While DBS, OCBC, and UOB are the pillars of Singapore’s economy, new players like Trust Bank, GXS, and Revolut are changing the game. As an expat, you don’t have to choose just one—the smartest move is to use them together for different purposes.
| Feature | Traditional Banks (DBS, OCBC, UOB) | Digital Banks (Trust, GXS, MariBank) | Multi-Currency Wallets (Revolut, Wise) |
| Physical Branches | Yes (Many) | No (App only) | No (App only) |
| ATM Access | Extensive | Limited (Trust uses Standard Chartered) | Limited (Fees apply after a limit) |
| Interest Rates | High (if conditions met) | High (no strings attached) | Very Low / None |
| Minimum Balance | Usually $1,000 – $3,000 | None ($0) | None ($0) |
| Best For | Salary, Rent, Loans | Daily Savings, Discounts | Travel, Remittance |
Traditional vs. Digital Banks in Singapore: Which Should You Use?
While DBS, OCBC, and UOB are the pillars of Singapore’s economy, new players like Trust Bank, GXS, and Revolut are changing the game. As an expat, you don’t have to choose just one—the smartest move is to use them together for different purposes.
1. Comparison at a Glance
| Feature | Traditional Banks (DBS, OCBC, UOB) | Digital Banks (Trust, GXS, MariBank) | Multi-Currency Wallets (Revolut, Wise) |
| Physical Branches | Yes (Many) | No (App only) | No (App only) |
| ATM Access | Extensive | Limited (Trust uses Standard Chartered) | Limited (Fees apply after a limit) |
| Interest Rates | High (if conditions met) | High (no strings attached) | Very Low / None |
| Minimum Balance | Usually $1,000 – $3,000 | None ($0) | None ($0) |
| Best For | Salary, Rent, Loans | Daily Savings, Discounts | Travel, Remittance |
2. The Rising Stars: Digital Banks (Trust, GXS, MariBank)
These banks are fully licensed in Singapore and your deposits are insured up to $100,000 by SDIC.
A. Trust Bank (By Standard Chartered & FairPrice Group)
- Best For: Groceries & Daily Essentials.
- Pros: Incredible discounts and “Linkpoints” at FairPrice supermarkets and Kopitiam. No foreign transaction fees on their credit/debit cards.
- When to use: Use this as your secondary “spending” card for groceries and dining to earn vouchers.
B. GXS Bank (By Grab & Singtel)
- Best For: Flexible Savings.
- Pros: They offer a “Saving Pocket” feature with high interest (accrued daily). No lock-in period.
- When to use: If you have spare cash you might need next week, park it here to earn daily interest without the hassle of traditional bank requirements.
Traditional vs. Digital Banks in Singapore: Which Should You Use?
While DBS, OCBC, and UOB are the pillars of Singapore’s economy, new players like Trust Bank, GXS, and Revolut are changing the game. As an expat, you don’t have to choose just one—the smartest move is to use them together for different purposes.
1. Comparison at a Glance
| Feature | Traditional Banks (DBS, OCBC, UOB) | Digital Banks (Trust, GXS, MariBank) | Multi-Currency Wallets (Revolut, Wise) |
| Physical Branches | Yes (Many) | No (App only) | No (App only) |
| ATM Access | Extensive | Limited (Trust uses Standard Chartered) | Limited (Fees apply after a limit) |
| Interest Rates | High (if conditions met) | High (no strings attached) | Very Low / None |
| Minimum Balance | Usually $1,000 – $3,000 | None ($0) | None ($0) |
| Best For | Salary, Rent, Loans | Daily Savings, Discounts | Travel, Remittance |
2. The Rising Stars: Digital Banks (Trust, GXS, MariBank)
These banks are fully licensed in Singapore and your deposits are insured up to $100,000 by SDIC.
A. Trust Bank (By Standard Chartered & FairPrice Group)
- Best For: Groceries & Daily Essentials.
- Pros: Incredible discounts and “Linkpoints” at FairPrice supermarkets and Kopitiam. No foreign transaction fees on their credit/debit cards.
- When to use: Use this as your secondary “spending” card for groceries and dining to earn vouchers.
B. GXS Bank (By Grab & Singtel)
- Best For: Flexible Savings.
- Pros: They offer a “Saving Pocket” feature with high interest (accrued daily). No lock-in period.
- When to use: If you have spare cash you might need next week, park it here to earn daily interest without the hassle of traditional bank requirements.
3. The Expat Favorites: Multi-Currency Wallets (Revolut, Wise)
Technically not “banks” in Singapore, but essential financial tools.
A. Revolut / Wise
- Best For: Travel & Sending Money Home.
- Pros: Real-time exchange rates that are much better than DBS or OCBC. You can hold 30+ currencies in one app.
- When to use: * Revolut: Use their virtual cards for online shopping or when traveling to JB (Malaysia) or Thailand.
- Wise: Use this for sending your salary back to Korea or paying overseas bills.
4. HomeInSG’s Recommended “Banking Combo”
For the most efficient financial life in Singapore, I recommend this 3-step setup:
- The “Anchor”: DBS or OCBC (Traditional)
- Purpose: Receive your salary, pay your rent (via GIRO/FAST), and maintain your official proof of address.
- The “Daily Spender”: Trust Bank (Digital)
- Purpose: Buy groceries at FairPrice and eat at Kopitiam. No minimum balance means you don’t have to worry about fees.
- The “Traveler”: Revolut (Multi-currency)
- Purpose: Whenever you leave Singapore for a weekend trip, swap your SGD to local currency in the app for the best rates.
5. Summary: Why go Digital?
- No “Fall-Below” Fees: Traditional banks charge you if you have less than $3,000. Digital banks like Trust or GXS have $0 minimum balance.
- Instant Setup: If you have Singpass, you can open a Trust or GXS account in under 3 minutes while sitting on your sofa.
- Better Apps: The user interface is often much cleaner and faster than traditional bank apps.
Before opening these accounts, make sure your FIN card or IPA letter is ready. Check my [Bank Account Opening Guide] for the full document checklist.
