Singapore Banking

[PattayaParent]

I'd welcome recommendations for a Singapore bank in which I can hold current accounts (or similar) in both Sterling and USD and have ATM cards for both accounts.

And I must be able to open the account from Thailand without travelling to Singapore.

Thanks.

[george]

Here you go:

http://www.thaivisa.com/hsbc

And yes, you can open the Singapore account/s from Bangkok.

[PattayaParent]

^It's HSBC (Jersey) that I'm trying to get away from as they have just told me that they want to charge 15 Quid a month for me to bank with them!!

I've got 2 offshore UK alternatives and remember reading on here about Singapore as an alternative so am currently searching through old posts.

But I'll check HSBC Singapore too.

Edit: The Offshore Bank Account (Sterling/USD/Euro) option under Singapore redirects me to HSBC Jersey.

Edited March 3, 2010 by PattayaParent

[george]

Download the form from http://www.thaivisa.com/hsbc and when you fill in the forms mention that you want Singapore a/c, not Jersey.

[chiang mai]

^It's HSBC (Jersey) that I'm trying to get away from as they have just told me that they want to charge 15 Quid a month for me to bank with them!!

I've got 2 offshore UK alternatives and remember reading on here about Singapore as an alternative so am currently searching through old posts.

But I'll check HSBC Singapore too.

Edit: The Offshore Bank Account (Sterling/USD/Euro) option under Singapore redirects me to HSBC Jersey.

You might be able to get away with a simple foriegn currency savings account at HSBC Sing, it looks like its free if your balance is over SGD 5,000 and it includes a debit card also. http://www.hsbc.com.sg/1/2/personal/deposits/savings-account

Opps, forget it, it's USD not SGD!

Edited March 3, 2010 by chiang mai

[wordchild]

I use Stan Chart in Singapore, I have Sterling, USD, Euro and Sing dollar a/cs with them and have been v.happy with the service. i believe you can open the a/c without going to Sing but you will have to provide id at a branch in Thailand.

[chiang mai]

I use Stan Chart in Singapore, I have Sterling, USD, Euro and Sing dollar a/cs with them and have been v.happy with the service. i believe you can open the a/c without going to Sing but you will have to provide id at a branch in Thailand.

Just curious, how much does it cost each month or is there a minimum balance requirement!

[PattayaParent]

^ Looked at them already, Standard Chartered has no monthly charge but you have to keep a 'Relationship Balance' of US$100,000 minimum.

[chiang mai]

It might be worth trying some of the smaller banks in Singapore to see what they offer, it rather looks like all the major bank products are fairly similar - it would be a good excuse for a few days holiday if you can swing it, go take a look firsthand.

[trd]

Citibank

http://www.ipb.citibank.com.sg/

USD and Sterling accounts. Can be opened by post with passport photocopy. ATM card included.

No bank charges if balance is above USD 20,000 or equivalent in sterling.

Edited March 3, 2010 by trd

[PattayaParent]

Thanks trd, I'll check that out, do you know if it's 20k balance per account? or can I split it over 2 accounts?

Also the UOB Global Currency Account looks interesting but reuires an introducer for a non-resident.

Anyone got an account with them and can tell me if it's possible to open the account through their Pattaya Branch?

[trd]

Thanks trd, I'll check that out, do you know if it's 20k balance per account? or can I split it over 2 accounts?

20K total which can be split over accounts.

[PattayaParent]

Thanks trd, I'll check that out, do you know if it's 20k balance per account? or can I split it over 2 accounts?

20K total which can be split over accounts.

That's very good news.

[Soutpeel]

Thanks trd, I'll check that out, do you know if it's 20k balance per account? or can I split it over 2 accounts?

Also the UOB Global Currency Account looks interesting but reuires an introducer for a non-resident.

Anyone got an account with them and can tell me if it's possible to open the account through their Pattaya Branch?

Been with Citi IPB in Singapore for quite a few years now, and very happy with them, Customer services is excellent.

Regarding "chiang mai's" comments about smaller local Singapore banks, you will most likely find they will not touch you unless you are a Singapore resident.

[PattayaParent]

Soutpeel, any advice in filling in the application form as it seems to be relevant to only USD or SGD chequeing accounts and I want both USD and GBP savings accounts.

[pkrv]

Probably a very dense question but why a Singapore account when you are in Patthaya? The costs for cash withdrawals must be horrendous in Thailand.

True I would not touch HSBC's single branch in Thailand with a barge pole but there are no charges with Bangkok Bank providing you are in the same region/sector.

Why the fascination with Singapore?

[timekeeper]

i bank with DBS in Singapore

they are simply fantastic

you need an introducer of 6 months standing and you need to do it in person in Singapore

Treasures privaledge accounts require $S200,000 on deposit

i have had deposits in AUS$, NZ$ & Euro in the past and drawn profits monthly into savings account

i have a DBS ATM card and DBS Mastercard

i can draw $SG 2000 a day on each card

withdrawals are $SG5 per transaction

i use AEON to draw out the maximum 40,000 baht the machine can deliver in one go for only $SG5

i have HSBC in UK but try not to use it.

they are little better than thieves on currency exchanges and ATM withdrawal fees

i try to let any funds there build up to a reasonable amount and transfer in one go by internet banking for £17 GBP

[Naam]

i bank with DBS in Singapore

they are simply fantastic

you need an introducer of 6 months standing and you need to do it in person in Singapore

depending on the digits left of the decimal point of your portfolio or account no referring party is needed and a number of Singapore bankers will visit you in your home to open your account if the home is not located somewhere in the wilderness. i have years of experience banking in Switzerland and Luxembourg but nothing beats Singapore!

