dotx Posted September 29, 2013 Share Posted September 29, 2013 I did a search for this topic, but the threads I found mention the need for a minimum of $20,000 to open an account with them. However, their website mentions this: http://www.hsbc.com.sg/1/2/personal/deposits/savings-account Which says you only need $1000 to open the account (and a minimum of $2000 if you don't want to incur monthly fees). I'm wondering if anybody has this type of account with them. I want a savings account outside of Thailand and this seems like a very good choice. Link to comment Share on other sites More sharing options...
negreanu Posted September 29, 2013 Share Posted September 29, 2013 You might struggle without a Singapore address or EP. Link to comment Share on other sites More sharing options...
dotx Posted September 29, 2013 Author Share Posted September 29, 2013 You might struggle without a Singapore address or EP. The link actually explains you can open the account without an address in Singapore. Link to comment Share on other sites More sharing options...
KittenKong Posted September 29, 2013 Share Posted September 29, 2013 Crikey! 0.01% on GBP1Million tied up for a year. Those have got to be the world's lowest interest rates. They obviously dont need to attract customers, which probably means that most of them are depositing money that they cant put elsewhere. Link to comment Share on other sites More sharing options...
Wimbledon Posted September 29, 2013 Share Posted September 29, 2013 No quite a few people are starting to be very nervous about many countries banking institutions that have SO LITTLE CASH RESERVES, AGAINST LIABILITIES , THEY are starting to move them to countries that have not in the past had banks go under . singapore is one of the few countries today that has never had a bank failure !!! Link to comment Share on other sites More sharing options...
mccw Posted September 29, 2013 Share Posted September 29, 2013 I was thinking about either Singapore or Hongkong as an emergency reserve place. I think I am coming down on the Hongkong side. 1 Link to comment Share on other sites More sharing options...
dotx Posted September 29, 2013 Author Share Posted September 29, 2013 Crikey! 0.01% on GBP1Million tied up for a year. Those have got to be the world's lowest interest rates. They obviously dont need to attract customers, which probably means that most of them are depositing money that they cant put elsewhere. This must be a different type of account. The one I linked to doesn't tie up your money for any length of time. In fact, it comes with a debit card so you can take out money if you need to. Link to comment Share on other sites More sharing options...
rosswlkr Posted September 29, 2013 Share Posted September 29, 2013 Singapore lets any foreigners open a bank account. You just may have to actually go there to open the account. Link to comment Share on other sites More sharing options...
KittenKong Posted September 29, 2013 Share Posted September 29, 2013 Crikey! 0.01% on GBP1Million tied up for a year. Those have got to be the world's lowest interest rates. They obviously dont need to attract customers, which probably means that most of them are depositing money that they cant put elsewhere. This must be a different type of account. The one I linked to doesn't tie up your money for any length of time. In fact, it comes with a debit card so you can take out money if you need to. I just looked for the best (!) savings rate they offered. Link to comment Share on other sites More sharing options...
MMarlow Posted September 29, 2013 Share Posted September 29, 2013 . singapore is one of the few countries today that has never had a bank failure !!! Apart from Barings, Singapore in 1995. Link to comment Share on other sites More sharing options...
Naam Posted September 29, 2013 Share Posted September 29, 2013 Crikey! 0.01% on GBP1Million tied up for a year. Those have got to be the world's lowest interest rates. They obviously dont need to attract customers, which probably means that most of them are depositing money that they cant put elsewhere. 0.01% is a generous rate. most Singapore banks pay 0.00% on any amount of $/€/£/¥ deposits. Link to comment Share on other sites More sharing options...
Naam Posted September 29, 2013 Share Posted September 29, 2013 Singapore lets any foreigners open a bank account. You just may have to actually go there to open the account. that applied twenty years ago. try now and be surprised! Link to comment Share on other sites More sharing options...
yoshiwara Posted September 29, 2013 Share Posted September 29, 2013 I was thinking about either Singapore or Hongkong as an emergency reserve place. I think I am coming down on the Hongkong side. Choose the one you will want to occasionally visit. Singapore nearer but HK a more interesting place. 1 Link to comment Share on other sites More sharing options...
mccw Posted September 29, 2013 Share Posted September 29, 2013 I was thinking about either Singapore or Hongkong as an emergency reserve place. I think I am coming down on the Hongkong side. Choose the one you will want to occasionally visit. Singapore nearer but HK a more interesting place. I agree. Link to comment Share on other sites More sharing options...
KittenKong Posted September 29, 2013 Share Posted September 29, 2013 0.01% is a generous rate. most Singapore banks pay 0.00% on any amount of $//£/¥ deposits. Not generous enough to attract me as a customer, I'm afraid. I suspect that much of the money on deposit there has moved there because of the introduction of exchange of information and withholding taxes in places like the CI and IOM. Luckily all my money is legal and so I can deposit it in places where I get a sensible interest rate. Link to comment Share on other sites More sharing options...
