Singapore USD Account.. Good idea?

[adelsantos]

Hello,

I plan to sell some assets and be paid in USD. I would like to invest some of the proceeds into a business and possibly a condo in Thailand.

I am thinking of setting up a USD account in Singapore for these funds. My thinking is that there are benefits to transferring the money into Thailand when I want to use it. And for that reason, I don't want it in a USD account in Thailand.

Has anybody done this or similar?

Is my assumption correct that its probably better to not have USD in a Thailand USD account?

Is there any benefit to keeping the USD in Singapore vs Hong Kong, or even a bank account in my home country?

Appreciate any insight or thoughts or experiences!

Thanks,

AL

[Soutpeel]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Edited June 27, 2014 by Soutpeel

[eddi]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

[GBK]

It's Ok if you don't mind paying significant transaction fees.

Try Lloyds Offshore Jersey, they are the cheapest as far as I know.

[tinhead]

If you're American, they won't touch you with a ten foot pole. That said, FATCA has arrived in HK and your ability to open a personal bank account will be severely limited. Singapore, no problem (so long as you're not American) - you may need to make an initial deposit, depending on the bank.

[Naam]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

not yet.

[Soutpeel]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

not yet.

Yeap pretty sure its coming

[mjakob007]

Many of us use offshore banks in jersey, Isle of man, cayman islands etc.

I used HSBC for some 15+ years and become just a number for them with little flexibility.

we have figured out that smaller offshore banks are much more safer and user friendly.

many of us would not have heard about small timers such as Nedbank PW, standard bank, etc.

I dont really think it matters much, whether they are based in cayman island or Singapore.

[SheungWan]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

not yet.

Yeap pretty sure its coming

The things on this forum people are 100% sure are coming just keep piling up like an old car dump.

[Soutpeel]

Are you a US citizen or green card holder ? If you are good luck with this

If your not, its pretty simple to get a USD account in Singapore with the "majors"

I hold an account there as its easy to get things done with them

Absolutely agree. I have a multi currency account in S'pore and move money easily to the country where I need it.

If you are an EU citizen I believe there is no compulsory exchange of your account info to EU authorities.

not yet.

Yeap pretty sure its coming

The things on this forum people are 100% sure are coming just keep piling up like an old car dump.

Do you actually have a point to make ?

[HerbalEd]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

[Soutpeel]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

One assumes your from the US ? Then for you no advantage because they will not open the account for you anyway in Singapore

[smilingjim]

If you provide more information then suitable & appropriate advice can be given:

1) Your nationality

2) Passport(s) held

2) Do you have an address other than in Thailand?

3) Where are the assets located that you are selling?.

Very important criteria for the banks.

Ever increasing due dilligence and money laundering!.

[adelsantos]

Thanks all for your replies.

Yes, US Citizen and I'm aware that some banks may turn away US citizens who want to set up offshore accounts. However I do know other US citizens that keep dollar accounts in Hong Kong or Singapore. So I'm not convinced it's not allowed.

This is a helpful reply:

Many of us use offshore banks in jersey, Isle of man, cayman islands etc.

I used HSBC for some 15+ years and become just a number for them with little flexibility.

we have figured out that smaller offshore banks are much more safer and user friendly.

many of us would not have heard about small timers such as Nedbank PW, standard bank, etc.

I dont really think it matters much, whether they are based in cayman island or Singapore.

This also:

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

I may just keep it in a US institution.

Any further advice or insight is helpful and appreciated!

Thanks!

[Soutpeel]

If you provide more information then suitable & appropriate advice can be given:

1) Your nationality

2) Passport(s) held

2) Do you have an address other than in Thailand?

3) Where are the assets located that you are selling?.

Very important criteria for the banks.

Ever increasing due dilligence and money laundering!.

The OP has given plenty of information to answer his question

Your just being nosey

[Naam]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

residing in Thailand saves flight time and cost when you want to count your money

[Soutpeel]

Thanks all for your replies.

