Opening Swiss/Hong Kong/Singaporean offshore account in BKK?

[Naam]

@orkki: what is the threshold for opening an account with UBS Singapore? $1m?

UBS is the most arrogant of all multinationals in Singapore and asks for USD or CHF 5mm but lowers the threshold considerably if you can convince them that you are trading frequently.

Crédit Suisse, Julius Baer and a few other multinationals are a bit more accomodating but increase custodial as well as trading fees for clients below 5mm.

[Naam]

Updates: Swiss bank UBS will open account easily, just have to visit them office in BKK. Also Citibank Singapore are sending me the documents, no need to visit them.

["UBS easily"] only in your wet dreams

[UTH001]

@orkki: what is the threshold for opening an account with UBS Singapore? $1m?

UBS is the most arrogant of all multinationals in Singapore and asks for USD or CHF 5mm but lowers the threshold considerably if you can convince them that you are trading frequently.

Crédit Suisse, Julius Baer and a few other multinationals are a bit more accomodating but increase custodial as well as trading fees for clients below 5mm.

Fully agree with the comment re UBS. Closed my non-resident account with them a few months ago, a very happy day for me! They are arrogant, useless and incompetent, at least the staff I had the pleasure of dealing with. I now have an account with a smaller bank, lower fees, competent and easy to deal with.

[Naam]

@orkki: what is the threshold for opening an account with UBS Singapore? $1m?

UBS is the most arrogant of all multinationals in Singapore and asks for USD or CHF 5mm but lowers the threshold considerably if you can convince them that you are trading frequently.

Crédit Suisse, Julius Baer and a few other multinationals are a bit more accomodating but increase custodial as well as trading fees for clients below 5mm.

Fully agree with the comment re UBS. Closed my non-resident account with them a few months ago, a very happy day for me! They are arrogant, useless and incompetent, at least the staff I had the pleasure of dealing with. I now have an account with a smaller bank, lower fees, competent and easy to deal with.

it all depends on your "relation officer" and his/her assisting staff who can smooth out a lot of potential friction. i use [partially] UBS, SG since 2004 but only because their international trading desk is extremely flexible and provides rather fair prices without having to wait an hour or two (or even longer) when it concerns exotic or illiquid assets. my other bank is a rather small Swiss Bank, located too in SG, which i use for less frequent trading.

note: all banks have flaws but they have one thing in common. they only want our best... namely our money

[vision2014]

I have been very pleased with DBS in Singapore since transferring from HSBC a few months ago. DBS has a lower minimum threshold of $3,000,000 U.S. My impression is the Singaporean based banks may be less arrogant (at least for now).

[Naam]

DBS accepts also clients with assets valued much lower but then the criteria set forth by the Monetary Authority of Singpapore ("accredited investor") might not be met and restrictions of buying, holding or trading non investment grade assets apply.

Under the Securities and Futures Act¹, an accredited investor is defined as

(i) An individual

• A. Whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount; or
  
• B. Whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

Edited May 18, 2015 by Naam

[peergin]

You are lucky that HSBC Singapore notified you. In my case HSBC USA closed my account silently and secretly, took my money and has been refusing for a whole year to pay it back to me... I don't trust HSBC anymore.

Have you contacted that state's banking commissioner and also the FDIC? If you are legitimately owed money they'll get it in a heartbeat. They have the ability to level fines and even to close the bank. They'll get attention that you won't.

NeverSure, thank you for your response.

It is in New York City. The money which they stole was my account balance, more than US$ 4,000.

Meanwhile, I had a very quick look on the Internet and found a complaint from another ex-HSBC USA client who has exactly the same problem. Perhaps this is standard procedure at HSBC USA? I don’t really understand why they do that because I suppose there is a law that requires banks to transfer such funds to the US Government. Many countries have that kind of law. However, I can’t really believe that HSBC USA steals money from clients for the benefit of the US Government. That leads one to wonder whether the bank does not comply with that law but retains those funds for its own benefit.

Thank you again for the information that you sent!

[Robert24]

@orkki: what is the threshold for opening an account with UBS Singapore? $1m?

