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How digital bank accounts can help you during COVID-19

Online bank accounts that let you manage your finances from home.

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COVID-19, also known as the Coronavirus, has caused an unprecedented crisis across the world. Here in Singapore, cinemas have been shut down, social distancing is prevalent in local hawker centres, and crowded places such as banks are largely avoided. It’s now more important than ever to have secure and remote access to your finances.

This guide will cover digital bank accounts in Singapore, including their application process, features and functionality in light of the ongoing COVID-19 crisis.

What is a digital bank account?

A digital bank account is a bank account that is entirely based online. It helps you apply for credit cards, make transactions and manage your bills entirely from your computer or smartphone. This largely eliminates the need for you to head to a crowded local bank branch, which is especially useful in this period of social distancing.

How can digital bank accounts in Singapore help you during the COVID-19 outbreak?

Digital bank accounts come with useful features that can save you a trip to your local bank. This makes banking much more convenient and safe during COVID-19.

  • Fully digital banking experience. You do not need to visit a physical bank branch to apply for an account or manage your finances. Even customer service is conducted over an app or a phone call.
  • Low fees. Considering the economic volatility resulting from the COVID-19 outbreak, it’s especially important for us to scrimp and save however we can. Opting for a digital bank, which tends to offer lower fees, could be a great way to keep your spending low. Besides this, digital banks like Revolut allow you to further customise your level of spending by picking particular account tiers that come with different pricing. Digital banks also come with benefits, which may include free ATM withdrawals, free foreign currency transfers and lower transaction fees.
  • Budgeting features. Digital banks tend to integrate their banking services with budgeting software, which may remind you of your monthly expenditure, cost breakdowns and savings rates. These features are useful in helping you manage your money better.
  • Low-cost international payments. With increasing travel restrictions, you may find it necessary to send money overseas using online platforms. Digital bank accounts offer secure overseas payments that can be made in a swipe. Revolut, for example, allows users to hold multiple currencies in a single account, while other providers like Youtrip automatically convert your currencies to the best possible rate.

What other features come with a digital bank account in Singapore?

Here are some popular features of digital bank accounts in Singapore:

  • Mobile wallets. Providers like YouTrip offer multi-currency mobile wallets for hassle-free payments.
  • Security features. Manage the security of your finances through online dashboards created by your digital bank provider. Manage 2-factor authentication options, freeze your card when suspicious activity arises, and turn off contactless payment whenever you like.
  • Manage cryptocurrency. Digital banks such as Revolut and Wirex let you buy and sell cryptocurrencies directly within the app.
  • Savings tracking. Create savings goals, track them and be fully aware of your financial situation at all times of the day.

Compare a range of digital bank accounts in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
YouTrip
S$0
5-8 business days

10

Use promo code FINDER5 to earn $5 on signup.

A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
Wirex Visa Card
S$0
5 business days

12

A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates.
Aspire Business Account
S$0
3-5 business days

1

A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
Transferwise Borderless
S$0
2 - 3 business days

6

A debit card with fee-free payments in over 45 currencies and competitive currency conversion at real exchange rates.
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Compare up to 4 providers

What fees and charges come with digital bank accounts in Singapore?

Different digital bank providers in Singapore charge different fees, but these are general costs that you should expect:

  • Monthly fee. Most digital banks, like Revolut, offer a standard S$0 account and then come with paid, tiered accounts containing more comprehensive features.
  • ATM withdrawal fees. Digital banks generally do not charge for ATM withdrawals up to a certain amount per month.
  • Currency exchange fees. Similar to ATM withdrawal fees, digital banks tend to allow free currency exchanges up until a certain amount.
  • International ATM withdrawal fees. Beyond a stipulated amount, users will be charged for each international ATM withdrawal.
  • Card delivery. Card delivery is generally free, but some digital banks in Singapore charge for this with their standard-tier accounts.

How do you sign up for a digital bank account in Singapore?

Since signups are fully online, the application process tends to be simple and quick. Once you’ve chosen a digital bank in Singapore, visit its website and sign up online. In general, you’ll need to provide the following details:

  • Personal details, including your name, date of birth and local address
  • Personal identification such as a passport or ID card
  • A selfie/picture (for identity verification purposes)

Frequently asked questions

Bottom Line

Digital bank accounts in Singapore are useful tools for you to manage your finances, now more than ever. Choose a provider that can fully cover your personal banking needs, and sign up online for a seamless banking experience.

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