Need recommendation for Personal Offshore Bank Account

[Happy happy]

Can anyone recommend an offshore bank account for someone living long time in Thailand? A bank account same like a current account to receive and send monies. And if possible get a Visa or MC card, credit or debit.

But not an account requiring a large sum to be deposited.

 

Thanks in advance.

[JimTripper]

https://bbcincorp.com/offshore/articles/countries-with-best-offshore-bank-accounts

Edited October 24, 2023 by JimTripper

[NanLaew]

9 minutes ago, JimTripper said:

i think singapore lets you apply online

 

Indeed Citi in Singapore does still do a remote/online application process for high net worth accounts.

[Liverpool Lou]

11 minutes ago, NanLaew said:

 

Indeed Citi in Singapore does still do a remote/online application process for high net worth accounts.

"But not an account requiring a large sum to be deposited".

The OP doesn't give the impression that he's a HNI.

Edited October 24, 2023 by Liverpool Lou

[Liverpool Lou]

30 minutes ago, Happy happy said:

Can anyone recommend an offshore bank account for someone living long time in Thailand?

Which jurisdiction, "UK", and what do you consider to be a "large sum to be deposited"?  Have you tried looking at the various banks' requirements?

Edited October 24, 2023 by Liverpool Lou

[Celsius]

13 minutes ago, NanLaew said:

 

Indeed Citi in Singapore does still do a remote/online application process for high net worth accounts.

 

One should be extremely cautious about opening these offshore bank accounts. I phoned a CITI rep in Sungapore and was told that deposits and money transfers are very much scrutinized as these accounts are made to park your money only. 

 

If they smell any sort of tax evasion/work deposits expect a quick and painful ban hammer. Some of those deposots would be repeated salary deposits, paypal ttansfers, micro transactions from any gig websites, etc.... i did make this call a while ago before wise was a big player, so it is possible they may have changed the rules (unliky with governments around the world tightening everything) or they added Wise to their list.

Edited October 24, 2023 by Celsius

[Liverpool Lou]

6 minutes ago, Celsius said:

If they smell any sort of tax evadion/work deposits expect a quick and painful ban hammer. Some of those deposots would be repeated salary deposits, paypal ttansfers, micro transactions from any gig websites, etc....

That is nonsense, apart from, possibly, the tax aspect if they're asked by authorities.  No banks ask their, usually, high net worth customers if they're paying the correct amount of tax, neither do they care.  

Offshore banks are perfectly happy to have salaries and any other legitimate payments credited to their current accounts.

Edited October 24, 2023 by Liverpool Lou

[Celsius]

1 minute ago, Liverpool Lou said:

That is, basically, nonsense, apart from, possibly, the tax aspect if they're asked by authorities.  No banks ask their, usually, high net worth customers if they're paying the correct amount of tax!   

Offshore banks are perfectly happy to have salaries and any other legitimate payments credited to their accounts.

 

I guess you phoned and spoke to a rep in Singapore like I did.

 

Thought so.

[Liverpool Lou]

5 minutes ago, Celsius said:

I guess you phoned and spoke to a rep in Singapore like I did.

 

Thought so.

I don't need to, I know how banks (offshore and otherwise) and current accounts operate.  If that was what he told you that "salaries and other expected legitimate payments were not acceptable" to Citibank offshore accounts, he was wrong.  I guess you worked at Citibank, as I did?   Thought not.

Edited October 24, 2023 by Liverpool Lou

[Celsius]

4 minutes ago, Liverpool Lou said:

I don't need to, I know how banks (offshore and otherwise) and current accounts operate.  If that was what he told you that "salaries and other expected legitimate payments were not acceptable" to Citibank offshore accounts, he was wrong.  I guess you worked at Citibank, as I did?   Thought not.

 

You worked for citibank Singapore? 

 

Wow.... you do get around.

[scottiejohn]

1 hour ago, Celsius said:

 

You worked for citibank Singapore? 

 

Wow.... you do get around.

It's amazing where the SAS/SEALs send people!😄

[Middle Aged Grouch]

Check in a forum with ukrainian elites, It seems that many are VIP members in the Panama Papers scandal.

[Longwood50]

It depends on your definition of an offshore account and what your nationality is. 

Most places will require you to be physically present to open an account.  In certain countries like Panama you have to be a property owner to the best of my knowledge. 

British citizens would likely find it easier to open an account in the Bahamas, or Grand Cayman.  

My GF who is Norwegian but we live in Thailand was able to open a brokerage account in Singapore. 

 

[ukrules]

Someone on this forum told me about this bank about 10 years ago, so they've been around for a while :

 

Standard Bank in the Isle of Man : https://international.standardbank.com/international/personal

[mark5335]

4 minutes ago, ukrules said:

Someone on this forum told me about this bank about 10 years ago, so they've been around for a while :

 

Standard Bank in the Isle of Man : https://international.standardbank.com/international/personal

I'm going through the account opening procedure with Standard Bank, Isle of Man at present. If doing it remotely it takes a few weeks including video calls and their own due diligence and background checks. The minimum account balance for their Optimum Account which is their transactional account is $7,000. The interest rates offered on their Fixed Term Deposits is of course much better than in Thailand.