UBS is the most arrogant of all multinationals in Singapore and asks for USD or CHF 5mm but lowers the threshold considerably if you can convince them that you are trading frequently.

Crédit Suisse, Julius Baer and a few other multinationals are a bit more accomodating but increase custodial as well as trading fees for clients below 5mm.

Fully agree with the comment re UBS. Closed my non-resident account with them a few months ago, a very happy day for me! They are arrogant, useless and incompetent, at least the staff I had the pleasure of dealing with. I now have an account with a smaller bank, lower fees, competent and easy to deal with.

it all depends on your "relation officer" and his/her assisting staff who can smooth out a lot of potential friction. i use [partially] UBS, SG since 2004 but only because their international trading desk is extremely flexible and provides rather fair prices without having to wait an hour or two (or even longer) when it concerns exotic or illiquid assets. my other bank is a rather small Swiss Bank, located too in SG, which i use for less frequent trading.

note: all banks have flaws but they have one thing in common. they only want our best... namely our money

I still have an account with UBS in Switzerland but I moved most of my securities to other brokers. UBS is just very expensive, unless you are a big client, you pay at least 5-10 times more fees and commissions (both custody fees as well as transaction costs) with UBS than a normal broker. And for me, the best thing is if all services are available online. Having to speak to a relationship manager to smooth things over is a headache.

[Naam]

UBS is the most arrogant of all multinationals in Singapore and asks for USD or CHF 5mm but lowers the threshold considerably if you can convince them that you are trading frequently.

Crédit Suisse, Julius Baer and a few other multinationals are a bit more accomodating but increase custodial as well as trading fees for clients below 5mm.

Fully agree with the comment re UBS. Closed my non-resident account with them a few months ago, a very happy day for me! They are arrogant, useless and incompetent, at least the staff I had the pleasure of dealing with. I now have an account with a smaller bank, lower fees, competent and easy to deal with.

it all depends on your "relation officer" and his/her assisting staff who can smooth out a lot of potential friction. i use [partially] UBS, SG since 2004 but only because their international trading desk is extremely flexible and provides rather fair prices without having to wait an hour or two (or even longer) when it concerns exotic or illiquid assets. my other bank is a rather small Swiss Bank, located too in SG, which i use for less frequent trading.

note: all banks have flaws but they have one thing in common. they only want our best... namely our money

I still have an account with UBS in Switzerland but I moved most of my securities to other brokers. UBS is just very expensive, unless you are a big client, you pay at least 5-10 times more fees and commissions (both custody fees as well as transaction costs) with UBS than a normal broker. And for me, the best thing is if all services are available online. Having to speak to a relationship manager to smooth things over is a headache.

90% of the assets in which i am investing are not available via online trading. that's why i am forced to use a bank. moreover, i wouldn't trust a broker with more than the cost of a dinner for two and a good bottle of wine.

[nilster]

Any expat here tried to open HSBC account in HK lately? Is it still possible and what are the requirements?

[peergin]

Any expat here tried to open HSBC account in HK lately? Is it still possible and what are the requirements?

I am in the process of CLOSING my HSBC accounts there.....

[SheungWan]

Any expat here tried to open HSBC account in HK lately? Is it still possible and what are the requirements?

Are you hoping to open such an account without visiting HK?

[Orkki]

Updates: Swiss bank UBS will open account easily, just have to visit them office in BKK. Also Citibank Singapore are sending me the documents, no need to visit them.

["UBS easily"] only in your wet dreams

I don't understand what's so funny?

At first I sent email to them. After 20 minutes a guy called to me and he even spoke to my native language. Couldn't be any easier!

All i needed was visit BKK them office and show my passport + other paperwork via courier.

[UTH001]

Updates: Swiss bank UBS will open account easily, just have to visit them office in BKK. Also Citibank Singapore are sending me the documents, no need to visit them.

["UBS easily"] only in your wet dreams

I don't understand what's so funny?

At first I sent email to them. After 20 minutes a guy called to me and he even spoke to my native language. Couldn't be any easier!

All i needed was visit BKK them office and show my passport + other paperwork via courier.

