Suggestions For An 'offshore' Bank Account

[simon43]

Actually, the '$$$' should read '$' !

I'm not a wealthy guy, as my regular consumption of Mama pot noodles may indicate. But I do have a growing income from overseas of a few thousand $ per month, earned from US/UK clients for my software services (which are obviously performed outside of Thailand...)

Right now, those earnings are being sent to my Bangkok Bank A/C in Thailand. But, with the current uncertainty of Thailand's future path, it would be wise for me to direct these funds to a safe banking institution that is outside of Thailand.

These funds are destined for my personal account, not a corporate account.

Can anyone suggest a suitable country/bank for these funds? Most offshore banks seem to require a high level of deposits. In my case, all I want to do is to deposit $1 - $3k per month, and have access to those funds via an ATM card and internet banking. I have no need for a credit card.

As a non-resident, non-Singaporean, am I able to travel to Singapore and open a personal bank account? Tax liabilities? I would prefer to bank in a country where I am able to travel to within a few hours by plane.

Good advice is much appreciated. Your personal bank account details for my remittance are not required

Simon

[andytime]

Simon... I have accounts in both singapore (dbs - I think need a referral from a local) and hk. The hk account is with hangseng bank and better. This is a multi-currency account and whatever wires come in to your account can be held in that currency (or can change at super rates) to any of 8 other currencies or even physical gold (this can also be setup automatically). Likely have to go there to setup (20-30k HK.. maybe 3-4K us min balance for account) and maybe good to go with 10k US to set up and then pull some money out afterwards if needed. Some id showing residence anywhere (ie a mailing address for anywhere) and they wanted me to go with some insurance policy as well for a fixed period but i don't think it was mandatory. They give you a debit atm effective anywhere and can do online wires easily and cheaply in any desired currency if required and can pull USD out of account as well (for nominal fee). For either HK or Singapore they have zero interest in you for tax unless you spend >60 days in the country. Hope this helps mate.

[Krungbin]

Hi Simon,

Sharing my life between here and various countries in Europe, I had a need for an"offshore" multiple currencies account as well. HSBC was recommended to me and it is now well over 15 years that I have accounts with them in Hong Kong. Their fees can be judged on the "high" side", but their services are on the "high side" too. I have several debit cards that I have been using all over the world with no problem whatsoever. Ebanking works fine, very well should I say and their security measures are really good. But you will need to go to Hong Kong to open yr account and, as well, you'll need to be introduced...

[shadiadi]

CitiBank Singapore you can apply online.

[Soutpeel]

CitiBank Singapore you can apply online.

Citi IPB in Singapore, problem is if your balance is below $25k you will be charged a monthly fee, above, no fee applicable

Multiple currencies, ATM card etc etc..

[PattayaParent]

Look at the Singapore Banks and if they're not suitable there's a few offhore UK banks that do US$ accounts but your choice is limited.

You can get them with low minimum balances of US$5,000 and no monthly deposit requirements.

[simon43]

OK, after doing some research, I spoke with UOB, Singapore. They will open a bank account for me, with ATM card and internet banking if I deposit only about 20,000 baht! I do have to apply in person, but they suggested I simply fly to Singapore on a day-return from Phuket and open the account at their Changi branch.

This is not about getting a credit card or high interest rate on my meagre savings. It's more about peace of mind and with that in mind, this UOB account looks just fine.

In any case, I'll go over to Singapore in a few weeks and report back with my experiences.

Simon

[Moonfruit]

I do my domestic baning with UOB, and they are great.

The online banking system is fantastic.

One thing i would say is make sure that the ATM card you get is usable overseas. The first one they gave me is a 'unicard' NETS card, which would not be usable overseas.

I can recommend Barclay's for offshore banking. But their service is useless compared with UOB.

[trigger571]

I am opening one in the British Virgin Islands with a bank account in Cyprus. This gives me tax free benefits (0%), while the cypriot bank offers some form of stability, an ATM card and not much needed to open the account.

[Soutpeel]

I am opening one in the British Virgin Islands with a bank account in Cyprus. This gives me tax free benefits (0%), while the cypriot bank offers some form of stability, an ATM card and not much needed to open the account.

.....provided you are non-resident, Singapore is tax free as well

[hyperdimension]

Can anyone tell me what tax has to do with opening and using a bank account? If it's about interest earnings, aren't the rates too small to be worth thinking about the tax that you'd have to pay on the interest earnings?

[Soutpeel]

Can anyone tell me what tax has to do with opening and using a bank account? If it's about interest earnings, aren't the rates too small to be worth thinking about the tax that you'd have to pay on the interest earnings?

Well even 2% p.a. interest on $ 1million...is a fair amount of money to be paying tax on, which you would not want to be paying if you could get away with it..

[Naam]

I am opening one in the British Virgin Islands with a bank account in Cyprus. This gives me tax free benefits (0%), while the cypriot bank offers some form of stability, an ATM card and not much needed to open the account.

.....provided you are non-resident, Singapore is tax free as well

even if you are resident, do not work or conduct any business any income from investments (interest, dividends, capital gains, etc.) are not taxed in Singapore since jan 1, 2004.

[hyperdimension]

I do my domestic baning with UOB, and they are great.

The online banking system is fantastic.

Can you do international transfers through UOB internet banking?

I opened a USD account at Bangkok Bank but I must go to the branch every time I need to do an international transfer, which is very inconvenient. So I'm thinking a UOB Singapore account might be a better option.

