly and securely to many destinations, enabling you to
stay connected back home. You can also add standing instructions for a hassle-free way to transfer a fixed amount regularly to the same party
overseas. In addition, you have the convenient option to remit funds online via iBanking.
To keep you abreast of the local scene, you can look forward to receiving regular emails with investment insights that will update you on
market trends. Stay clued in on your latest card privileges and receive exclusive invites to our lifestyle events and financial seminars.
Useful information on Banking in Singapore
PAGE 9
BASICBANKINGMATTERS
Banking At Your Convenience
Making Daily Banking Simpler
Receiving Your Salary
At your request, your company can credit your salary into your bank account. To credit it into your DBS Multiplier Account, please provide the
following information to your HR or Finance Manager:
• YourAccountNumber:A10-digitnumber
• DBSBankCode:7171
• BranchCode:Thefirst3digitsofyouraccountnumber
Day-To-Day Payment Needs
The chart below illustrates common ways to pay for purchases or bills in Singapore.
AtDBS,youwillhaveaccesstoallthesemodesofpayment.TomakepaymentsatanAXSstation,youwillneedyourdebitcardandPIN.Both
GIRO and standing instructions can be easily set up via DBS iBanking.
Applying for GIRO via DBS iBanking is fast and easy:
1.Goto:https://internet-banking.dbs.com.sgandlogin
2. Select “Payments” > GIRO: Manage GIRO Arrangements > Add GIRO Arrangement
3.Under“BillingOrganisation”,selecttheserviceprovidere.g.“IRAS–IncomeTax”
4.Under“BillReferenceNo.”,pleasekeyinyourbillreferencenumberfortheBillingOrganisation.Fortheexplanatoryguideon “BillReferenceNo.”,pleaseclick“ViewMoreInfo”
5. Under “Payment Limit”, please key in “0” unless you would like to set a limit
6.Click“Submit”
7. Check your information again before you click “Confirm” and your application is completed
GIRO can also be set up through the service provider, usually by completing a simple form and providing account details such as your account
number, the bank code and branch code.
AXS GIRO Internet Banking Standing Instruction Cheque Rental Payments • • • •
(via funds transfer)
Utility, Telco, or Income Tax Bills • • • • •
School Education and Childcare Fees • • Housing Loans • Car Loans • •
PAGE 10
Banking On-The-Go
Internet, Mobile And Phone Banking
Enjoy the freedomofbankingon-the-gowithmore than110onlineservices, includingbalanceenquiry, transactionhistory,overseas funds
transfer,billpaymenttomorethan165participatingorganisations,andmuchmore.
DBS iBanking24/7OnlineAccess–Anytime,Anywhere
DBS iBanking and DBS mBanking are protected with a 2FA (2-factor authentication)
protocol, and our Money Safe Guarantee – the first in Singapore that guarantees
your money is secure when you bank online. In the unlikely event of an unauthorised
transaction, we will repay the money taken from your account subject to terms of
the DBS iBanking Money Safe Guarantee.
DBS mBankingBanking At Your Fingertips
DBS mBanking, or Mobile Banking, lets you perform numerous transactions via your smartphone – from checking your account balance, to
making bill payments and funds transfers.
Available to DBS iBanking customers. Download the DBS mBanking application from the Apple App Store or Google Play.
DBS Phone BankingBanking Services Are Just A Phone Call Away
Performaccountenquiries,fundstransfers,billpaymentsandmoreinaphonecallto18001111111or(65)63272265foroverseascalls.
AllyouneedisyourphonebankingPIN.
BASIC BANKING MATTERS
PAGE 11
Tax Payment In Singapore
Basic Information for Expatriates
Singapore income tax is administered by the Inland Revenue Authority of Singapore (IRAS). Singapore income tax is imposed on a territorial
basis whereby an individual is generally taxed on all income accruing in or derived from Singapore (i.e. source of income is in Singapore). For
employment income, it is generally regarded as sourced in Singapore if the employment is exercised in Singapore.
