Singapore USD Account.. Good idea?

[Naam]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

[thailand49]

Maybe a rely people do not want to hear or little off topic..

I have read the responses have a idea as to why they do not allow U.S. Citizens to open accounts but allow others for elsewhere but what is the real reason instead of everyone dancing around the topic?

Second, I am not rich but hesitate to keep all my money here in Thailand because I feel it is not safe? I enjoy the protection of the U.S. bank since they have FDIC, here in Thailand I understand they have a form but it only covers up to 100,000 baht?

For sometime now I want to move everything except 2,000 USD outside of the U.S. so I can one day return home when I'm sick to get covered under government welfare. O.K. I know I'm one of those entitlement people? I guess I am because I pay my taxes my whole life, never been without a job and pay into the system only to see our government giving it away like a drunken sailor to those who aren't even citizens? Another subject sorry. But whatever I have now I want access to it if I need it and want to leave it to my son here which is not much.

Is there a solution to my problem? not too concern as to whether the government finds out of not,,, I'm just a number to a government who can't run anything.

Edited June 28, 2014 by thailand49

[ChoakMyDee]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

Depending on the amount I am wiring, the ATM can be MUCH cheaper. For example, lets say I want to wire $3000 USD from Singapore to my wife's bank in Thailand. I pay $56.98 in fees to do this(Commission + CILE + Cable). I can withdraw the same amount in Thailand at an ATM....5 withdrawals of 20,0000 Baht at $5 each = $25.00 USD total for using the ATM to withdraw the same amount. That is a 50% saving and is a saving of $25.00. That is substantial, not peanuts. The only time it is isn't cheaper is if the amount is over $6000 USD, then the wire is a better choice. So you see, I was right and shame on you for making me write this long assed post.

[Bulldozer Dawn]

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.

The very first question on the Citibank international personal bank application form asks if you are an American. You can tick yes or no. If you tick yes the form then advises you not to bother completing it.

Factual enough for you?

Edited June 28, 2014 by Bulldozer Dawn

[Naam]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

Depending on the amount I am wiring, the ATM can be MUCH cheaper. For example, lets say I want to wire $3000 USD from Singapore to my wife's bank in Thailand. I pay $56.98 in fees to do this(Commission + CILE + Cable). I can withdraw the same amount in Thailand at an ATM....5 withdrawals of 20,0000 Baht at $5 each = $25.00 USD total for using the ATM to withdraw the same amount. That is a 50% saving and is a saving of $25.00. That is substantial, not peanuts. The only time it is isn't cheaper is if the amount is over $6000 USD, then the wire is a better choice. So you see, I was right and shame on you for making me write this long assed post.

"one man's peanuts is another man's substantial amount."

shame on you for making me write this unfair and arrogant comment even though it is a fact.

[Sealbash]

Let me be more blunt this time round. American citizens and those with American passports are not allowed to hold nor open Singapore Bank accounts period, as the Americans would say.

Go there and see for yourself.

They don't want your business nor your dollars. I personally witnessed two men get turned away and and asked to leave a very high end watch shop. I also witnessed three youngish girls being denied changing their US$ travelers cheques at official money changers and the unofficial one on separate days. When I inquired at the many banks I visited, I was informed it was all to do with the USA's great new tax laws and that Singaporeans will not tell untruths about them hiding money in Singapore. Money laundering also reared its ugly head, that was because of the very wealthy son of a Top Chinese government official, who took his Ferrari and crashed it into a Taxi killing every one in the taxi and himself. The Singapore government was keen to find out how he had so much money at his young age and found a long money laundering line up. That is the truth, Singapore just closed all the loopholes.

Now, then I ask an American citizen with a USA passport to go down to Singapore in the near future, open a bank account, any account and bring us proof, take out your details of a personal nature, scan it and show us.

Question asked earlier about Shells accounts, yes the squeeze is on and the BIG companies are being asked to remove their funds or have them sealed. Wake up Americans your government is changing your world so fast you cant see it coming.

BTW, new banger for you all, you have to take your money out of Thailand back to the States to have it counted and assessed for tax by the IRS. Then you pay tax in the States and you can bring it back to Thailand..... watch this space carefully. You voted your government in, go complain to them.

I hope the Chinese don't ask for their loans to the US back, then you're ffff er finished. My stutter got in the way then.

As you can see I am not American, but right or wrong I do support all your troops at home and abroad who are getting the short straws.

That's me done now.

Modified due to a few spelling errors, can't have that can we?

What does buying a watch have to do with anything? I hold a citibank Singapore USD account, and use the credit card for all purchases in Singapore. Yes, including high end watches.

