Singapore bank Accounts

[battersea]

Does anyone know about opening Singapore Bank accounts from Thailand ?

Are they easy to open ?

Do they have any distinct advantages ?

Any help would be appreciated ?

[kbelyeu]

I've opened an account at Citibank Singapore with not dramas all done by post. I'm an expat working in Angola while living in Brazil so it is a convenient and safe place to keep my money. Wire transfers are done using Internet banking and usually clear no later than 24 hours.

Singapore is considered one of the safest places to keep your money. Im sure there are lots of smarter folks than me that can provide a myriad of other advantages.

If you want a contact number I have the banker I set my account up with and can send his details by PM.

Kurt

[SantiSuk]

Yes - historically it has been a safe place to invest, but the deposit protection scheme if a bank goes bust is only Sing$ 50k. Contrasts poorly with the UK, which has an equally good record of protection and regulation and has a limit of GBP 85,000 to be revised down to GBP 75,000 from 1-Jan-16. If you are a Brit wanting an offshore account, then maybe Jersey? (GBP 50,000 - but I don't know how well that scheme itself is backed).

Generally as far as investment is concerned, my Singapore-based financial adviser states that the UK is one of the best regulated and transparent financial regimes in the world, probably the best. Of course he's a Brit by origin, but he does have a lot of skin in the game when he makes those kind of statements.

[Gutenberg]

Maybe get a look at Labuan, HK or Macau. They are all nice places

[Halfaboy]

The second poster mentioned Citybank Singapore. Had a look at their website. Looks all straight forward.

Anybody having experiences with this bank and would like to share them ?

[fireplay]

I went to sg to open a bank account and was unsuccessful. I tried dbs and a few others. They all wanted an employment pass(wp)or the big boys citi and hsbc had offshore account options which required 20 grand for citi and 50 grand usd for hsbc. I was trying to open a multi currency account with $1000. I am heading to panama next to try over there.

[Ks45672]

They're must be other options or ways around it , I know people who have accounts in sg and don't have a we in Thai or home country

[JHolmesJr]

They're must be other options or ways around it , I know people who have accounts in sg and don't have a we in Thai or home country

You need some sort of residency document (employment pass, work permit, PR card etc) to open an account. Later, if your immigration status changes and you move away, the account can still continue.

[Ks45672]

Is a utility bill in your own name not proof of residence anymore?

I used to be able to open accounts with a utility bill and a driving licence or passport but maybe things have changed because i haven't opened a new one for many years...

[fireplay]

I brought everything...utility bills rental agreements (translated into english and notarized) monthly rent receipts a bankbook, evidence of multinational employment and direct deposits, all from thailand but none of it was accepted. I was walking into banks and applying for multicurrency accounts. They wanted a customer living and working legally in sg.

[Gutenberg]

You can always go to a fiduciary who will introduce you to the bank. Less hassle.

[wordchild]

Singapore banks are happy to open premium accounts (ie high minimum balance or/and fees) for non residents. They are less happy to open more basic accounts , they also are bound by govt restrictions around this. Rather than wander up and down orchard road looking for someone to accept your dough much better to use the phone first.

[fireplay]

I called by phone and in particular dbs no less than 3 times and on the phone this is what they told me...yes we can do it but it is up to each individual branch manager and you will need to be there in person.

[fletchsmile]

it's true the UK's deposit protection is higher than Singapore's.

What should also be born in mind is the financial strength of the banks themselves and who is providing the guarantee.

Singaporean banks are in very good shape in terms of capital adequacy, liquidity and other prudential metrics. So the likelihood of one of the big Singaporean banks defaulting and relying on the government to bail you out is less. Singaporean banks sailed thru the GFC fine and in good shape. The UK banking sector was a mess with several banks close to collapse and in the end needed bailing out. The UK banks still have some way to go in being as stable as they should.

Singaporean banks also have much better credit ratings the UK banks, which is one indicator of likelihood of default.

