sommer1978 Posted May 31, 2014 Share Posted May 31, 2014 In what country in asia is it easy to get a bank account which is also secure? I am woried about the situation here in thailand and if i really should open here a bank account and place my money there. Link to comment Share on other sites More sharing options...
theoldgit Posted May 31, 2014 Share Posted May 31, 2014 Not Chiang Mai specific, moved to banking. Link to comment Share on other sites More sharing options...
Soutpeel Posted May 31, 2014 Share Posted May 31, 2014 what nationality are you ? Link to comment Share on other sites More sharing options...
mesquite Posted May 31, 2014 Share Posted May 31, 2014 Yes, if you're an American living in Thailand, Thailand is the best and possibly only country. Search Thaivisa for threads on opening bank accounts in Thailand. The FATCA legislation has made many non-US banks skittish about doing business with Americans. Some simply refuse to open an account for those with a US passport. Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 I am german citizen Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 i wanted to open a currency account but the bank said i need a work permit for that but i just have a student visa for one year. i dont know where to get a work permit? can you get work permit also with a student visa? Link to comment Share on other sites More sharing options...
fletchsmile Posted May 31, 2014 Share Posted May 31, 2014 What exactly is it you're worried about? Thai banks are well capitalised, with strong liquidity, and easily able to withstand the sort of minor shocks that are happening at the moment. Most analysts/rating agencies/financial people are now expecting a pick up for Thailand and banks in 2H 2014. I say minor shock as though politically it may be considered larger, economically it's not a big deal. Nowhere is 100% safe though. But it's often a good idea to spread you money. I'd suggest Singapore for its close proximity, well regulated banking sector, strong sovereign rating etc. No need to shift all your money from Thailand, but no harm in shifting some. I used to work on 1/3 where I came from, 1/3 in Thailand and 1/3 offshore/ elsewhere of which Singapore was a good portion Cheers Fletch :) 1 Link to comment Share on other sites More sharing options...
Soutpeel Posted May 31, 2014 Share Posted May 31, 2014 i wanted to open a currency account but the bank said i need a work permit for that but i just have a student visa for one year. i dont know where to get a work permit? can you get work permit also with a student visa? If you have USD 25k/ or more...Citibank in Singapore will look after your money bank cost free... and no you cant get a WP on a Thai student visa... Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 I wrote already to banks in singapore. they wrote me back that i need a student visa on a university ... etc. As a tourist they said its not possible. Maybe the wrong bank? Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 which banks in singapore are costumer friendly? Or what would you advise to do? Link to comment Share on other sites More sharing options...
larsjohnsson Posted May 31, 2014 Share Posted May 31, 2014 (edited) Just try a few different banks here in Thailand. And you will get your bank account. There are already thousends of people from Germany that have bank accounts here without WP. Edited May 31, 2014 by larsjohnsson Link to comment Share on other sites More sharing options...
Soutpeel Posted May 31, 2014 Share Posted May 31, 2014 which banks in singapore are costumer friendly? Or what would you advise to do? I opened my account in Singapore with Citibank IPB...and they have always been customer friendly in all honestly, if its only a few USD k we are talking about here, one suspects they may not be interested, as mentioned, if your talking about depositing an min of USD 25k with them, then they will do something. Link to comment Share on other sites More sharing options...
Pond Life Posted May 31, 2014 Share Posted May 31, 2014 I tried to open an account with UOB in Singapore. I already had an account with them in Thailand. They said no, you must have some form of residents visa. But, I think if you have enough money, anything is possible. Link to comment Share on other sites More sharing options...
