DBS Expatriate Programme Banking in Singapore Made Easy DBS. Living, Breathing Asia
Answers to your Basic Banking Needs Dear Customer, Welcome to Singapore! With the DBS Expatriate Programme, our goal is to make your transition here as smooth as possible. That s why we ve designed a comprehensive suite of products and services to meet your banking and financial needs. Singapore is an exciting city with its own unique way of doing things and banking is no exception. This guide gives you a summary of the benefits of the DBS Expatriate Programme. It also provides useful information regarding your salary, taxes, billing arrangements as well as a quick guide to common financial terms used locally. With this information, we hope to help you settle in more easily, and that you will have a more pleasant experience living and working in Singapore. Yours sincerely, Linda Lee Executive Director & Deputy Head DBS Branch Banking Consumer Banking Group, Singapore DBS Bank Ltd
Highlights of the DBS Expatriate Programme
PAGE 4 PRODUCT HIGHLIGHTS Savings in multiple currencies DBS Multiplier Account Your local and foreign currency transactions all in one account. Better manage your exposure to foreign exchange fluctuations Save on fees when you send money overseas via online transfers Convert currencies when you think exchange rates are moving in your favour Send or receive foreign currency directly into your account Enjoy the convenience of the widest network in Singapore Easy access to our ATMs, Cash Deposit Machines, Quick Cheque Deposit Boxes and numerous DBS/POSB branches in Singapore Earn higher interest of up to 2.08% p.a. Enjoy higher interest on the SGD balance in this account, if you do any of these with us: My salary goes to a DBS or POSB personal deposit account My shopping is with DBS or POSB credit cards My home loan is from DBS or POSB My investment dividends go to a DBS or POSB personal deposit account What else you need to know Fees No monthly account fees Fall below fee of S$5 will be charged if average daily balance falls below S$3,000 (based on total SGD equivalent of SGD & foreign currency balances) Early closure fees of S$30 (if account is closed within 6 months) Eligibility At least 18 years of age No initial deposit required Deposit Insurance Scheme Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Conversions between currencies involve fluctuations and are subject to exchange controls. If you are converting from another currency to place the deposit and intend to convert it to the original currency, exchange rate fluctuations could cause the converted amount to be less than your original amount.
PAGE 5 PRODUCT HIGHLIGHTS DBS Black Card More Purchasing Power, Wherever You Go or DBS Black Visa Card DBS Black American Express Card Benefits Black List: Enjoy 1-for-1 offers and exclusive dining privileges at Singapore s most popular nightspots and restaurants Black Refuel: Enjoy fuel savings at Esso from 7pm 7am daily Black Bazaar: Get the coolest gadgets and lifestyle products from our mobile store Black Limo: Receive a complimentary limousine ride home every Friday (with min. $800 spent in a single receipt) Convenient access to cash at over 1,000 DBS/POSB ATMs islandwide Enjoy 3-year annual fee waiver - exclusively for DBS Expatriate Programme customers! If you have yet to apply for a DBS Black Credit Card, SMS <CALLEPBLACK> to 76060 and we will contact you to assist in your card application. Terms and Conditions apply. Visit www.dbs.com.sg/blackvisa or www.dbs.com.sg/blackamex to find out more. American Express is a trademark of American Express. This card is issued by DBS Bank Ltd pursuant to a license from American Express.
