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Best place in S.E.Asia to open a £ stirling bank account..


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Hi, I'm a Brit looking to open a Stirling bank account. I have a Bangkok bank account here in Bangkok but opening a Stirling account with them is still not easy and banking in Thailand is not cheap. Does anyone know of a better option somewhere else in S.E.Asia?

 

Thanks

Bill

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Just now, BillStrangeOgre said:

Thanks, do you know if I would need a visa or a work permit etc to open an account in Singapore?

 

I had a work permit there (which I think I had to show because you get an ID card which they wanted to see) - but that was just for basic banking account.

 

If you have a large amount of dosh to deposit most banks will waive the rules and most UK banks will open an off-shore account for you.

 

But if you deposit a couple of grand on a tourist visa in Singapore I would imagine you would have a problem - maybe, try it.

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5 minutes ago, nglodnig said:

I had a work permit there (which I think I had to show because you get an ID card which they wanted to see) - but that was just for basic banking account.

 

If you have a large amount of dosh to deposit most banks will waive the rules and most UK banks will open an off-shore account for you.

 

But if you deposit a couple of grand on a tourist visa in Singapore I would imagine you would have a problem - maybe, try it.

Thanks for the info

Bill

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11 minutes ago, Paul9989 said:


When I opened mine in Singapore it was quite a long time ago. At the time they would open savings accounts and fixed deposit accounts for non-residents without work permit or anything. But you had to fly over there to do it at the UOB head office branch and they had a sizable minimum starting balance requirement. Best to check with them directly about their requirements at present. 
 

Lloyds in the IOM is another good option for offshore banking. No minimum balance I believe. But the paperwork requirements when opening an account with them from overseas can be a hassle. Again, best to check with them directly to confirm about current requirements because, otherwise, what I (or anyone else) tells you could prove to be only anecdotal. 

More great advice, thanks a lot

Bill

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By the way, in case you're unfamiliar with the term KYC, it means "know your customer" and that's what the banks refer to all of their questioning as when they have a lot of verification requirements that one must meet on "source of funds" and things like that. 

 

But really what it all boils down to is anti-money laundering procedures that they have put in place and, thus that's also why the KYC requirements continue to get more stringent as time goes on.  

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Lastly, residing in Thailand doesn't help and it can often be a strike against someone when trying to open an offshore bank account because Thailand is already seen as a country with high levels on money laundering. 

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2 hours ago, Paul9989 said:

Lastly, residing in Thailand doesn't help and it can often be a strike against someone when trying to open an offshore bank account because Thailand is already seen as a country with high levels on money laundering. 

 

Which is why Thailand recently decided to get better acquainted with the OECD and another reason the Thai Revenue Department have activated a long-standing tax law on tax-residency that's eating up great gobs of Petabytes of bandwidth on this forum alone.

 

In banking terms, KYC does mean 'know your customer' but in the OECD's membership rules, KYC means 'know your country'.

Edited by NanLaew
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The main KYC question most commonly asked to someone living in Thailand is: Are you a fugitive who owns a cannabis shop, a gogo bar, or a massage parlor that you invested a lot of money into for the fit and fittings, has very high overheads and running costs, and which consistently loses a large sum of money every month?

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HSBC in Hong Kong is relatively easy to open an account with an no minimum balance. they also have a multi currency debit card meaning you can also hold THB and spend it directly in Thailand with the debit card without fees and with a small rebate.

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32 minutes ago, roquefort said:

Wise beats all the traditional offshore banks in terms of ease of opening accounts and convenience.

 

They don't offer interest bearing deposit accounts though, only their fixed interest funds through blackrock(?) ...which are overpriced anyway.

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49 minutes ago, noobexpat said:

 

They don't offer interest bearing deposit accounts though, only their fixed interest funds through blackrock(?) ...which are overpriced anyway.

GBP 4.67% instant access. Not too shabby.

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On 2/21/2024 at 11:11 PM, BillStrangeOgre said:

Bangkok bank account here in Bangkok but opening a Stirling account with them is still not easy and banking in Thailand is not cheap

I have a US dollar account with Kasikorn bank, no fees just need to maintain minimum balance, very easy to open. 

 

They offer a Sterling account with the same above. 

 

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1 hour ago, noobexpat said:

 

Here lies the problem. I suspect you don’t understand this is actually an overpriced gilt investment fund.

 

I understand perfectly. I'm happy to pay slightly over the odds for a gilt fund that pays me a better rate on my cash than UK bank deposits and allows me to access my funds immediately at any time.

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2 hours ago, roquefort said:

I understand perfectly. I'm happy to pay slightly over the odds for a gilt fund that pays me a better rate on my cash than UK bank deposits and allows me to access my funds immediately at any time.

 

Why not just use any investment platform that you already have?

This is for noobs who've never invested before and just see 4.67%

Its not slightly, the fund costs 0.1% and wise takes 0.46%

 

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Wise does pay monthly interest on USD, GBP, and EUR account balances.
 

As someone already mentioned though, they are not a bank. The biggest issue with that is that there are no government guarantees on deposits with Wise should Wise run into financial problems.
 

If you are banking in the IOM for example then bank deposits are protected up to a certain limit by the Isle of Man Depositors’ Compensation Scheme. This government backed scheme provides compensation to depositors if a licensed bank in IOM is unable to meet its liabilities. 

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