[wordchild]

Probably a very dense question but why a Singapore account when you are in Patthaya? The costs for cash withdrawals must be horrendous in Thailand.

True I would not touch HSBC's single branch in Thailand with a barge pole but there are no charges with Bangkok Bank providing you are in the same region/sector.

Why the fascination with Singapore?

lots of reasons, but the main one for many is its "offshore" , ie outside the scope of Thai taxation. eg a Sing account can be used as a buffer account between income you have overseas and your life and expenses in Thailand. If you remit income directly into Thailand (in the year you earn it) it could be subject to local tax. So remit to Singapore first keep it on deposit for a bit and then transfer funds to your Thai a/c as you need it, no tax to pay!

I too use Bangkok bank in Thailand and find them pretty good but like many I only want to bring funds into Thailand that I need, I dont want to keep savings here. Very happy to hold Sing dollar deposits for funds I intend to bring into Thailand as other than short-term deviations the Sing dollar and Baht move in lock-step. I regard holding Sing dollars as holding better quality baht.

Edited March 3, 2010 by wordchild

[pkrv]

i bank with DBS in Singapore

they are simply fantastic

you need an introducer of 6 months standing and you need to do it in person in Singapore

depending on the digits left of the decimal point of your portfolio or account no referring party is needed and a number of Singapore bankers will visit you in your home to open your account if the home is not located somewhere in the wilderness. i have years of experience banking in Switzerland and Luxembourg but nothing beats Singapore!

I don't think Dr Naam is too impressed either isn't 5 SGD more than zero? A simple savings account at Bangkok Bank will give you 0.5% interest, no fees, if in the same sector, say Bangkok. You get an international cash point and debit card for about 200 THB each per year (free if local cards) plus internet banking (though I am stuggling with that at the moment) and can set up direct debits (say for example for electricity bills)

You can then ignore FX movement as you secure yourself in Thailand. Your home currency should be the one you spend every day.

Why Singapore it just does not make sense.

Edited March 3, 2010 by pkrv

[pkrv]

Probably a very dense question but why a Singapore account when you are in Patthaya? The costs for cash withdrawals must be horrendous in Thailand.

True I would not touch HSBC's single branch in Thailand with a barge pole but there are no charges with Bangkok Bank providing you are in the same region/sector.

Why the fascination with Singapore?

lots of reasons, but the main one for many is its "offshore" , ie outside the scope of Thai taxation. eg a Sing account can be used as a buffer account between income you have overseas and your life and expenses in Thailand. If you remit income directly into Thailand (in the year you earn it) it could be subject to local tax. So remit to Singapore first keep it on deposit for a bit and then transfer funds to your Thai a/c as you need it, no tax to pay!

I too use Bangkok bank in Thailand and find them pretty good but like many I only want to bring funds into Thailand that I need, I dont want to keep savings here. Very happy to hold Sing dollar deposits for funds I intend to bring into Thailand as other than short-term deviations the Sing dollar and Baht move in lock-step. I regard holding Sing dollars as holding better quality baht.

Thanks for the candid reply 'wordchild', an interesting comment 'in lock-step'. I guess these issues cannot touch me.

Edit for me no requirement for such an account - in fact it would just be a pain.

Edited March 3, 2010 by pkrv

[Naam]

i bank with DBS in Singapore

they are simply fantastic

you need an introducer of 6 months standing and you need to do it in person in Singapore

depending on the digits left of the decimal point of your portfolio or account no referring party is needed and a number of Singapore bankers will visit you in your home to open your account if the home is not located somewhere in the wilderness. i have years of experience banking in Switzerland and Luxembourg but nothing beats Singapore!

I don't think Dr Naam is too impressed either isn't 5 SGD more than zero? A simple savings account at Bangkok Bank will give you 0.5% interest, no fees, if in the same sector, say Bangkok. You get an international cash point and debit card for about 200 THB each per year (free if local cards) plus internet banking (though I am stuggling with that at the moment) and can set up direct debits (say for example for electricity bills)

You can then ignore FX movement as you secure yourself in Thailand. Your home currency should be the one you spend every day.

Why Singapore it just does not make sense.

when we talk about peanuts (up to 5 million Baht) and paying for living expenses with Baht an account with a thai bank is of course the done thing. when we talk about real money (5 million Dollars/Euros/Pounds or more) only a brain-amputated retiree would hold these kind of assets in a country with currency restrictions, political instability and ridiculous as well as utmost tedious banking procedures.

