Singapore bank account?

[ZoiD]

as stated in the topic, is it possible to open a singapore bank account in thailand?

Cheers in Advance

[Roger13]

HSBC in Bangkok have accounts in Singapore Dollars

UOB Radanasin Bank - UOB is a Singaporean Bank

- if you want the account to be in Singapore - maybe they can help you.

[ZoiD]

can i open accounts with these banks on a tourist visa?

[frenchFARANGbkk]

<font color='#000000'>can i open accounts with these banks on a tourist visa?</font>

<{POST_SNAPBACK}>

Do you know now ? Because I also would like to know! Thanks.

[Harmonica]

Do NOT do this IN LOS -- that means you do NOT want to have the account sitting here even if the paperwork and process suggests the core is held in Sing -- send off an email to HSBC in Sing via their website -- ask for the docs to be mailed here -- fill them out and send them back -- wait for the approval and then send the first transfer to fire up the account. Then on your next trip there, go in and meet the manager etc.

Goodluck!

[duck]

I try the UOB bank last month. They told mi that I need to have a work permit to open an account.

No choice, my girl-friend intro me to the Farm's Bank in Ratchadapisek Road. The service not bad there, very friendly.

[Erwin1011]

I just went there for a long weekend. Opened the account, 1 Euro, 1 USD, 1 SGD. Put in deposit for all of them. Just passport required. 30 min work. Enjoyed the vigorous nightlife there and flew back on Sunday. (HSBC)

[Sunny Valentine]

ANZ Bank Singapore offer the service of opening and maintaining an account here in Thailand. Their representative Mr. Winston Goh ([email protected]) comes to Bangkok regularily. I opened an account with them without the need of going to Singapore.

You might want to mail Mr. Goh for further information!

Sunny

[Amethyst]

hey guys well Bangkok bank is the best coz they have it in Singapore too...So if ur in thailand open up an account with a local bank....Offcource you will need a work permit...but that only applies in the small branches....You will have to go to the head office if u are on a tourist visa..no work permit requires....

Besides some1 told me that he was refuse to open up an account in a small branches without a work permit.Until he show them 300K thai baht in cash they suddenly changes their mind and set up and account for him..And the bank officer also offer that guy cofee ...

LOL

[OldAsiaHand]

One thing to be very careful about...

In Singapore, banks frequently charge fees on outbound wires that are based on a minimum fee plus a percentage of the wire amount, not the flat amount that is normal almost everywhere else in the world. The percentage is very small, of course, but if you are wiring a large amount, it can still add up in a hurry and total twenty or more times the normal fee. You can negotiate your way out of it when you set up an account if you plan to be an active customer, but you had better do that in advance, not after your wire is sent and you find a charge of S$200 or so on your statement for the wire. Singaporeans tend to get pretty rigid after they have already taken the money out of your account.

[Baaksida]

Until he show them 300K thai baht in cash they suddenly changes their mind and set up and account for him..And the bank officer also offer that guy cofee ...

If this is no reason to park that much dosh for 0.75% a year!!

As a coff-a-holic I'd go for it, getting a free cuppa...

Edited January 28, 2005 by Baaksida

[frenchFARANGbkk]

I just went there for a long weekend. Opened the account, 1 Euro, 1 USD, 1 SGD. Put in deposit for all of them. Just passport required. 30 min work. Enjoyed the vigorous nightlife there and flew back on Sunday. (HSBC)

<{POST_SNAPBACK}>

Hi,

Could you tell us how much they charge you to keep your money in their bank?

And you confirm that you opened an account there with just a tourist visa?

Thanks.

[GoodHeart]

I'm ready to jump on the plane, too. But first, an important Visa Card question:

So let's assume we all end up getting our Singapore bank accounts set-up and include Visa Cards in the deal. Now, once we're back in LoS, and we begin using the Visa cards,will we be charged an international transaction fee when we use the card here in Thailand? Or won't we. That's an important factor I think, and I'm not sure all banks will assess said 'fees'.

[AlexLah]

As far as I know all expenses you make on your SG card will be converted into Thai Bath (or the country you spend it) and then in US dollar. They charge a 2% fee.

After that they will convert the US dollar into Sing dollar.

So a lot of conversion fee's will be included.

KR,

Alex

[frenchFARANGbkk]

As far as I know all expenses you make on your SG card will be converted into Thai Bath (or the country you spend it) and then in US dollar. They charge a 2% fee.

After that they will convert the US dollar into Sing dollar.

So a lot of conversion fee's will be included.

KR,

Alex

<{POST_SNAPBACK}>

Do you have an account there?

What is the yearly fee to have one?

Thanks.

[cclub75]

I just went there for a long weekend. Opened the account, 1 Euro, 1 USD, 1 SGD. Put in deposit for all of them. Just passport required. 30 min work. Enjoyed the vigorous nightlife there and flew back on Sunday. (HSBC)

<{POST_SNAPBACK}>

Great. Could you tell us wich branch you went to ?

