Monday, July 7, 2014

(OFW in Singapore) Understand your bank fees



It is really important to check your bank charges and fees posted in your statement of account. Through your online banking you are able to see your accounts and check where those fee's came from.


Be aware that your bank may apply charges to your account (see my screenshot) AWF (ATM Withdrawal Fee) charged me $2.00. Please check some of the fees below and be reminded.

DBS eSavings Plus and POSB eSavings Account
(S Pass and EP Holders) Fees

  • S$2 fall-below fee if the average daily balance falls below S$1,000
  • S$2 ATM withdrawal fee will apply if the customer makes more than 4 ATM cash withdrawals in the month
  • S$2 fee will apply for each cash withdrawal at any DBS/POSB branch for amount within your ATM cash withdrawal limit
  • S$20 early account closure fee if the account is closed within 6 months
For more information, go to DBS and POSB.

UOB Uniplus Account - Fees
  • Minimum balance fee S$2 if the average daily balance for the month falls below S$500
For more information, go to UOB: Uniplus Account.

OCBC Account - Fees
  • Minimum monthly balance S$1,000, S$2 fall below fee applies
For more information, go to OCBC.

Whatever your bank are it is important to take note and understand basic bank fees and charges to minimise your monthly banking fees.

Happy Saving!

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