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Assessing the Future of Banking

From the trends that can be seen in banking functions, services, and trends today, is it possible to assess the future of banking in Singapore? It’s too early to say, although there are some innovations in banking that will definitely stay in the industry for quite a long time.

Convenient banking

Perhaps one of the banking features that will receive more traction over the years is the highlight on convenient, something that is emphasized by services such as online banking and mobile banking. Online banking has been here for quite some time (and it didn’t time too long for people to embrace the innovation). Mobile banking, however, was a slow burn here and anywhere else in the world.

It’s easy to see why online banking easily became part of banking practice easily. Basically, this service allows bank account holders (may it be a current account or a saving account) to control and access their funds from the internet. Of course, you can’t withdraw money from your computer—but you can transfer funds, get your balance, and other similar functions. This makes current accounts all the more usable. Before, a current account holder has to go to his bank to complete a transaction. With online banking, everything is a simple click away.

Online banking isn’t all encompassing. Many banks do not offer online banking services for not so basic accounts such as fixed deposit accounts and children’s accounts. Still, it’s quite convenient. It has effectively changed how people bank.

Mobile banking took time to penetrate the habits of Singaporean bank account holders, but it nonetheless became a relevant addition to the number of services available to bankers today. As the term implies, mobile banking allows bank account holders to do some banking-related functions through their mobile phones (through text messaging or using the phone’s internet capacity).

The thing with mobile banking is that it’s a bit limited. For logistic and safety reasons, it does not and cannot offer the range of services online banking provides.

Just the same, the pattern is evident here: banks want bank account holders to make banking easy and convenient. Many experts do say that this innovation or focus on convenience isn’t entirely positive (for one, it has opened doors for bank fraud and identity thieves). But what this innovation actually addresses is how people work and function today. After all, people do rely on their mobile phones and the internet a lot. Why not use it to give consumers more access to their current accounts and saving accounts?

The future of cheques

In Singapore, rest assured, people and individuals are still using cheques. But in countries like America and the United Kingdom, cheques are used less and less. Consider, of course, that these countries used cheques intensively before, so the shift in the trend will affect them more than it will affect any other country. Still, generally speaking, cheques have been replaced by online banking and other means to provide funds from one bank account to another.

Discovering and Learning More about Forex Trading

The landscape of the forex market is ever changing. This could be because there are far too many factors that can affect the movement of currencies. Certain principles may have to be modified to reflect these changes. Moreover, with the introduction of newer technologies such as automated forex trading systems, newer strategies have to be learned.

To make sure that you continuously discover and learn about forex trading, consider the following tips:

1. Subscribe to news magazines. It doesn’t matter if it’s online or offline. Just update yourself as often as you can on what’s happening all over the world, particularly in the areas of economics and politics. These two, among others, can affect the attractiveness of certain currencies. For example, if a candidate who has conservative views on economics wins, there’s a good chance a lot of investors will stop purchasing the nation’s currencies for fear stringent economic regulations may be implemented.

Positive consumer and home sales reports may be an indication that the economy is on its way to recovery, making its currency attractive. The value will go up, and many who own the currency can sell what they have and gain a lot.

2. Talk with an expert. While you can learn a lot from reading books and magazines, these are mostly just about theories. Nothing beats experience, and you can only get that if you discuss forex with experts. These forex specialist have spent years in the forex market and have gone through a lot of ups and downs in the business. You can get pointers on the things you should watch out for, how to troubleshoot common forex issues, and how to survive the volatile forex market.

It’s also possible to request for mentorship. Several of them are now running their own forex schools. You can enroll in one of them. They may cost you, but if you seriously want to pursue success in forex trading, then the price will be worth it. If you’re lucky you can find someone who can teach you about forex trading for free.

3. Enroll in courses. There’s really no recognized formal education for forex, although getting a formal training can help you go a long way. There are two ways that you can obtain training on forex trading. You can enroll yourself in forex schools, which are commonly available online, or you can enroll in forex trading courses. This means that you will learn on your own pace. The topics are separated by different modules. You can look around online and see if you can get some of them for free. However, to be sure that the pieces of information really come from an expert, it is best to pay a small fee for a series of courses on forex.

4. Try forex. Unless you try forex trading for yourself, you will never know if the techniques you’ve learned work. Moreover, learning theories alone without application is completely useless. There’s no guarantee when it comes to foreign exchange, but as long as you’re educated, you can prepare yourself to overcome the challenges.