[noobexpat]

22 minutes ago, mark5335 said:

I'm going through the account opening procedure with Standard Bank, Isle of Man at present. If doing it remotely it takes a few weeks including video calls and their own due diligence and background checks. The minimum account balance for their Optimum Account which is their transactional account is $7,000. The interest rates offered on their Fixed Term Deposits is of course much better than in Thailand.

 

Why are you opening one? Have your others been closed due to non-residence issues?

[ukrules]

3 minutes ago, noobexpat said:

 

Why are you opening one? Have your others been closed due to non-residence issues?

 

Even if they haven't been closed yet, that day will eventually come, it's good to be prepared.

 

I need to alter my banking arrangements at some point - still haven't got around to it yet.

 

Edited October 24, 2023 by ukrules

[noobexpat]

8 minutes ago, ukrules said:

 

Even if they haven't been closed yet, that day will eventually come, it's good to be prepared.

 

I don't intend to give them the ammunition to raise suspicion. I still have address ties back home though.

 

But the preparation is good too.

[mark5335]

10 minutes ago, noobexpat said:

 

Why are you opening one? Have your others been closed due to non-residence issues?

I've never been a UK/EU resident so the non-residence issue did not apply. The purpose is for receiving commission income from European clients for a new project I'm involved with. I liked the jurisdiction reputation of IOM and tax treatment, as well as good interest rates on FD's if I accumulate funds there.

[noobexpat]

1 minute ago, mark5335 said:

I've never been a UK/EU resident so the non-residence issue did not apply. The purpose is for receiving commission income from European clients for a new project I'm involved with. I liked the jurisdiction reputation of IOM and tax treatment, as well as good interest rates on FD's if I accumulate funds there.

 

Excellent. Good luck!

[NanLaew]

17 hours ago, mark5335 said:

I'm going through the account opening procedure with Standard Bank, Isle of Man at present. If doing it remotely it takes a few weeks including video calls and their own due diligence and background checks. The minimum account balance for their Optimum Account which is their transactional account is $7,000. The interest rates offered on their Fixed Term Deposits is of course much better than in Thailand.

 

I had a look at their list of correspondent banks and for anything other than GBP, USD, EUR and AED, they list Standard Bank of South Africa Ltd.. Further research led me to the following: Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.

[noobexpat]

2 minutes ago, NanLaew said:

 

I had a look at their list of correspondent banks and for anything other than GBP, USD, EUR and AED, they list Standard Bank of South Africa Ltd.. Further research led me to the following: Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.

 

Its typical for financials to have subsidiaries in various locations. Uk banks do the same, using isle of man as well.

[NanLaew]

7 minutes ago, noobexpat said:

 

Its typical for financials to have subsidiaries in various locations. Uk banks do the same, using isle of man as well.

 

Yes, I know. I've had international accounts with a UK bank's IoM branch for over thirty years.

 

But AUD, SGD, JPY, CHF are significant currencies that are only handled via Standard's SA office rather than a mainstream foreign bank such as Lloyds, London (GBP), Citibank NYC (USD). I guess an international African bank has to start somewhere.

 

Although they obtained a UK banking licence in 1992, they were in talks in 2013 to sell off their London markets to the Chinese. Then in 2014 the Financial Conduct Authority (FCA) fined them £7,640,400 for failings relating to its anti-money laundering (AML) policies and procedures over corporate customers connected to politically exposed persons (PEPs).

 

https://en.wikipedia.org/wiki/Standard_Bank

 

Anyway, if it fits your immediate or short-term banking requirements, it appears to be among the few banks still doing 'remote' new account opening.

[noobexpat]

5 minutes ago, NanLaew said:

 

Yes, I know. I've had international accounts with a UK bank's IoM branch for over thirty years.

 

But AUD, SGD, JPY, CHF are significant currencies that are only handled via Standard's SA office rather than a mainstream foreign bank such as Lloyds, London (GBP), Citibank NYC (USD). I guess an international African bank has to start somewhere.

 

Although they obtained a UK banking licence in 1992, they were in talks in 2013 to sell off their London markets to the Chinese. Then in 2014 the Financial Conduct Authority (FCA) fined them £7,640,400 for failings relating to its anti-money laundering (AML) policies and procedures over corporate customers connected to politically exposed persons (PEPs).

 

https://en.wikipedia.org/wiki/Standard_Bank

 

Anyway, if it fits your immediate or short-term banking requirements, it appears to be among the few banks still doing 'remote' new account opening.

 

Right. I guess you shoukd have stated why you mentioned S.A.

Have you heard of investec? I use them - not for a bank account though. Also originally from SA.

 

Find me a bank thats never been fined!