Need An Offshore Non Resident Account In Hk Or Singapore

[lotus eater]

I was but am no longer resident in the UK - nor even domiciled there. I now want to open an account into which I can have most of funds that are presently in England. I would like the account to have the following features:

It should be in either Singapore or Hong Kong; or perhaps Dubai if there are big advantages to it.

It should be able to hold my money £s and €s.

It should make no tax deduction - given that I would be a non resident.

It should give me a better interest rate than a bank in europe or even the channel islands/isle of man.

It should give me an international atm card. (If possible also an international credit card; and if possible also a cheque book)

It should have internet banking facilities; and simple international money transfer facilites - if not on internet then telephone.

It should give me the possibility of opening the account from Thailand; but if I must go there I will.

I will be very grateful if someone will give me any recommendations based on their actual experience or certain knowledge.

[JAS21]

I was but am no longer resident in the UK - nor even domiciled there. I now want to open an account into which I can have most of funds that are presently in England. I would like the account to have the following features:

It should be in either Singapore or Hong Kong; or perhaps Dubai if there are big advantages to it.

It should be able to hold my money £s and €s.

It should make no tax deduction - given that I would be a non resident.

It should give me a better interest rate than a bank in europe or even the channel islands/isle of man.

It should give me an international atm card. (If possible also an international credit card; and if possible also a cheque book)

It should have internet banking facilities; and simple international money transfer facilites - if not on internet then telephone.

It should give me the possibility of opening the account from Thailand; but if I must go there I will.

I will be very grateful if someone will give me any recommendations based on their actual experience or certain knowledge.

Not really much help..I use A&L Int. IOM gives 6.15% Internet Only..but guess that you have looked..remember though the bigger the return the bigger the risk.

[ThaiWanderer68]

Don't think you will get one bank that fulfils all those criteria, i.e best on everything. When you talk of better rate they vary on exchange rates, interest rates etc.

I was looking for offshore banking (eg Singapore) + Thailand banking. For me it came down to a choice between HSBC and Standard Chartered. I chose Standard Chartered. Reasons were:

HSBC has slighty better technology, but times change fast anyway; but after that

Stan Chart seems to have more branches in Singapore and more conveniently located. 17 v 11 I think

Stan Chart has 30+ branches in convenient locations in Thailand. HSBC has only 1 near Lumpinin Park.

Stan Chart is very focused on Asia. eg go to Indonesia, Korea, Taiwan etc and they are easier to find than HSBC

Stan Chart Amounts for priority banking were lower, SGD 200k in Singapore, across everything in total, investments savings etc. This gave free Platinum card

Stan Chart seemed to have lower charges and minimum balances

Stan Chart is also big on Social Responsibility, and does a lot in the communites.eg you see the African blind marathon runner, their Seeing is Believing campaign for the blind throughout the world, etc

When l wanted to invest in mutual funds/unit trusts, Stan Chart Singapore act as distributors and offer 400+ funds, HSBC only offer 200+

[lotus eater]

Don't think you will get one bank that fulfils all those criteria, i.e best on everything. When you talk of better rate they vary on exchange rates, interest rates etc.

I was looking for offshore banking (eg Singapore) + Thailand banking. For me it came down to a choice between HSBC and Standard Chartered. I chose Standard Chartered. Reasons were:

HSBC has slighty better technology, but times change fast anyway; but after that

Stan Chart seems to have more branches in Singapore and more conveniently located. 17 v 11 I think

Stan Chart has 30+ branches in convenient locations in Thailand. HSBC has only 1 near Lumpinin Park.

Stan Chart is very focused on Asia. eg go to Indonesia, Korea, Taiwan etc and they are easier to find than HSBC

Stan Chart Amounts for priority banking were lower, SGD 200k in Singapore, across everything in total, investments savings etc. This gave free Platinum card

Stan Chart seemed to have lower charges and minimum balances

Stan Chart is also big on Social Responsibility, and does a lot in the communites.eg you see the African blind marathon runner, their Seeing is Believing campaign for the blind throughout the world, etc

When l wanted to invest in mutual funds/unit trusts, Stan Chart Singapore act as distributors and offer 400+ funds, HSBC only offer 200+

Thanks for the response. I'd be perfectly happy to choose StanChart, but you don't tell me if they

give an atm card

don't deduct any tax on earnings/interest on funds/deposits

offer internet banking

will open an account with me couriering form and docs - or require me to go there

[sonicdragon]

Don't think you will get one bank that fulfils all those criteria, i.e best on everything. When you talk of better rate they vary on exchange rates, interest rates etc.

I was looking for offshore banking (eg Singapore) + Thailand banking. For me it came down to a choice between HSBC and Standard Chartered. I chose Standard Chartered. Reasons were:

HSBC has slighty better technology, but times change fast anyway; but after that

Stan Chart seems to have more branches in Singapore and more conveniently located. 17 v 11 I think

Stan Chart has 30+ branches in convenient locations in Thailand. HSBC has only 1 near Lumpinin Park.

