Career & Education | Financial Planning | Life | Personal Finance | Article
Consider These Factors Before Moving to Singapore for Work
by The Simple Sum Team | 9 Jan 2024 | 4 mins read
This article is brought to you by MAE by Maybank2U.
Many Malaysians have thought about working in Singapore to advance their career and for better financial prospects.
But although working in Singapore offers great opportunities, living in another country poses a host of challenges – you will be living there as a non-citizen, and spending in that country’s currency.
So, before taking on a job there, you might want to consider these financial factors:
Visa, work permits and taxes
Find out about all the processes and costs involved in obtaining a visa and work permit in your host country.
You should also check on how much taxes are in Singapore and if you are eligible for any tax reliefs.
Find a bank that can solve all your financial needs. For instance, if you have commitments back home (i.e., you have to service your housing loan or transfer money to your loved ones) and have to make multiple transactions every month, you might want to look for a bank that has competitive transfer fees, which guarantees fast transfers for your convenience.
To avoid money getting ‘lost’ during international transactions, opt for a reputable bank that offers swift and secure real-time transfers. Also check to ensure that you don’t incur any hidden charges as this can affect your take home pay and savings. To protect yourself, go for a bank that is transparent with their fees.
And if you are someone who is always on the go, find a bank that can link all your accounts together for a regional view of your finances, so you can manage your money with ease. This can help you monitor and keep track of your savings, investments, and transactions.
Research rental prices in different areas and scout for the best deal. Remember to keep in mind the distance from your residence to your workplace, or else you could be spending whatever you save from rent on transport instead.
Cost of living
Find out what is the cost of living in Singapore so you can estimate how much you will need to spend every month on food, transport, entertainment, and everyday expenses.
As medical fees can be costly, check if your future employer covers your health care. If they don’t, you might want to upgrade your existing health insurance policy to ensure you are covered medically.
Content sponsored by MAE by Maybank2u
Whether you are employed in Singapore, doing business in the country, or a caring parent sending funds to a family member studying and residing there, Maybank Beyond Borders offers a comprehensive and diverse range of banking solutions that meets your needs.
You can now transfer money from Maybank Malaysia to any bank in Singapore (this was previously limited to Maybank Singapore only), making it much more convenient now.
And with the latest launch of DuitNow Overseas Transfer, transfers are instant, secure and hassle-free as you simply need the recipient’s mobile number to make a transaction.
You can also make quick withdrawals using your Maybank ATM card with no service fee when you are in Singapore. And if you’ve encountered an emergency and are in need of cash, Maybank had got you covered – you can withdraw money using a Maybank ATM card at any Maybank ATM in Singapore with zero service fees.
For individuals who are always on the go, you can view all your accounts through the Regional View feature. You can link your bank accounts, cards, wealth products and loans to a single dashboard, allowing you to monitor your finances better and view them wherever and whenever.