It is actually hilarious. You seriously tell us that UBS BKK accepted you as a new client, OVER THE PHONE, no background check, no in depth questioning on how you earned your money, where you pay tax on it, that you are NOT a US citizen (not holding any US shares either) AND deposit with them less than US$ 5 Mio, right? NEVER IN A MILLION YEARS, EVER!

[rwdrwdrwd]

Where did he say he didn't have 5 million, why do you assume background checks and proof of source are not covered in 'other paperwork', but most importantly, what on earth is wrong with your attitude?

Edited June 2, 2015 by rwdrwdrwd

[Orkki]

Updates: Swiss bank UBS will open account easily, just have to visit them office in BKK. Also Citibank Singapore are sending me the documents, no need to visit them.

["UBS easily"] only in your wet dreams

I don't understand what's so funny?

At first I sent email to them. After 20 minutes a guy called to me and he even spoke to my native language. Couldn't be any easier!

All i needed was visit BKK them office and show my passport + other paperwork via courier.

It is actually hilarious. You seriously tell us that UBS BKK accepted you as a new client, OVER THE PHONE, no background check, no in depth questioning on how you earned your money, where you pay tax on it, that you are NOT a US citizen (not holding any US shares either) AND deposit with them less than US$ 5 Mio, right? NEVER IN A MILLION YEARS, EVER!

No, not UBS BKK, but UBS Switzerland.

I only needed to visit them branch office to prove my identity. They have done all the checkings already. Moneys are my life savings, been sitting in my Swedish account for decades. They contact my home bank already, they proved the age of money and paid taxe's.

Next i gonna reroute my pension there or Citibank Singapore, if it will open.

We're not talking about millions, lol. Way much lesser amount of money.

For EU citizen this was quite easy.

EDIT: And yes, i needed to sign many many papers to prove everything right and legit. Still quite stress free and easy project, i'd say.

Edited June 2, 2015 by Orkki

[UTH001]

Where did he say he didn't have 5 million, why do you assume background checks and proof of source are not covered in 'other paperwork', but most importantly, what on earth is wrong with your attitude?

Absolutely nothing wrong with my 'attitude', at least me knows what he is talking about. I have had a UBS bank account until recently (you too?), I know the rules about existing accounts and also NEW accounts. And I also know that UBS (like most Swiss banks currently) currenly very reluctantly accept new accounts from non Swiss residents (EU citizen or Swiss does not make any difference).

[Naam]

Where did he say he didn't have 5 million, why do you assume background checks and proof of source are not covered in 'other paperwork', but most importantly, what on earth is wrong with your attitude?

Absolutely nothing wrong with my 'attitude', at least me knows what he is talking about. I have had a UBS bank account until recently (you too?), I know the rules about existing accounts and also NEW accounts. And I also know that UBS (like most Swiss banks currently) currenly very reluctantly accept new accounts from non Swiss residents (EU citizen or Swiss does not make any difference).

it's a pure waste of time arguing with people who come up with ridiculous claims without submitting easily available hard evidence.

by the way, i recently opened by subspace transmission an account with a Ferengi bank located in the Delta Quadrant. besides the transfer of 53.7kg of goldpressed Latinum i only needed proof from the Klingon Ministry of Finance that i acquired the Latinum in a legit way and i am not in arrears paying income tax.

p.s. that i submitted a recommendation letter issued by Captain Jean-Luc Picard helped of course to speed up the matter.

[SheungWan]

Any expat here tried to open HSBC account in HK lately? Is it still possible and what are the requirements?

Are you hoping to open such an account without visiting HK?

If you are passing through HK Airport and want to try your luck then there is a Premier Account branch in Terminal 1 Arrival Hall and other accounts are handled by the HSBC branch in terminal 2.

[rkbauer]

No banks from those countries can if you are in Thailand. Even if you go to these countries, Hong Kong/Switzerland will only open an account for residents. Most banks in Singapore will do it for non-residents. Fly over there and stop by the head office of UOB.

