Introducing several major credit card services in Singapore
Tips for studying in Singapore: currency and credit cards
Singapore’s local currency is called Singapore SGD (SGD), referred to as Singapore dollar or new currency. The face values ??of banknotes are 2 yuan, 5 yuan, 10 yuan, 50 yuan, 100 yuan, 500 yuan, 1,000 yuan, and 10,000 yuan; the coins are 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, 1 yuan.
In addition to Singapore dollars, US dollars, Australian dollars and British pounds can be accepted in large shopping malls and restaurants. The government imposes a 7% commodity consumption tax on every purchase. Tipping is not a popular practice in Singapore. Because most hotels and restaurants already include a 10% service charge in their bills.
In Singapore, several major credit card services, including American Express, Diners Card, JCB, Mastercard and Visa, are generally accepted. Another commonly used payment method is the NETS system, which allows convenient payment through ATM cards. UnionPay cards can now be used in some shopping malls in Singapore, but the handling fee is relatively high.
Tips for studying abroad in Singapore: Banking services
Most banks accept travellers’ checks and foreign currency exchange services. You will need to show your passport when cashing a check, and a commission may also be charged. In addition to banks and hotels, there are other licensed currency dealers that offer currency exchange services.
Generally, bank business hours are from Monday to Friday, 9:30 am to 3:00 pm, and on Saturdays from 9:30 am to 11:00 am or until 1:00 pm. Some banks have extended their opening hours on Saturdays and provide night services, and some banks on Orchard Road are even open on Sundays. If necessary, check the opening hours of each bank first.
In Singapore, applicants under the age of 21 must provide a certain amount of savings (usually S$100) to open a savings account, and must present their passport, student pass or admission notice. When opening a savings account for you, an ATM card will be prepared for you. In the future, you can use this card to conveniently withdraw money from the corresponding bank ATM machine (automated teller machine). ATM cards can also be used for payment through the NETS system (Singapore Online Payment System).
A bank draft drawn in Singapore dollars from a bank in Singapore can easily deposit money into your account. The money will be in your account within a day or two of receiving the money order. For checks drawn by banks that do not have branches in Singapore, it may take up to three weeks for the money to actually arrive in your account.
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