Jump to content
All visa questions and fresh Immigration updates here ×

Need Help With Dbs Or Hsbc Offshore Acct In Singapore

ericg1953
 Share

Recommended Posts

ericg1953 Silver Member

ericg1953

Posted
Posted (edited)

I have read many of the posts about HSBC and DBS offshore accounts and am still confused. I have been living in Thailand for 3 yrs. and plan to stay here forever. I come from the US and hold a US passport. I currently have about 250k in a brokerage account in the states and want to pull all of my money out of the US. I am looking for a bank where I can get good interest rates on timed deposits and one that offers a mix of currency options. I have heard about the Singapore banks but I am not sure if I need to go to Singapore to open an account. I have read here, DBS offers better rates that HSBC, so that being said, where do I go and what do I need, to open an account. I have a thai account at Siam Comm Bank and was planning to wire transfer monies, as needed from my DBS account and have a credit and atm card if possible, but not necessary. So, if someone can share with me the process that is required to get an offshore account set up in Singapore,that would be greatly appreciated.

Thanks,

Eric

Edited by ericg1953
Link to comment
Share on other sites
Shah Jahan Silver Member

Shah Jahan

Posted
Posted
I have read many of the posts about HSBC and DBS offshore accounts and am still confused. I have been living in Thailand for 3 yrs. and plan to stay here forever. I come from the US and hold a US passport. I currently have about 250k in a brokerage account in the states and want to pull all of my money out of the US. I am looking for a bank where I can get good interest rates on timed deposits and one that offers a mix of currency options. I have heard about the Singapore banks but I am not sure if I need to go to Singapore to open an account. I have read here, DBS offers better rates that HSBC, so that being said, where do I go and what do I need, to open an account. I have a thai account at Siam Comm Bank and was planning to wire transfer monies, as needed from my DBS account and have a credit and atm card if possible, but not necessary. So, if someone can share with me the process that is required to get an offshore account set up in Singapore,that would be greatly appreciated.

Thanks,

Eric

I cant comment on DBS - but HSBC seems a good way to go - to open an account show up with your passport and a utility bill (proof of address) at the orchard road office and go upstairs to the international banking area

Link to comment
Share on other sites
flying Ruby Member

flying

Posted
Posted

I am not 100% sure about this but you can check......

I know that HSBC where I have an account said I can link a account to any other branch of HSBC if I have a premier account anywhere with them.

Premier = over 100k account.

So for instance I can open a premier in US then open another in Thailand or Singapore with out being there because I have the premier US account already.

If that is true then you could open one at Thailand branch & link a Singapore branch account? Perhaps?

They also said you only need 100k total between linked accounts meaning after opening you can divert almost all to the other linked accounts if you like.

I do know as others have said before that when I call any Singapore bank about opening an account they say I need to physically go there. Some even require a intro letter from a Singapore national

Link to comment
Share on other sites
cclub75 Platinum Member

cclub75

Posted
Posted (edited)
I have read many of the posts about HSBC and DBS offshore accounts and am still confused. I have been living in Thailand for 3 yrs. and plan to stay here forever. I come from the US and hold a US passport. I currently have about 250k in a brokerage account in the states and want to pull all of my money out of the US. I am looking for a bank where I can get good interest rates on timed deposits and one that offers a mix of currency options. I have heard about the Singapore banks but I am not sure if I need to go to Singapore to open an account. I have read here, DBS offers better rates that HSBC, so that being said, where do I go and what do I need, to open an account. I have a thai account at Siam Comm Bank and was planning to wire transfer monies, as needed from my DBS account and have a credit and atm card if possible, but not necessary. So, if someone can share with me the process that is required to get an offshore account set up in Singapore,that would be greatly appreciated.

Check the rates on line : DBS

http://www.dbs.com/ratesonline/fdacu.html

You have also : OCBC

http://www.ocbc.com/personal-banking/tools...FC_Listing.shtm

OCBC off shore banking services:

http://www.ocbc.com/personal-banking/banki...ingCentres.shtm

You might check too :

http://www.singaporeexpats.com/forum/ftopi...b944eaa9992a02a

And here :

http://www.thaivisa.com/forum/index.php?showtopic=130720

********************** [copy of one of the message of the thread]*************

I just did this last Friday in Singapore at CITI. It took me about 2 hours to get everything the way I wanted it which included:

1. Choice of 9 types of currency in my account, you can choose up to 4.

2. Visa card

3. Electronic access with a little code generator for security

4. Fax instructions for transfers.

5. Telephone

6. Low cost international transfers from offshore CITI banks ($10)

Cons,

You will need to have $20,000 (US) in the account within 3 months and not fall below $5000 or incur a $30/month service charge.