Stan Chart is very focused on Asia. eg go to Indonesia, Korea, Taiwan etc and they are easier to find than HSBC

Stan Chart Amounts for priority banking were lower, SGD 200k in Singapore, across everything in total, investments savings etc. This gave free Platinum card

Stan Chart seemed to have lower charges and minimum balances

Stan Chart is also big on Social Responsibility, and does a lot in the communites.eg you see the African blind marathon runner, their Seeing is Believing campaign for the blind throughout the world, etc

When l wanted to invest in mutual funds/unit trusts, Stan Chart Singapore act as distributors and offer 400+ funds, HSBC only offer 200+

Thanks for the response. I'd be perfectly happy to choose StanChart, but you don't tell me if they

give an atm card

don't deduct any tax on earnings/interest on funds/deposits

offer internet banking

will open an account with me couriering form and docs - or require me to go there

I can confirm all those points, for StanChart HK, except the last. I think Sing has slightly looser regulations for account openings (in terms of being non resident)

[lotus eater]

I can confirm all those points, for StanChart HK, except the last. I think Sing has slightly looser regulations for account openings (in terms of being non resident)

Do you mean HK will not open an account for someone resident in Thailand, or do you mean HK would want me to go to HK simply to open the account?

If it's the former, it defeats the whole purpose as I'm resident in Thailand and wanting to open an offshore account.

[ludosiam]

I can confirm all those points, for StanChart HK, except the last. I think Sing has slightly looser regulations for account openings (in terms of being non resident)

Do you mean HK will not open an account for someone resident in Thailand, or do you mean HK would want me to go to HK simply to open the account?

If it's the former, it defeats the whole purpose as I'm resident in Thailand and wanting to open an offshore account.

I had contacted HSBC in sPORE some time ago, they will open a non resident account but require personal identification. Could probably be made in a HSBC branch in Thailand as well.

[naka]

Probably your best bet is HSBC Singapore, check their website.

Naka.

[ThaiWanderer68]

Stanchart have a range of accounts, with chequebooks, ATM, internet, with different opening amounts/rates etc.

http://www.standardchartered.com.sg/cb/deposit/dep_sgd.html - singapore dollar accounts

http://www.standardchartered.com.sg/cb/dep...dep_fc_cur.html - foreign currency accounts

I think most banks these days if you are opening outside your own country they expect you to go in person. Mainly for anti-money laundering and know your customer/ fit for purpose rules. Of course there are exceptions.

I opened mine in person. That's why I chose Singapore - easy to get to from Thailand, wth cheap flights. I'd advise going to the bank anyway first time to get a feel of whether you are comfortable with them. All the questions you have you can then ask their staff direct

BTW set up is quick.

[gennisis]

I was but am no longer resident in the UK - nor even domiciled there. I now want to open an account into which I can have most of funds that are presently in England. I would like the account to have the following features:

It should be in either Singapore or Hong Kong; or perhaps Dubai if there are big advantages to it.

It should be able to hold my money £s and €s.

It should make no tax deduction - given that I would be a non resident.

It should give me a better interest rate than a bank in europe or even the channel islands/isle of man.

It should give me an international atm card. (If possible also an international credit card; and if possible also a cheque book)

It should have internet banking facilities; and simple international money transfer facilites - if not on internet then telephone.

It should give me the possibility of opening the account from Thailand; but if I must go there I will.

I will be very grateful if someone will give me any recommendations based on their actual experience or certain knowledge.

Nationwide International in the Isle of Man meets your requirements I think..but not sure about the Int ATM card...Ive just recently opened an account from here mainly for transferring money to my Thia Bank over the internet. Nationwide UK required a posted request form each time for International transfers

[old wanderer]

I just did this last Friday in Singapore at CITI. It took me about 2 hours to get everything the way I wanted it which included:

1. Choice of 9 types of currency in my account, you can choose up to 4.

2. Visa card

3. Electronic access with a little code generator for security

4. Fax instructions for transfers.

5. Telephone

6. Low cost international transfers from offshore CITI banks ($10)

Cons,

You will need to have $20,000 (US) in the account within 3 months and not fall below $5000 or incur a $30/month service charge.

Not more that $20,000/day inflow of capital.

What I needed was my passport, and credit card. They were happy when I also showed them 2 Thai bank account books with substantial deposits in them.

I needed a place for some offshore money to flow too, and feel very secure in Singapore.

[lotus eater]

Many thanks for the very helpful responses.

How would the Singapore banks eg UOB or DBS compare with the foreign banks mentioned - interest/charges/service/facilites? Unless someone thinks they could be better in any significant way I will plan to go to Singapore and open an account with one of the banks mentioned - HSBC, StanChart or Citi.