Yes, US Citizen and I'm aware that some banks may turn away US citizens who want to set up offshore accounts. However I do know other US citizens that keep dollar accounts in Hong Kong or Singapore. So I'm not convinced it's not allowed.

This is a helpful reply:

Many of us use offshore banks in jersey, Isle of man, cayman islands etc.

I used HSBC for some 15+ years and become just a number for them with little flexibility.

we have figured out that smaller offshore banks are much more safer and user friendly.

many of us would not have heard about small timers such as Nedbank PW, standard bank, etc.

I dont really think it matters much, whether they are based in cayman island or Singapore.

This also:

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

I may just keep it in a US institution.

Any further advice or insight is helpful and appreciated!

Thanks!

In Citibank Singapore definitely doesn't want US citizens, a colleague mine was turned down because he is a US citizen.... This is fact, the only way citi in Singapore will give a US citizen an account is if they live/work in Singapore

[HerbalEd]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

One assumes your from the US ? Then for you no advantage because they will not open the account for you anyway in Singapore

Not that I need a S'pore acct., but I don't believe your story that all banks in S'pore refuse to let American's open accts. However, you obviously like saying it.

[Soutpeel]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

One assumes your from the US ? Then for you no advantage because they will not open the account for you anyway in Singapore

Not that I need a S'pore acct., but I don't believe your story that all banks in S'pore refuse to let American's open accts. However, you obviously like saying it.

A US colleague who works in Thailand was declined an account with Citi Singapore IPB on the basis of his US citizenship.... Factual enough for you ?

Further not all banks in Singapore will open an account for a non Singapore resident, your are limited to the Citi, HSBC, and the other big international players

But believe what you want

Edited June 27, 2014 by Soutpeel

[HerbalEd]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

residing in Thailand saves flight time and cost when you want to count your money

I reside in Thailand most of the year and I can easily "count my money" by quickly going on my MS on-line acct.

[HerbalEd]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

One assumes your from the US ? Then for you no advantage because they will not open the account for you anyway in Singapore

Not that I need a S'pore acct., but I don't believe your story that all banks in S'pore refuse to let American's open accts. However, you obviously like saying it.

A US colleague who works in Thailand was declined an account with Citi Singapore IPB on the basis of his US citizenship.... Factual enough for you ?

Further not all banks in Singapore will open an account for a non Singapore resident, your are limited to the Citi, HSBC, and the other big international players

But believe what you want

You give an example of one American at one S'pore bank to back up your claim that AmericanS cannot open accts. at ANY S'pore banks?? No, it's not factual enough for me. As a matter of fact, myself and many other expats on tv.com have been turned down by Thai banks, only to be accepted by another Thai bank.

[Naam]

If you provide more information then suitable & appropriate advice can be given:

1) Your nationality

2) Passport(s) held

2) Do you have an address other than in Thailand?

3) Where are the assets located that you are selling?.

Very important criteria for the banks.

Ever increasing due dilligence and money laundering!.

The OP has given plenty of information to answer his question

Your just being nosey

with the utmost irrelevant question added "where are the assets you are selling?" but banks require a plausible answer to the question "what is the source of the assets or cash you are transferring?" this is nothing but window dressing to cover the bankers' àsses because hard evidence is neither required nor in most cases possible to submit.

Singapore banks do not ask how many passports you are holding but ask you to fill and sign Form W-8BEN which covers everything in this respect.

they are also not interested in any other addresses or residences if you state and submit certain evidence (depending on the individual bank) that you reside in Thailand.

nobody asks "what nationality?" because usually bankers and especially Singapore bankers can read what's mentioned on the single passport you present

[sputjam]

major banks in sinki land are too crowded or busy. Too many customers. Best banks to deal with in singapore are malaysian banks based there with branches in Thailand. CIMB will be a good bet. Its normally very quiet and not crowded. You get good service. They deal with foreign currency deposits also. I dunno the charges for transaction, but I would assume their atm cards will work in either of the four countries in asean, i.e. malaysia, singapore, indonesia and thailand.

