Managing your Money

When you first arrive in Singapore, do ensure that you have sufficient money for your expenses during the initial period of your stay. You should consider doing the following:

Bring along a small amount of cash for immediate expenses (S$1000). Prepare some Singapore Dollars. You will need to use them for transport and food. They generally do not accept foreign currencies.    Buy a bank draft or travellers' cheques of a larger amount from a bank in your own country. Most banks in Singapore handle bank drafts and travellers' cheques. Take note, however, that bank drafts may take about 3 weeks for the bank to clear before being deposited into one's account.

Once settled down, you should consider opening a savings or checking account with a local or international bank.  

 Some of the major banks in Singapore are

1) POSB

2) DBS

3) OCBC

4) UOB

When opening an account, the following items are required:

• A minimum initial deposit (usually between $300 - $500). You can also use your bank draft or travellers' cheques to open an account.
• Your passport and Student's Pass.

When you open a bank account, the bank will issue you an ATM (Automated Teller Machine) card which gives you the convenience of withdrawing money from any ATM machine operated by your bank (there are ATM machines from POSB / DBS and OCBC in the NYP campus).

With your bank account in Singapore, money can be transferred electronically from an overseas bank to your Singapore bank for a certain fee. You may want to make enquiries concerning such services at the banks in your own country.

Note:

• For better security purposes, do deposit your cash into Banks, such as POSB, DBS, OCBC and UOB etc.  Do not leave your money with others. .