A step-by-step guide for moving from a traditional bank to a digital bank in Singapore without disrupting your finances.
Switching to a digital bank can be a smooth process if planned carefully. Here’s a simple approach:
Step 1: Choose the right digital bank
Evaluate features, fees, and benefits. Consider whether you need multi-currency accounts, high-interest savings, or integrated investment tools.
Step 2: Open your new account
Most digital banks allow you to complete the entire onboarding process online, often in under 10 minutes. Have your NRIC or FIN, proof of address, and mobile device ready.
Step 3: Transfer your funds
Start with a partial transfer to test the platform. Once comfortable, move the remainder of your funds.
Step 4: Redirect payments
Update salary instructions, bill payments, and linked subscriptions to your new account.
Step 5: Close or downsize your old account
Avoid paying unnecessary fees by closing unused accounts or maintaining only the minimum balance required.
By following these steps, you can enjoy the benefits of digital banking—lower fees, better interest rates, and greater convenience—without unnecessary disruption.
The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions.