Singapore Banking

[Soutpeel]

UOB are great in Thailand

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

Citibank in Singapore are a separate entity from Citibank US and from the info I received from them, they appear to be financially very strong....

[pkrv]

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.

Naam you are improving ];-) I thought that a great post - Would I transfer all assets to Thailand - No - Though I have transferred substanital assets, well from my perspective anyway, in terms of a condominium/home.

For me the peanuts option in Thailand option is fine - Thai bank. At the moment main assets remain in the UK and I cannot necessarily access them (main home). But even if I could Singapore? That seems insane.

Edited March 4, 2010 by pkrv

[beginner]

as well as utmost tedious banking procedures.

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I agree that local banks have tedious procedures. Living in Thailand certainly helps farangs to develop the virtue of patience.

Once I asked the Customer Service Officer 'what happens to the many copies of my passport they have required me to sign when doing even the most basic tasks such as transferring funds from one account to another'. This is something that is not possible to do online.

We keep them for ten years she replied, apparently with a straight and serious face.

They must have a warehouse the size of an aircraft hanger for each branch if that is true.

To change my home address, Bangkok Bank required signed passport photocopies and separate forms, which were laboriously filled out by hand, for each account. The forms relating to Foreign Exchange Accounts were then faxed to another office. Yet more forms were completed for credit cards and a bank employee was kept busy and me kept waiting, for forty five minutes simply recording a simple change of address.

Eventually one hopes they will join up the dots and enable a record of address to be applied to all accounts.