Soutpeel Posted May 31, 2014 Share Posted May 31, 2014 I tried to open an account with UOB in Singapore. I already had an account with them in Thailand. They said no, you must have some form of residents visa. But, I think if you have enough money, anything is possible. The "local" banks in Singapore typically will not touch you, unless your a Sing resident/working there however the big international players, HSBC, Citi, Standard Chartered etc. will but they are not typically interested in "small" accounts As stated in another post Citi IPB wanted a USD 20k initial deposit off me to open the account and that was 8 years ago, and believe now its USD 25k these days. Link to comment Share on other sites More sharing options...
worgeordie Posted May 31, 2014 Share Posted May 31, 2014 The days of easy banking are long gone regards worgeordie 1 Link to comment Share on other sites More sharing options...
Oscar2 Posted May 31, 2014 Share Posted May 31, 2014 which banks in singapore are costumer friendly? Or what would you advise to do? Credit Suisse in Singapore is very customer friendly minimum deposit required to open an account is one million USD. Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 (edited) its more than 50 000 USD, so normally it should be not a problem as what i read here. But the information what the banks from singapore give me via email are always the same. Like be a resident or have student visa bla bla bla. Flights from thailand to singapore via air asia are very cheap about 4000 baht go and back. But the hotel prices what i saw at agoda are really crazy. 400 USD just for one night. Woow. And i dont want to fly to singapore and pay a lot for hotel and all and then realize that the bank will not open an account. Edited May 31, 2014 by sommer1978 Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 And to put all my savings about over 50 000 USD in a Thai account at the moment where this military law and all happen i am not sure if its really save. The newspapers outside thailand talks about "dictatorship" in Thailand. Australia, USA wants to put sanctions on thailand. Full airplane leaves the country and empty airplane arrives. Then yesterday i read that at the border at Nong Kai they dont let foreigners inside the country. Thai people can not leave the country. Car production companies which export to thailand reduces their exports and so on. That all are not really news what gave you a good safe feelings. I am worried if i put my money here in thailand and the bank will closes like in cyprus where there was a crisis before that i will not get my money. what then? its all my savings so thats why i was thinking on a safer country like singapore or maybe another country. I am still searching in the net Link to comment Share on other sites More sharing options...
wooloomooloo Posted May 31, 2014 Share Posted May 31, 2014 Where are your savings at the moment? Sent from my iPhone using Thaivisa Connect Thailand Link to comment Share on other sites More sharing options...
thrilled Posted May 31, 2014 Share Posted May 31, 2014 Thailand will be signing on to FATCA.Im hearing all Asian countries will sign on.Best country maybe China.The last I had heard Hong Kong signing on also. Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 thai bank Link to comment Share on other sites More sharing options...
sommer1978 Posted May 31, 2014 Author Share Posted May 31, 2014 (edited) i still have a thai bank account but its just a debit card with saving account. Thats why i was looking for currency account in thailand but they just give if you have work permit. But i think FACTA has nothing to do with european people its just for US Citizen or not? Edited May 31, 2014 by sommer1978 1 Link to comment Share on other sites More sharing options...
IBoldnewguy Posted May 31, 2014 Share Posted May 31, 2014 And to put all my savings about over 50 000 USD in a Thai account at the moment where this military law and all happen i am not sure if its really save. The newspapers outside thailand talks about "dictatorship" in Thailand. Australia, USA wants to put sanctions on thailand. Full airplane leaves the country and empty airplane arrives. Then yesterday i read that at the border at Nong Kai they dont let foreigners inside the country. Thai people can not leave the country. Car production companies which export to thailand reduces their exports and so on. That all are not really news what gave you a good safe feelings. I am worried if i put my money here in thailand and the bank will closes like in cyprus where there was a crisis before that i will not get my money. what then? its all my savings so thats why i was thinking on a safer country like singapore or maybe another country. I am still searching in the net Reading your 1st paragraph - your fears come across as somewhat superficial - I would advise to not believe everything you read - if you have concerns - do your own research and find out what is the real situation. What you don't mention - what are your intentions for living in Thailand? Are you business, student or tourist? Evidently you are planning for long stay if you feel you need that amount of money close. Your plans are not any of our business but more detail will, hopefully, get you a more definitive answer. To be safe leave your money at home and do some research as to which banks/cc's offer free ATM and/or no foreign transaction fees. I don't know anything about German banking (I'm US) so I can't give you links, but perhaps some TV expats with experience will respond. Besides the relevant cards I travel with I also bring an emergency stash that I would only use in an emergency; so I help provide my own safety net. There is no perfect security but you can be as prepared as possible for eventualities. Best regards.... Link to comment Share on other sites More sharing options...
