Can I keep my bank account when I leave Singapore?

Can I keep my bank account active after I leave / depart from Singapore. … As long as you keep everything legal and do not misuse the bank account for illegal purposes the bank will not cancel you account. However, do make sure to maintain the minimum requirements of you bank account like minimum balance and transactions …

Can I keep my bank account even though I am no longer a resident of Singapore?

Yes, you can keep your bank account if you leave Singapore and no longer are a resident of Singapore. Do update your personal details and contact information via the DBS or POSB ibanking portal, digibank, or visit a DBS or POSB branch near you in person.

Can you keep Singapore bank account if I move abroad?

2 replies. yes you can keep you bank account after leaving Singapore, the bank wont cancel it. However, you might need an address to which any correspondence can be sent, and online banking services here are not as developed as in other countries.

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Can I keep my bank account if I move to another country?

1. Keep your existing bank account. … If you are intending to keep your existing bank account while you live abroad, your bank may offer special fee-free services such as free use of international ATMs and no currency transaction fees.

What happens to my bank account if I move abroad?

One of the first things you need to do when you start planning your move abroad is to get your bank accounts in order. As an NRI, you will no longer be able to maintain your resident bank accounts. … Once your account has been reassigned, any interest earned will be repatriable after deducting applicable taxes.

Can I keep my bank account if I leave Singapore?

Can I keep my bank account active after I leave / depart from Singapore. … As long as you keep everything legal and do not misuse the bank account for illegal purposes the bank will not cancel you account. However, do make sure to maintain the minimum requirements of you bank account like minimum balance and transactions …

Do I need to close bank account before leaving Singapore?

Close Bank Accounts and Cancel Credit Cards

If you don’t intend to use your Singapore bank accounts and credit cards, be sure to cancel them before you leave or you risk being charged annual fees on your credit cards. If unpaid, they’ll attract high percentage penalties that can roll into quite a substantial sum.

Can a foreigner keep a bank account in Singapore?

If you are a foreigner or not a resident of Singapore, then you can still open a bank account without any trouble. … To open a bank account as a foreigner in Singapore you’ll need: Proof of Identity (Passport or ID card) Proof of Address (Utility bills, etc.)

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Can I hold a bank account in Singapore without employment pass?

Can a foreigner open a bank account in Singapore without an employment pass? There’s no legal reason why you can’t open a bank account in Singapore as a visitor, student or holding a Dependent pass. … Other banks might offer specific products to foreigners, but limit access to some services.

Can I close my DBS account from overseas?

Close Account via Form

Alternatively, for customers who are overseas or unable to apply for digibank Online, you may complete and mail in the Authorisation for Closure of Account Form together with the Telegraphic Transfer Form* if necessary.

Can I keep my bank account if I live abroad?

While it may be legal to keep the account, your bank may close it if they see you have moved overseas. They might have a policy on issuing bank accounts only to residents of certain areas, or requiring a US mailing address. Each bank is different so you’ll need to check.

Can you keep a bank account in another country?

Although you can keep your current bank and checking account, every time you use your credit card or debit card abroad, your bank charges international fees. Also, when you withdraw cash, the bank will charge foreign ATM fees. … You can also use that bank to deal with checks, withdrawals or deposits.

What do I do with my bank account when I move abroad?

If you do end up moving a large amount of money to an account in your new country, consider using an international currency exchange service, such as XE Trade, to do the actual transfer. These companies will usually give you a better currency conversion rate than commercial banks.

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Can I keep my bank account when moving abroad?

Before you leave, be sure that you call your card’s issuer and inform them of your plans of moving abroad. Most issuers shouldn’t have an issue with keeping your card account open while you live overseas, but it’s best to call for confirmation.

Is it illegal to have a bank account in another country?

There’s nothing illegal about establishing an offshore account unless you do it with the intent of tax evasion. The Foreign Account Tax Compliance Act (FATCA) requires banks around the world to report balances and any activity of American citizens to the IRS or face fines.

Can you keep your bank account if you move to another state?

Fortunately, that is quite a simple process – all you need to do is visit your current branch (or the branch in your new location) and submit an application for change of home branch, along with your old cheque book and a proof of residence in the area where you want your account to be transferred.