List of Banks & Credit Unions
in Joo Chiat

The term “bank” comes from the Italian language. A bank is a financial and credit institution that carries out various kinds of transactions with money, securities, and other tangible assets. The main clients of such institutions are the state (government), individuals, and legal entities. Banks do not have the right to engage in trading, insurance, or production activities on the basis of a special permit (license). Historically, the main function of banks has been to hold customers’ money. Later on, by depositing money in a bank, customers could expect to make a profit. This was possible because the bank received money from some customers and lent it to others. Nowadays there are also separate credit unions that only lend money but under slightly different conditions. So if you need to open an account, get a card or take out a loan in Joo Chiat, this list will help you find a reliable bank.