Naam Posted May 31, 2014 Share Posted May 31, 2014 which banks in singapore are costumer friendly? Or what would you advise to do? Credit Suisse in Singapore is very customer friendly minimum deposit required to open an account is one million USD. no way to get into CS with only $1m! 1 Link to comment Share on other sites More sharing options...
Naam Posted May 31, 2014 Share Posted May 31, 2014 Thailand will be signing on to FATCA.Im hearing all Asian countries will sign on.Best country maybe China.The last I had heard Hong Kong signing on also. a German citizen living in Thailand doesn't care about FATCA. Link to comment Share on other sites More sharing options...
Soutpeel Posted June 1, 2014 Share Posted June 1, 2014 its more than 50 000 USD, so normally it should be not a problem as what i read here. But the information what the banks from singapore give me via email are always the same. Like be a resident or have student visa bla bla bla. Flights from thailand to singapore via air asia are very cheap about 4000 baht go and back. But the hotel prices what i saw at agoda are really crazy. 400 USD just for one night. Woow. And i dont want to fly to singapore and pay a lot for hotel and all and then realize that the bank will not open an account. Have you tried with the likes of Citibank IPB, HSBC, ?....if you have USD 50k to put with them they will take it, and in the case of Citi, they will forgo the money banking fees if you deposit more than USD 25k and you maintain this balance, go below this and think its a SGD 25/m charge. a colleague of mine opened an account with Citi last year and did everything on-line, they sent the forms to Thailand, you sign, including a declaration your are not a US citizen/Green card holder and give them a certified copy of your PP and your ATM comes in the return mail via courier...no need to go to Singapore. BTW on the price of the hotels USD 400.... your looking in the wrong place, there are plenty of hotel rooms less than this, you getting quoted for rates at the likes of the Marriot, Royal Plaza etc these are 3 star plus places. Link to comment Share on other sites More sharing options...
Soutpeel Posted June 1, 2014 Share Posted June 1, 2014 (edited) Thailand will be signing on to FATCA.Im hearing all Asian countries will sign on.Best country maybe China.The last I had heard Hong Kong signing on also. The OP is German, FACTA doesn't affect him, not everyone in the world is subject to US IRS rules dear boy. Edit Sorry Naam, see you made similar comments earlier.. Edited June 1, 2014 by Soutpeel Link to comment Share on other sites More sharing options...
luk AJ Posted June 1, 2014 Share Posted June 1, 2014 Dear OP, the banking situation changed a lot the last couple of years. I am quite sure you will not get a bank account somewhere else. Even Hong Kong will not be the answer anymore. Reason; Bank Board members become personally responsible if the bank holds accounts with criminal activities. Everywhere the same, no workpermit, no account. I cannot confirm Singapore but Hong Kong I am 100% sure. A USD account in Thailand w is indeed your best option. Please try UOB Bank, might work. Link to comment Share on other sites More sharing options...
Sealbash Posted June 1, 2014 Share Posted June 1, 2014 Singapore is not difficult. I have opened bank accounts at both Citibank and OCBC there within the last year. No problems. Minimum account opening balance is 5000 USD. Can be done online. Sent from my iPad using Thaivisa Connect Thailand Link to comment Share on other sites More sharing options...
luk AJ Posted June 1, 2014 Share Posted June 1, 2014 Interesting! Do you pay income tax in Singapore? Link to comment Share on other sites More sharing options...
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