A brokerage account to just store cash in may not be a bad alternative, either. Usually they are easier to open from overseas.

http://www.investasian.com/2013/12/11/preparation-invest-global/

[Soutpeel]

No banks from those countries can if you are in Thailand. Even if you go to these countries, Hong Kong/Switzerland will only open an account for residents. Most banks in Singapore will do it for non-residents. Fly over there and stop by the head office of UOB.

A brokerage account to just store cash in may not be a bad alternative, either. Usually they are easier to open from overseas.

http://www.investasian.com/2013/12/11/preparation-invest-global/

Correction from personal experience, most of the " local" banks in Singapore will not touch an non-Singapore resident...fact

however the major international banks ie , your HSBC's, Citibank's, standard chartered etc will, typically through their personal banking divisions

I also know for a fact that Citi IPB, will open an account for someone without having to go to Singapore

Please get your facts correct before giving us your words of profound wisdom

[rkbauer]

No banks from those countries can if you are in Thailand. Even if you go to these countries, Hong Kong/Switzerland will only open an account for residents. Most banks in Singapore will do it for non-residents. Fly over there and stop by the head office of UOB.

A brokerage account to just store cash in may not be a bad alternative, either. Usually they are easier to open from overseas.

http://www.investasian.com/2013/12/11/preparation-invest-global/

Correction from personal experience, most of the " local" banks in Singapore will not touch an non-Singapore resident...fact

however the major international banks ie , your HSBC's, Citibank's, standard chartered etc will, typically through their personal banking divisions

I also know for a fact that Citi IPB, will open an account for someone without having to go to Singapore

Please get your facts correct before giving us your words of profound wisdom

Correction from my own experience, I opened a UOB account last year and have spoken to several people who have done the same at places like OCBC and DBS. And yes, Citi IPB can along with pretty much every other international bank if you have enough money. I assume he meant banks from Singapore, not much of a point of having an offshore account if it's a horrible US/UK bank.

Get your own facts straight.

EDIT: I attached a picture of an email I received from UOB a bit back, and opened an account with them shortly after. Just so that it's not my word vs. yours.

Edited June 5, 2015 by rkbauer

[rwdrwdrwd]

My horrible offshore Citibank IPB account that I opened without ever having been to Singapore is pretty useful to me, it enables me to legally live 100% tax free.

Edited June 5, 2015 by rwdrwdrwd

[Crisu]

My horrible offshore Citibank IPB account that I opened without ever having been to Singapore is pretty useful to me, it enables me to legally live 100% tax free.

Could you explain to me what your Citibank account in SG has to do with taxation?

[rwdrwdrwd]

I'm resident in Thailand, my income is from neither from my country of citizenship nor Thailand, and my country of citizenship does not tax the offshore income of non residents unless it is remitted to the home country. This means that my country of citizenship has no claim at all, so long as I do not send the money there, and from Thailand's perspective the income is offshore income.

Thailand does not tax offshore income of residents unless it is remitted to Thailand in the year it is earned.

This means that if I have an account in a jurisdiction that does not tax non resident offshore income, and am able to hold the money there until the next tax year, I can legally send it entirely tax free to Thailand. Singapore is such a jurisdiction, though there are others.

Point being that for me, a Singapore based Citibank offshore account is neither 'horrible' nor 'useless' (as another poster stated) for my scenario, and I would suspect that of many others.

Edited June 11, 2015 by rwdrwdrwd

[Crisu]

I'm resident in Thailand, my income is from neither from my country of citizenship nor Thailand, and my country of citizenship does not tax the offshore income of non residents unless it is remitted to the home country. This means that my country of citizenship has no claim at all, so long as I do not send the money there, and from Thailand's perspective the income is offshore income.

Thailand does not tax offshore income of residents unless it is remitted to Thailand in the year it is earned.

This means that if I have an account in a jurisdiction that does not tax non resident offshore income, and am able to hold the money there until the next tax year, I can legally send it entirely tax free to Thailand. Singapore is such a jurisdiction, though there are others.

Point being that for me, a Singapore based Citibank offshore account is neither 'horrible' nor 'useless' (as another poster stated) for my scenario, and I would suspect that of many others.