Naam Posted September 29, 2013 Share Posted September 29, 2013 0.01% is a generous rate. most Singapore banks pay 0.00% on any amount of $//£/¥ deposits. Not generous enough to attract me as a customer, I'm afraid. I suspect that much of the money on deposit there has moved there because of the introduction of exchange of information and withholding taxes in places like the CI and IOM. Luckily all my money is legal and so I can deposit it in places where I get a sensible interest rate. Singapore is compliant with the latest OECD agreements and regulations on exchange of information and has even gone one huge step further by considering, effective july 1, 2013, tax evasion a criminal act. you might get slightly better rates for the currencies i mentioned above in some European banks but capped as far as the amounts are concerned. by the way, withholding taxes within the European Union for EU residents exist since years. Link to comment Share on other sites More sharing options...
Naam Posted September 29, 2013 Share Posted September 29, 2013 . singapore is one of the few countries today that has never had a bank failure !!! Apart from Barings, Singapore in 1995. Nick Leeson did a thorough job then Link to comment Share on other sites More sharing options...
jombom Posted September 29, 2013 Share Posted September 29, 2013 HSBC in Singapore is not a great bank IMO. They have a tendency to be ----- a little untrustworthy, and that's a kind statement. Link to comment Share on other sites More sharing options...
KittenKong Posted September 30, 2013 Share Posted September 30, 2013 Singapore is compliant with the latest OECD agreements and regulations on exchange of information and has even gone one huge step further by considering, effective july 1, 2013, tax evasion a criminal act. Hmm. I am not convinced that Singapore banks make any real attempt to verify where their customers actually live (as opposed to where they present a utility bill from). So it really is quite easy for a EU resident to open an account using documents relating to property outside the EU (a holiday condo in Pattaya, for example), and having done that I dont suppose much information will be passed back to the EU by the Singapore bank. you might get slightly better rates for the currencies i mentioned above in some European banks but capped as far as the amounts are concerned. "Slightly better" as in 300 times higher? (3% as opposed to 0.01%). I like that sort of slightly. Capping at GBP1M doesnt worry me as I always cap my own deposits at whatever level is covered by the local deposit protection scheme. Those who are more trusting should find it easy enough to deposit 5M or 10M per institution. by the way, withholding taxes within the European Union for EU residents exist since years. Years, yes, but not very many years. Only in the last year or two has the notion of withholding taxes for all EU residents and obligatory exchange of information been applied in places like the CI and IOM. Prior to that it was withholding taxes or the exchange of information, and even the withholding tax was on a sliding scale that started at 15% back in 2005 when it was introduced (now 35%). Link to comment Share on other sites More sharing options...
ExpatJ Posted September 30, 2013 Share Posted September 30, 2013 I opened an account with HSBC Singapore last year from Thailand- i didn't have to go there either. If you have a HSBC Premier account anywhere in the world, your relationship manager can open a Singapore account - you can fill in the forms and fax them to her/him. One benefit is that with a Sing. HSBC account you can trade Singapore and Hong Kong stocks. Link to comment Share on other sites More sharing options...
Heng Posted September 30, 2013 Share Posted September 30, 2013 (edited) If you're doing it on site, all you need is your passport and proof of residence. For me that was a copy of my electric bill + translation 'legalized' (rubber stamped) by the Thai Ministry of Foreign Affairs at Laksi (in Bangkok). While you're there, you may as well open a few other bank accounts at other banks in the same trip. I usually go with the equivalent of a Foreign Currency Time deposit account. Different banks will call it something a bit different. Not as much so nowadays but fixed deposits in NZD and AUS$ were rather sweet at 5-6% for years. Renminbi accounts are at around 2% if you can get around the China risk. Whatever you go with, if you don't stay into anything for more than 6 months at a time, you should be okay risk wise. On paper interest rates might be comparable to many Thai bank products... but remember there is no tax on interest income in SG. Edited September 30, 2013 by Heng Link to comment Share on other sites More sharing options...
Naam Posted September 30, 2013 Share Posted September 30, 2013 Singapore is compliant with the latest OECD agreements and regulations on exchange of information and has even gone one huge step further by considering, effective july 1, 2013, tax evasion a criminal act. Hmm. I am not convinced that Singapore banks make any real attempt to verify where their customers actually live (as opposed to where they present a utility bill from). So it really is quite easy for a EU resident to open an account using documents relating to property outside the EU (a holiday condo in Pattaya, for example), and having done that I dont suppose much information will be passed back to the EU by the Singapore bank. you might get slightly better rates for the currencies i mentioned above in some European banks but capped as far as the amounts are concerned. "Slightly better" as in 300 times higher? (3% as opposed to 0.01%). I like that sort of slightly. Capping at GBP1M doesnt worry me as I always cap my own deposits at whatever level is covered by the local deposit protection scheme. Those who are more trusting should find it easy enough to deposit 5M or 10M per institution. by the way, withholding taxes within the European Union for EU residents exist since years. Years, yes, but not very many years. Only in the last year or two has the notion of withholding taxes for all EU residents and obligatory exchange of information been applied in places like the CI and IOM. Prior to that it was withholding taxes or the exchange of information, and even the withholding tax was on a sliding scale that started at 15% back in 2005 when it was introduced (now 35%). there is still no mandatory exchange of information for accounts in Switzerland, Liechtenstein, Luxembourg and Austria but EU withholding tax of 35% is applied. no withholding tax is deducted in any EU country as well as Switzerland and Liechtenstein on corporate accounts even if the beneficiaries are EU residents. however, Switzerland as well as Luxembourg have started to put pressure on EU resident individuals who hold their assets in corporations which don't conduct "active" business. i am not commenting on interest rates such as 3% on $/£/€ et al except for very long term deposits or obscure banks. Link to comment Share on other sites More sharing options...
