Opening Account By 'mail' In Singapore

[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

[Lil_Jon]

Citi does it at both locations

[JR Texas]

Citi does it at both locations

The last information I have on this is that all banks in Singapore will not open an account unless you are: 1) invited by a citizen of Singapore or an existing account holder to open an account (strange but I think still true) and 2) present, in person, to open the account. Maybe things have changed, but I doubt it.

[sonicdragon]

Citi does it at both locations

I can't speak for Sing, but in HKG Citi will definitely NOT do so.

I would expect that very few, if any, banks will open an account without the account holder being present - in order to verify identity. They might make exceptions if a customer was introduced, and/or if ID was provided by post that was verified as true by a notary public in the jurisdiction of the bank branch.

[samran]

I beleive that HSBC singapore would do so for me. We are talking international banking here. the HSBC office here in BKK would act as the witness to all the documentation on Singapores behalf. Best to check with them again though.

I eventually went for Jersey (all by post), as it is linked to the UK banking system (BACS) which suited my needs, and they gave me a good deal on fees and charges.

for HK, I think you basically have to go there and show your face.

[Naam]

Citi does it at both locations

The last information I have on this is that all banks in Singapore will not open an account unless you are: 1) invited by a citizen of Singapore or an existing account holder to open an account (strange but I think still true) and 2) present, in person, to open the account. Maybe things have changed, but I doubt it.

i am banking in Singapore since approximately four years (moving from Luxembourg) and switched SIN bank in March. never saw any of the two banks from the inside but had the banker come to my home where he verified and authenticated the copies of the necessary documents. bankers from Singapore visit regularly a bunch of clients in Thailand (especially in BKK) and i'm sure one can organize a visit at home if planned well in advance. of course no banker will drive to Pattaya for a savings account of 5,000 dollars and an ATM card. worst case scenario but not too unconvenient is taking a flight to SIN and be back the same day in the evening.

addendum: the most important document nowadays is a utility bill or any other proper proof of residence. problems with Singapore banks arise when a U.S. citizen or a "U.S. Person" wants to open an account. they just don't like going through the hassle of issuing "1099s" or perhaps being pressured by the IRS for detailed information. another problem is that residents of the U.S., U.S. Persons and of Japan (foreigners included!) will be refused internet access to their account. never found out why.

Edited September 16, 2007 by Dr. Naam

[Lil_Jon]

CITI in hongkong , SURELY does it , have done that yself

http://www.citibank.com.hk/APPS/portal/loa...rsonal_bank.htm

but had to ask my local bank here (STAN CHA) to write me a letter verifying my address and other details ,

Citi in singapore , was also willing to let me open the account remotely , but also asked the same bank verification , but i opted for HK ,

[A_Traveller]

Thanks for the input, much appreciated. Any further data gratefully received.

Regards

[poorfarang]

So do all of these usa based banks that have branches in SEA communicate with the IRS about your account balance? Bangkok Bank doesnt do this but Im looking for an account in SIN/HK that would be similar. And not having internet access to the account is a joke.

[Naam]

So do all of these usa based banks that have branches in SEA communicate with the IRS about your account balance?

it's not the balance they are required to report to the IRS it's interest/dividend income reporting on "form 1099" as well as capital gains. a way around until recently was to establish a company and a corporate account but even this loophole seems to be closed now if the beneficiary is a U.S. citizen or U.S. person. besides establishing a trust which holds a corporation which in turn establishes a corporate account there is virtually no way nowadays to avoid disclosure of beneficiaries but some banks reject even this "construction".

[willi2006]

HSBC Singapore opens accounts by mail but requires the documents verified by one of their branches. To find out what other banks you are interested in require just E-Mail them or fill in the inquiry on their internet pages.

Edited September 28, 2007 by willi2006

[Khun Bob]

HSBC Singapore will do it - and it is best to start by emailing them and letting them know why you want the account and what sort of money is going to be held there and what will be going through the account. However, you need to look at their charges and conditions as they seem to get you everywhere... You will need to have had a quality relationship with HSBC elsewhere to do this remotely.

However, dont overlook the Malaysian banks. They are of high quality and closer to Thailand. It is not difficult for a foreigner to open an account there. Plus you can hold foreign currency accounts that pay some ###### good interest. Eg look at Public Bank and what they will pay on GBP ! It is just as good as here in the UK ! Plus there is no 25% tax on these holdings. Also you could benefit from a 10 year visa there too !

