Opening A Singapore Bank Account

[battersea]

Hello All !

Is it possible to open a Singapore Bank Account without actually going there ?

Can anyone recommend a good one ?

All advice appreciated.

[Soutpeel]

Yes

Citi international personal banking....provided you are not a US citizen if so then there will be "complications"

If you fee free banking you will need to put US $25k on account with them

Edited September 11, 2012 by Soutpeel

[yoshiwara]

I very much doubt it.

You can contact DBS http://www.dbs.com.sg/ or if you have an HSBC account you can ask for assistance setting one up in SG.

the problem will be threefold. One you don't have an address in SG,you will be asked why you want to open an account and unless you have serious money to deposit they will not be interested.

Edited September 12, 2012 by yoshiwara

[Soutpeel]

I very much doubt it.

You can contact DBS http://www.dbs.com.sg/ or if you have an HSBC account you can ask for assistance setting one up in SG.

the problem will be threefold. One you don't have an address in SG,you will be asked why you want to open an account and unless you have serious money to deposit they will not be interested.

Address in Singapore is not required with the major players, however a "local" singapore bank will not touch unless you are singapore resident.

[Naam]

I very much doubt it.

You can contact DBS http://www.dbs.com.sg/ or if you have an HSBC account you can ask for assistance setting one up in SG.

the problem will be threefold. One you don't have an address in SG,you will be asked why you want to open an account and unless you have serious money to deposit they will not be interested.

Address in Singapore is not required with the major players, however a "local" singapore bank will not touch unless you are singapore resident.

UOB privilege banking for non-residents starts at SGD 350k, OCBC opens an account selling a SGD 25k life insurance no initial deposit required, ICICI opens an account starting with SGD 100k cash.

ICICI has approval from the MAS since 1½ years ago to render all banking services (cash, cheques, credit cards, standing orders, SGD fixed deposits). multinational banks (entry starting at USD 3mm, some even USD 5mm) are generally not allowed to provide these services. don't know Citi's position though.

[topt]

I very much doubt it.

You can contact DBS http://www.dbs.com.sg/ or if you have an HSBC account you can ask for assistance setting one up in SG.

the problem will be threefold. One you don't have an address in SG,you will be asked why you want to open an account and unless you have serious money to deposit they will not be interested.

Address in Singapore is not required with the major players, however a "local" singapore bank will not touch unless you are singapore resident.

UOB privilege banking for non-residents starts at SGD 350k, OCBC opens an account selling a SGD 25k life insurance no initial deposit required, ICICI opens an account starting with SGD 100k cash.

ICICI has approval from the MAS since 1½ years ago to render all banking services (cash, cheques, credit cards, standing orders, SGD fixed deposits). multinational banks (entry starting at USD 3mm, some even USD 5mm) are generally not allowed to provide these services. don't know Citi's position though.

I spoke to someone at ICICI Singapore last year and the only way they would open an account as a non resident was if I physically went to see them. Otherwise not possible - unless they have changed?

[Naam]

I spoke to someone at ICICI Singapore last year and the only way they would open an account as a non resident was if I physically went to see them. Otherwise not possible - unless they have changed?

all of them (except Citi i have heard) want to see you personally. the multinationals (and UOB) will send a representative to your home in Nakhon Nowhere if you match their entry requirements.

[Soutpeel]

I spoke to someone at ICICI Singapore last year and the only way they would open an account as a non resident was if I physically went to see them. Otherwise not possible - unless they have changed?

all of them (except Citi i have heard) want to see you personally. the multinationals (and UOB) will send a representative to your home in Nakhon Nowhere if you match their entry requirements.

Just to clarify this is Citi international personal banking in Singapore, and unless something has changed in the last 6 months, you didnt need to go to Singapore, I have been with them for years and a collegue opened an account with them about 6 ago months and didnt need to go to Singapore, he filled the form in on line, they sent him the form to sign and a certified copy of his PP was sent back to singapore return mail, and received his ATM card in the post.

Edited September 13, 2012 by Soutpeel

[ExpatJ]

Yes it is very easy with HSBC premier, I just did it. If you have HSBC premier account anywhere in the world u can open one in Singapore without having to visit or have residency in the country.

[JaiLai]

Any minimum deposit?

[Soutpeel]

Any minimum deposit?

Think HSBC Premier is US$ 100k, Citigold is US$ 150k

[yoshiwara]

Yes it is very easy with HSBC premier, I just did it. If you have HSBC premier account anywhere in the world u can open one in Singapore without having to visit or have residency in the country.

If you have an HSBC Premier account in the UK and then open up a Premier account in Singapore, then the 2 accounts will be linked. Not so hot if you have tax issues.

The same might apply with Citi.

The question is why you don't want to go to Singapore to do the organisation for opening an account.

Edited September 13, 2012 by yoshiwara

[Soutpeel]

Yes it is very easy with HSBC premier, I just did it. If you have HSBC premier account anywhere in the world u can open one in Singapore without having to visit or have residency in the country.

If you have an HSBC Premier account in the UK and then open up a Premier account in Singapore, then the 2 accounts will be linked. Not so hot if you have tax issues.