From the info I gather that I should take with me evidence of my other bank account/cards. What else? What proof of thai residence, for example? I don't want to trouble you wiht info that may be on the websites cited, so please don't bother to reply to this unless the info on the sites is insufficient/misleading.

Thanks also regarding the info on Natwide International. I intend to also open an account there too. Will however keep the bulk of funds in the account giving me the best terms - the Singapore account or Natwide IoM.

[lotus eater]

I apologize for repeating myself on this point, but could you please confirm that the banks mentioned in Singapore (and also IoM) do not deduct any tax on interest or other earnings for such a non resident account?

Many thanks again.

[Naam]

I apologize for repeating myself on this point, but could you please confirm that the banks mentioned in Singapore (and also IoM) do not deduct any tax on interest or other earnings for such a non resident account?

Many thanks again.

Singapore does not charge/deduct tax on any interest or capital gains. that even applies to SIN-residents since jan 1, 2004. i am banking in Singapore since several years.

[lotus eater]

I apologize for repeating myself on this point, but could you please confirm that the banks mentioned in Singapore (and also IoM) do not deduct any tax on interest or other earnings for such a non resident account?

Many thanks again.

Singapore does not charge/deduct tax on any interest or capital gains. that even applies to SIN-residents since jan 1, 2004. i am banking in Singapore since several years.

Thanks for that clear answer.

(You choose not to recommend your bank - perhaps because it doesn't meet one fo my other conditions?)

Is there a site where I can compare interest paid on customer deposits by banks in Singapore?

[naka]

Best to stick with the big International banks.

HSBC has a department specifically for non residents.

And yes, all the banks have websites where you

can get information on rates.

Naka.

[Naam]

Thanks for that clear answer.

(You choose not to recommend your bank - perhaps because it doesn't meet one fo my other conditions?)

i am banking with one of the fancy swiss banks in Singapore who's arrogant bankers think you are a pauper if your holdings are "a mere" million dollars. but that's besides the point. some of your requirements (e.g. cheque book and money transfers via internet) are not met.

[Naam]

And yes, all the banks have websites where you

can get information on rates.

which might apply or not. banks can and should be haggled with, whether it's rates or fees or ANYTHING. it all depends on how much clout one has.

[Prakanong]

I apologize for repeating myself on this point, but could you please confirm that the banks mentioned in Singapore (and also IoM) do not deduct any tax on interest or other earnings for such a non resident account?

Many thanks again.

I do not know about your situation but as a Singapore resident I use DBS here and they are very good from what I have experienced.

Off shore I use ING in Luxembourg but have been told its difficult to get an account there. Had a pal go to the office persoanlly and wanted to open and transfer 200k GBP and they said no.

He got an account at Citibank Singapore no problem while resident in Thailand. He was phished from that account but he was an idiot and gave all his details. He got his money back but was very lucky to do so.

[Prakanong]

Thanks for that clear answer.

(You choose not to recommend your bank - perhaps because it doesn't meet one fo my other conditions?)

i am banking with one of the fancy swiss banks in Singapore who's arrogant bankers think you are a pauper if your holdings are "a mere" million dollars. but that's besides the point. some of your requirements (e.g. cheque book and money transfers via internet) are not met.

If its the one I think you are talking about they are very fussy. I sometimes have a drink at Harry's with the Director of Operations and they play with silly money!

[samtam]

HSBC in HK should fulfill all your requirements. There is no distinction between resident and non resident, (for tax purposes), and no witholding tax on interest earned. If you have an account with HSBC in Thailand it will be the simplest thing to open from here. But if not, you will probably have to go to HK to do it. Interest rates in HK for GBP & EUR are not as good as rates in those countries, but easy enough to open a Jersey Offshore account with HSBC on the back of your account at HSBC HK, and if you qualify for Premier banking transfers can be done online and are free.

Edited July 16, 2007 by samtam

[Naam]

If its the one I think you are talking about they are very fussy.

actually all big banks worldwide have become quite fussy when it concerns "compliance" standards (know your customer) established by the United States on terrorist financing, drug money or money laundering in general. they have no other choice because a Damocles sword is hanging over their subsidiaries in New York. a simple closure of a branch in NY by a federal judge plus fines (it happened several times) can cause a loss of a few hundred millions.

[lotus eater]

HSBC in HK should fulfill all your requirements. There is no distinction between resident and non resident, (for tax purposes), and no witholding tax on interest earned. If you have an account with HSBC in Thailand it will be the simplest thing to open from here. But if not, you will probably have to go to HK to do it. Interest rates in HK for GBP & EUR are not as good as rates in those countries, but easy enough to open a Jersey Offshore account with HSBC on the back of your account at HSBC HK, and if you qualify for Premier banking transfers can be done online and are free.

