Opening a bank account in Spore/HK/Vietnam?

[Batty]

Hi there.  I need to open a bank account in preferably a low taxation country.  Any country will be fine, providing I have a debit card, online banking and the ability to recieve weekly internationaly wired deposits.  Singapore and Hong Kong seem like a popular choice, but it seems the rules have changed recently and now there are quite a few strict rules in place?  I have of course looked around google for an idea but it seems to be an absolute minefield?  It looks like Hong Kong and Singapore require company formation for non residents to open a bank account and that would be fine for me as I would like to offer a little tax each month, but even then, there are quite a few hurdles in place.  Getting a bank account in this era seems like a whole bunch of hard work and red tape.

 

Has anyone any recent experience in opening a bank account overseas?  Is it a challenge?  Are there any other countries that might appeal?

 

Appreciate it

 

Batty

[Naam]

Quote

it seems... it looks like...

that you possess a weath of no idea pertaining to bank accounts in Singapore and Hong Kong.

 

no offense meant Batty!

 

-opening a corporate account in SG and HK is much more complicated than a personal account.

 

-Singapore banks are high and mighty. most multinationals operating in SG are demanding an entry with assets valued at USD 5mio, very few accept the minimum suggested by the M.A.S. (Monetary Authority of Singapore) of USD 1.5mio for an accredited investor.

 

-easiest way to open an account (very recent status) is Standard Chartered Bank Retail (not Private!) Banking. requirement proof of tax residence by utility bill or immigration certificate.

 

it goes without saying that neither HK nor SG taxman is interested to steal any of your money.

 

[tutsiwarrior]

don't know about these days but around 2010 - 2011 one needed a work permit and a residence card to open a personal account in VN with a debit card...

 

 

[GeKoSc]

2 hours ago, tutsiwarrior said:

don't know about these days but around 2010 - 2011 one needed a work permit and a residence card to open a personal account in VN with a debit card...

 

 

It seems in today's time everybody with a tourist visa may open a bank account in Vietnam. However, you should check the varying conditions for each bank when it comes to the exchange rate from USD/Euro/etc to Dong, the cost of ATM and credit/debit card use. Some banks do not charge ATM service. If your money comes from outside of Vietnam no problem to return it back to your bank before you leave the country.

[Naam]

9 hours ago, tutsiwarrior said:

don't know about these days but around 2010 - 2011 one needed a work permit and a residence card to open a personal account in VN with a debit card...

last time i checked neither HK nor SG were located in VN.

[macahoom]

6 hours ago, Naam said:

last time i checked neither HK nor SG were located in VN.

 

I think you mustn't have read the title of the thread.

[jasonsamui55]

17 hours ago, tutsiwarrior said:

don't know about these days but around 2010 - 2011 one needed a work permit and a residence card to open a personal account in VN with a debit card...

 

 

It was same at Citibank Vietnam a few months ago too.

[Letseng]

SG will no longer accept nationals from Europe. Others? New rule since early this year. You need residence/work permit. May be some banks will but SG banks like DBS, UOB don't.

 

[Naam]

3 hours ago, macahoom said:

 

I think you mustn't have read the title of the thread.

i deliberately jumped over VN because a corporate account for a foreigner is virtually impossible.

[weedywhaoo]

I have a company that do international invoicing for freelance workers, that makes the income tax free. PM me for more details.

[Mavideol]

3 hours ago, Letseng said:

SG will no longer accept nationals from Europe. Others? New rule since early this year. You need residence/work permit. May be some banks will but SG banks like DBS, UOB don't.

 

incorrect and misleading.....am European and just (2 weeks ago) open an account with Citi Singapore

[Mavideol]

which country are you from, if not from USA many banks in Singapore will accept applications and depending on the type of account and the amount you will be depositing they will offer different type of accounts. Did you check with OCBC, UOB, Citi and maybe DBS but this one may be a little more demanding. Did you try Macau at BNU (have an account there good service/rates) or Banco Comercial de Macao try to stay away from the Chinese banks there and for HK for now wouldn't advise, did banking there with (the crooks) HSBC and not on my good list, different other banks there as well but the current political turmoil would keep me away

[Pdavies99]

Personally I dont understand all the fuss...Lloyds bank International are very simple to open an account with..In US $  or Sterling or Euros. Debit card (Cheque book issued if required) fast services.

A large recognised Bank worldwide.

(Channel Islands, Jersey... Nil Taxation for non resident)

 

 

https://international.lloydsbank.com/

 

Edited September 26, 2019 by Pdavies99

[ThomasThBKK]

7 hours ago, Letseng said:

SG will no longer accept nationals from Europe. Others? New rule since early this year. You need residence/work permit. May be some banks will but SG banks like DBS, UOB don't.

