7 Ways to Save Money as an Expat in Singapore (2017 Update)

 

 Save Money as an Expat
Save Money as an Expat

Becoming an expat in Singapore would be an exciting thought for anyone, however, if you are going to be one, and have done your research on the country, you  would know that even the most basic commodities here are extremely expensive, for example a car can cost up to three times more than the same model in the united states, or what would be classified in other cities as a normal, 2 bedroomed apartment goes for $1000 a month in rent alone, and we’re not mentioning the other costs that you will regularly have to deal with and no amount of negotiating or sweet talking will get you out of paying, fees such as Singapore’s equivalent of congestion charge, which will set you back.

 

1. Be Careful with Conveyancing Fees

 

You can pick which law firm handles the paperwork, as long as it’s recognized by the bank. Conveyancing fees range from $1,500 to $3,000, and are almost never raised by the mortgage broker. In case you don’t want to do this yourself, you can you can get a free mortgage broker to do this for you, but you can save quite a bit by cutting out the middle man.

If you’re getting a property loan, use a mortgage broker rather than letting the agent choose one for you. It’s not part of their job to do this, and may give you a subpar recommendation. And most mortgage brokers are free in Singapore, so you can go with them instead.

 

2. Ensure There Is a Diplomatic Clause When Renting

 

Conventionally, this statement will be available if you have lease agreement that’s greater than 12 months. This permits you to end the rent on two months’ notice. Without any penalties or other punishment off chance that you are transfer or move somewhere else for work. When you utilize this clause, your security store will get refunded.

If you are not familiar with the document, then you can ask your property agent or the landlord to show you the particular page on which the clause is.

Please take note that the standard Tenancy Agreements usually have a repayment provision, which says that you need to repay some portion of the commission charges the landowner paid to the agent. The amount can change depending on how many months are left in your lease. But you can ask your agent to try and negotiate out the clause for you.

 

3. Ask the Native Singaporeans Where to Find Cheap Food

 

Any city that serves as a popular tourist destination will have exorbitant food prices, but the people who actually live in the city and know their way around it will be able to find better prices and bargains that taste just the same, or even better. The trick here will be to get out of your expat social circles, (though these group can also be a great resource if they’ve lived here long enough) and befriend locals.

 

For example, If you’re new to the city and don’t know where to eat, you can find yourself spending over $75 for three meals per day in restaurants and cafes. But locals can eat out and for the same price and quality of food eat 3 meals per day for $9. These really are massive savings, and especially in the long run, they start to add up. If you spend 5 days a week eating the

 

4. Check Online Before You Buy

 

Retail stores can charge a ridiculously high mark up for designer brands, after all, they also have to pay their rent and other utility bills. You should double check the prices online, and if you find that it’s cheaper to buy online, then you can get it there for a fraction of what it costs here if you import it from another country.

 

However, it will be better if you use reputable stores only to avoid getting scam or getting counterfeit items. Plus, for larger purchases, use your credit card as it will give you an extra layer of protection.

 

5. Don’t Choose a Specific Bank because of Its Name

 

As a major financial hub, there are way over 100 banks in Singapore. But local banks like DBS and OCBC have more branches and ATMS, which makes it easier to withdraw cash. If you’re well off, there are also many offshore and private banks which can cut you a great deal.

 

But it is easier and cheaper to send money back home using an international bank, so it is advisable to set up a specific bank account for the better exchange rates, and have a second bank that’s nearby which you can have your salary sent to and easily handle withdrawals or deposits.

 

6. Get a Regional or Global Insurance Policy

 

If you travel a lot or plan on staying for less than seven years, it’s more cost effective if you need health insurance to get a regional or global policy. The premium can be surprisingly high, but it’s more efficient in the long run.

 

And as for the travellers, many insurance terminate the policy as soon as you leave the country or may not even cover you if you frequently leave the country. So a Global policy would be cheaper than having to repeatedly add coverage from a local insurer.

 

7. Get a Singaporean Credit Card

 

If you use a card from your own country, you may get charge foreign transaction fees and also have to deal with exchange rates.

 

So you should get a local card. Other than sparing these expenses, credit cards in Singapore can you cash in cashbacks, restaurant deals, or discounts at retail shops. These savings can add up and spare you a few hundred dollars in a year on everyday expenses.

 

So there you go. With this information, you now know that you don’t have to always have to spend a massive amount of cash when living in this city. No one makes


Legal Loan Singapore

Legal Loan Singapore is here to help you find the best money lenders in Singapore. How are we going to do that? We do so by visiting all the licensed moneylenders in Singapore. Even when we are done visiting all of them, we will do so again to ensure that their standards improve. Or perhaps someone we previously thought was not good is better now.

The license money lenders that we have found are able to provide loans to Singaporeans, Permanent Residents or even Foreigners who are working in Singapore. If you need a fast cash loan, you can submit an application through us. We will help you by sending out the forms to the other reliable money lenders. If you have any question, you may call us at +65 6871 4268

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