Sent from my iPad using Thaivisa Connect Thailand

[ChoakMyDee]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

Depending on the amount I am wiring, the ATM can be MUCH cheaper. For example, lets say I want to wire $3000 USD from Singapore to my wife's bank in Thailand. I pay $56.98 in fees to do this(Commission + CILE + Cable). I can withdraw the same amount in Thailand at an ATM....5 withdrawals of 20,0000 Baht at $5 each = $25.00 USD total for using the ATM to withdraw the same amount. That is a 50% saving and is a saving of $25.00. That is substantial, not peanuts. The only time it is isn't cheaper is if the amount is over $6000 USD, then the wire is a better choice. So you see, I was right and shame on you for making me write this long assed post.

"one man's peanuts is another man's substantial amount."

shame on you for making me write this unfair and arrogant comment even though it is a fact.

So you can't just be humble about it and admit you were wrong? You have to pretend that you don't mind flushing $25 down the toilet multiple times per year? I'm done with you.

[Sealbash]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

I think this is dependant upon the balance in your bank account. A high enough balance, and transfer fees are waived. At least, that is the way citibank operates.

Sent from my iPad using Thaivisa Connect Thailand

[Naam]

So you can't just be humble about it and admit you were wrong? You have to pretend that you don't mind flushing $25 down the toilet multiple times per year? I'm done with you.

that you are done with me made my cry

i'm not wrong and i don't flush dollars multiple times down the toilet.

reason: to prevent an eventual Thai income tax liability i make one transfer per year early january (paying fees of USD 45 to my bank in Singapore plus THB 500 to the receiving Thai bank) to cover my living expenses in the Land of Smiles.

slightly off topic... the Thai income tax exclusion (earned income not transferred in the same year = tax free) has disappeared since last year in government publications although tax solicitors and multinational auditing companies claim that nothing has changed.

for those who are not aware or do not care about Thai income tax liability

Taxpayers are classified into "resident" and "non-resident". "Resident" means any person residing in Thailand for a period or periods aggregating more than 180 days in any tax (calendar) year. A resident of Thailand is liable to pay tax on income from sources in Thailand on a cash basis, regardless where the money is paid, as well as on the portion of income from foreign sources that is brought into Thailand.

Individuals residing for 180 days or more in Thailand for any calendar year are also subject to income tax on income from foreign sources if that income is brought into Thailand during the same taxable year that they are a resident.

the sentence marked red has disappeared!

[Soutpeel]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

I think this is dependant upon the balance in your bank account. A high enough balance, and transfer fees are waived. At least, that is the way citibank operates.

Sent from my iPad using Thaivisa Connect Thailand

what you have posted is incorrect, monthly banking fees are are excluded but transfer fees ie Swift costs are not, the only way you get free international transfers is Citi account to Citi account eg transferring from Citi sing to a corrosponding account in Citi Thailand for example and this is even with the citigold account

[Soutpeel]

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.

The very first question on the Citibank international personal bank application form asks if you are an American. You can tick yes or no. If you tick yes the form then advises you not to bother completing it.

Factual enough for you?

Yeap this is exactly what my US colleague told me as well

[German Viking]

Hi guys in general is Singapore not a good idea for an

Off Shore Account

caused it is fiscally transparent.

[Soutpeel]

Hi guys in general is Singapore not a good idea for an

Off Shore Account

caused it is fiscally transparent.

And thats why a lot of these posts refer to an "offshore account" not an offshore account, very few places in world these days were you can get a "true" offshore account

[German Viking]

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.

Laughter.gif

Great laugh there. However on a serious note, all US$ bank accounts in Singapore are being closed. No new accounts being opened for foreigners who are not residents of Singapore. New laws from 1ST May 2014. Go check it out in person, you may be in for a big surprise. Enough said, the experts here know it all.

In general I would never open an Off Shore Account in Singapore in my name, caused fiscally transparent in general.

For example: If a german Authority asking them after my name having accounts or any other activities in SGP, then they will inform them.

That is a fact, caused happend already to german citizens.

[German Viking]

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.

You can check here for banks in Singapore ... or elsewhere including the many in Thailand that are FATCA compliant ... that should have no problems with Americans. In the picture below I ran HSBS Singapore and there seems to be several. You can check on other banks in Singapore by just running the search with "Singapore." There are hundreds of banks that are compliant.

http://apps.irs.gov/app/fatcaFfiList/flu.jsf

In another thread we used the same website to check on banks in Thailand. I specifically ran Bangkok Bank and Kasikorn in Thailand (pictures also shown) but there are many bank in Thailand also that are compliant.

in the word

I would actually avoid to having bigger amounts of money in any Thai Bank, caused of all the recent investigations against ex politicians.