 

This is not true, what they do not accept is people LIVING in europe aka European TAX RESIDENTS. Due the new reporting requirements, that are the same as FATCA in the US.

If you LIVE in Thailand and you are Thai tax resident with a european passport, there is no such restriction.

OCBC, UOB, Citibank etc are all not an issue, as long as you have their minimum deposit amount, citibank gold is 200k USD min deposit.

 

UOB is less, and UOB thailand is a good alternative, they also have USD bank accounts - no need to go to singapore.

 

Taxation has absolutely nothing to do with bank location OP, it depends on your tax residence and where the money is earned...

[Ron jeremy]

In a recent thread, a member opened a bank account in Vietnam with no problem at all. Needed the equivalent of 65 baht,and a  passport.

others have no problem with tourist visas also.

in the past it was hit and miss. 

 

Edited September 26, 2019 by Ron jeremy

[ThomasThBKK]

Why even Vietnam, it's like the most horrible place to have a bank account right after or in front of china??!

No one with a brain would store his money in a communist country without living there...

 

No foreign currencies allowed, tight capital controls, it's horrible.... why does OP want to go there.

 

Make one in Europe, or in one of the tons of other small states a la Jersey and co...

I don't know where you are from but if you give us more details on what the whole point of it is you get better replies OP, 

Singapore is used as it's a safe space, independent and very stable, it's like switzerland...

[plfomylo]

On 9/25/2019 at 1:06 PM, Naam said:

that you possess a weath of no idea pertaining to bank accounts in Singapore and Hong Kong.

 

no offense meant Batty!

 

-opening a corporate account in SG and HK is much more complicated than a personal account.

 

-Singapore banks are high and mighty. most multinationals operating in SG are demanding an entry with assets valued at USD 5mio, very few accept the minimum suggested by the M.A.S. (Monetary Authority of Singapore) of USD 1.5mio for an accredited investor.

 

-easiest way to open an account (very recent status) is Standard Chartered Bank Retail (not Private!) Banking. requirement proof of tax residence by utility bill or immigration certificate.

 

it goes without saying that neither HK nor SG taxman is interested to steal any of your money.

 

 

So it is still easy in HK ?

What is needed please ? thanks.

 

 

[ThomasThBKK]

9 minutes ago, plfomylo said:

 

So it is still easy in HK ?

What is needed please ? thanks.

 

 

No HK isn't easy due to their past (money laundering scandals involving hsbc etc), it's also not a good place anymore due to china.

Especially getting a corporate account ther is a pain in the butt.

 

Singapore is more relaxed, as long as you have money and it's not shady.

[Mavideol]

8 minutes ago, plfomylo said:

 

So it is still easy in HK ?

What is needed please ? thanks.

 

 

not that easy anymore, unless big amount of $$$$$ otherwise need to be resident which (easily) could  be accomplished by subscribing to a mobile phone service/contract, I did it in 2007

[Mavideol]

19 hours ago, ThomasThBKK said:

This is not true, what they do not accept is people LIVING in europe aka European TAX RESIDENTS. Due the new reporting requirements, that are the same as FATCA in the US.

If you LIVE in Thailand and you are Thai tax resident with a european passport, there is no such restriction.

OCBC, UOB, Citibank etc are all not an issue, as long as you have their minimum deposit amount, citibank gold is 200k USD min deposit.

 

UOB is less, and UOB thailand is a good alternative, they also have USD bank accounts - no need to go to singapore.

 

Taxation has absolutely nothing to do with bank location OP, it depends on your tax residence and where the money is earned...

by any chance do you bank with CITIBank in Singapore or any here do?

[William Osborne]

As mentioned previously Llyods international is one of the easier offshore acc's to open....one i have, you need 3500 USD at all times or you have to pay a high monthly fee..

 

If you want in Asia... why not Thailand ?????

[ThomasThBKK]

1 hour ago, Mavideol said:

by any chance do you bank with CITIBank in Singapore or any here do?

Yeah i do but i find them quite frankly annoying, always trying to sell you stuff - i am not interested in investing in their Chinese mutual funds that lose 20% of money per year.

[Mavideol]

1 hour ago, ThomasThBKK said:

Yeah i do but i find them quite frankly annoying, always trying to sell you stuff - i am not interested in investing in their Chinese mutual funds that lose 20% of money per year.

am having similar problems with their time deposit rates and terms & conditions, long time ago stopped with funds, too much stress and at my age better play safe, do they give you hard time as well, I use them and also use DBS which is very conservative

[Penefattore]

for what's my experience , there is zero chance to open a bank account in each of those three places.

I suggest trying Advanced Bank of Asia in Phnom Pehn.

[FracturedRabbit]

I opened an account with UOB Singapore. I am a Brit living in Thailand. The only hassle was persuading a bank in Thailand to write a letter confirming my address.