Not more that $20,000/day inflow of capital.

What I needed was my passport, and credit card. They were happy when I also showed them 2 Thai bank account books with substantial deposits in them.

I needed a place for some offshore money to flow too, and feel very secure in Singapore.

********************

Last point : I remember some people saying that for a US citizen it was more difficult... due to all the news US laws (money laundering, terrorism etc. etc.).

Edited by cclub75
Link to comment
Share on other sites
Tomkagai Advanced Member

Tomkagai

Posted
Posted
I have read many of the posts about HSBC and DBS offshore accounts and am still confused. I have been living in Thailand for 3 yrs. and plan to stay here forever. I come from the US and hold a US passport. I currently have about 250k in a brokerage account in the states and want to pull all of my money out of the US. I am looking for a bank where I can get good interest rates on timed deposits and one that offers a mix of currency options. I have heard about the Singapore banks but I am not sure if I need to go to Singapore to open an account. I have read here, DBS offers better rates that HSBC, so that being said, where do I go and what do I need, to open an account. I have a thai account at Siam Comm Bank and was planning to wire transfer monies, as needed from my DBS account and have a credit and atm card if possible, but not necessary. So, if someone can share with me the process that is required to get an offshore account set up in Singapore,that would be greatly appreciated.

Thanks,

Eric

I cant comment on DBS - but HSBC seems a good way to go - to open an account show up with your passport and a utility bill (proof of address) at the orchard road office and go upstairs to the international banking area

HSBC are a c*ap bank to deal with...Had an account with them for years....customer service is dire...changed to Citibank International banking in Singapore....only problem with Citibank for US persons is I believe you have to sign a declaration or something saying you will be a good boy relating to dealing with your IRS....doesnt effect me as a UK passport holder....found the service with Citibank international to be far better....to get free ATM usage etc...need to maintain a balance over US$ 20,000...will get your currency options, brokerage etc etc...

Link to comment
Share on other sites
ericg1953 Silver Member

ericg1953

Posted
  • Author
Posted
I am not 100% sure about this but you can check......

I know that HSBC where I have an account said I can link a account to any other branch of HSBC if I have a premier account anywhere with them.

Premier = over 100k account.

So for instance I can open a premier in US then open another in Thailand or Singapore with out being there because I have the premier US account already.

If that is true then you could open one at Thailand branch & link a Singapore branch account? Perhaps?

They also said you only need 100k total between linked accounts meaning after opening you can divert almost all to the other linked accounts if you like.

I do know as others have said before that when I call any Singapore bank about opening an account they say I need to physically go there. Some even require a intro letter from a Singapore national

I did go to HSBC in Bangkok and you are correct. I just didnt see any reason to put 3 million baht(minimun for premier acct.) just to have the privelage of opening an offshore acct with them. Their premier program didnt really fit my needs...more for a guy who travels all over the world and needs a worldwide banking resource.

Link to comment
Share on other sites
ericg1953 Silver Member

ericg1953

Posted
  • Author
Posted

ok, this is a definitive answer for a non-resident openning a bank account with DBS. what you need is a passport and an existing DBS customer who is a PR or singapore resident. basically they are recommending you to open an account. once you got the paper work, you can open an account on the same day and issue with an ATM card

This was given to me by a TV bm who directed me to a singapore expat forum....I just want to know if I can fly to Singapore and go to DBS to open an account as a non resident....Where is the branch in Singapore and has anybody gone there recently to open an account...............Thanks

Link to comment
Share on other sites
thaihome Platinum Member

thaihome

Posted
Posted

I have to ask, why do you want to pull $250K out of the US and dollars now? If it is to avoid any IRS scrutiny, remember you have report any foreign account with over $10k each year. Also, seems to me not exactly the best time to convert all your USD when it as at all time low. Just keeping pulling whatever USD you need to live on now, and hope the dollar goes back up.

