Banking

Managing money in Singapore.

You will need a Singapore bank account to receive your internship salary, pay rent, and make daily purchases. This guide explains how to open one and manage INR-SGD transfers.

Open your account early. Banking in Singapore requires a Student Pass or IPA — you may not be able to open an account with only your passport before your Student Pass is issued. Plan to open an account in your first week after arrival.

Documents you will need

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Valid passport

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Student Pass or IPA document

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Letter of acceptance from your college (some banks require this)

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Singapore residential address proof (tenancy agreement or utility bill)

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Initial deposit (varies by bank, typically SGD 500–1,000)

Banks used by students

DBS / POSB

Min balance: SGD 500 (or maintain min transactions)

Largest Singapore bank. POSB eSavings account is popular with students — low minimum balance, easy online banking, widely accepted PayNow QR. Apply online or in-branch.

Student friendly: Yes — POSB has specific student account options

OCBC

Min balance: SGD 1,000 (or fee waiver conditions)

Strong digital banking. OCBC 360 account gives interest bonuses. Some students find OCBC easier to open as a new arrival.

Student friendly: Moderate

UOB

Min balance: SGD 1,000

Good branch network. UOB One account. May require more documentation for non-residents.

Student friendly: Moderate

Wise (multi-currency)

Min balance: None

Not a Singapore bank but a widely-used platform for students. Excellent for converting SGD to INR and sending money to India. Lower fees than banks for international transfers.

Student friendly: Excellent for transfers

Sending money between India and Singapore

Bank wire (SWIFT)

Cost: SGD 20–30 fee per transfer + exchange rate marginSpeed: 2–5 business days

Traditional method. Your Indian bank sends SGD to your Singapore account.

Wise (formerly TransferWise)

Cost: 0.5–1.5% of transfer amountSpeed: 1–2 business days

Recommended for regular transfers. Much lower fees than banks. Widely used by Indian students in Singapore.

Google Pay / PhonePe to Wise / SG account

Cost: Varies by methodSpeed: Same day

Some students use UPI to fund Wise wallets and transfer to Singapore. Verify current availability.

Cash at airport (avoid)

Cost: High exchange rate marginsSpeed: Immediate

Airport currency exchange rates are typically the worst available. Avoid for large amounts.