yoshiwara Posted September 30, 2013 Share Posted September 30, 2013 I opened an account with HSBC Singapore last year from Thailand- i didn't have to go there either. If you have a HSBC Premier account anywhere in the world, your relationship manager can open a Singapore account - you can fill in the forms and fax them to her/him. One benefit is that with a Sing. HSBC account you can trade Singapore and Hong Kong stocks. Note that if you, for example, have a Premier account in the UK and you use that account to open an account in Singapore, then the two accounts are linked and you are obliged to declare monies held in both accounts if you are liable for taxes in the UK. Link to comment Share on other sites More sharing options...
dotx Posted September 30, 2013 Author Share Posted September 30, 2013 Thanks for all the information. I currently do not have a HSBC account in any country. I'm going to give a call to the Singapore branch sometime this week and see what happens. Link to comment Share on other sites More sharing options...
jmccarty Posted September 30, 2013 Share Posted September 30, 2013 Crikey! 0.01% on GBP1Million tied up for a year. Those have got to be the world's lowest interest rates. They obviously dont need to attract customers, which probably means that most of them are depositing money that they cant put elsewhere. This must be a different type of account. The one I linked to doesn't tie up your money for any length of time. In fact, it comes with a debit card so you can take out money if you need to. They don't pay much in savings accounts in Singapore banks but KK is referring to a fixed deposit, which os also lame in Singapore. And you will have trouble opening an account in Singapore with no employment pass or address there. Not imposible, but the local banks, UOB, DBS, etc will not open an account for you. You might be able to with HSBC or Citibank or one of the other international banks represented there. You will defintely need to go there to open an account and all of their first answers will be no when they find out you have no EP or address there. Link to comment Share on other sites More sharing options...
KittenKong Posted September 30, 2013 Share Posted September 30, 2013 there is still no mandatory exchange of information for accounts in Switzerland, Liechtenstein, Luxembourg and Austria but EU withholding tax of 35% is applied. .... I dont think it will be very long before all EU countries have mandatory reporting. The UK has already come to a sort of agreement with Switzerland about this though the agreement has as many holes in it as a Swiss cheese. I seem to remember reading that the US IRS has arranged some sort of deal with them also. Either way, I think the days of no reporting in Europe are numbered. i am not commenting on interest rates such as 3% on $/£/ et al except for very long term deposits or obscure banks. I currently get 2.85% from NatWest on an instant access deposit with a minimum balance of just GBP1. This rate was available for one year from last November. Other banks and building societies in the UK offer rates above 2% for similar deposits. None of them are particularly obscure. Even the measly 1% that one gets from just about every UK High Street deposit taker for instant access is 100 times better than the 0.01% offered by HSBC Singapore. Link to comment Share on other sites More sharing options...
Naam Posted September 30, 2013 Share Posted September 30, 2013 I currently get 2.85% from NatWest on an instant access deposit with a minimum balance of just GBP1. This rate was available for one year from last November. Other banks and building societies in the UK offer rates above 2% for similar deposits. what's the maximum amount? Link to comment Share on other sites More sharing options...
Naam Posted September 30, 2013 Share Posted September 30, 2013 (edited) I dont think it will be very long before all EU countries have mandatory reporting. i agree! and tax havens like Singapore and Hong Kong will fall in line too. Edited September 30, 2013 by Naam Link to comment Share on other sites More sharing options...
KittenKong Posted September 30, 2013 Share Posted September 30, 2013 what's the maximum amount? I had a quick look but cant actually find any mention of a maximum amount in the T&Cs for either NatWest or Metrobank. Link to comment Share on other sites More sharing options...
Naam Posted September 30, 2013 Share Posted September 30, 2013 (edited) taking a brief look at NatWest's website reminds me of snake oil sellers which sell their product in a dozen different packages to cure dozens of ailments what's missing is "Special Savings Accounts for Brits who wasted their life savings in Thailand" Interest rates for savings accountsFirst Reserve Instant Saver Young Saver Cash ISA Special Interest Account Interest rates for savings accounts no longer available to new customers e-Savings e-ISA 30 Day Bonus Reserve Reward Reserve Advantage Reserve Advantage Private Reserve Private Banking Savings Account First Home Saver Savings Direct 5 Year Children’s Bond Community Bond e-Savings Plus Regular Saver Instant Access Reserve Diamond Reserve Cash ISA – TESSA Funds Telephone Saver PLUS Pensioner Fixed Rate Account Issue 107 5 Year Fixed Rate Bond Cash ISA Plus a crème de la crème example: http://www.natwest.com/personal/savings/g3/fixed-rate.ashx Edited September 30, 2013 by Naam Link to comment Share on other sites More sharing options...
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