Banking tips for Swiss (and other) expats and retirees

[Myshkin]

Some Swiss banks are refusing to open new accounts, even closing existing ones, for Swiss citizen living abroad. I would like to hear from our esteemed members what are the best solutions for those who don't want to have all their money in Thailand. Singapore? Hong Kong?

[ToddinChonburi]

I do not see how they can do this if you can maintain an address in your home country.

[Myshkin]

I do not see how they can do this if you can maintain an address in your home country.

You are right indeed, there is no problem for those maintaining an address in their home country, but a real address is needed, a mailing address is not sufficient. Apologies, the question was meant for those who don't retain such an address.

[Naam]

I do not see how they can do this if you can maintain an address in your home country.

You are right indeed, there is no problem for those maintaining an address in their home country, but a real address is needed, a mailing address is not sufficient. Apologies, the question was meant for those who don't retain such an address.

Swiss and other multinational banks in Singapore (a dozen of them) do not require that you live or keep an address in your home country. all you need is to prove your present residence, if possible by a utility bill, and enough money or assets to be accepted.

unfortunately there is no clear definition for "enough money". the minimum entry level varies a lot depending on the bank as well as how/what assets you want to invest/trade between CHF/USD 2 million and 5 million.

except for Citi, SG i don't know any bank which will open an account without you being physically present. the afore-mentioned banks won't suit you because i assume (based on your hesitation to travel once to Singapore) you won't meet their minimum financial requirements.

[Pattaya46]

Swiss and other multinational banks in Singapore (a dozen of them) do not require that you live or keep an address in your home country. all you need is to prove your present residence, if possible by a utility bill, and enough money or assets to be accepted.

Not 100% true. About 8 years ago I officially made my change of residence & country for all the banks & administrations. A few weeks later I received a letter from PostFinance (SwissPost) that they had to close my accounts as their status allow them to only have account for European people, or people with strong "relation" with Swiss.

Two years later I was in Swiss for business and tried again in the main agency at Genova, explaining I was permanently moving between Thailand & Europe but still having a business in France. They accepted to open a personal account.

BTW, PostFinance is becoming expensive, with from last month a new tax (about 15 /$ per account/per month) for people not residing in Swiss...

PS: Why often problems with the Euro symbol () on this forum ? ($) and (£) are ok.

Edited August 6, 2015 by Pattaya46

[VIPinthailand]

Swiss banks worry about any US person or even any one who could lie to not be a US person and has 2 passports. banks have been fined billions already by the department of justice.

in 2018 crs coming.

I think many will leave definitively Europe and invest in Hong Kong or Singapore.

[Naam]

Swiss and other multinational banks in Singapore (a dozen of them) do not require that you live or keep an address in your home country. all you need is to prove your present residence, if possible by a utility bill, and enough money or assets to be accepted.

Not 100% true. About 8 years ago I officially made my change of residence & country for all the banks & administrations. A few weeks later I received a letter from PostFinance (SwissPost) that they had to close my accounts as their status allow them to only have account for European people, or people with strong "relation" with Swiss.

Two years later I was in Swiss for business and tried again in the main agency at Genova, explaining I was permanently moving between Thailand & Europe but still having a business in France. They accepted to open a personal account.

BTW, PostFinance is becoming expensive, with from last month a new tax (about 15 /$ per account/per month) for people not residing in Swiss...

PS: Why often problems with the Euro symbol () on this forum ? ($) and (£) are ok.

please use reading glasses! i posted about Swiss and other multinational banks in Singapore. you are talking about a bank in Switzerland.

note: Singapore is not a city in Switzerland and if you mind $15/month fees as being expensive then...

p.s. i don't und€rstand why p€ople hav€ a probl€m using th€ €URo sign

[Myshkin]

I do not see how they can do this if you can maintain an address in your home country.

You are right indeed, there is no problem for those maintaining an address in their home country, but a real address is needed, a mailing address is not sufficient. Apologies, the question was meant for those who don't retain such an address.

Swiss and other multinational banks in Singapore (a dozen of them) do not require that you live or keep an address in your home country. all you need is to prove your present residence, if possible by a utility bill, and enough money or assets to be accepted.

unfortunately there is no clear definition for "enough money". the minimum entry level varies a lot depending on the bank as well as how/what assets you want to invest/trade between CHF/USD 2 million and 5 million.

except for Citi, SG i don't know any bank which will open an account without you being physically present. the afore-mentioned banks won't suit you because i assume (based on your hesitation to travel once to Singapore) you won't meet their minimum financial requirements.