But the fact, that you hold your accout in Singapore has no effect to your taxation. You could also hold your accout in any country of the EU for example because non of them tax non resident acccounts if you could prove Thailand as your resident country, but the banking would be much more easy, because as far as i know, in SG you can can not use internet banking as extensive as e.g. in many countries in the EU,

I have accounts in SG and EU but in SG i am not able to place orders on stock markets for bonds in the EU for example by internet. I am not familar with Citibank but i doubt that is possible to trade bonds+stocks on stock markets in the EU.

If its only to open an account with balances,fixed deposits or debit-/credit card and trading of some stocks on the SG or HK stock markets then i suppose its ok expecially when you consider that you are living in Thailand.

But only because of tax an account in SG is not interesting because you can achieve the same effect by using an account in a country with a lot more advanced internet banking and online trade opportunities in the stock market. But if that is also not interesting then an account in SG might be interesting.

[rwdrwdrwd]

I do have brokerage services and can buy stocks in Singapore, HK and the USA - though to be honest I just use interactivebrokers instead which gives me access to loads more.

Online banking has been fine for me, can easily transfer between 10 currencies, current and savings, do TT transfers to Thailand, home country and elsewhere in under an hour and for less than $10 a go.

My home country is in the EU and I'd rather have a greater distance from it financially. Also opening balance was much lower with Citibank than than the other options I saw, eg Switzerland, Luxembourg - it's also nice to have a bank in a close timezone.

Edited June 11, 2015 by rwdrwdrwd

[Crisu]

I do have brokerage services and can buy stocks in Singapore, HK and the USA - though to be honest I just use interactivebrokers instead which gives me access to loads more.

Online banking has been fine for me, can easily transfer between 10 currencies, current and savings, do TT transfers to Thailand, home country and elsewhere in under an hour and for less than $10 a go.

My home country is in the EU and I'd rather have a greater distance from it financially. Also opening balance was much lower with Citibank than than the other options I saw, eg Switzerland, Luxembourg - it's also nice to have a bank in a close timezone.

Well, if someone only need this service and would like to have banking close to TH, then Citibank Singapore is OK. I do the same by the way but not with Citi.

But i want also trade online on stock markets in the EU and not only shares but also ETF´s and bonds and this is not possible with Citi SG neither online nor offline by phone. Unless you are a so called accredited investor so you are eligible for private banking in SG. But for that you need assets 1 Mio. EUR or more end even then it is not possible to trade bonds by internet banking but by phone, mail or fax.

I only want to point out that you are restricted with an account in SG and not all banking services are available what you are used from an online bank in the EU and i do not mean Switzerland or Luxembourg but especially Germany/Austria which offer a very well market access and all trading produkts with very low volume condition

Edited June 11, 2015 by Crisu

[rwdrwdrwd]

You make very good points, and admittedly I didn't delve too deeply into options, but personally have been pretty happy - certainly am not of the opinion that it's 'horrible' or 'useless', which was the comment I was referring to. The timezone is a bonus for me as well.

Their trading platform isn't great, I agree, but I just do those things that aren't on offer via IB instead, which I can transfer funds in and out of very easily and quickly.

Edited June 11, 2015 by rwdrwdrwd

[Naam]

You make very good points, and admittedly I didn't delve too deeply into options, but personally have been pretty happy - certainly am not of the opinion that it's 'horrible' or 'useless', which was the comment I was referring to. The timezone is a bonus for me as well.

Their trading platform isn't great, I agree, but I just do those things that aren't on offer via IB instead, which I can transfer funds in and out of very easily and quickly.

interesting comment concerning time zone. for me the biggest hassle is Singapore's time zone. it takes at least two hours after London/Europe opens to evaluate markets and gather information in order to prepare buy/sell orders. that means i have max two hours to get OTC bid/ask prices (i only invest and trade bonds) and to place my orders.

and when NY "where the music plays" opens it's nearly bedtime for my bankers in Singapore. during these 14 years of banking in SG i have considered several times to move banking back to Europe where i can trade till NY 13.00 hours. but (as you do) i somehow don't trust the EU bàst@rds, especially not after Cyprus and the present never ending Greece story.