PAGE 6 PRODUCT HIGHLIGHTS We Care Insurance Plan Personal Accident Protection For You Enjoy comprehensive personal accident protection with total coverage of more than S$200,000, for just S$0.95 a day for Premier Plan. WE CARE BENEFITS AT A GLANCE 1. Accidental Death (AD) CHOICE OF PLAN CLASSIC PREMIER Sum Insured S$100,000 S$200,000 2. Total & Permanent Disablement (TPD) Lump sum payment subject to the compensation scale for Total & Permanent Disablement 3. Income Protector Pays for your loss of monthly salary / income if: 100% of Total & Permanent Disablement Benefit is payable, and Permanent employment is terminated by an Insured Person s employer; or registered business is terminated Up to S$100,000 Up to 6 months basic salary; maximum S$20,000 per Injury Up to S$200,000 Up to 6 months basic salary; maximum S$30,000 per Injury 4. Medical Expenses due to Accident Reimbursement of medical expenses and treatment charges by a Physician (Including Treatment by registered TCM Practitioner in Singapore) 5. Special Daily Hospitalisation Benefit Daily hospitalisation benefit as a result of the following illness certified by a Physician: Influenza A (H1N1) Dengue Fever Food Poisoning Avian Influenza (Bird Flu) 6. Automatic Increase in Benefit An increase in the original sum insured for AD and TPD upon renewal of the Policy Maximum S$1,500 per Injury TCM: Up to S$50 per visit; maximum S$500 per Injury Maximum S$3,000 per Injury TCM: Up to S$50 per visit; maximum S$500 per Injury S$150 per day; Up to 90 days per occurrence 10% increase in AD & TPD; up to 5 consecutive years Monthly Premium (Premium is inclusive of 7% GST) S$19.50 S$28.50 If you have yet to apply for We Care insurance plan, visit us at any DBS branch to find out more. NOTES All the benefits listed (1) to (6) are payable over and above any other insurance coverage that you may already have, except for Benefit (4) which is payable only if you do not recover the expense from any other source. We Care is underwritten by MSIG Insurance (Singapore) Pte. Ltd. ( MSIG ) and distributed by DBS Bank Ltd ( DBS ). It is not an obligation of, deposit in or guaranteed by DBS. This is not a contract of insurance. Full details of the terms, conditions and exclusions of the insurance are provided in the policy wordings and will be sent to you upon acceptance of your application by MSIG. All the benefits of We Care (except Special Daily Hospitalisation Benefit ) are only payable subject to the occurrence of an Accident during the policy period. You should consider carefully if you are intending to switch personal accident policies, as this might be detrimental to your current and/or future needs. This policy is protected under the Policy Owner s Protection Scheme which is administered by the Singapore Deposit Insurance Corporation ( SDIC ). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact MSIG or visit the General Insurance Association or SDIC websites (www.gia.org.sg or www.sdic.org.sg).
PAGE 7 OTHER HIGHLIGHTS DBS Remittances Speedy And Secure Funds Transfers DBS remittance services allow you to wire funds in various foreign currencies swiftly and securely to many destinations, enabling you to stay connected back home. You can also add standing instructions for a hassle-free way to transfer a fixed amount regularly to the same party overseas. In addition, you have the convenient option to remit funds online via ibanking. Be In The Know Stay Constantly Engaged To keep you abreast of the local scene, you can look forward to receiving regular emails with investment insights that will update you on market trends. Stay clued in on your latest card privileges and receive exclusive invites to our lifestyle events and financial seminars.
Useful information on Banking in Singapore
PAGE 9 BASIC BANKING MATTERS Banking At Your Convenience Making Daily Banking Simpler Receiving Your Salary At your request, your company can credit your salary into your bank account. To credit it into your DBS Multiplier Account, please provide the following information to your HR or Finance Manager: Your Account Number: A 10-digit number DBS Bank Code: 7171 Branch Code: The first 3 digits of your account number Day-To-Day Payment Needs The chart below illustrates common ways to pay for purchases or bills in Singapore. AXS GIRO Internet Banking Standing Instruction Cheque Rental Payments (via funds transfer) Utility, Telco, or Income Tax Bills School Education and Childcare Fees Housing Loans Car Loans At DBS, you will have access to all these modes of payment. To make payments at an AXS station, you will need your debit card and PIN. Both GIRO and standing instructions can be easily set up via DBS ibanking. Applying for GIRO via DBS ibanking is fast and easy: 1. Go to: https://internet-banking.dbs.com.sg and login 2. Select Payments > GIRO: Manage GIRO Arrangements > Add GIRO Arrangement 3. Under Billing Organisation, select the service provider e.g. IRAS Income Tax 4. Under Bill Reference No., please key in your bill reference number for the Billing Organisation. For the explanatory guide on Bill Reference No., please click View More Info 5. Under Payment Limit, please key in 0 unless you would like to set a limit 6. Click Submit 7. Check your information again before you click Confirm and your application is completed GIRO can also be set up through the service provider, usually by completing a simple form and providing account details such as your account number, the bank code and branch code.