The Singapore income tax liability of an individual is determined by his/her tax residency status.
Chargeable income of a tax resident is taxed at a progressive tax rate, whilst a non-tax resident is generally taxed at a flat rate (depending on
thetypeofincome).Anon-taxresidentworkinginSingaporeforlessthan61daysinayearmaybeexemptfromtax.Asanindividual,youare
consideredataxresidentifyouhavestayedorworkedinSingaporefor183daysormoreduringthetaxyear(i.e.calendaryear).
Key points of Singapore income tax for individuals include:
• Individuals are taxed only on income earned in Singapore
•With a few exceptions, income earned by individuals while working overseas is not subject to taxation
• Theprogressivetaxratestartsat0%andendsat20%forchargeableincome,dependingonthetaxableincomebracket
• There is no capital gain or inheritance tax
• ThetaxfilingduedateforindividualsisApril15ofeachyear
• Incometaxisassessedbasedonaprecedingyearbasis(e.g.taxchargedforyearofassessment2011isbasedonincomeaccrued/derived
inthecalendaryear2010)
Chargeable income, as illustrated in the table below, is the adjusted income after deductions of expenses, donations and personal reliefs from
the total income.
Total Income Less: Expenses
Statutory Income Less: Donations
Assessable Income Less: Personal Reliefs
Chargeable Income
TAXMATTERS
PAGE 12
Tax Payment In Singapore
Basic Information For ExpatriatesTAXMATTERS
‘Total Income’ includes:
• Gains or profits from carrying on any business, trade, profession or vocation either as a sole proprietor or a partnership within a partnership
• Gains or profits from any employment
• Dividends, interest and investment income
• Rent, royalties, premiums and other profits arising from properties
• Excludes qualified income earned overseas
‘Expenses’ are defined as:
• Qualified employment-related expenses
• Qualified rental related-expenses
‘Donations’ means:
• Donations to qualified charitable organisations
‘Personal Reliefs’ means:
• Special personal reliefs such as eligible course fees, earned income relief, and parent relief
Paying Taxes Via GIRO
ThroughyourDBSMultiplierAccount,youmaypayyourincometaxesviaGIRO,andenjoy12-monthinterest-freeinstalments.
DBS iBanking and islandwide AXS stations let you set-up the GIRO arrangement easily.
PAGE 13
TheNotOrdinarilyResident(NOR)schemeextendsfavourabletaxtreatmenttoqualifyingindividualsforaperiodof5yearsofassessment.
ANORtaxpayerwillenjoythebenefitoftimeapportionmentofemploymentincome–thatis,hepaysincometaxonlyonthatpartofhis
employment income that corresponds with the number of days he spends in Singapore (subject to certain conditions).
Inaddition,theNORtaxpayergetstoenjoytaxexemptiononcontributionsmadebyhisemployertoanoverseaspensionfundwhichwould
otherwise be taxable in his hands.
Toenjoythetaxconcessions,youneedtoapplyforNORstatus.Toqualify,youmustbeanon-Singaporetaxresident(NR)inthepast3years
ofassessment(YA);andinthatYAinwhichyoufirstqualifyfortheNORstatus,youmustbeaSingaporetaxresident(R).
ToretainyourstatusasaNORtaxpayer,youareonlyrequiredtobeataxresidentinthefirstYA.Youarenotrequiredtobeataxresident
throughout the 5-year qualifying period.
FindoutmorefromIRAS(http://www.iras.gov.sg/irasHome/page03_ektid338.aspx).
Special Expatriate Tax Regime
TheNORSchemeTAXMATTERS
PAGE 14
The following guide includes some of the common financial terms you will encounter while banking in Singapore.
ATMs
Automated Teller Machines, or ATMs, let you perform banking transactions including cash withdrawals and other services, regardless of
branchoperatinghours.YoucanalsouseyourdebitcardatanyofourATMs.Allyouneedisyour6-digitPIN.