[Soutpeel]

I see no advantage in having a US Dollar acct. in S'pore vs. using my USA Morgan Stanley acct. I can quickly have dollars transferred (in 12 to 24 hours) to my Bangkok Bank acct. with no fees on either end. Maybe I'm missing something here, so what advantage would a S'pore acct. have over what I'm already doing?

One assumes your from the US ? Then for you no advantage because they will not open the account for you anyway in Singapore

Not that I need a S'pore acct., but I don't believe your story that all banks in S'pore refuse to let American's open accts. However, you obviously like saying it.

A US colleague who works in Thailand was declined an account with Citi Singapore IPB on the basis of his US citizenship.... Factual enough for you ?

Further not all banks in Singapore will open an account for a non Singapore resident, your are limited to the Citi, HSBC, and the other big international players

But believe what you want

You give an example of one American at one S'pore bank to back up your claim that AmericanS cannot open accts. at ANY S'pore banks?? No, it's not factual enough for me. As a matter of fact, myself and many other expats on tv.com have been turned down by Thai banks, only to be accepted by another Thai bank.

What is the norm in Thailand has absolutely no relevance to what happens in Singapore so I have no idea why you bring this up ?

[HerbalEd]

What is the norm in Thailand has absolutely no relevance to what happens in Singapore so I have no idea why you bring this up ?

You are so emphatic about what you don't really know ... and when called on it you can't bear to admit that you don't really know that ALL American's are refused accts. at ALL S'pore banks.

Edited June 27, 2014 by HerbalEd

[Soutpeel]

What is the norm in Thailand has absolutely no relevance to what happens in Singapore so I have no idea why you bring this up ?

You are so emphatic about what you don't really know ... and when called on it you can't bear to admit that you don't really know that ALL American's are refused accts. at ALL S'pore banks.

Look if you don't believe me look up the following Bloomberg article ( I can't link cos on a phone)

Bloomberg Article dated 8th May 2012 entitled " US millionaires told to go away as US tax evasion rule looms"

Written by Sanat Valikappan

Its talks about exactly what I have stated

[AngelsLariat]

I think that you'll find that most of the American expats that you meet who have bank accounts in Singapore are people who at one time worked in Singapore. Generally SGP banks won't close your accounts once you leave the country but they probably won't want to open any new accounts for you if you no longer live there.

Edited June 27, 2014 by AngelsLariat

[Inepto Cracy]

I was in Singapore last week and we were discussing USD Foreign Currency accounts at one of the major banks. If you are American, you are not permitted to open offshore accounts in Singapore. Opening a bank account as a foreigner who is not a resident of Singapore, no chance. Banks and money changers working with USD... won't touch them USD.

Now you ask why the anti American sentiment, two reasons, 1. Money Laundering by the PR of China Chinese and the new International Tax Laws from the USA and Singapore.

Approach the banks in person and inquire about opening an account and you can have the full correct information given to you.

[rkbauer]

I'm a U.S. Citizen, never lived or worked in Singapore, and was able to open accounts with UOB and Citibank about a year ago with minimal effort.

Citibank, I did it by mail and did not even need to visit Singapore. US$5000 initial deposit. UOB, I had to fly over and visit the headquarters. SG$1000 initial deposit.

I should also note that I'm in my early 20s, am not obscenely wealthy, and am an entrepreneur.

[Naam]

I was in Singapore last week and we were discussing USD Foreign Currency accounts at one of the major banks. If you are American, you are not permitted to open offshore accounts in Singapore. Opening a bank account as a foreigner who is not a resident of Singapore, no chance. Banks and money changers working with USD... won't touch them USD.

Now you ask why the anti American sentiment, two reasons, 1. Money Laundering by the PR of China Chinese and the new International Tax Laws from the USA and Singapore.

Approach the banks in person and inquire about opening an account and you can have the full correct information given to you.