Do you think they checking only Thai ppl accounts?

Rules can changing quicker as you can imagine.

Before you know about the new rules, your account can be blocked or confiscated, in the worst case.

Carpe Diem

[German Viking]

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.

Laughter.gif

Great laugh there. However on a serious note, all US$ bank accounts in Singapore are being closed. No new accounts being opened for foreigners who are not residents of Singapore. New laws from 1ST May 2014. Go check it out in person, you may be in for a big surprise. Enough said, the experts here know it all.

You are not only wrong, you cannot read either... There are several posts on this thread, including mine, of US citizens with USD accounts in Singers, including new accounts... Please pay attention as there will be questions later...

Did you check your accounts these days, money still available?

[German Viking]

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.

Yes, it seems due to the fabulously wise and noble US banking laws, many banks do not want to deal with Americans anymore.m have heard of people with very substantial assets being turned down by banks in Singapore. Apparently, it costs a lot to comply with the new Mussolini laws the US has dreamed up. Is it about income tax. I doubt it. I believe the motives on the part of the US govt. and intelligence agencies is far, far more sinister than that.

Spidermike

Chaiyaphum, Thailand

Sent from my iPad using Thaivisa Connect Thailand mobile app

I agree with you the western intelligence agencies like to start the cold war again, against communism, but hidden.

Like against Fidel Castro this was great comedy for the Gallery.

Fidel prayed to his folk water and he drinking still expensive Wine he is living a luxery life.

The agencies knowing this for long time, and they shut their mouth.

The question is why, they did'nt used this knowledge as probaganda against Fidel, what would be normal to me.

I think I know 1 big reason.

This is now a Question to all of the specialists in speculations.

We are all cheated from or governments they use 9/11 to install fachists rules.

[Strangebrew]

Well From what I do I have a US based Citibank account where my cash is secure and insured, Then when I got here took a 100,000 baht opened an account at Citibank here in Bangkok, then linked both accounts transfers from Bank to free, I meet US requirements for IRS for off shore account. So no added issues I have the freedom to do my banking from anywhere less hassle And still get good interest and can also do investments at home from home here. Win Win for me anyway might be different for you.

[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.

Great laugh there. However on a serious note, all US$ bank accounts in Singapore are being closed. No new accounts being opened for foreigners who are not residents of Singapore. New laws from 1ST May 2014. Go check it out in person, you may be in for a big surprise. Enough said, the experts here know it all.

In general I would never open an Off Shore Account in Singapore in my name, caused fiscally transparent in general.

For example: If a german Authority asking them after my name having accounts or any other activities in SGP, then they will inform them.

That is a fact, caused happend already to german citizens.

no "Schauermärchen" please!

it did not happen and the present legislation of Singapore does not allow (yet) to release that kind of information except if a Singapore court issues a specific ruling against a person or corporation involved in terroristic activities or drug money laundering. and that applies to any citizen even to Americans who presently bank in Singapore. exchange of information will come earliest in 3-4 years when Singapore's parliament has ratified the latest OECD commitments on tax fraud.

the afore-mentioned commitments signed 06/05/2014 are presently nothing but blueprints as the actual procedures still have to be worked out.

Bank secrecy for tax purposes is coming to an end as countries and major financial centres commit to automatic exchange of information between jurisdictions.

The Declaration commits countries to implement a new single global standard on automatic exchange of information. The standard, which was developed at the OECD and endorsed by G20 finance ministers last February, obliges countries and jurisdictions to obtain all financial information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.

The OECD will deliver a detailed Commentary on the new standard, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014.

http://www.oecd.org/tax/exchange-of-tax-information/countries-commit-to-automatic-exchange-of-information-in-tax-matters.htm

[kbelyeu]

Strange a week to set up ?, although I am not US citizen, my Citi gold account was set up in about 4 hours, and walked out with ATM card in hand

Done by mail from Brazil where I work.

Kurt

[German Viking]

Let me be more blunt this time round. American citizens and those with American passports are not allowed to hold nor open Singapore Bank accounts period, as the Americans would say.

Go there and see for yourself.