Children Savings Can Begin at Home

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Your child doesn’t have to be in school just to be taught about being a wise spender and a wiser saver. You can begin at the comforts of your own home. Here are some tips you can follow:


Set up an online account for your child.

So you don’t end up going into the bank all the time to update your child’s account, you can set up an online version. This way, you can transfer funds anytime you’re at your home. You can sit down with your child when you’re doing this. Why? This is so he or she will also be conscious of his or her own investments. If he or she finds it smaller, you can discuss with your child the best ways to increase his supposed earnings.

There are several banks that already allow you to set up an online children savings account. You can compare them based on level of convenience, accessibility, and other extra features.

Reward your child.

Some parents would give away stars and toys whenever their kids have done something right. You can also consider these gifts—and perhaps something more. How about providing them with coins or small bills, which they can place inside their piggybanks? You can tell them the money is all theirs and can be spent any way they want to at a certain time, such as Christmas.

You can even take this one notch higher by opting for a points system. The amount they receive will be based on the degree of their accomplishment. For example, you may provide them with 50 cents if they fix their bed on their own the entire week and a dollar if they ace tests in school.

Avoid scattering your money anywhere.

You’re sending the kids a wrong signal about saving and spending wisely if you yourself are careless when it comes to handling them. If you’re prone to misplacing them or you’re too lazy to put bills and coins in the pocket, you can look for small containers in different parts of the house. You can gather up the coins and bills at the end of the week.

Better Money Management This 2019

Did you do poorly with your finances last year? Don’t worry, you have around 9 months to make the necessary corrections and transform your 2019 as a period of economic growth for you and your loved ones. All you need is proper money management.

You can begin with the following tips:

Improve your ways of budgeting and shopping.

Perhaps you’re not doing well because of your budgeting skills. Worse, you don’t really know how to shop. The good news is plenty of tools are actually available, and they can be very helpful to improve your knowledge in these two areas. You can start by going online and looking out for tips and applications or programs. You can also utilize the World Wide Web for comparison shopping. This lets you know which products, services, or brands are the best bargain.

Choose your plastic wisely.

It’s also time to scrutinize your credit cards. Are they also rewarding you, or are they just letting you pay the interest and other fees? Find those that truly match your needs and preferences. For example, if you love to purchase expensive items, you can consider getting an interest-free credit card. A cash-back or rebate card can provide you with a refund every time you make a payment or a purchase. There are too many cards to choose from.

You can also consider getting a debit card that allows you to make purchases straight from your bank account. You don’t need to think about interest rates or late-payment fees. You will also have full control over your spending.

Double-check your bank account.

The year 2019 is also a good time to look into other banks. Perhaps you missed out those that can provide you with higher interest for your savings, lower overdraft fees, and more affordable maintaining balance. Moreover, you can conveniently diversify or open new accounts for you and your loved ones. There are hundreds of banks in Singapore. Don’t let one or two limit your options.

Evaluate your home loan.

Your mortgage may be providing you a disservice with a very high interest rate, short payment terms, and less-than-expected money value. It’s time to consider getting a new mortgage. Opt for a refinance. There are hundreds of lenders that can offer you much better rates and loan terms. We can provide you with a lot of tips on how to find them. You can also make use of our comparison tool.

Go over your insurance policies.

You could be piling up insurance policies, some of which you no longer want, don’t fit your preference and need, as well as cause you to spend a lot more each month. You can also use our website to discover that there are actually a lot of ways on how you can cut back on the insurance costs and even get away with some of them (think of discounts). It may also be time to look for another insurance company, one that can provide you with lower premiums and more customized coverage.

Think about investing.

If you’re dead serious of living comfortably even after retirement, then you have to consider getting into investing. There are several ways on how to invest. You can opt for mutual funds, stocks, or bonds. You can diversify to reduce the risks. If you want something cheap, you can opt for the exchange traded funds or ETFs. You have fund managers to help you out.

Plan your retirement well ahead of time.

Now is the best time to think about your retirement—while you’re still young, healthy, and of clear mind. It also allows you to build up on your retirement funds. Singapore has a lot of monetary requirements you need to fulfill if you wish to take advantage of their scheme. You can ask support from your employer or approach the authorized agency for more information.

Improve your property.

