Moving to Singapore from Malaysia? Here’s how to make your banking a breeze

This post was created in partnership with Maybank Singapore. All views and opinions expressed in this article are Beansprout's objective and professional opinions.

If you're a Malaysian preparing to start a new chapter in Singapore, you're probably already feeling the weight of dozens of logistical and financial to-dos. 

Between finding a place to live, sorting out paperwork, and figuring out how to manage expenses in a new currency, the stress can pile up quickly.

When it comes to finances, many Malaysians moving to Singapore tend to exchange a large sum of their Malaysian Ringgit (RM) for Singapore dollars (SGD) in cash to cover their move. 

But this doesn’t have to be the case. You can avoid much of the financial headache by setting up a Singapore bank account before you even arrive.

In this article, we'll look at how opening a Maybank Singapore Savings Account before your move can make the transition smoother and save you time, money, and stress.

Initial financial challenges when moving to Singapore

When preparing to move from Malaysia to Singapore, you’ll likely be juggling several decisions such as searching for accommodation, figuring out your mobile plan, and managing the paperwork for your work pass and employment. 

Almost all these decisions have a direct impact on your wallet. Here are some common ones that most Malaysians encounter:

• Renting a place usually requires a deposit in SGD, which means you’ll have to convert a lump sum from RM.
• If you're renting a whole flat, you'll also need to cover the utility deposit.
• Setting up a mobile plan in Singapore may also require a deposit, especially if you're on a Work Permit.

Many Malaysians handle these payments by converting RM into SGD through a licensed money changer in Malaysia. 

But this comes with its own set of problems such as:

• Safety concerns: Carrying large sums of cash across borders isn’t ideal.
• Unfavorable exchange rates: Even a 1 to 2% difference at a money changer can significantly reduce how much SGD you get for your RM.

For example, if you're renting a room at S$1,500 per month, you'll need to put down two months' deposit and the first month’s rent. This amounts to S$4,500. 

At an exchange rate of RM3.30 per SGD, that’s RM14,850. A 2% spread from the money changer could cost you an additional RM297.

Then there’s the hassle of managing your day-to-day expenses in your first month in Singapore. 

Because you’re required to provide documents such as your Work Pass to open a bank account in Singapore, you’d likely still have to transact in cash for your daily expenses. 

While you could rely on your Malaysia credit card, you'll be hit with forex fees on every transaction. 

Furthermore, without a local bank account, you'll struggle to get your salary credited. Delaying the process or forcing your employer to pay you by cheque is far from convenient.

These challenges often make the first month in Singapore financially cumbersome for many Malaysians. 

But you can eliminate these issues simply by having a bank account ready in Singapore before you move. 

You can do this by opening a Maybank Singapore Savings Account while still in Malaysia. 

How opening a Maybank Singapore Savings Account helps

What if you could open a bank account before stepping foot in Singapore, from the comfort of your home in Malaysia? 

This is where Maybank Singapore steps in to eliminate one of the biggest stress points.

You can easily apply for a Maybank Singapore Savings Account online via Maybank2u Malaysia. 

The process is entirely digital, meaning no branch visits or piles of paperwork. 

Here are a few key advantages:

#1 - No need for Singapore documents to open an account

You won’t need to provide a Singapore address or Work Pass to get your account approved. You can open an account using your existing Malaysian documents and your Maybank2u Malaysia credentials. 

This allows you to have your salary credited to your account as soon as you start working. 

In addition, you can transfer funds from Malaysia to Singapore safely. No need to carry large amounts of cash across the border!

#2 - Fast and simple approval

The approval process takes just 1 to 2 working days. 

You can have your account set up well in advance, giving you peace of mind as you prepare for your big move. 

You could even start transferring money early, allowing you to lock in favourable exchange rates and spread out your transfers to SGD if you need time to build up your savings for the various deposits. 

#3 – Maybank Platinum Debit Card Delivered to Malaysia

Maybank Singapore will send your Maybank Platinum Debit Card directly to your Malaysia address. 

With your debit card in hand, you can start making transactions immediately upon arrival in Singapore, without worrying about carrying large amounts of cash or using your Malaysia cards with forex fees. 

With the Maybank Platinum Debit Card, you can enjoy exclusive Card promotions, plus earn 1X TREATS Point on your Mastercard transactions for every S$5 spent in Singapore Dollar and other foreign currencies. Redeem rewards all year round with TREATS Points, enjoying a collection of privileges and lifestyle indulgences from dining and shopping, to travel and leisure.

#4 - Access to Maybank2u SG (Lite) app

With Maybank2u SG (Lite) app, you’ll have full access to your account online, meaning you can manage your finances right from the get-go.

Transferring funds, checking your balance on both your Maybank Singapore and Malaysia accounts with Regional View, and paying bills can all be done with just a few taps on your phone.

Managing your cross-border transactions after the first few months

Once you’re in Singapore, you’ll still have commitments back home in Malaysia, like paying off your housing or car loans in Malaysia, managing family expenses, or just sending money back home. 

If you’re looking for an easy, all-in-one, hassle-free way to manage these cross-border transactions seamlessly, Maybank Singapore also offers Maybank Beyond Borders services. 

The PayNow Overseas feature allows you to transfer money instantly between Malaysia and Singapore, using just mobile numbers registered to DuitNow or PayNow. 

You don’t need to provide account numbers or fill up complicated forms. The best part is there is no service fee for transfers using PayNow Overseas. 

Plus, with the best exchange rates among Singapore banks, you avoid the poor rates and high fees that other transfer services might charge. 

This instant transfer is particularly useful if you have an urgent payment to make, or if you want to immediately take advantage of favourable rates for a payment due back home. 

For larger amounts, you can transfer directly from your accounts to any bank in Malaysia with zero to low transfer fees using Maybank Overseas Transfer. 

Both services are instant and available 24/7 at the best exchange rates among Singapore banks. This ensures that your money gets where it needs to be without any frustrating delays. Regional View also gives you a single overview of your Singapore and Malaysia account balances, making the entire transfer process even easier.

Maybank Singapore Savings Account Opening Promotion

As a bonus, Maybank Singapore has some promotions running currently to give you extra savings for your move to Singapore. 

First, you can get up to S$50 cash welcome gift when you open your Maybank Singapore Savings Account to help you get settled into your new home.

And when you send money back to Malaysia using Maybank Overseas Transfer or PayNow Overseas, you can enjoy a 50% cashback on the transfer fees, giving you even more value on your hard-earned money.

What would Beansprout do?

We always believe it is important to be prepared financially, and preparation is key to help you make smart money decisions. 

Many costly mistakes happen when you’re caught off guard or leave things to the last minute. 

You can open a Maybank Singapore Savings Account before your move to avoid those pitfalls, taking many worries off your plate.

With the ability to make rental payments, deposits, and daily transactions right away, you’ll be ready to start your new chapter in Singapore with confidence.

Apply for the Maybank Singapore Savings Account here.

Terms and Conditions 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.