[thedude]

I'm ready to jump on the plane, too. But first, an important Visa Card question:

So let's assume we all end up getting our Singapore bank accounts set-up and include Visa Cards in the deal. Now, once we're back in LoS, and we begin using the Visa cards,will we be charged an international transaction fee when we use the card here in Thailand? Or won't we. That's an important factor I think, and I'm not sure all banks will assess said 'fees'.

<{POST_SNAPBACK}>

i have 2 credit cards from singapore which i frequently use in thailand. they convert the transacted thai amount to singapore dollars based on current exchange rates and no additional charges are made. you can access your singapore account online and make monthly card payments. i've been doing this for over 2 years with no problems.

[Erwin1011]

I just went there for a long weekend. Opened the account, 1 Euro, 1 USD, 1 SGD. Put in deposit for all of them. Just passport required. 30 min work. Enjoyed the vigorous nightlife there and flew back on Sunday. (HSBC)

<{POST_SNAPBACK}>

Great. Could you tell us wich branch you went to ?

<{POST_SNAPBACK}>

Used the branch on Claymore hill, just off Orchard Road. 5 min walk from the Orchard hotel.

[surfline]

i have 2 credit cards from singapore which i frequently use in thailand. they convert the transacted thai amount to singapore dollars based on current exchange rates and no additional charges are made. you can access your singapore account online and make monthly card payments. i've been doing this for over 2 years with no problems.

What info do you have to supply to a Singapore bank before they will issue credit cards? Bearing in mind I live in Thailand. Thanks, Pete........

[OldAsiaHand]

I'm ready to jump on the plane, too. But first, an important Visa Card question:

So let's assume we all end up getting our Singapore bank accounts set-up and include Visa Cards in the deal. Now, once we're back in LoS, and we begin using the Visa cards,will we be charged an international transaction fee when we use the card here in Thailand? Or won't we. That's an important factor I think, and I'm not sure all banks will assess said 'fees'.

<{POST_SNAPBACK}>

i have 2 credit cards from singapore which i frequently use in thailand. they convert the transacted thai amount to singapore dollars based on current exchange rates and no additional charges are made. you can access your singapore account online and make monthly card payments. i've been doing this for over 2 years with no problems.

<{POST_SNAPBACK}>

The transaction fee is included in the exchange rate whether you see it or not.

You say that your transactions are being billed at 'current exchange rates,' but of course you have no idea what those rates are. During the course of any twenty-four hours, rates can easily vary by 1% or more; and you have no idea at all as to what time on a particular day your transaction is booked. I promise you that a fee of 1-2% is being assessed against the applicable rate and the rate you are given is whatever results following that calculation.

To insist that you are being given 'current exchange rates' without a fee being imposed is a little naive.

[Butterfly]

Most of those banks will ask for a work permit or visa if you live in Singapore. If you don't live in Singapore, they will ask you to be introduced to the bank from an existing customer. I went there last week-end and this is the answer I got for 5 different banks. So be prepared. Also fees are quite high so don't bitch when you receive your monthly statements with a few surprises.

[Firefan]

Oldasiahand has it right. I tested my US Visa card on the following page:

http://www.oanda.com/convert/classic

You put in the currencies of the given day (yes it varies a bit) and you can even play around with the fees build in by using the scroll down called "interbank rate" - by playing with that I got confirmed that my US Visa card charges 1% and my EU Visa card charges 1.5%.

Still; even after the 1% or even the 1.5% build-in to the exchange rate, it was still better than the cash exchange rates (BKK Bank) offered on the given day.

Cheers!

[OldAsiaHand]

Still; even after the 1% or even the 1.5% build-in to the exchange rate, it was still better than the cash exchange rates (BKK Bank) offered on the given day.

<{POST_SNAPBACK}>

It is worth noting, however, that Thai banks give the most generous cash exchange rates I have ever seen anywhere, generally within a few pips of the prevailing interbank rate from the day before. In contrast, spreads of 5-10%% (and occasionaly more) are the norm in many countries, and sometimes there are even fees charged on top of that. Given the way foreigners are niggled on the price of most everything else in Thailand, I've always been amazed that the banks have missed this particular opportunity to hit visitors yet a little more. Please don't tell them about it.

[thedude]

I'm ready to jump on the plane, too. But first, an important Visa Card question:

So let's assume we all end up getting our Singapore bank accounts set-up and include Visa Cards in the deal. Now, once we're back in LoS, and we begin using the Visa cards,will we be charged an international transaction fee when we use the card here in Thailand? Or won't we. That's an important factor I think, and I'm not sure all banks will assess said 'fees'.

<{POST_SNAPBACK}>

i have 2 credit cards from singapore which i frequently use in thailand. they convert the transacted thai amount to singapore dollars based on current exchange rates and no additional charges are made. you can access your singapore account online and make monthly card payments. i've been doing this for over 2 years with no problems.

<{POST_SNAPBACK}>

The transaction fee is included in the exchange rate whether you see it or not.

You say that your transactions are being billed at 'current exchange rates,' but of course you have no idea what those rates are. During the course of any twenty-four hours, rates can easily vary by 1% or more; and you have no idea at all as to what time on a particular day your transaction is booked. I promise you that a fee of 1-2% is being assessed against the applicable rate and the rate you are given is whatever results following that calculation.