TH

Link to comment
Share on other sites
ericg1953 Silver Member

ericg1953

Posted
  • Author
Posted
I have to ask, why do you want to pull $250K out of the US and dollars now? If it is to avoid any IRS scrutiny, remember you have report any foreign account with over $10k each year. Also, seems to me not exactly the best time to convert all your USD when it as at all time low. Just keeping pulling whatever USD you need to live on now, and hope the dollar goes back up.

TH

I am not concerned about the IRS. I no longer reside in the US and more important, I feel the road ahead for americans is going to be very rocky. I base this on what I think will be the residual effects of the sub prime issues. I think that all the states and municipalities will really feel the crunch as their survival is based mostly on the collection of property taxes from homeowners. With alot of mortgage failures, this will be affected in the future. So I just feel uncomfortable having my money in the states right now. Part of my 250k is in a stock fund and the 150 up...250 down...120 up...days are just boring me and I will look into other currencies with some decent interest rates.

Link to comment
Share on other sites
ericg1953 Silver Member

ericg1953

Posted
  • Author
Posted
You will still have to file a tax return, report the income, and pay tax, even on the income from offshore sources, but if you think Asian economies are more inherently stable then the US, go for it.

TH

Point well taken....I dont think that the Asian economies are more stable, maybe some are, but I think that having the capability to spread out into different currencies now, with some higher interest rates than available in the US and then maybe in the future jumping back into the US dollar might be a good track for me at this point. I did speak to my CPA in the states in regards to the tax situation, so I am aware of the laws regarding offshore accounts held by americans.

Link to comment
Share on other sites
cclub75 Platinum Member

cclub75

Posted
Posted (edited)
I did write to DBS and yes, they require an existing DBS customer to sponser you if you want to open an account as a non resident. So not really sure where to look now.

Did you tell them that you were willing to put 250 000 USD ?

My point : "premier banking".

Then the rules... ease... by magic. :o

Otherwise : OCBC.

They have premier banking. I think it's 200 000 SDG (minimum).

Last point : check if your US citizenship is not a problem for them.

Edited by cclub75
Link to comment
Share on other sites
ericg1953 Silver Member

ericg1953

Posted
  • Author
Posted
I did write to DBS and yes, they require an existing DBS customer to sponser you if you want to open an account as a non resident. So not really sure where to look now.

Did you tell them that you were willing to put 250 000 USD ?

My point : "premier banking".

Then the rules... ease... by magic. :o

Otherwise : OCBC.

They have premier banking. I think it's 200 000 SDG (minimum).

Last point : check if your US citizenship is not a problem for them.

Thanks CC,

I didnt tell them the amount...I did send an email to OCBC but no reply...will call both tomorrow

Link to comment
Share on other sites
flying Ruby Member

flying

Posted
Posted
They're certainly not better rates than 4.40% @ 30 days notice or 4.10% instant access.

When I look at your link I only see 2.2 & less?

I am looking at US dollars

Am I missing something?

Link to comment
Share on other sites
flying Ruby Member

flying

Posted
Posted (edited)

Thanks yes .....someone..maybe you? showed me that before.

That is the best I have seen lately.

Thanks

edit: PS the only other thing is this

http://www.gov.im/fsc/investor/dep_comp.xml

With the US banks there is the FDIC insurance of 100k per account or 200k if jointly held.

At least the IOM shows something too but I see it is only 30k & they also say

it may take many years for compensation to be paid to depositors

Now of course I have never had the occasion to test a FDIC so who knows :o

Maybe that takes years too.

Hmmmm this is all so much harder than it use to be.

Thanks

Edited by flying
Link to comment
Share on other sites
  • 3 years later...
bitterbatter Advanced Member

bitterbatter

Posted
Posted

Does anyone know if you can make a deposit into a DBS account from Thailand? I live in Chiang Mai and need to make a quick deposit to avoid penalties. I read that DBS owns 7% of TMB, but I called their head office and they were clueless as to what I was talking about.

Link to comment
Share on other sites
muratremix Gold Member

muratremix

Posted
Posted

Does anyone know if you can make a deposit into a DBS account from Thailand? I live in Chiang Mai and need to make a quick deposit to avoid penalties. I read that DBS owns 7% of TMB, but I called their head office and they were clueless as to what I was talking about.

If there is a DBS office in CM, you may ask them. Depositing from TMB only possible via TT / Swift transfer which is inter-bank fund transfer and it may take 3-4 business days.