AXS Stations
An AXS Station is a one-stop multi-application terminal that lets you pay bills and fines, book movie tickets, and top-up prepaid
cards including prepaid mobile SIM, ez-link and others. Payments are made using your debit card, with the amount deducted directly from
yourbankaccount.Over900AXSStationsareavailable24hoursaday.
CPF
The Central Provident Fund (CPF) is a mandatory benefit account set up to provide Singaporeans with a healthy retirement plan. CPF is not
required for foreigners, unless they later become permanent residents.
Debit Cards
In addition to the functions of an ATM card, a debit card can be used to sign for purchases at points-of-sale or online, both locally and
overseas. The purchase amount is deducted directly from a deposit account, so there are no outstanding bills to pay.
EZ - link card
The EZ-link card, issued by EZ-Link Pte Ltd, is the very first contactless stored value card introduced in Singapore in April 2002, for
public transit use on the MRT, LRT and buses. You can also use it to pay for small purchases at selected retail outlets, taxis, ERP
(Electronic Road Pricing) gantries and electronic carparking charges. To use the EZ-link card, simply tap it on the card reader and your exact
fare or payment will be deducted.
For convenience, EZ-Link has a wide selection of top-up channels which include the General Ticketing Machines, Added Value Machines in
MRT stations, DBS/POSB ATMs, AXS Stations, 7-Eleven Stores and SingPost Outlets islandwide. For hassle-free usage, you may also sign up
for EZ-Reload (auto-topup) or use EZ-Online (online topup) in the convenience of your home. For more information on EZ-link card and its
services, please refer to www.ezlink.com.sg.
Quick Guide to Common Financial Terms
Know As Much As A LocalUSEFUL INFORMATION
PAGE 15
Quick Guide to Common Financial Terms
Know As Much As A LocalUSEFUL INFORMATION
Fall-Below Fee
A ‘fall-below fee’ is a common fee chargeable on a deposit account when the average daily balance falls below a stipulated amount in the
month. The average daily balance is computed by taking an average of each day’s ending balance in the account for the entire calendar month.
GIRO
A GIRO transfer is an automatic payment transfer from your bank account to another organsation – usually a service provider that bills
you regularly. To set-up a GIRO account, a one-time instruction needs to be issued to the service provider via DBS iBanking or an AXS
Station. GIRO is commonly used to pay for school fees, income tax, utility bills, housing rental and other recurring monthly bills.
NETS
NETS allows you tomake cashless payments atmore than 18,000merchants across 34,000 locations islandwide. Tomake
payment,simplypresentyourATM/DebitCard(withtheNETSlogoprintedonthebackofthecard),keyinyourPIN,andyourtransactionwill
be debited directly from your bank account.
NETS CashCards And NETS FlashPay CEPAS Cards
TheNETSCashCardsarecontactless,multi-purposestoredvaluecardsthatarewidelyaccepted,andmaybeusedforsmallvaluepurchases
atover34,000locationsislandwide,includingcarparkchargesandERP(ElectronicRoadPricing)gantries.
TheNETSFlashPayCEPASCardisthenewgenerationcontactless,storedvaluecardthatcanbeusedontheMRT,publicbusesandatover
14,000acceptancepointsforyourdailysmallvaluepurchases.AsthesearestoredvaluecardsandnoPINisrequiredtoaccessthefunds,
should the card be lost, the stored value is accessible to the holder of the card.
Standing Order/Standing Instruction
This special arrangement can be made via a one-time set-up. It lets you transfer a fixed amount, at a fixed frequency, from your account to
another specified bank account. Unlike GIRO, Singaporeans commonly use this service for payments to individuals such as domestic helpers,
the landlord and private tutors.
DBS may vary the content herein. References made to websites or content not belonging to DBS are for information only and are not to be taken in any way as endorsements or recommendations by DBS. Information is accurate as at time of print.
Living, Breathing AsiaDB
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ank
Ltd
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o. R
eg. N
o.:
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Sep
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