Full Banks

Full banks are able to offer all banking services permitted under the Banking Act. These services include current, saving, and deposit accounts, ATMs, debit and credit cards, mortgages, loans, etc. Some examples of local banks include DBS, POSB, OCBC, and UOB. Foreign full banks which are recognised as Qualifying Full Bank ("QFB") are permitted to operate up to 25 locations, share ATMS with other… More

Full banks are able to offer all banking services permitted under the Banking Act. These services include current, saving, and deposit accounts, ATMs, debit and credit cards, mortgages, loans, etc. Some examples of local banks include DBS, POSB, OCBC, and UOB. Foreign full banks which are recognised as Qualifying Full Bank ("QFB") are permitted to operate up to 25 locations, share ATMS with other foreign banks and freely relocate sub-branches. They are also permitted to negotiate cash advances with local banks for their credit card holders through local ATM networks, amongst many other privileges. Some examples of foreign banks which are QFBs are Standard Chartered, Bank of America, HSBC, ANZ, Bank of China, RHB Bank, and Bank of India. Less