Sadly Labuan banks, Malaysia's tax free island near Brunei, are not very internet savvy. I will be checking any banks on Langkawi soon to see if the tax free status of this island extends to interest earned on banks accounts situated there...

[lotus eater]

HSBC Singapore will do it - and it is best to start by emailing them and letting them know why you want the account and what sort of money is going to be held there and what will be going through the account. However, you need to look at their charges and conditions as they seem to get you everywhere... You will need to have had a quality relationship with HSBC elsewhere to do this remotely.

However, dont overlook the Malaysian banks. They are of high quality and closer to Thailand. It is not difficult for a foreigner to open an account there. Plus you can hold foreign currency accounts that pay some ###### good interest. Eg look at Public Bank and what they will pay on GBP ! It is just as good as here in the UK ! Plus there is no 25% tax on these holdings. Also you could benefit from a 10 year visa there too !

Sadly Labuan banks, Malaysia's tax free island near Brunei, are not very internet savvy. I will be checking any banks on Langkawi soon to see if the tax free status of this island extends to interest earned on banks accounts situated there...

Am very interested in your recommendation of Malaysian bank accounts. (I know next to nothing about Malaysia in this context.) I was looking into opening an account in Singapore mainly because it has no tax or witholding, and its banks would provide an efficient service - including internet. But Malaysia I think would be a very acceptable choice for me if the bank terms were similar or better.

Do the Malaysian banks have good internet access to accounts? Do they deduct any tax or witholding from interest earned? Do they require your personal visit with docs to open an account? If you have a useful website where I can get all this info myself I'd be grateful to have it.

[A_Traveller]

Thanks to all those taking the time to reply. As I noted this request is for an American which I appreciated causes issues given the IRS view re earnings, allowing for a loose use of definitions, world-wide. Any other input most welcome. Personally I'd be interested in hearing Malaysian experiences as well.

Regards

[Khun Bob]

HSBC Singapore will do it - and it is best to start by emailing them and letting them know why you want the account and what sort of money is going to be held there and what will be going through the account. However, you need to look at their charges and conditions as they seem to get you everywhere... You will need to have had a quality relationship with HSBC elsewhere to do this remotely.

However, dont overlook the Malaysian banks. They are of high quality and closer to Thailand. It is not difficult for a foreigner to open an account there. Plus you can hold foreign currency accounts that pay some ###### good interest. Eg look at Public Bank and what they will pay on GBP ! It is just as good as here in the UK ! Plus there is no 25% tax on these holdings. Also you could benefit from a 10 year visa there too !

Sadly Labuan banks, Malaysia's tax free island near Brunei, are not very internet savvy. I will be checking any banks on Langkawi soon to see if the tax free status of this island extends to interest earned on banks accounts situated there...

Am very interested in your recommendation of Malaysian bank accounts. (I know next to nothing about Malaysia in this context.) I was looking into opening an account in Singapore mainly because it has no tax or witholding, and its banks would provide an efficient service - including internet. But Malaysia I think would be a very acceptable choice for me if the bank terms were similar or better.

Do the Malaysian banks have good internet access to accounts? Do they deduct any tax or witholding from interest earned? Do they require your personal visit with docs to open an account? If you have a useful website where I can get all this info myself I'd be grateful to have it.

Do the Malaysian banks have good internet access to accounts? - just as good and at a lower cost to run than singapore - ie compare hsbc singapores costs to hsbc malaysias...

Do they deduct any tax or witholding from interest earned? Not 100% on this, but I have been told that if large deposits over 100KRM are in a term account then there would be no withholding tax - apparently regular RM savings accounts attract a withholding tax on balances of more than 100K RM. You would need to check on this. Labuan is Malaysia's offshore banking island (right next to brunei). I'm not clear if the tax status of malaysia for non-residents is the same or similar as singapore.

Do they require your personal visit with docs to open an account? All the accounts I have opened have been done in person - and it is usually at the discression of who is in charge at the time. Remotely I dont know about - but malaysia is that bit closer and could be combined with a visa run ?

If you have a useful website where I can get all this info myself I'd be grateful to have it. Just look at some of the banks websites - hsbc.com.my, publicbank, cimb, ocbc, Maybank, hongleong, citibank - cant think of any more now...

One trick to opening is by understanding the requirements for the Malaysia My Second Home programme - this use to have a requirements that 250K+ RM was held in any Malaysian bank for 1 year. You jusy say you want an account for that. Also I got one account helped by the fact that I had an account at the same bank in their Vientianne (Laos) branch - opeing an account in Laos was (may still be) very easy...