Singapore Banking

[nonthaburial]

My apologies if this is not Thailand related, but I do live here and its my money I am talking about so maybe the Mods could give me some leeway.

I have a sum of UK pounds that I want to hold in a foreign exchage bank in sterling. As Singapore has no restrictions on foreign currency, I feel that this would be workable.

The question is, does anyone have experience with such a bank in Singapore ? All I need is an account and an international ATM card.

I would appreciate any feed back but please dont expand the region to the Isle of Man for example as I will have to go to the selected bank to open the account

[PattayaParent]

I would appreciate any feed back but please dont expand the region to the Isle of Man for example as I will have to go to the selected bank to open the account

Since when? I have accounts in IOM and Jersey and have never been to either place in my life and don't ever intend to.

Maybe you want to drop off a large suitcase of readies????

[Shah Jahan]

Someone can correct me, but I remember hearing that recently Singapore requires declaration of importation of cash over 20k USD or something of the sorts. Hong Kong does not have anything like this

anyways - to your original question - HSBC on Orchard Road will do the trick - ignore the people downstairs who will probably tell you to go away if you ask - and go straight for the stairs for the international department. bring a copy of proof of address - ie...electric bill or something.

[worldfun]

or head to citibank int. pers. banking (citigold) also at orchard (dhobo ghaut) or capital sq. downtown (raffles place/church st). they offer multi currency atm account including GBP just present your passport & another form of ID such as credit card etc. 20,000$ equalent (to be deposited within 2months) is all it takes to join the club & perhaps a bit of sleek talking - cheers!

p.s. I believe the other poster is right SG have introduced some level of capital control in that an indication of source/purpose when doing TT/Swift transfer above a certain limit...

so maybe Hong Kong is better if 'land of the free' is what you seek?

[Ray1167]

there must be a good reason for holding GBP outside the UK . HSBC singapore will pay only 4.18% annual interest , providing you deposit a minimum of 25,000 quid and tie it up for a year . In the UK , if you shop around you can get instant access savings accounts , no minimum balance and more than 5 % AER ( especially as a non resident paying zero tax )

[PattayaParent]

there must be a good reason for holding GBP outside the UK . HSBC singapore will pay only 4.18% annual interest , providing you deposit a minimum of 25,000 quid and tie it up for a year . In the UK , if you shop around you can get instant access savings accounts , no minimum balance and more than 5 % AER ( especially as a non resident paying zero tax )

You can get over 6% offshore IOM and Jersay and no tax issues.

[chiang mai]

HSBC Hong Kong will allow you to hold GBP and the account is easy to open, especially if you already have an HSBC account in the UK. Failing that, the advice on the IOM is correct, easy to open and you don't need to go there. Try Nationwide International in IOM, easy withdrawals/transfers via the internet.

[flying]

HSBC Hong Kong will allow you to hold GBP and the account is easy to open, especially if you already have an HSBC account in the UK. Failing that, the advice on the IOM is correct, easy to open and you don't need to go there. Try Nationwide International in IOM, easy withdrawals/transfers via the internet.

Ooops error sorry

I was excited to see the 6+% interest then realized it is much less for US dollars

Edited May 6, 2008 by flying

[PattayaParent]

Only 4.40% for US$.

[flying]

Only 4.40% for US$.

I am not seeing that?

I see this

http://www.nationwideinternational.com/int...ates/dollar.htm

2.75% max with their premium rate?

[PattayaParent]

Try here

http://www.alil.co.im/offshore-euro-us-dol...-30.aspx?bhcp=1

[flying]

Try here

http://www.alil.co.im/offshore-euro-us-dol...-30.aspx?bhcp=1

Hey thank you !

That looks promising

[alantheembalmer]

I don't know where you live in Thailand, but if you want to keep the money in a foreign currency account in this part of the World, why not try Bangkok Bank Head Office in Silom?

[Tomkagai]

My apologies if this is not Thailand related, but I do live here and its my money I am talking about so maybe the Mods could give me some leeway.

I have a sum of UK pounds that I want to hold in a foreign exchage bank in sterling. As Singapore has no restrictions on foreign currency, I feel that this would be workable.

The question is, does anyone have experience with such a bank in Singapore ? All I need is an account and an international ATM card.

I would appreciate any feed back but please dont expand the region to the Isle of Man for example as I will have to go to the selected bank to open the account

Try Citibank International personal Banking in Singapore....have been with them for years...they can fix you up...

[Naam]

p.s. I believe the other poster is right SG have introduced some level of capital control in that an indication of source/purpose when doing TT/Swift transfer above a certain limit...

no such thing exists in Singapore. i am moving often considerable funds between accounts in Singapore, Switzerland and Luxembourg without any restrictions. restrictions apply all over the world (in Hong Kong too) when you want to deposit a cash amount which is higher than 10% of your total holdings with the bank. some of the banks reduced this even down to 5%.

besides restrictions imposed by banks local "country" restrictions exist as far as cash is concerned.

[Naam]

Only 4.40% for US$.

i wouldn't trust any bank which presently pays 4.40% interest for USD deposits. USD LIBOR today is 2.45%, i.e. that's what one gets MINUS the bank margin.