Easier for companies to open bank accounts for foreign workers

SINGAPORE - They can apply for a POSB salary crediting account when they submit applications for new workers on the Work Permit Online portal. Applying for Work Permits and bank accounts used to be separate processes.

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Here is the statement from the Ministry of Manpower:

Ministry of Manpower and DBS Launch Integrated Process for Work Permit Applicants

12 October 2014

From 16 October 2014, the Ministry of Manpower (MOM) and DBS will launch a one-stop process for Work Permit (WP) applicants to open a POSB salary crediting account as part of the WP application process.

Employers and WP applicants who take up this option will no longer need to submit separate applications for the WP bank account opening, thus reducing the paperwork and waiting time taken to set up a bank account for the WP applicants.

Changes to make it seamless for employers and WP applicants

In 2011, DBS Bank opened the POSB Account Services Centre for Work Permit holders at Hong Lim Complex to enable DBS corporate customers to conduct bulk account opening for their WP employees.

Employers first had to submit an application, and then bring their employees to the centre on the appointed date to complete the account opening.

With this new MOM-DBS initiative, employers can now apply for a POSB salary crediting account when they request for issuance of WPs for their new WP employees via the Work Permit Online portal.

Employers will bring their new WP employees to the MOM Services Centre for card registration on their selected appointment. The following day, the WP employees can visit the POSB Account Services Centre for Work Permit holders at Hong Lim Complex to simply activate the bank account and collect the ATM card.

Lui Su Kian, Managing Director and Head, Deposits and Secured Lending, Consumer Banking Group, DBS Bank, said, "Increasing productivity is a key focus for many of our corporate customers. In addition to providing them with institutional banking services such as salary crediting, we are also constantly exploring ways to help them save time.

"We are pleased to partner MOM to integrate the application process, and to further enhance Singapore's reputation as a business hub."

He added that the bank currently serves more than 7,000 customers through the POSB Account Services Centre for Work Permit holders at Hong Lim Complex each month.

To bring even greater convenience to employers, there is no minimum account opening deposit required for the POSB salary crediting account. The account is packaged with an ATM card, which allows the workers to check their account balance and access funds via ATM.

DBS has also installed ATMs at Recreation Centres and dormitories to offer more convenient access for the workers. In addition, employers could now use DBS salary credit service to credit salary into the workers' accounts.

Ms Ong Bee Lee, Director of the Work Pass Business Operation, Work Pass Division at the Ministry of Manpower, said, "MOM has received feedback from employers and WP holders about the time taken and paperwork required using our current system of separate applications. We are happy to launch this new one-stop process to make the WP and bank account opening process more seamless and efficient."

The MOM-DBS initiative is another in a series of regular enhancements which MOM makes to the work permit application process. For more information, please visit www.posb.com.sg/wp.