You were all set for your overseas trip to a warm and tropical country, when you found out that the bank loan private property Singapore you took out was privatized by the time you got there. This ruined your plans of going on a much-needed vacation.
Some banks also have special programs to help expats with any sort of difficulties they may face while living in foreign countries, such as making loan repayment easy or finding a new home through the company’s relocation service. Here are some tips on how to find a bank that will give you fast and compassionate assistance if something like this should happen.
The first step to finding a bank that you can trust is to decide on your budget for the banking service. It is best to set up an account with a bank that is based in the country of your nationality or where you will be living. If the country does not have any local banks, look for one that at least has branches in other countries where you will most likely travel to.
It is important that you know the different types of services offered by banking companies and what they require when you sign up for an account. Some banks may require a minimum balance so it would be best to check if your funds can cover this kind of requirement and if not, think about depositing funds once you open your account.
It is also important that you check if the bank’s services are available globally. For example, you may want to ensure that they have ATM machines on the places you plan on visiting to avoid any complications. You may need to do a little research first on how to use the bank’s services in specific countries so it would be best if you know how the local banking system works before searching for a foreign exchange account.
Once you have set up your account, it is advisable that you deposit enough funds as early as possible so that your money will be safe throughout your travels while at the same time not being too much of a burden on your budget.
It is also important that you remain in contact with the bank while traveling. If possible, they should have your contact number so you can be reached if there are any issues with the account or if you need to make a transaction. If there is an incident such as a robbery, the bank must be notified immediately.
For expats living in Singapore, DBS offers unique banking products and services for their foreign customers. One of these is their Expat Internet Banking service which gives foreigners access to their accounts when they are not in Singapore. This service also lets them get important information from their bank such as statements and details on their loans.
Another unique service offered by DBS is their Expat Card. This card is exclusive for people who are living in Singapore and working in the country but not citizens of Singapore. The card can be used for cash withdrawals and for purchasing goods anywhere abroad where Visa cards are accepted. The card also allows them quick access to emergency funds if ever they are caught up in an emergency situation while abroad.
Conclusion
Don’t lose heart if your experience with private banking has been disappointing so far. It may be that the economic downturn that affected Singapore has resulted in fewer clients wanting to take private banking services. At the same time, most banks are still in a recovery mode and they are not able to hire as many employees as usual. You can however, look for other positive aspects of private banking service such as the ability to choose your own interests and various types of accounts.
Andrea Parker is a reporter for Zobuz. She previously worked at Huffington Post and Vanity Fair. Andrea is based in NYC and covers issues affecting her city. In addition to her severe coffee addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.