They don't want your business nor your dollars. I personally witnessed two men get turned away and and asked to leave a very high end watch shop. I also witnessed three youngish girls being denied changing their US$ travelers cheques at official money changers and the unofficial one on separate days. When I inquired at the many banks I visited, I was informed it was all to do with the USA's great new tax laws and that Singaporeans will not tell untruths about them hiding money in Singapore. Money laundering also reared its ugly head, that was because of the very wealthy son of a Top Chinese government official, who took his Ferrari and crashed it into a Taxi killing every one in the taxi and himself. The Singapore government was keen to find out how he had so much money at his young age and found a long money laundering line up. That is the truth, Singapore just closed all the loopholes.

Now, then I ask an American citizen with a USA passport to go down to Singapore in the near future, open a bank account, any account and bring us proof, take out your details of a personal nature, scan it and show us.

Question asked earlier about Shells accounts, yes the squeeze is on and the BIG companies are being asked to remove their funds or have them sealed. Wake up Americans your government is changing your world so fast you cant see it coming.

BTW, new banger for you all, you have to take your money out of Thailand back to the States to have it counted and assessed for tax by the IRS. Then you pay tax in the States and you can bring it back to Thailand..... watch this space carefully. You voted your government in, go complain to them.

I hope the Chinese don't ask for their loans to the US back, then you're ffff er finished. My stutter got in the way then.

As you can see I am not American, but right or wrong I do support all your troops at home and abroad who are getting the short straws.

That's me done now.

Modified due to a few spelling errors, can't have that can we?

I agree 100% with you and this not only about USA the whole world has changed after 9/11 more or less.

I not here to blame any nationalty or race, but I like to blame all the corrupt politicians all over the world,

Whom take the rights to try to push us back in the dark middleage.

if you complain, then they tell caused of 9/11.

These bastards use this impact to do what they want.

Tax government give you sometimes questions in a rude way in person, that you feel like in inquisition often without any reason.

The police and other authorities acting like in a policestate, they having all the rights, you non.

The politicians giving before election a lot promises and keeping almost non after.

In top a lot of these corrupt bastards cheating the folk and the state.

They are the worst examples of our whole society.

These bad behaviours of them is displayed more and more in our society almost everybody try to cheat in one or another way.

If we did'nt had all these and other corrupt bastards and moneywasters, then we could easy lower all taxes 50%

without to start to calculate.

In this case, I believe a lot of us would like to pay their taxes, as long we see, it's well used.

Unfortunately, I believe, they will continue until the folk stand up.

We having a phrase in Germany "The fish starts to stink from the head".

There is only 1 solution cut of their heads.

Vive la france(1789)

Carpe diem

[kbelyeu]

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

Did you open it in your own name or a company name ? and you use your US PP or another PP ?

My name using my US passport.

Kurt

[German Viking]

For the authorities in SGP is good enough, if the german Tax government claim that you

are under investigation to abuse the taxrules, without any prove,

then the SGP court will give the allowance to give all the informations, with no doubts.

Rules today are often not worth the paper they are written in, for us!!

They are only used against us.

"For our state we are all only usable instruments or enemies, means on the end we will be all enemies, when we are not usable anymore" (Friedrich Wilhelm Nietzsche)

This was a great german philosopher, he wrote this over 100 years ago and as we see nothing has changed.

[German Viking]

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

Did you open it in your own name or a company name ? and you use your US PP or another PP ?

My name using my US passport.

Kurt

In the case you abuse USA taxrules IRS will getting your arse.

[ChoakMyDee]

Let me be more blunt this time round...SNIP

SNIP...

That's me done now.

Modified due to a few spelling errors, can't have that can we?

I agree 100% with you and this not only about USA the whole world has changed after 9/11 more or less.

I not here to blame any nationalty or race, but I like to blame all the corrupt politicians all over the world,

Whom take the rights to try to push us back in the dark middleage.

if you complain, then they tell caused of 9/11.

These bastards use this impact to do what they want.

Tax government give you sometimes questions in a rude way in person, that you feel like in inquisition often without any reason.

The police and other authorities acting like in a policestate, they having all the rights, you non.

The politicians giving before election a lot promises and keeping almost non after.

In top a lot of these corrupt bastards cheating the folk and the state.

They are the worst examples of our whole society.

These bad behaviours of them is displayed more and more in our society almost everybody try to cheat in one or another way.

If we did'nt had all these and other corrupt bastards and moneywasters, then we could easy lower all taxes 50%

without to start to calculate.

In this case, I believe a lot of us would like to pay their taxes, as long we see, it's well used.

Unfortunately, I believe, they will continue until the folk stand up.

We having a phrase in Germany "The fish starts to stink from the head".

There is only 1 solution cut of their heads.