What are the deposit and withdrawal fees for a USD account at UOB Singapore?

[manarak]

I am opening one in the British Virgin Islands with a bank account in Cyprus. This gives me tax free benefits (0%), while the cypriot bank offers some form of stability, an ATM card and not much needed to open the account.

.....provided you are non-resident, Singapore is tax free as well

even if you are resident, do not work or conduct any business any income from investments (interest, dividends, capital gains, etc.) are not taxed in Singapore since jan 1, 2004.

yeah, but don't forget Cyprus is in the EU.

I'd be much more comfortable with bank accounts in Singapore or Switzerland (which I have, so I'm feeling comfortable).

[Soutpeel]

I am opening one in the British Virgin Islands with a bank account in Cyprus. This gives me tax free benefits (0%), while the cypriot bank offers some form of stability, an ATM card and not much needed to open the account.

.....provided you are non-resident, Singapore is tax free as well

even if you are resident, do not work or conduct any business any income from investments (interest, dividends, capital gains, etc.) are not taxed in Singapore since jan 1, 2004.

yeah, but don't forget Cyprus is in the EU.

I'd be much more comfortable with bank accounts in Singapore or Switzerland (which I have, so I'm feeling comfortable).

Personally if you are an EU citizen, I would be staying out of any banking in the EU, as one of these days it will end up like the US and all accounts will start getting scrutinised....At present Singapore for me works

[Paul888]

Any updated information on opening an account with UOB Singapore or other Singapore banks that allow foreign currency accounts to be fully managed online?

I notice from UOB website that non resident foreigners need an introducer?

has anybody managed this without one?

[Soutpeel]

Any updated information on opening an account with UOB Singapore or other Singapore banks that allow foreign currency accounts to be fully managed online?

I notice from UOB website that non resident foreigners need an introducer?

has anybody managed this without one?

Citibank IPB..all ok provided you are not a US citizen...they seem to get a bit jumpy opening accounts for US citizens

[parallaxtech]

Citibank IPB..all ok provided you are not a US citizen...they seem to get a bit jumpy opening accounts for US citizens

I am a US citizen living in Thailand. Any recommendations on banks in Singapore or HK with good interest rates for a cd or savings account?

Edited August 23, 2010 by parallaxtech

[aurelius]

Interestingly Bangkok Bank's rating is currently better than the sovereign rating of the country. I wouldn't bother with the move for reasons of potential country risk -- for services or tax or whatever maybe -- but not bank or country risk.

[Orangutan]

I read earlier in this topic that it is possible to open a physical gold account at Hangseng Bank in Hong Kong. This is one way around the $10,000.00 reporting deposits to the American IRS rule. Apparently gold is not listed as holding any currency equivalent. So you can open an account with a requirement under $10,000.00, and add as much gold to your account as you want.

Does anyone have any experience with these accounts, and are there any banks in Singapore that fit this description?

Thanks in advance,

-O

[Orangutan]

I read earlier in this topic that it is possible to open a physical gold account at Hangseng Bank in Hong Kong. This is one way around the $10,000.00 reporting deposits to the American IRS rule. Apparently gold is not listed as holding any currency equivalent. So you can open an account with a requirement under $10,000.00, and add as much gold to your account as you want.

Does anyone have any experience with these accounts, and are there any banks in Singapore that fit this description?

Thanks in advance,

-O

Still looking for referrals to banking in Singapore or Hong Kong. Additionally if the banks are not members of OECD (The Organisation for Economic Co-operation and Development is an international economic organisation of 32 countries), they do not have to report account holdings to the IRS in America. I believe they exist in both countries mentioned.

Anyone with personal experience?

Thanks,

-O

[chiang mai]

Hi Simon,

Sharing my life between here and various countries in Europe, I had a need for an"offshore" multiple currencies account as well. HSBC was recommended to me and it is now well over 15 years that I have accounts with them in Hong Kong. Their fees can be judged on the "high" side", but their services are on the "high side" too. I have several debit cards that I have been using all over the world with no problem whatsoever. Ebanking works fine, very well should I say and their security measures are really good. But you will need to go to Hong Kong to open yr account and, as well, you'll need to be introduced...

I agree.

[chiang mai]

I read earlier in this topic that it is possible to open a physical gold account at Hangseng Bank in Hong Kong. This is one way around the $10,000.00 reporting deposits to the American IRS rule. Apparently gold is not listed as holding any currency equivalent. So you can open an account with a requirement under $10,000.00, and add as much gold to your account as you want.

Does anyone have any experience with these accounts, and are there any banks in Singapore that fit this description?

Thanks in advance,

-O

I can't help with your referral but I will be surprised if Hang Seng meets your needs since it's owned by HSBC, hence IRS reporting is almost a certainty.

[OxfordWill]

OK, after doing some research, I spoke with UOB, Singapore. They will open a bank account for me, with ATM card and internet banking if I deposit only about 20,000 baht! I do have to apply in person, but they suggested I simply fly to Singapore on a day-return from Phuket and open the account at their Changi branch.

This is not about getting a credit card or high interest rate on my meagre savings. It's more about peace of mind and with that in mind, this UOB account looks just fine.

In any case, I'll go over to Singapore in a few weeks and report back with my experiences.

Simon

Simon- did you go to Singapore and how did things go? Thanks.