Link to comment
Share on other sites
  • 1 year later...
SamMunich Advanced Member

SamMunich

Posted
Posted

Very bad experience with DBS Vickers in Singapore

I just set up an account for trading shares with DBS Vickers in SG. No need to go there, paperwork can be done via downloading forms and sending the completed forms registered to singapore office. Money can be transferred there as well, if you want to leave a paper/ virtual trail. Or take it there in cash, customs on both sides (Thai / Singapore) don't care, if it exceeds the max allowed amount. However I went there personally, also to see the person, who will be dealing with me and my money.

First I wondered, why they charged me 1.5% of the amount of Euro I deposited there in a Euro-nominated account. Most of my trading will involve Euro stocks. But 1.5% is way much! Tehn I needed to open an account in SingDollars if I want to trade in other stocks on the Singapore exchange. Minimum amount in that account 5,000 Sing-$.

Secondly, I can't trade European stocks except from the UK online, but have to go through the more expensive channel via the broker in SG. But why do I need a second account for the off-line trading? And that second account can't be controlled by online checking of the account status.

Then I told them to buy the stocks (one title only) I wanted at that days rate. I don't mind if the share price is higher within a certain range. But they charged me an about 1.5 -2% higher price, which added up to a substantial loss on my side. I showed them the actual trading range of that stock and the amount of shares traded that day, because they claimed it was the best they could get for me. Basically they wanted to rip me off. When I said, they should cancel that fraudulent deal, they charged me another 2.5% equals 2,000 Euro (!) for the cancellation.

In other words: They try to rip you off and if you don't agree to the rip-off, they charge you an exorbitant cancellation fee.

So right now I can only warn others to avoid DBS Vickers in Singapore for their banking needs.

And I think I will have to look for another alternative, where banking is not so obscure and not so fraudulent.

Does anybody have similar experience with them or a positive experience with another bank/securties company in SG?

Sam M.

Link to comment
Share on other sites
SamMunich Advanced Member

SamMunich

Posted
Posted

Very bad experience with DBS Vickers in Singapore

I just set up an account for trading shares with DBS Vickers in SG.

...

A few days later I have to correct a few things, that looked worse than they turned out.

Obviously you have to tell the broker (on the phone) clearly, what your price limit is, else they take whatever they can get. So I ordered by phone and had the broker get back to me with the current price, before I agreed to actual buy that stock.

Also the cancellation was not a fee but the sell-back of the stocks after I refused to buy at the price they charged me. The broker paid it out of his own pocket he claimed. Which leaves me to wonder, how much money he's making a month, if he can just absorb some 2000 Euro...

I haven't yet received the receipt of the first deal I did with them. It seems, they are sending that as a piece of paper by mail instead of by e-mail. Then I will see, how to continue dealing with and through them.

Also I was told, the Singapore law is pretty strict, when it comes to dealing with banks, just to make sure no fraud is encouraged.

Will keep you updated (though I dunno, if it is of interest to anybody... Feedback, folks!)

Cheers,

Sam M.

Link to comment
Share on other sites
jaysg Apprentice Member

jaysg

Posted
Posted

Very bad experience with DBS Vickers in Singapore

I just set up an account for trading shares with DBS Vickers in SG.

...

A few days later I have to correct a few things, that looked worse than they turned out.

Obviously you have to tell the broker (on the phone) clearly, what your price limit is, else they take whatever they can get. So I ordered by phone and had the broker get back to me with the current price, before I agreed to actual buy that stock.

Also the cancellation was not a fee but the sell-back of the stocks after I refused to buy at the price they charged me. The broker paid it out of his own pocket he claimed. Which leaves me to wonder, how much money he's making a month, if he can just absorb some 2000 Euro...

I haven't yet received the receipt of the first deal I did with them. It seems, they are sending that as a piece of paper by mail instead of by e-mail. Then I will see, how to continue dealing with and through them.

Also I was told, the Singapore law is pretty strict, when it comes to dealing with banks, just to make sure no fraud is encouraged.

Will keep you updated (though I dunno, if it is of interest to anybody... Feedback, folks!)

Cheers,

Sam M.

I used services of all retail brokers in Singapore. On top of my list is the niche local player, Lim & Tan Securities followed by Phillips Securities.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.







×
×
  • Create New...