The same might apply with Citi.

The question is why you don't want to go to Singapore to do the organisation for opening an account.

Actually they are not linked unless you want them to be. these account for both HSBC and Citi are stand alone accounts, not an extension of your existing account, however if you wished for them to be linked you could do so. Why would there be tax issues any way ?

[samran]

Can a foregin registered company open up a Singapore business account? Or do the laws require that the company be domiciled in Singapore?

[Soutpeel]

Can a foregin registered company open up a Singapore business account? Or do the laws require that the company be domiciled in Singapore?

I stand to be corrected, but think you need a Singapore registered company, but believe you could get round this by setting up a Singapore shelf company, but obviously you would have to deal with the Singapore tax man etc

[yoshiwara]

Yes it is very easy with HSBC premier, I just did it. If you have HSBC premier account anywhere in the world u can open one in Singapore without having to visit or have residency in the country.

If you have an HSBC Premier account in the UK and then open up a Premier account in Singapore, then the 2 accounts will be linked. Not so hot if you have tax issues.

The same might apply with Citi.

The question is why you don't want to go to Singapore to do the organisation for opening an account.

Actually they are not linked unless you want them to be. these account for both HSBC and Citi are stand alone accounts, not an extension of your existing account, however if you wished for them to be linked you could do so. Why would there be tax issues any way ?

Because if you may have assets in SG which you are not declaring in the UK.

The link may not be 'activated', but it is there.

[Soutpeel]

Yes it is very easy with HSBC premier, I just did it. If you have HSBC premier account anywhere in the world u can open one in Singapore without having to visit or have residency in the country.

If you have an HSBC Premier account in the UK and then open up a Premier account in Singapore, then the 2 accounts will be linked. Not so hot if you have tax issues.

The same might apply with Citi.

The question is why you don't want to go to Singapore to do the organisation for opening an account.

Actually they are not linked unless you want them to be. these account for both HSBC and Citi are stand alone accounts, not an extension of your existing account, however if you wished for them to be linked you could do so. Why would there be tax issues any way ?

Because if you may have assets in SG which you are not declaring in the UK.

The link may not be 'activated', but it is there.

You dont need to do this in the UK, not the US IRS..my friend, I am non-resident in the UK and dont have to tell them anything or am I legally obligated to either or submit a tax return.

However there is some validity to your statement, this is the reason US citizens have problems opening offshore accounts, becasue of the IRS, even banks like Citi IPB are very reluctant or even refuse these accounts to US citizens

Edited September 14, 2012 by Soutpeel

[Thaiaddict01]

for HSBC premier account I heard someone said, if you have a premier account in one country, then you can also open up another premier in another country but you don't need to meet the min 50k pounds or whatever the min balance they require you in that country. Is this true? (he said just have the manager write a letter saying that you have premier account with them, then you can open up another account in other country)

Also I am going to use some friend's address or maybe hotel's address for HSBC account, they dont' mail you anything right? if I use everything for email like estatement and e everything. What mail will they still mail to your address? I don't want my friend or hotel people open up my hsbc mail and got my important info. (by the way I am US citizen so I don't want to use my US address, I heard if you use US email the IRS will also find you!)

Edited August 22, 2013 by Thaiaddict01

[Naam]

Can a foregin registered company open up a Singapore business account? Or do the laws require that the company be domiciled in Singapore?

I stand to be corrected, but think you need a Singapore registered company, but believe you could get round this by setting up a Singapore shelf company, but obviously you would have to deal with the Singapore tax man etc

i maintain not one but three different corporate acounts in Singapore. none of the companies is Singapore registered.

[sas_cars]

Can a foregin registered company open up a Singapore business account? Or do the laws require that the company be domiciled in Singapore?

I stand to be corrected, but think you need a Singapore registered company, but believe you could get round this by setting up a Singapore shelf company, but obviously you would have to deal with the Singapore tax man etc

i maintain not one but three different corporate acounts in Singapore. none of the companies is Singapore registered.

Where are the companies registered ? Thailand? How easy it is to open an account for a foreign registered company and are there any minimum deposit requirements?

[Naam]

Can a foregin registered company open up a Singapore business account? Or do the laws require that the company be domiciled in Singapore?

I stand to be corrected, but think you need a Singapore registered company, but believe you could get round this by setting up a Singapore shelf company, but obviously you would have to deal with the Singapore tax man etc

i maintain not one but three different corporate acounts in Singapore. none of the companies is Singapore registered.

Where are the companies registered ? Thailand? How easy it is to open an account for a foreign registered company and are there any minimum deposit requirements?

-the companies are BVI and Brunei registered.

-nowadays it has become very difficult to open corporate as well as private accounts. the entry level in multinational banks has been always between USD 3 and 4 million (total assets, not necessarily cash). even 'domestic' banks, e.g. UOB and OCBC demand quite a bundle (SGD 250k) from foreign applicants (very recent information). however, i don't know what their demands for corporate accounts are.

some TV-members seem to have good experience with Citi in SG. try the search function.