If you’re already an owner of a house, you can make 2019 a year of renovation. The purpose, however, is to improve the value of your house in the market. With hundreds of people choosing Singapore as their new home every year, you have a huge potential of selling your property for a good price to any of them.

Determine how to save on your taxes.

Taxes are such a huge chunk out of your salary, so you’re wondering if there’s any way you can save money without really doing something illegal. You do have ways, though. Check out our articles to discover how you can save and how much. e

A Basic Guide to Buying a Used car

Most potential car buyers would consider getting a used car, despite the fact that it’s relatively easy to get a car loan in Singapore. Especially when you compare the process of getting a car loan in countries like America or the United Kingdom. First time car buyers usually don’t have enough money to buy a brand new car, but they need a vehicle. So the compromise is to get a used car.

While this option is quite common, it still requires a thorough consideration. Owning a used car has a number of repercussions, make sure you’re prepared for them.

The circumstances

Remember that even with a car loan, buying a used car is more than just purchasing it based on its price tag. Because it was already used, it will have some problems. When getting a car loan, try to consider getting additional money for repairs, if possible.  More than the cost of buying the car, there’s also the cost of owning the car. Petrol costs, regular checkups, necessary additional parts — these are only some of the things you will have to spend for later on, occasionally and regularly.

If you’re certain that you can afford the car, and that you can get your car loan approved, it’s time to choose a used car.

Before you go shopping for a vehicle, it is important to know what car you intend to buy — in terms of the type of vehicle and the price. Set a budget when you’re looking for a car but be prepared to spend a bit more than what you planned. This way, you’ll be able to consider the best used car in the market without taking for granted the better, much cheaper deals.

Consider the used car

With a budget in mind, you can now look for a used car to buy. Remember that most banks and financial institutions require the borrowers to include in their car loan application the car they want to purchase. This is true with most loans, including a home loan or a refinancing loan. It is advisable to purchase a used car from a reputable seller that can offer a reasonable warranty.

But the bigger concern is assessing the used car. This step should be done in two different manners: checking the physical aspect of the car and checking the specifications of the car.

For the physical aspect of the used car, you’ll need to look at the car personally so you can have a test drive. Even with the proliferation of websites selling used cars, buying a used car without even seeing it is not advisable. It is highly risky. Even with a thorough physical assessment, it’s not possible to know for sure the exact condition of the used car.

Check the used car for any physical deformities. Dents, rusts, discolorations—these signs indicate the general condition of a used car. Although their absence do not immediately mean that the car is in top condition. Always make sure that you check the used car during the day.  Never view a used car at night or when it is raining, as this can affect visibility. Check if the used car’s tires are aligned, if there are oil leaks, and if the panel gaps are equal. Make sure the car’s seatbelts are working properly.

When test driving, always start the car’s engine cold. If the used car was already warmed up before you drive it, it’s possible that the seller is hiding defects. Listen carefully while you drive. Are there any screeches and other unusual sounds coming from the car? Make sure the handbrake is working.

Most importantly: if you can, drive the used car in a number of road types. This will give you an idea how the used car will drive in usual scenarios. You will want to make the most out of your car loan, after all.

Questioning the owner

There are certain things that you won’t be able to get even after driving the used car. This is why you need to interview the previous owner of the vehicle you’re planning to buy. But what are the things you should ask?

First, always ask the seller why he is selling the vehicle. Any answer is a good answer — and it’ll give you a good idea on what the general condition of the car is. You’ll get a range of possible answers, from the seller who bought or will buy a new car — which is the best answer, since this means the seller will want to sell the used car immediately and might be forced to give you substantial discounts, to “the car consumes too much gas” — not the best answer, but at least you know what you’re getting yourself into. Then, ask when the car was first bought, where it was bought, and what the general condition of the car is.

Many materials online give the impression that it’s ok to interview the seller before you test drive the used car. However, it’s actually best to do the interview after testing the used car. This way, the questions you will ask will turn out to be verifications rather than the first information you’ll get about the car. When testing driving the used car, take note of certain things you noticed and ask the owner about it.

Be thorough when checking the used car. If you need to check the car’s history more professionally, do so.  This is necessary if you want to find out if the used car has ever been involved in an accident before. The objective is to get your money’s worth. Lastly, remember that you can haggle. Never be afraid to ask for a price that you think is the best value for the car you’ll buy.