Slightly OT: Opening a bank account in Singapore as an American
Hi all,
I'm an American that will be attending school in Singapore soon, and wanted to get some information about logistics of opening a bank account, and transferring money from the US. Does anybody here have experience with doing this? I have a few questions
1. HSBC - I have an HSBC account here already (internet banking) and I know HSBC is popular in Singapore, but I'm worried about whether I can do the foreign exchange without a huge penalty. Last time I checked, HSBC tacked on a 3.5% fee when I was trying to do a foreign wire.
2. USD denominated account - I know many banks offer this option, but does it mean that any transactions I make in Singapore are then subject to flucuations in the currency exchange rate? How common is this option?
3. What's the best way (or bank) that does foreign wires. I've looked into XE, they seem to be the cheapest, but they still tack on a 1.4% fee beyond the interbank rate.
4. Can I get a credit card in Singapore without having any credit history there?
Any suggestions would be VERY helpful...all my costs (rent, food, transport, etc) will be in SG$, so I'm trying to find the best way to pay them this way..