From Ringgit to Singapore Dollar: How to Start Banking in Singapore as a Malaysian

Imagine this: You found a new job opportunity across the causeway. It’s an exciting adventure that promises career growth and personal development. However, along with the excitement, come challenges—especially when it comes to managing your finances in a new country. As a Malaysian moving to Singapore, it’s already difficult being away from home. On top of that, figuring out how to handle your finances can feel overwhelming—think rent, savings, and living expenses, all of which are significantly higher than in Malaysia.

Navigating the financial landscape can be a daunting task, and it's not always as straightforward as you'd hope. For instance, back in the older days, opening a bank account wasn’t as simple as doing it online. You might need to schedule an appointment during a weekday and provide multiple documents, such as a letter from your employer as proof of employment as well as utility or broadband/mobile bills as proof of residency in Singapore. Some banks may even reject your application if you don’t have sufficient credit history—just like when I got turned down by a certain bank. But don’t worry, this guide is here to help you tackle these challenges and get your finances in check while living in Singapore!

Get the Most Suitable Bank to Bank With 

For starters, selecting the right bank account is the first and most important baby step you need to take to set the right path for your finances. You need to pick one that gives you the fastest transactions at the lowest cost possible, and one that also gives you a good bonus interest rate as your income flows in.

There’s no hard-and-fast rule, but here’s a generic checklist for choosing a bank:

• Ease of account opening
• Accessibility of cross-border banking services 
• Competitive exchange rates and transfer fees
• Online and mobile banking capabilities
• Optimise your spending with cashback and other promotions

1. Ensure You Have a Smooth Account Opening

When we think about opening a bank account, many would imagine heading down to a physical branch, taking a queue number and waiting for at least 30 minutes to meet a customer service representative who may or may not reject your request to open an account. Even today, in a post-COVID-19 era, we’re still seeing this in some banks!

But with Maybank Singapore, this whole process can be skipped as the bank has officially made its account opening online—you can now save time and energy to do so, regardless of whether you’re in Singapore or in Malaysia.

For the uninitiated, Maybank Beyond Borders is Maybank Singapore’s services tailored for Malaysians living or planning to live and work in Singapore—to make your financial journey across the causeway easier.

That said, this is all it takes to open a Maybank Singapore Savings Account:

• Account opening: Entirely online
• Minimum Deposit: S$500 - S$1,000
• Minimum Balance: S$200 - S$1,000 depending on account type
• Access to Maybank2u Malaysia
• Account approval within 1 to 2 working days

And since you’re reading, here’s an exclusive promotion for you!

Enjoy a welcome gift of up to S$50 cash when you open a Maybank Savings Account on the app or online!

2. Accessibility is Key for Cross-border Transactions

Once your application is approved, you will also receive the Maybank Platinum Debit Card directly at your doorstep, even if you're in Malaysia, which allows you to have immediate access to your finances even before you step foot into Singapore.

On top of this, because you’re holding a Maybank Platinum Debit Card, you can withdraw at over 3,800 Maybank ATMs across ASEAN countries, up to S$3,000 per day in local currency with no transaction fees! This just means that you can also travel around ASEAN countries without footing any foreign transaction fees—what a good deal, right? 

Regional View

You can access a single dashboard for seamless account management across Maybank Singapore and Malaysia, giving you a clear picture of your finances in both countries. But that’s not all - you can use your Maybank Singapore account to pay your Maybank Malaysia loans and credit card bills - no more toggling between apps!

Maybank Overseas Transfer

Creating a seamless experience doesn’t stop there—Maybank Overseas Transfer also allows you to send money to Malaysia instantly 24/7 at low to zero fees.

What’s more, you can send money to Malaysia at the best SGD to MYR rates among Singapore banks, and access guaranteed exchange rates, ensuring transparency and convenience for users.

PayNow Overseas (DuitNow)

Since this article is about helping Malaysians living in Singapore, if you have any emergency need to send money back home, you can start transferring funds (up to a daily limit of S$1,000) with just the recipient’s mobile number, as long as it’s registered with DuitNow (for Malaysia numbers) or PayNow (for Singapore numbers)! It’s instant, 24/7, no service fee, and has the best exchange rates among Singapore banks.

3. Prioritise Getting More Value From Your Bank

Well, when we talk about optimising spending and getting more value, it’s often either by cashback or rebates.

You’d think that cashback or rebates are only applicable when you’re using a credit card, but it’s not so when it comes to Maybank Singapore’s products.

Do you know that you can transfer money back to Malaysia via Maybank Overseas Transfer or PayNow Overseas to enjoy 50% cashback monthly?

All you need to do is make a S$100 transfer via the Maybank2u SG (Lite) app or Maybank2u SG Online Banking.

In gist, these are the channels to earn this 50% cashback:

This promotion is valid till 31 October 2024 and is on a first-come-first-served basis for the first 300 Qualified Customers. So, don’t miss out!

Closing

Starting your journey in Singapore is a big step, but managing your finances shouldn't add to the stress.

With the right service and support, it can be a smooth and rewarding experience. From selecting a reliable bank to accessing seamless cross-border services, you'll have everything you need to thrive. Maybank Singapore makes it easy for Malaysians to manage their finances between Malaysia and Singapore, so you can focus on your new adventure with peace of mind. Here's to a successful transition and a brighter financial future!

*T&Cs apply.

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$100,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.