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Singapore is one of the most thriving economies in the world. If you are looking for a job, joining the banking industry is one of the most rewarding decisions you can make. With a booming job market for banking professionals and most of the banks offering competitive salaries to bankers, this Asian country has emerged as a popular work destination among qualified banking professionals. If you want to know what the basic salary of a banker in Singapore is before applying for a job in the country, this blog is especially for you.
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What is the Average Banker Salary in Singapore
The banking sector in Singapore offers a competitive salary range for professionals. On average, bankers can expect a yearly salary of 70,700 SGD, which translates to a monthly income of 5,891 SGD. It’s important to note that experience and other factors can significantly impact your compensation. Entry-level bankers might start around 36,720 SGD annually (3,060 SGD monthly), while highly experienced individuals can reach 106,960 SGD a year (8,913 SGD monthly). This highlights the potential for significant salary growth within the banking profession in Singapore.
We divided the often occurring wages into various ranges to help provide a better picture of projected salaries. Using this method instead of just calculating the average gives a more accurate picture of the wage distribution for the job title “Banker” in Singapore.
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Experience Wise Banker Salary in Singapore
Experience level is the most important factor in determining remuneration. Of course, salary rises as one’s years of experience do. In general, across all businesses and specialities, Singaporean banking professionals with two to five years of experience make, on average, 32% more than their freshmen and younger colleagues.
| Experience | Average Salary Per Year |
| 0-2 Years | SGD 42,960 |
| 2-5 Years | SGD 57,320 |
| 5-10 Years | SGD 73,020 |
| 10-15 Years | SGD 96,180 |
| 15-20 Years | SGD 103,820 |
Education Wise Banker Salary in Singapore
Higher education is generally associated with higher salaries, but to what extent can a degree increase one’s income? Below are the results of our comparison of professional salaries in Singaporean banking across a wide range of degree-granting positions.
| Education Level | Average Salary Per Year |
| High School | SGD 52,880 |
| Certificate or Diploma | SGD 60,840 |
| Bachelor’s Degree | SGD 80,060 |
| Master’s Degree | SGD 99,100 |
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Organisation Banker Salary in Singapore
We divided up the commonly occurring wages into several companies to give a clearer idea of expected pay in Singapore organizations.
| Organisation | Average Salary Per Month |
| DBS Bank | SGD 8,550 |
| United Overseas Bank | SGD 20,279 |
| OCBC | SGD 8,608 |
| Citi | SGD 12,779 |
| HSBC | SGD 12,167 |
| Standard Chartered Bank | SGD 10,775 |
| Bank of China | SGD 3,463 |
| UBS | SGD 5,500 |
| Citicapital Commercial Corp | SGD 7,800 |
| J.P. Morgan | SGD5,000-SGD 15,000 |
| Maybank | SGD 3,000- SGD 7,000 |
| Bank of America | SGD 4,000- SGD 7,000 |
| Credit Suisse | SGD 2,000-SGD 4,000 |
| ABC | SGD 9,000- SGD-11,000 |
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City Wise Banker Salary in Singapore
We divided the commonly occurring wages into various Singaporean cities in order to better illustrate the projected pay of bankers.
| Cites | Average salary Per Years |
| McPherson | SGD 65,000 |
| Scotts Road | SGD 78,000 |
| Outram | SGD 60,000 |
| River Valey | SGD 70,000 |
| Bedok | SGD 50,000 |
| Raffles | SGD 55,000 |
Highest Paying Banking Jobs in Singapore
The anticipated salary for the most sought-after positions in the banking sector is shown below, starting with starting pay.
| Job Positions | Average Salary Per Month |
| Banker | SGD 4,419 |
| Customer Service Representative | SGD 2,719 |
| Branch Manager | SGD 4,363 |
| Vice President | SGD 13,409 |
| Financial Advisor | SGD 4,737 |
| Relationship Banker | SGD 4,184 |
| Licensed Personal Banker | SGD 9,075 |
| Investment-Banker | SGD 6,000 |
| Accountant | SGD 3,000 |
| Business Banker | SGD 5,420 |
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What is Singapore’s Basic Salary?
The concept of basic salary does not exist in Singapore. Although bodies like the National Wages Council (NWC) suggest fair salaries to people, the suggestions are not legally binding. The Singapore workforce operates on a Progressive Wage Model (PWM). As per this model, a basic minimum income for all permanent residents and citizens are provided in specific low-paying sectors. As per the PWM, basic salaries for the following professions are as follows:
| Industry | Basic Salary |
| Cleaning | SGD 1,570–SGD 2,410 |
| Administration | SGD 1,500–SGD 2,800 |
| Food services | SGD 1,915–SGD 2,215 |
| Driving/chauffeuring | SGD 1,750–SGD 1,850 |
| Retail | SGD 1,975–SGD 2,395 |
| Waste management | SGD 2,110–SGD 2,910 |
FAQs
In Singapore, the average monthly pay for a banker is $34,800. In Singapore, a banker’s supplemental financial remuneration ranges from $6,000 to $105,000, with an average of $30,000. The salary estimates are based on 74 salaries that Singaporean Banker employees anonymously posted to Glassdoor.
A diploma from the local polytechnic or a bachelor’s degree from an accredited university. a strong desire to work in wealth management. solid communication and interpersonal abilities.
Singapore is a well-known and thriving global financial hub that supports not only its own domestic economy but also the economies of the whole Asia Pacific region. The nation’s banking sector is a major factor in the financial market sector and is quickly becoming one of the greatest in the world.
The highest salary a Finance professional can earn is around SGD 7250 monthly. On the other hand, the lowest income a person can earn is SGD 3833 in a month. A good salary depends on your profession and level of experience. For example, a Finance Director earns around SGD 185,000 annually. On the other hand, a financial controller earns around SGD 120,000.
Yes. As per the survey conducted by the Mercer Cost of Living, the country is the eighth most expensive place to live. Some of the popular areas with expats include Tanglin, Orchard, Holland Village, and Novena.
This was all about Banker Salary in Singapore. If you want to know more about salary updates on different professions follow Leverage Edu and our main page Jobs Abroad.
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