Strong recommendations have been made by members for HK and Singapore banks. Singapore is nearer, so I mihgt as well go there to open an account. (Presumably you had a spevific/personal reason to choose HSBC in HK over HSBC in Singapore - I'm assuming you live in Thailand.)

Didn't expect that interest rates on £s and €s woudl be worse in HK/Singapore than in Jersey (or the UK).

What are the pros and cons (for a non resident) as between a local bank like DBS and a foreign bank branch like HSBC/Stanchart? (Assuming I'm not looking for fancy financial products, nor have huge amounts to play with.)

[Naam]

Didn't expect that interest rates on £s and €s woudl be worse in HK/Singapore than in Jersey (or the UK).

interest rates on fixed deposits are nearly identical when the holding banks have the same rating and no monkey business is involved (like bullsh*tting the customer by publishing "compounded interest").

there is also a difference whether the money is actually held in cash or invested by the bank in a money market fund. customers should ask their banks to specify EXACTLY on what basis and terms the published interest is paid.

here's a website with interbank rates for various major currencies which gives a rough guideline for private investors by deducting ~0.25% from the bid price.

example: GBP Deposit 1Y 6.273% minus 0.25 = 6.023%

http://finfox.nzz.ch/s/markets_interestmoneylist.xhtml

[samtam]

Yes, I live in Thailand and I use HSBC Hong Kong because I am familiar with it, and I believe international banking there is more efficient than anywhere else I have used. HSBC systems are by far and away the most advanced I have come across. Their rates in HK for GBP 1 month are 3.85% but I can get 6% AER from their Online Saver in UK, and about 5.1% in Jersey. There must be a greater GBP funding requirement in UK/Jersey to enable them to be more competitive, although of course they are the same bank.

[lotus eater]

...

here's a website with interbank rates for various major currencies which gives a rough guideline for private investors by deducting ~0.25% from the bid price.

example: GBP Deposit 1Y 6.273% minus 0.25 = 6.023%

...

This rule of thumb would apply for what amounts - 4 figures, 5 figures, 6 figures?

Yes, I live in Thailand and I use HSBC Hong Kong because I am familiar with it, and I believe international banking there is more efficient than anywhere else I have used. HSBC systems are by far and away the most advanced I have come across. Their rates in HK for GBP 1 month are 3.85% but I can get 6% AER from their Online Saver in UK, and about 5.1% in Jersey. There must be a greater GBP funding requirement in UK/Jersey to enable them to be more competitive, although of course they are the same bank.

Accepting your assertion about HSBC systems may I not assume that the Singapore branch would be as good as the HK? If so, since I am no more familiar with one than the other it would seem to make sense to choose Singapore as the nearer location.

I'm taken aback by the interest rate difference you cite between HK and UK. Must be apples and oranges here otherwize arbitrage would quickly eliminate it, surely. (Although if one of the coutries is much riskier than another there can be a difference like this - but HK can't be classified thus.)

Final question re HSBC. Would you recommend their Thailand branch for an account over the Thai banks - for charges, facilities, convenience. et al.? And is there much of a hassle to open an account?

[Naam]

This rule of thumb would apply for what amounts - 4 figures, 5 figures, 6 figures?

interbank rates are normally published for a value of USD 1 million but the rule over the thumb i posted is (according to my bank) for GBP 50,000 and don't forget that rates are negotiable! sometimes i receive a better rate than the published interbank one.

[Naam]

Yes, I live in Thailand and I use HSBC Hong Kong because I am familiar with it, and I believe international banking there is more efficient than anywhere else I have used. HSBC systems are by far and away the most advanced I have come across. Their rates in HK for GBP 1 month are 3.85% but I can get 6% AER from their Online Saver in UK, and about 5.1% in Jersey. There must be a greater GBP funding requirement in UK/Jersey to enable them to be more competitive, although of course they are the same bank.

it's not the funding requirement Samtam but Jersey banks (as a lot of other offshore banks) are not required to keep minimum reserves with the central bank (in this case the BOE). that goes for other currencies than GBP too. offshore subsidiaries are subject to different legislation, it all depends on their setup and location.

[Naam]

Their rates in HK for GBP 1 month are 3.85% but I can get 6% AER

3.85% is a joke! what's "AER"?

[chinthee]

From a lot of personal experience, with accounts at HSBC in HK, HSBC in SG and Emirates bank Dubai, the best services for what the OP stated are Hong Kong and Dubai. Hong Kong though has raised requirements and scrutiny for offshore depositors, and Singapore has always been more difficult.

Dubai is your best bet. You should go in person and I recommend Emirates Bank and their MeBank online services as well.

Again, with terrorism increased security, I think the requirements are changing monthly. Go meet with them.