Then if we look at who's providing the guarantee, Singapore's sovereign finances are in much better shape than the UK's. Again the sovereign rating is superior. UK is saddled with debt it struggles to repay. Singapore is in much better shape.

So for Singapore while the amount guaranteed is less. The likelihood of default is less and the strength of the guarantor better.

It also needs to be born in mind the admin and other hassles behind a default. Then there's also likelihood the government would step in above the deposit protection level. That's what happened during GFC when the UK/US/Europe increased their protection levels because they had to and were in fear of their whole system collapsing. Singapore had no need to significantly increase protection levels, as they were well run with sound prudent metrics reflecting the risks.

While the UK banks were bailed out last time so it didn't get to the stage of needing deposit protection. I wouldn't bank on that happening next time. They might simply print more money, but then that also severely hits the pound's value.

Also let's not forget the possibility and precedents set by Cyprus

In terms of regulator I would prefer MAS to UK for this. Again look at all the various failure's in UK regulation in recent years and the number of re-organisations the framework has had to undergo where regulators were found to be inadequate. You also have to think about what regulations you're talking about. This is simple deposit protection and shouldn't necessarily be mixed with say selling investments protection.

So it's worth bearing the deposit protection in mind, but it;s only part of the picture, and for me a secondary factor.

Cheers

Fletch

[fletchsmile]

BTW Not easy to open an account with Singaporean banks without going there. Once there not so diffilcult but do your homework first - call etc.

Foreign banks like Citi in particular who have global networks might be easier if you have an account elsewhere already.

On the whole is a decent place and relatively safe place to put money, with close proximity to Thailand. Holding money in SGD rather than USD or GBP or EUR has a better chance of less volatility vs THB for someone in Thailand.

[Naam]

it's worthwhile to mention that the Singapore Deposit Protection Scheme covers only cash amounts denominated in SGD - Singapore Dollars up to the amount of 50,000...., id est "forget about it!"

what is important are the positive facts listed already by Fletchsmile. personally i feel that my holdings in SG are safer than anywhere else on this planet.

[Naam]

They're must be other options or ways around it , I know people who have accounts in sg and don't have a we in Thai or home country

You need some sort of residency document (employment pass, work permit, PR card etc) to open an account. Later, if your immigration status changes and you move away, the account can still continue.

you don't need any of this! for most banks you need a lot of cash/assets. only few exceptions prove the rule. period!

[soomak]

The second poster mentioned Citybank Singapore. Had a look at their website. Looks all straight forward.

Anybody having experiences with this bank and would like to share them ?

Yes I opened a Citibank Singapore account remotely from Thailand.

It did require quite a lot of time to complete the process, including the ATM card (I don't recall exactly, but surely over one month).

Pros:

1. No initial deposit required

2. Euro and USD accounts are available

3. Pretty good online banking system, with international wire transfers.

4. Good phone and online support

Cons:

1. They do not issue credit cards/debit cards for non-Singaporeans, only an ATM card, so you can't do online shopping.

This is actually the biggest drawback IMHO, you can't buy plane tickets, hotels, etc.

2. There is a minimum balance required, otherwise you pay 30 USD monthly fee for the account. I think the minimum is $10K, but not sure.

3. Their exchange rate when doing an ATM withdrawal (e.g. withdrawing Baht) is quite bad - maybe 3% below the official exchange rate. It maybe similar with other banks though, I haven't checked.

[fireplay]

BTW Not easy to open an account with Singaporean banks without going there. Once there not so diffilcult but do your homework first - call etc.

Foreign banks like Citi in particular who have global networks might be easier if you have an account elsewhere already.

On the whole is a decent place and relatively safe place to put money, with close proximity to Thailand. Holding money in SGD rather than USD or GBP or EUR has a better chance of less volatility vs THB for someone in Thailand.

