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Relocating and How to Transfer Money To Singapore

Relocating And How To Transfer Money To Singapore

Ranked highly amongst the best locations for expats to reside Singapore has a lot to offer. Its cleanliness laid back attitude and multi cultured background has motivated expats from all areas to relocate there.

Culturally Singapore is made up of the following Chinese, Indian, Malaysian, and British. Many finding that Singapore provides a portal to the rest of Asia, whilst offering excellent levels of safety.

Although Singapore can be comparably expensive when compared to other cities in Asia its high quality of living sees it regularly featured in the most desirable places to live in the world. Recently voted number 1 by the HSBC expat global survey

Technology in Singapore

The city’s job offerings are dominated by the technology, finance and marketing. The expat workforce is believed to be in excess of 1.2m with over 600,000 working in highly skilled roles technology roles.

Some of the biggest employers in Singapore include.

  • Bank of Amercia
  • Microsoft
  • Capital Land
  • Singtel
  • Singapore Airlines

Many day traders also locate in Singapore and Forex Trading has become somewhat of a hub in Singapore.

Tips when relocating to Singapore

Collating a list and thinking of everything will be a tough challenge when moving halfway around the world, especially if you are moving a family and attempting to ensure all their needs are being looked after. Below are a few pointers covering what we consider the basics.

Employment in Singapore – You will need to verify your eligibility to work in Singapore before making the first moves toward employment. Once your suitability is confirmed we advise doing research on your job sector in Singapore before making moves for visas etc. Visa’s vary greatly subject to the role you are applying for.

The visa you apply for will be specific to your role and there isn’t a ‘one size fits all’ visa available. Once you’ve done this research you can pursue jobs available within your field of expertise, alternatively you can research a list of in demand job roles which might be suitable.

Once you are certain that you will be eligible and can bring expertise to Singapore there are a number of ways you begin your job hunt. There are a number of recruiters online which will have a multitude of opportunities for you to apply for. These include total jobs, indeed and job street.

Alternatively, if you have your own contacts and network or if you posses a niche skill or experience you could approach potential recruiters via LinkedIn.

Highly skilled Visas for Singapore – As highlighted in the employment section, the type of visa you will require will be subject to a few factors. It is however a well-known fact that foreign workers which brings skills to Singapore are very welcome and vias application process shouldn’t be feared. These are the main visas available.

Employment Pass – aimed at those pursuing senior positions earning SGD3,300 or more per month. Suitable qualifications must be held in order to qualify.

EntrePass – aimed at budding entrepreneurs the Entrepass is excellent for those looking to develop a business in Singapore.

Personalised Employment Pass – For high earners the Personalised Employment Pass allows holders to operate in numerous roles and sectors. Even offering the ability to switch employers and change jobs.

S Pass – Typical applicants will be mid-level skilled workers. To qualify you will need to earn a minimum of SGD 2,200 and pass an assessment.

In many cases your new employer will assist with the process and be aware of the process if not applications can be made directly with the Singaporean ministry of manpower.

International schools – Once your job offer is secured and your visas are in process, if you have a child, a key priority will be ensuring securing a school place for them. Fortunately, Singapore boasts a number of excellent schools and with English being the primary language, so they should get acclimatised quickly.

Each international school caters to a different nation including, Australia, Canada and the UK with similar teaching techniques to the nation it’s aligned with, for example.

Canadian International school – ‘’ At CIS, we celebrate both our internationalism and the uniqueness of the 74 plus nationalities represented among our students and staff’’

Chatsworth international school – ‘’ An international school in Singapore, Chatsworth provides a balanced and quality education through the International Baccalaureate (IB) curriculum, for ages 3 to 18. It is accredited by the Western Association of Schools and Colleges and is Edutrust certified.’’

GEMS world academy – ‘’ GEMS World Academy (Singapore) is a truly international school in Singapore with over 60 nationalities, delivering an IB continuum of education (PYP, MYP, DP, CP) from Nursery to Grade 12 (2-18 years).

Blending a caring, child-focused environment, cutting-edge facilities, low student-teacher ratio and globally experienced and passionate teaching faculty, GEMS (Singapore) provides diverse extracurricular activities and outstanding learning opportunities for the international student community in Singapore’’

Property – With your list of completed tasks growing as your move approaches a key objective will be to source suitable accommodation. As we have eluded to in previous sections Singapore is a very friendly and diverse place to live and therefore there aren’t any areas which should be avoided. The business districts are in the south and the east and this may govern your choice. Especially as owning a car in Singapore can be a very expensive luxury. Popular locations include

  • Orchard
  • Tanglin
  • Holland Village
  • Novena

Whilst viewing is highly advised you can begin your property research via online listings. Monthly rental prices typically range between SGD 5,000 – 7,000 for a private 2-3 bed apartment near the city centre. Those outside the capital will begin at SGD 3,000+.

If you decide to make prolong your stay and invest in a property in Singapore well done! Singaporean property easily ranks in the top 5 most expensive locations and commands a staggering $1093 per sqft.

 

Transferring money to Singapore

Hopefully at the stage you need to transfer money to Singapore you will have already set up a currency transfer account. If not don’t panic the process will only take a few minutes and requires very little paperwork. A specialist provider can assist with rental payments, childcare and education transfers and other property deposits. If for some reason your job is paid in an alternative currency they can also assist with regular transfers. The solutions offered will be both cost effective and easier to use than that of the bank. Provers such as Rational FX and Currencies Direct also allow you trade online and via telephone.

 

Establishing a Bank account in Singapore

Setting up a bank account as an expat isn’t difficult in the slightest with everything geared towards ease for internationals. Whether you are intending to live in Singapore or would just like to hold money there and reside elsewhere, you can open an account with our visiting the branch. Documents required to open an account aren’t difficult to source

  • Valid passport
  • Recent proof of residential address
  • A reference letter from the applicants current bank
  • Proof of source of funds (banks statement showing amount to credit new account)

 

 

 

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