[timekeeper]

i bank with DBS in Singapore

they are simply fantastic

you need an introducer of 6 months standing and you need to do it in person in Singapore

depending on the digits left of the decimal point of your portfolio or account no referring party is needed and a number of Singapore bankers will visit you in your home to open your account if the home is not located somewhere in the wilderness. i have years of experience banking in Switzerland and Luxembourg but nothing beats Singapore!

I don't think Dr Naam is too impressed either isn't 5 SGD more than zero? A simple savings account at Bangkok Bank will give you 0.5% interest, no fees, if in the same sector, say Bangkok. You get an international cash point and debit card for about 200 THB each per year (free if local cards) plus internet banking (though I am stuggling with that at the moment) and can set up direct debits (say for example for electricity bills)

You can then ignore FX movement as you secure yourself in Thailand. Your home currency should be the one you spend every day.

Why Singapore it just does not make sense.

PKRV

i think you have a reading/understanding problem:

you say ''I don't think Dr Naam is too impressed''

but Naam did in fact say:

''i have years of experience banking in Switzerland and Luxembourg but nothing beats Singapore!''

he is right too, as he is in a later post, who in their right mind would park big $ here?

i keep my 800,000 baht in SCB for my retirement extension and 500,000 in emergency money in K Bank but thats its for me

i have banked in IoM & UK with all the majors, but in my experience DBS is the best bank i have ever dealt with

[PattayaParent]

I'm with Naam and Worldchild on this PKRV.

I need an account to receive my salary into and to move money around from other USD and GBP accounts and don't want that sort of money moving through Thai banks with any known or unknown potential problems in transferring in and out. I just need living expenses here and have 3 local accounts that I use for that.

Unfortunately it's not the millions Naam has but enough to make me not want to take a risk in it getting stuck or mislaid in transit.

But I've realised that I also need Direct Debit facilities and the company that I'm paying to cannot receive money from outside the UK banking system, even in GBP, so I'll have to go with one of the UK offshore banks anyway.

Thanks for all the info though, I'll definitely be looking to open an account in Singapore in person on my next visit.

[GreenSnapper]

i have banked in IoM & UK with all the majors, but in my experience DBS is the best bank i have ever dealt with

Really?

Last time when I was in Singapore, I went to several DBS branches and was told "only people with PR status (residents)" can bank with them. First i thought it is the usual crap (similar to Thailand), but it was consistent at different branches. Gave up on DBS.

Then I went to Standard Chartered and got account, MasterCard/PIN/internet banking in about 20 minutes. Great service, and just needed a pricey deposit of 2 S$.

The problems with SC: ATM withdrawals abroad get charged 2%, and their interest rate in S$ (and EUR, USD) is ridiculous.

[Soutpeel]

Soutpeel, any advice in filling in the application form as it seems to be relevant to only USD or SGD chequeing accounts and I want both USD and GBP savings accounts.

PP, think you will need to talk to Citi direct on this so set up what is suitable for you, my principle account is a USD current account, with sub-accounts in other currencies.

Would suggest you drop them an email and tell them exactly what you are looking for as they have quite a few variations on a theme and will be able to advise better, they are very good with responses on the email, but if you run in any problems, drop me pm and will get my relationship manager to contact you.

[PattayaParent]

^Thanks Soutpeel but I've realised I need an account that I can Direct Debit funds to UK so will have to go with a UK offshore bank for now.

[timekeeper]

i have banked in IoM & UK with all the majors, but in my experience DBS is the best bank i have ever dealt with

Really?

Last time when I was in Singapore, I went to several DBS branches and was told "only people with PR status (residents)" can bank with them. First i thought it is the usual crap (similar to Thailand), but it was consistent at different branches. Gave up on DBS.

Then I went to Standard Chartered and got account, MasterCard/PIN/internet banking in about 20 minutes. Great service, and just needed a pricey deposit of 2 S$.

The problems with SC: ATM withdrawals abroad get charged 2%, and their interest rate in S$ (and EUR, USD) is ridiculous.

i have some friends, a UK married couple, who just joined DBS via the DBS branch in London (EC4M 8AB)

at my request, DBS Singapore sent all the account opening papers over to my friends house in UK by DHL

i supplied the letter of reference which was emailed to me in PDF form by my treasures account manager

i signed it and sent it to them in UK by post and they gave it to the bank in London when they visited to open the account

the branch in London personally verified their signatures and UK documents and then sent the whole package back to DBS Singapore on their behalf

all went well apparently, the accounts open and they will get the Atm/Credit cards etc soon

they have no presence in Singapore, in fact they have never even been there.

it appears i will get a magnum of champage and a 3 months subscription to a quality magazine for the introduction.

maybe if you had an introducer it might have been different....

[Naam]

The problems with SC: ATM withdrawals abroad get charged 2%, and their interest rate in S$ (and EUR, USD) is ridiculous.

go to any bank in any country and you will find presently the interest rates for SGD, EUR and USD ridiculous. that is... ridiculous from a client's but not from the banks perspective as interbank rates are ridiculously low too. if a bank has access to interbank or central bank funds at 0.5% p.a. they won't pay a client the same rate or more.

[whiterussian]

UOB are great in Thailand

Citibank? didnt they nearly do an AIG? wouldnt touch em.