Sir can you give some names of exact banks and branches that will open a multi currency bank account with a debit/check card with visa/mc logo for online purchasing capabilities to an American living in Thailand with a thai bank account and an opening deposit of $1000?

Because i called...was told to go and talk to bank managers...I flew to SG...and i was shut down...

Oh i could open a citi or hsbc account with $0 dollars to open...but unless the minimum balance was met monthly the accounts costed $50 a month....

[wordchild]

BTW Not easy to open an account with Singaporean banks without going there. Once there not so diffilcult but do your homework first - call etc.

Foreign banks like Citi in particular who have global networks might be easier if you have an account elsewhere already.

On the whole is a decent place and relatively safe place to put money, with close proximity to Thailand. Holding money in SGD rather than USD or GBP or EUR has a better chance of less volatility vs THB for someone in Thailand.

Sir can you give some names of exact banks and branches that will open a multi currency bank account with a debit/check card with visa/mc logo for online purchasing capabilities to an American living in Thailand with a thai bank account and an opening deposit of $1000?

Because i called...was told to go and talk to bank managers...I flew to SG...and i was shut down...

Oh i could open a citi or hsbc account with $0 dollars to open...but unless the minimum balance was met monthly the accounts costed $50 a month....

so, if I have got this correct, you could have opened an account, in Singapore, with either HSBC or Citi, if you had been prepared to maintain a minimum balance or pay the monthly 50 dollar fee.

[fireplay]

Yes thats right...but as i would be building the account from scratch depositing no more than $2000 a month for pure savings....i thought the cost of the account seemed high. Also as i would set up a direct deposit for my salary i would be levied the transfer fees for my living wages monthly...i guess i was hoping for the dbs account as their minimum balance was 2500 sg dollars..and if not met you were charged 3 sg dollars...this was what i was err...banking on landing.

[fletchsmile]

A few more notes and generalisations:

Citi used to be one you could open from outside Singapore. Like HSBC the quality of their products and infrastructure and global banking capabilities are some of the better ones among foreign banks. However, yes they like to charge for those things. HSBC and Citi generally aren't the best when it comes to rates and fees. You pay for it.

I've used Stan Chart historically. Their platforms aren't as good as Citi and HSBC, but they were just more convenient at the time for me. Plus I have Priority Banking with them in Singapore and Thailand, and if done correctly FX transfers to SCB Thailand are free. You should be able to set up with them without much issue if you visit there and their website is reasonably clear and what is needed. Support at Stan Chart isn't great. If you only need basics fine, but if you are looking for that extra level of service and complexity you may run into issues being based in Thailand.

As for charges/fees ad all those stuff if you want details you'd have to check account by account, bank by bank as to all the T&C's as it varies a lot.

Yes being American these days it can be more difficult to open accounts. Particularly if you want more than just a simple account, like investments. The US government has shot you in the foot there for some of these things

[vukovar77]

I tried to open account there from Thailand ,but it is very difficult and they want so much documents without any guaranty they will be accepted!!!

It is quite expensive process as well,so I gave up!!

[nuuskamuikkunen]

I have opened succesfully HSBC and Citibank in Singapore and UBS in Switzerland from Thailand. Really peace of cake. Online + couple telephone interviews + mails and couriers. Hassle free.

Though, i'm about to cancel HSBC because of crazy big fees per incoming transactions. Citibank, i have only good things to say! Cheap and convenient and really easy to open. They even have a website designated for that. Though, the interest rates sucks in every bank if you are not willing to convert funds to SGD or so.

[dotpoom]

Yes - historically it has been a safe place to invest, but the deposit protection scheme if a bank goes bust is only Sing$ 50k. Contrasts poorly with the UK, which has an equally good record of protection and regulation and has a limit of GBP 85,000 to be revised down to GBP 75,000 from 1-Jan-16. If you are a Brit wanting an offshore account, then maybe Jersey? (GBP 50,000 - but I don't know how well that scheme itself is backed).

