Need An Offshore Non Resident Account In Hk Or Singapore

[lotus eater]

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.

Interesting. Yours is the first post to put Dubai - and a local bank too - as a better bet than Singapore or HK.

How do you rate Emirates Bank in comparison with the foreign banks in Dubai? And are Dubai interest rates a shade better than Sing/HK or UK/Channel Islands? In theory they should be - because of the less solid country risk.

[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.

Interesting. Yours is the first post to put Dubai - and a local bank too - as a better bet than Singapore or HK.

How do you rate Emirates Bank in comparison with the foreign banks in Dubai? And are Dubai interest rates a shade better than Sing/HK or UK/Channel Islands? In theory they should be - because of the less solid country risk.

I think you'll find Emirates Bank beats HSBC in every way, including interest rates. Also the online mebank works fantastic, though the HSBC HK online also works nice.

[Naam]

"I think you'll find Emirates Bank beats HSBC in every way, including interest rates"

because it's a dwarf bank compared to HSBC?

[lotus eater]

Thanks to everyone for their helpful responses.

I aim to open two accounts, one in Dubai and one in Singapore. When I get back to Tailand at month-end I'll collect my proof of residence docs and go to Singapore later in the year. Singapore is more convenient for me to go to from time to time.

I'm booked on a non-changeable return tkt to Thailand, so can't go to Dubai on my way back. But I'm going to have a shot now to see if Emirates Bank will open an account online.

I need to get most of my cash asap out of the onshore England bank where interest earned is being taxed unnecessarily - as I'm neither resident nor domiciled in England.

[lotus eater]

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.

Interesting. Yours is the first post to put Dubai - and a local bank too - as a better bet than Singapore or HK.

How do you rate Emirates Bank in comparison with the foreign banks in Dubai? And are Dubai interest rates a shade better than Sing/HK or UK/Channel Islands? In theory they should be - because of the less solid country risk.

I think you'll find Emirates Bank beats HSBC in every way, including interest rates. Also the online mebank works fantastic, though the HSBC HK online also works nice.

Chinthee

To pin this down, I want to compare Emirates Dubai interest rates with those of banks in Singapore - or in the Channel Islands or Isle of Man. Have you had occasion to find out about this - in general, approximate terms of course? I couldn't see interest rates being quoted on Emirates's website for any of their accounts, else I could have done the comparison myself.

l e

[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.

Interesting. Yours is the first post to put Dubai - and a local bank too - as a better bet than Singapore or HK.

How do you rate Emirates Bank in comparison with the foreign banks in Dubai? And are Dubai interest rates a shade better than Sing/HK or UK/Channel Islands? In theory they should be - because of the less solid country risk.

I think you'll find Emirates Bank beats HSBC in every way, including interest rates. Also the online mebank works fantastic, though the HSBC HK online also works nice.

Chinthee

To pin this down, I want to compare Emirates Dubai interest rates with those of banks in Singapore - or in the Channel Islands or Isle of Man. Have you had occasion to find out about this - in general, approximate terms of course? I couldn't see interest rates being quoted on Emirates's website for any of their accounts, else I could have done the comparison myself.

l e

Like all the banks, they have a range of packages, depending on amount, duration, what type of overall relationship you want with the bank, etc.. Best thing is to contact them and start a dialogue. Same with HSBC HK. Not sure how much you're talking about in total relationship, but whether you're a private banking customer or retail customer things vary.

ME online

[A_Traveller]

Got a colleague looking at options on this. He's an American Citizen, and was wondering about setting up accounts out here {SE Asia, probably Singapore/HK} Anyone know of institutions which will still permit opening of accounts without the account holder being present?

Regards

[Kf6vci]

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.

Well, don't worry about ATM cards. And regarding tax deductions, the EU has agreements with IOM and other offshore banks so the option will be yours. Pay an anonymour withholding % or have them report you to tax authorities! ** I would be surprised if any bank would open an account without you coming by - with ID theft and all, even agenuine passport won't cut it unless they verify the photo Finally, the key requirement will be that credit card. So do compromise to get less interest and better service. surely, you can do better than let your money rot in some savings account?

[alanro]

This is the easiest and cheapest place to open a non resident bank account at the moment ,

Bradford Bingley Isle of Man eAccess2 account

Edited May 21, 2009 by alanro

[Soutpeel]

Got a colleague looking at options on this. He's an American Citizen, and was wondering about setting up accounts out here {SE Asia, probably Singapore/HK} Anyone know of institutions which will still permit opening of accounts without the account holder being present?

Regards

Citibank International Personal banking in Singapore