To insist that you are being given 'current exchange rates' without a fee being imposed is a little naive.

<{POST_SNAPBACK}>

oh you clever man, yes, you caught me, you have exposed my ignorance on this matter. yes i admit it, i have never bothered to check back to the exact rate as of the transaction date, relying only on my murky impression of what the current rate should approximately be. i have been a stubborn and naive fool, thinking that i could deceive you.

but obviously i don't really care, the differential, if any, has not been large enough for me to even notice let alone worry my stupid head off. i was merely trying to assure the poster that a) this has been done before, and its not a particularly costly exercise. since the credit card is widely used, perhaps even designed for the purpose of travelling, it certainly makes up for in convenience what it lacks in outright cost effectiveness. much of my income is paid offshore direct into my singapore account, and so it works out cheaper for me personally to use a credit card tied to that account rather than shifting money across borders.

[OldAsiaHand]

I'm not sure what you think your sophomoric sarcasm contributes to the discussion here. Someone asked a question. You answered it incorrectly and misled the poster as to the truth of the matter. I corrected your answer. Now if you can't handle that, go back to kindergarten, get yourself some milk and cookies, and leave the adults alone.

[thedude]

I'm not sure what you think your sophomoric sarcasm contributes to the discussion here. Someone asked a question. You answered it incorrectly and misled the poster as to the truth of the matter. I corrected your answer. Now if you can't handle that, go back to kindergarten, get yourself some milk and cookies, and leave the adults alone.

<{POST_SNAPBACK}>

frankly it was the condescending tone in your response that prompted me to answer in such a way. tsk tsk. i was just trying to help a poster and if my information was not 100% correct and might have misled him it certainly wasn't intentional. and besides, there is almost always a margin spread involved in converting currencies, what exactly would have been the savings if the poster decided instead to change his/her singapore dollars at a bank? the alternatives may not be cheaper. and so you are really making a big deal out of an inconsequential technicality. if you read the poster's question carefully, he was asking if there was any international transaction fee charged, and the answer is no. my answer to the poster was based on my personal experience in dealing with the same problem in the same 2 countries. and if you have any constructive alternative to this same problem, i'd be open to consider it.

Edited December 1, 2005 by thedude

[naka]

Most of those banks will ask for a work permit or visa if you live in Singapore. If you don't live in Singapore, they will ask you to be introduced to the bank from an existing customer. I went there last week-end and this is the answer I got for 5 different banks. So be prepared. Also fees are quite high so don't bitch when you receive your monthly statements with a few surprises.

<{POST_SNAPBACK}>

I opened an accout at DBS Bank ( term deposit only, no cards, no cheques ) I was just passing through Singapore and told them so. No problems at all. Perhaps a cheque account is more difficult.

Naka.

[Butterfly]

Most of those banks will ask for a work permit or visa if you live in Singapore. If you don't live in Singapore, they will ask you to be introduced to the bank from an existing customer. I went there last week-end and this is the answer I got for 5 different banks. So be prepared. Also fees are quite high so don't bitch when you receive your monthly statements with a few surprises.

<{POST_SNAPBACK}>

I opened an accout at DBS Bank ( term deposit only, no cards, no cheques ) I was just passing through Singapore and told them so. No problems at all. Perhaps a cheque account is more difficult.

Naka.

<{POST_SNAPBACK}>

term deposit might indeed be different. Good to know.

For current account, they want more.

[Erwin1011]

Most of those banks will ask for a work permit or visa if you live in Singapore. If you don't live in Singapore, they will ask you to be introduced to the bank from an existing customer. I went there last week-end and this is the answer I got for 5 different banks. So be prepared. Also fees are quite high so don't bitch when you receive your monthly statements with a few surprises.

<{POST_SNAPBACK}>

I opened an accout at DBS Bank ( term deposit only, no cards, no cheques ) I was just passing through Singapore and told them so. No problems at all. Perhaps a cheque account is more difficult.

Naka.

<{POST_SNAPBACK}>

term deposit might indeed be different. Good to know.

For current account, they want more.

<{POST_SNAPBACK}>

General savings accounts no problems neither, any currency.

[Butterfly]

Most of those banks will ask for a work permit or visa if you live in Singapore. If you don't live in Singapore, they will ask you to be introduced to the bank from an existing customer. I went there last week-end and this is the answer I got for 5 different banks. So be prepared. Also fees are quite high so don't bitch when you receive your monthly statements with a few surprises.

<{POST_SNAPBACK}>

I opened an accout at DBS Bank ( term deposit only, no cards, no cheques ) I was just passing through Singapore and told them so. No problems at all. Perhaps a cheque account is more difficult.

Naka.

<{POST_SNAPBACK}>

term deposit might indeed be different. Good to know.

For current account, they want more.

<{POST_SNAPBACK}>

General savings accounts no problems neither, any currency.

<{POST_SNAPBACK}>

I doubt that. They specifically requested to have an existing customer as introduction. Not sure if enforced. That was the response I got last week.