Generally as far as investment is concerned, my Singapore-based financial adviser states that the UK is one of the best regulated and transparent financial regimes in the world, probably the best. Of course he's a Brit by origin, but he does have a lot of skin in the game when he makes those kind of statements.

I really know nothing about these matters but I was picturing Max Kieser's face if I were to read out your comments to him. I honestly don't know if he's a "headcase or a genius" but I get a great kick out of listening to him anyway. Please understand, I am not making a comment on your statment, as I already said, I know little about these things (except what I hear and see over the airwaves)....just was having a giggle thinking of him.

[12DrinkMore]

I have opened succesfully HSBC and Citibank in Singapore and UBS in Switzerland from Thailand. Really peace of cake. Online + couple telephone interviews + mails and couriers. Hassle free.

Though, i'm about to cancel HSBC because of crazy big fees per incoming transactions. Citibank, i have only good things to say! Cheap and convenient and really easy to open. They even have a website designated for that. Though, the interest rates sucks in every bank if you are not willing to convert funds to SGD or so.

Unless you are Swiss or have just dropped upwards of CHF 1,000,000 on them, it is not possible to open an account with Credit Suisse/UBS.

The ZKB a couple of years ago closed accounts held by foreigners outside of Switzerland.

Opening an account in Singapore was very easy. Just have to roll up on the doorstep and do it. By post they are not keen to deal with new customers.

[fireplay]

I have opened succesfully HSBC and Citibank in Singapore and UBS in Switzerland from Thailand. Really peace of cake. Online + couple telephone interviews + mails and couriers. Hassle free.

Though, i'm about to cancel HSBC because of crazy big fees per incoming transactions. Citibank, i have only good things to say! Cheap and convenient and really easy to open. They even have a website designated for that. Though, the interest rates sucks in every bank if you are not willing to convert funds to SGD or so.

Unless you are Swiss or have just dropped upwards of CHF 1,000,000 on them, it is not possible to open an account with Credit Suisse/UBS.

The ZKB a couple of years ago closed accounts held by foreigners outside of Switzerland.

Opening an account in Singapore was very easy. Just have to roll up on the doorstep and do it. By post they are not keen to deal with new customers.

Roll up on the doorstep!!

You must be talking about the special offshore accounts division of the international banks mentioned...

I literally rolled up on the doorstep and was refused a normal account at every branch of local banks i went to. They wanted me to be connected to sg...primarily the main document requested was an employment pass...if you can just roll on up to a doorstep of a LOCAL bank for example DBS...please tell me the branch address and preferably the branch managers name and email...

[Stocky]

It's much the same in any country; there's not much money to be made from basic bank accounts. Offshore accounts with minimum balance requirements are, as you say, easily accommodated, I opened my HSBC offshore account with my passport and two utility bills, as you've discovered no one really wants you to open a standard account. It's just not worth their while.

[fireplay]

Ok btw i tried to open accounts on Orchard...in raffles...and walking along the road from raffles to geylang...that area...I tried at DBS branches OCBC and UOB....my goal was a local current multicurrency account to set up a direct deposit and access with a debit card...opening balance at $1000 with no feeS FOR a monthly minimum of say under 10,000 sg dollars...

I failed after literally rolling up on these LOCAL SINGAPORE bank's doorsteps.

I Was successful with the 2 international banks but their minimum balance seemed high. If i want an offshore citibank account i can set it up in bkk.

[rwdrwdrwd]

Edit - just seen you don;t want offshore for some reason, so my answer not that relevant. Was just pointing out that I opened a multiple currency offshore with Citibank IPB with a 5k initial deposit without ever visiting the country. They recently raised the min balance to 10k but I've gone below it numerous times without ever being charged. Has a basic ATM card but have since asked about VISA/MC and it's possible with security.

The OP however, hasn't stated they want a non offshore account have they?