How to Apply DBS Bank Account for Foreigners in Singapore

Let's say you've already been able to find a job as a foreigner here in Singapore and you're about to start your job soon, but you're worried how you're going to set up a bank account as a foreign worker here in Singapore. And your employer will also ask them to deposit your salary with your saving account. Worry less for I will guide you step by step on how you can apply for your personal saving account here in Singapore to get your salary. Let me introduce "DBS Multiplier Account," the most recommended saving account for foreign workers. But let us know about this DBS Multiplier Account first.

WHAT IS DBS MULTIPLIER ACCOUNT?

• This is a saving account with no minimum credit card spending or salary credit. That means that every month you are not obliged to maintain a balance and no deduction. And as a foreigner who's just starting your career here in Singapore, it's fantastic!
• They also offer higher interest rates of up to P.A. 3.8 percent annually. What's great about this is that your money multiplies more with higher rates of 1.55 percent -3.8 percent on larger savings up to S$100,000.

HOW DBS MULTIPLIER ACCOUNT WORKS?

The card starts with a low base interest rate of 0.05 percent P.A and you can multiply your money like bunnies as they promise if you follow the eligibility transaction requirements. There is no minimum amount for each transaction, but interest in the bonus should be at least S$2,000.

#1. Salary Credit which is compulsory
#2. DBS/POSB Credit Card Spends
#3. Invest or credit your investment dividends to your account
#4. Avail for insurance from DBS/POSB
#5. Get a home loan from DBS/POSB

To further explain how this DBS Multiplier Account works here are the factors of how much interest you can earn in your account based on your money.

Photo courtesy: DBS Bank

Alright so since you already know how your money is multiplying under DBS Multiplier Account and you have a grasp of what it is. Let me now share with you how to apply for it.

HOW TO APPLY FOR DBS MULTIPLIER ACCOUNT?

Reminder: This will be an online application. If you go to nearby DBS Bank branch they will offer a different card which needs to have maintaining balance. They will also tell you that it can only be availed thru online application so better read my instruction carefully. Here are the steps on how to apply:

1. First, search for this domain URL:  https://www.dbs.com.sg. Click "BANK"

2. Scroll down and look for "ACCOUNT" shown below.

3. Once you are already on "ACCOUNT" page. Choose "DBS MULTIPLIER ACCOUNT".

4. Click "APPLY NOW" to begin your application.

5. Finally, choose "I HAVE NONE OF THE ABOVE".

Now that you have the idea of how to apply DBS Multiplier Account online. Then, its time for you to prepare the necessary requirements for you to get approval from the bank. So let me give you the needed things for you to get you started:

• A photocopy scan of your work permit (front and back).
• A letter from your company stating that you need a saving account for your salary. This one, you have to ask your employer. In the letter, it will show what's your job title, address of the company, home address, telephone number, email and your monthly salary.

These documents should be attached during your online application. Please be advised that the processing will take at least 7 business days. Once approved, they will notify you by email and send the card to your home address. You will need to activate the card through one of the options given to you:

• SMS Activation - this is only valid with Singapore mobile numbers. You need to use the phone number registered with the bank.
• You can also log in thru DBS Digibank (online/mobile)
• Or you can visit any DBS/POSB ATM in Singapore

Alright, that's it. Hope I was able to help you guys to be able to get your personal saving account here in Singapore. I wish you success and if you have questions, feel free to comment down below. Cheers!