PAGE 10 BASIC BANKING MATTERS Banking On-The-Go Internet, Mobile And Phone Banking DBS ibanking 24/7 Online Access Anytime, Anywhere Enjoy the freedom of banking on-the-go with more than 110 online services, including balance enquiry, transaction history, overseas funds transfer, bill payment to more than 165 participating organisations, and much more. DBS ibanking and DBS mbanking are protected with a 2FA (2-factor authentication) protocol, and our Money Safe Guarantee the first in Singapore that guarantees your money is secure when you bank online. In the unlikely event of an unauthorised transaction, we will repay the money taken from your account subject to terms of the DBS ibanking Money Safe Guarantee. DBS mbanking Banking At Your Fingertips DBS mbanking, or Mobile Banking, lets you perform numerous transactions via your smartphone from checking your account balance, to making bill payments and funds transfers. Available to DBS ibanking customers. Download the DBS mbanking application from the Apple App Store or Google Play. DBS Phone Banking Banking Services Are Just A Phone Call Away Perform account enquiries, funds transfers, bill payments and more in a phone call to 1800 111 1111 or (65) 6327 2265 for overseas calls. All you need is your phone banking PIN.
PAGE 11 TAX MATTERS Tax Payment In Singapore Basic Information for Expatriates Singapore income tax is administered by the Inland Revenue Authority of Singapore (IRAS). Singapore income tax is imposed on a territorial basis whereby an individual is generally taxed on all income accruing in or derived from Singapore (i.e. source of income is in Singapore). For employment income, it is generally regarded as sourced in Singapore if the employment is exercised in Singapore. The Singapore income tax liability of an individual is determined by his/her tax residency status. Chargeable income of a tax resident is taxed at a progressive tax rate, whilst a non-tax resident is generally taxed at a flat rate (depending on the type of income). A non-tax resident working in Singapore for less than 61 days in a year may be exempt from tax. As an individual, you are considered a tax resident if you have stayed or worked in Singapore for 183 days or more during the tax year (i.e. calendar year). Key points of Singapore income tax for individuals include: Individuals are taxed only on income earned in Singapore With a few exceptions, income earned by individuals while working overseas is not subject to taxation The progressive tax rate starts at 0% and ends at 20% for chargeable income, depending on the taxable income bracket There is no capital gain or inheritance tax The tax filing due date for individuals is April 15 of each year Income tax is assessed based on a preceding year basis (e.g. tax charged for year of assessment 2011 is based on income accrued/derived in the calendar year 2010) Chargeable income, as illustrated in the table below, is the adjusted income after deductions of expenses, donations and personal reliefs from the total income. Total Income Less: Expenses Statutory Income Less: Donations Assessable Income Less: Personal Reliefs Chargeable Income
PAGE 12 TAX MATTERS Tax Payment In Singapore Basic Information For Expatriates Total Income includes: Gains or profits from carrying on any business, trade, profession or vocation either as a sole proprietor or a partnership within a partnership Gains or profits from any employment Dividends, interest and investment income Rent, royalties, premiums and other profits arising from properties Excludes qualified income earned overseas Expenses are defined as: Qualified employment-related expenses Qualified rental related-expenses Donations means: Donations to qualified charitable organisations Personal Reliefs means: Special personal reliefs such as eligible course fees, earned income relief, and parent relief Paying Taxes Via GIRO Through your DBS Multiplier Account, you may pay your income taxes via GIRO, and enjoy 12-month interest-free instalments. DBS ibanking and islandwide AXS stations let you set-up the GIRO arrangement easily.
PAGE 13 TAX MATTERS Special Expatriate Tax Regime The NOR Scheme The Not Ordinarily Resident (NOR) scheme extends favourable tax treatment to qualifying individuals for a period of 5 years of assessment. A NOR taxpayer will enjoy the benefit of time apportionment of employment income that is, he pays income tax only on that part of his employment income that corresponds with the number of days he spends in Singapore (subject to certain conditions). In addition, the NOR taxpayer gets to enjoy tax exemption on contributions made by his employer to an overseas pension fund which would otherwise be taxable in his hands. To enjoy the tax concessions, you need to apply for NOR status. To qualify, you must be a non-singapore tax resident (NR) in the past 3 years of assessment (YA); and in that YA in which you first qualify for the NOR status, you must be a Singapore tax resident (R). To retain your status as a NOR taxpayer, you are only required to be a tax resident in the first YA. You are not required to be a tax resident throughout the 5-year qualifying period. Find out more from IRAS (http://www.iras.gov.sg/irashome/page03_ektid338.aspx).