Vive la france(1789)

Carpe diem

Yes I agree with you 100%. They like to use 911 as an excuse. A few months after 911, I was in Turkey and ran out of cash. I had $10K in an account in Canada that was just wired there by my office but when I tried to withdraw a couple hundred the ATM said the balance was zero. I called the bank in a panic wondering where my money went. They told me that my ten grand was there but I couldn't access it because there was a new rule that after 911 any funds wired in excess of $10,000 would be held for 6 months before they could be released. 6 Months! I had to beg and plead with them to release a few hundred dollars for me so I could have money to eat and get a hotel in a strange country half way around the world. Needless to say I don't use that bank any more.

I don't think there is a law against letting US citizens bank in Singapore. I think the reason some banks are refusing US customers is the massive extra paperwork that the bank has to submit to the US whenever they have a US customer. It just isn't worth it for them. They don't want the headache.

'merica, "land of the free".

[Searat7]

I have an FX dollar account at Bangkok Bank and this has worked very well for me. Can go online to move money into baht account when desired.

[Naam]

Yes I agree with you 100%. They like to use 911 as an excuse. A few months after 911, I was in Turkey and ran out of cash. I had $10K in an account in Canada that was just wired there by my office but when I tried to withdraw a couple hundred the ATM said the balance was zero. I called the bank in a panic wondering where my money went. They told me that my ten grand was there but I couldn't access it because there was a new rule that after 911 any funds wired in excess of $10,000 would be held for 6 months before they could be released. 6 Months! I had to beg and plead with them to release a few hundred dollars for me so I could have money to eat and get a hotel in a strange country half way around the world. Needless to say I don't use that bank any more.

I don't think there is a law against letting US citizens bank in Singapore. I think the reason some banks are refusing US customers is the massive extra paperwork that the bank has to submit to the US whenever they have a US customer. It just isn't worth it for them. They don't want the headache.

'merica, "land of the free".

BINGO!

[Naam]

Hi guys in general is Singapore not a good idea for an

Off Shore Account

caused it is fiscally transparent.

And thats why a lot of these posts refer to an "offshore account" not an offshore account, very few places in world these days were you can get a "true" offshore account

let me tell all of you some secrets...

-specific "offshore" accounts never existed. all accounts in financial institutions not located within the "shores" of the bank's customer are by definition "offshore".

-"offshore" depicted in olden times top banking secrecy, meaning only a fistful of bank employees had access to the personal data of the beneficiary(ies) plus that secrecy was and is in a number of cases still protected by the laws of the relevant jurisdiction. nowadays virtually every IT man maintaining the data system of a bank has access to all data! hardly a month passes without a CD or DVD surfacing which the taxman can buy.

-the famous secret bank accounts in Switzerland and the Caribbean as invented and presented by Hollywood et al are ridiculous fairy tales.

-"true" secret bank accounts which do not list the beneficiary are still available to park cash but only in places where you wouldn't even entrust a bank with the value of an exquisite dinner and a good bottle of wine. if you need some of that cash you can't transfer it anywhere without running into compliance problems with the receiving bank.

summary:

-if you are liable to pay taxes the time is running out to cheat or evade.

-moving your assets won't help.

-moving your àss to a tax free or tax friendly jurisdiction is the only solution.

[HerbalEd]

Ok.. lets put this to bed.

I am a US citizen and I recently opened a multi-currency account with Citibank Singapore.

If you would like my contacts name and number PM me and he can get the account setup in about a week.

Kurt

Did you open it in your own name or a company name ? and you use your US PP or another PP ?

My name using my US passport.

Kurt

In the case you abuse USA taxrules IRS will getting your arse.

You so much don't know what you are talking about.

[Sealbash]

I have a muti-currency account in Singapore at HSBC. It is great to have and I only move the money I need to Thailand. The only negative is that international bank wires are very expensive. It is cheaper to use an ATM in many cases unles the amount is very large.

the SWIFT fees in Singapore vary (depending on your bank) between USD 25-35 plus another USD 20 in case a correspondence bank is involved. these fees are flat and apply to any amount transferred.

therefore any reference or comparison of "SWIFT/ATM" = "cheaper or more expensive" applies only to peanuts amounts.

I think this is dependant upon the balance in your bank account. A high enough balance, and transfer fees are waived. At least, that is the way citibank operates.

Sent from my iPad using Thaivisa Connect Thailand

what you have posted is incorrect, monthly banking fees are are excluded but transfer fees ie Swift costs are not, the only way you get free international transfers is Citi account to Citi account eg transferring from Citi sing to a corrosponding account in Citi Thailand for example and this is even with the citigold account

I guess I must have a special deal then.

Sent from my iPhone using Thaivisa Connect Thailand