Yes I know CS and UBS entry levels are around 2 mio USD in Singapore, and as you assumed correctly it is above my means. I was wondering about banks like UOB, OCBC and Citi or others? I won't mind to travel there if necessary, but prefer to gather as much info as possible beforehand. Meanwhile, I found a solution with my other bank in Switzerland, with reassurance that they have no similar plan to kick-out non-residents, but you know what a banker's word is worth and usually they are the last ones informed of such decisions, as it also involves job losses. Furthermore, I'm convinced this tendency will only get worse and I prefer to be prepared for such occurrences. Another reason is I prefer to diversify, but with other relatively safe places, Thailand is not one of them, except to cover the required retirement funds and a few months of living expenses.

[Myshkin]

Swiss banks worry about any US person or even any one who could lie to not be a US person and has 2 passports. banks have been fined billions already by the department of justice.

in 2018 crs coming.

I think many will leave definitively Europe and invest in Hong Kong or Singapore.

My sister has dual citizenship (Swiss/USA) and has been kicked out of her Swiss bank a few years ago, despite complying fully with the IRS. Ironically, her job in the US is to assist expats in filling their tax forms. Swiss banks simply don't want to have anything to do with all the risks and costly time consuming paperwork involved. This I understand for US citizens, but it eludes my mental grasp regarding non-resident Swiss, as unlike the former they are no longer taxable once they live abroad.

[wordchild]

I currently use ocbc in sing and am pretty happy with them, imo better than Stan chart or hsbc which I used in the past.

[Naam]

I do not see how they can do this if you can maintain an address in your home country.

You are right indeed, there is no problem for those maintaining an address in their home country, but a real address is needed, a mailing address is not sufficient. Apologies, the question was meant for those who don't retain such an address.

Swiss and other multinational banks in Singapore (a dozen of them) do not require that you live or keep an address in your home country. all you need is to prove your present residence, if possible by a utility bill, and enough money or assets to be accepted.

unfortunately there is no clear definition for "enough money". the minimum entry level varies a lot depending on the bank as well as how/what assets you want to invest/trade between CHF/USD 2 million and 5 million.

except for Citi, SG i don't know any bank which will open an account without you being physically present. the afore-mentioned banks won't suit you because i assume (based on your hesitation to travel once to Singapore) you won't meet their minimum financial requirements.

Yes I know CS and UBS entry levels are around 2 mio USD in Singapore, and as you assumed correctly it is above my means. I was wondering about banks like UOB, OCBC and Citi or others? I won't mind to travel there if necessary, but prefer to gather as much info as possible beforehand. Meanwhile, I found a solution with my other bank in Switzerland, with reassurance that they have no similar plan to kick-out non-residents, but you know what a banker's word is worth and usually they are the last ones informed of such decisions, as it also involves job losses. Furthermore, I'm convinced this tendency will only get worse and I prefer to be prepared for such occurrences. Another reason is I prefer to diversify, but with other relatively safe places, Thailand is not one of them, except to cover the required retirement funds and a few months of living expenses.

i am quite well informed what's going on with multinational banks in Singapore but my indepth knowledge as far as it concerns domestic banks is rather limited. what i learned here (Thaivisa) that it's obviously not a big deal to open an account with Citi and that without travelling to Singapore.

try the search function. several threads exist concerning this topic.

[Pattaya46]

please use reading glasses! i posted about Swiss and other multinational banks in Singapore. you are talking about a bank in Switzerland.

note: Singapore is not a city in Switzerland and if you mind $15/month fees as being expensive then...

p.s. i don't und€rstand why p€ople hav€ a probl€m using th€ €URo sign

Because this site is not working correctly (filtering the € symbol)

when you use the text-mode of the editor ...

Here I post in wysiwyg mode: €€€

BTW the OP was about Swiss banks in Switzerland

so I took your message as such Swiss Banks (in Switzerland) plus other in Singapore.

The fact (you say) you are richer that many shouldn't authorise you

to be so arogant in your answers & comments... IMHO.

Edited August 6, 2015 by Pattaya46

[Naam]

please use reading glasses! i posted about Swiss and other multinational banks in Singapore. you are talking about a bank in Switzerland.

note: Singapore is not a city in Switzerland and if you mind $15/month fees as being expensive then...

p.s. i don't und€rstand why p€ople hav€ a probl€m using th€ €URo sign

Because this site is not working correctly (filtering the € symbol)

when you use the text-mode of the editor ...

Here I post in wysiwyg mode: €€€

BTW the OP was about Swiss banks in Switzerland

so I took your message as such Swiss Banks (in Switzerland) plus other in Singapore.

The fact (you say) you are richer that many shouldn't authorise you

to be so arogant in your answers & comments... IMHO.

the fact you make up bullshit shouldn't authorise me to call you a bullshitter because forum rules forbid insults 'ad hominem'. either put up and submit proof that i claimed to be "richer" or just shut up.

forum rules also apply to deliberate misinterpretations of a post. my answer was clearly directed at the OP's question:

I would like to hear from our esteemed members what are the best solutions for those who don't want to have all their money in Thailand. Singapore? Hong Kong?