PAGE 14 USEFUL INFORMATION Quick Guide to Common Financial Terms Know As Much As A Local The following guide includes some of the common financial terms you will encounter while banking in Singapore. ATMs Automated Teller Machines, or ATMs, let you perform banking transactions including cash withdrawals and other services, regardless of branch operating hours. You can also use your debit card at any of our ATMs. All you need is your 6-digit PIN. AXS Stations An AXS Station is a one-stop multi-application terminal that lets you pay bills and fines, book movie tickets, and top-up prepaid cards including prepaid mobile SIM, ez-link and others. Payments are made using your debit card, with the amount deducted directly from your bank account. Over 900 AXS Stations are available 24 hours a day. CPF The Central Provident Fund (CPF) is a mandatory benefit account set up to provide Singaporeans with a healthy retirement plan. CPF is not required for foreigners, unless they later become permanent residents. Debit Cards In addition to the functions of an ATM card, a debit card can be used to sign for purchases at points-of-sale or online, both locally and overseas. The purchase amount is deducted directly from a deposit account, so there are no outstanding bills to pay. EZ - link card The EZ-link card, issued by EZ-Link Pte Ltd, is the very first contactless stored value card introduced in Singapore in April 2002, for public transit use on the MRT, LRT and buses. You can also use it to pay for small purchases at selected retail outlets, taxis, ERP (Electronic Road Pricing) gantries and electronic carparking charges. To use the EZ-link card, simply tap it on the card reader and your exact fare or payment will be deducted. For convenience, EZ-Link has a wide selection of top-up channels which include the General Ticketing Machines, Added Value Machines in MRT stations, DBS/POSB ATMs, AXS Stations, 7-Eleven Stores and SingPost Outlets islandwide. For hassle-free usage, you may also sign up for EZ-Reload (auto-topup) or use EZ-Online (online topup) in the convenience of your home. For more information on EZ-link card and its services, please refer to www.ezlink.com.sg.
PAGE 15 USEFUL INFORMATION Quick Guide to Common Financial Terms Know As Much As A Local Fall-Below Fee A fall-below fee is a common fee chargeable on a deposit account when the average daily balance falls below a stipulated amount in the month. The average daily balance is computed by taking an average of each day s ending balance in the account for the entire calendar month. GIRO A GIRO transfer is an automatic payment transfer from your bank account to another organsation usually a service provider that bills you regularly. To set-up a GIRO account, a one-time instruction needs to be issued to the service provider via DBS ibanking or an AXS Station. GIRO is commonly used to pay for school fees, income tax, utility bills, housing rental and other recurring monthly bills. NETS NETS allows you to make cashless payments at more than 18,000 merchants across 34,000 locations islandwide. To make payment, simply present your ATM/Debit Card (with the NETS logo printed on the back of the card), key in your PIN, and your transaction will be debited directly from your bank account. NETS CashCards And NETS FlashPay CEPAS Cards The NETS CashCards are contactless, multi-purpose stored value cards that are widely accepted, and may be used for small value purchases at over 34,000 locations islandwide, including car park charges and ERP (Electronic Road Pricing) gantries. The NETS FlashPay CEPAS Card is the new generation contactless, stored value card that can be used on the MRT, public buses and at over 14,000 acceptance points for your daily small value purchases. As these are stored value cards and no PIN is required to access the funds, should the card be lost, the stored value is accessible to the holder of the card. Standing Order/Standing Instruction This special arrangement can be made via a one-time set-up. It lets you transfer a fixed amount, at a fixed frequency, from your account to another specified bank account. Unlike GIRO, Singaporeans commonly use this service for payments to individuals such as domestic helpers, the landlord and private tutors. DBS may vary the content herein. References made to websites or content not belonging to DBS are for information only and are not to be taken in any way as endorsements or recommendations by DBS. Information is accurate as at time of print.
DBS Bank Ltd Co. Reg. No.: 196800306E Sep 14 Living, Breathing Asia