Singapore bank Accounts

[fireplay]

I thought offshore simply meant outside of the country from which you reside...so if i lived in the USA would my k bank in Thailand be considered offshore? Seemingly not as both citi and hsbc refused to open a "LOCAL" account for me but sent me over to the offshore department...entirely different offices.

[fang37]

My experience - international banks with offices in SGP do not wish to talk unless there is USD1m available for deposit.

Then, they will try to talk you into wealth planning etc.

They will wine & dine you but it is not cheap.

[nuuskamuikkunen]

Seriously, dude. I'm talking with personal experience.
All they needed at UBS Switzerland was basic documents (passport, proof of funds, utility bills and so on + 45k deposit in CHF. They even had a customer representative whom speak my native language lol. And i'm from europe, scandinavia. Though i forgot to mention that UBS requires true certified copy of passport from embassy in BKK. Singaporean banks didn't.

And initial deposit for me was 45k in CHF or so. Can be in any currency. All done remotely anyway, except passport copy.

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.

[mesquite]

If you are a US passport holder it is going to be very difficult if not impossible, and that's with going there. I speak from experience. Other citizenships have got to be easier.

[Mudcrab]

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.

About as much skin in the game as a used car dealer telling you 'it's a great motor guv'.

Unless he reveals his own personal financial interest to you, of course.

[nuuskamuikkunen]

Citibank ask me 20k initial deposit in USD just couple months back. Others have accepted with 10k?
I think those banks have different requirements for different citizenships.

Edited November 13, 2015 by nuuskamuikkunen

[Krataiboy]

my Singapore-based financial adviser states that the UK is one of the best regulated and transparent financial regimes in the world,

If I were you I would get another adviser.

[canadian]

hello, i've opened both personal and business accounts with OCBC, not a problem at all. For personal accounts you need to only show your utilities, credit card or similar statement showing your current address, mine being in Thailand. No issues at all, internet banking included, But i did this in person rather than remote.

[gandalf12]

I have several accounts in Singapore and no they are not hard to open. You will need to visit Singapore and go in to see the bank you want to open the account with. They will need, as minimum, sample signature from you made in their presence, copy of your passport, proof of address in Thailand and that is pretty much it from what I remember. You sign a lot of paperwork for sure but that is the same as aby bank.

I deal with the Standard Chartered and since opening my accounts which was back in 1981 I cant say I have had a problem with them, hence I stay with them

Edited November 13, 2015 by gandalf12

[Jonmarleesco]

In a word, no.

The banks are tightening up more and more, in line with ever more stringent money laundering laws. And residence in Thailand doesn't help. I spent an age trying to open an account in Singapore for a client, even working through a local consultancy. One possibility might - and I emphasise might - be to try a Thai bank with a presence in Singapore; BBL, possibly.

[Jonmarleesco]

I notice a number of posters talk of how easy it is to open an account in Singapore, but that would very much depend on how long ago they did the opening. Because it has certainly tightened up.

[JHolmesJr]

hello, i've opened both personal and business accounts with OCBC, not a problem at all. For personal accounts you need to only show your utilities, credit card or similar statement showing your current address, mine being in Thailand. No issues at all, internet banking included, But i did this in person rather than remote.

I am guessing these are accounts held in foreign currency. That may well be possible.

A S$ account is only for people with valid employment in singapore and documents supporting this. (an ep, work permit or pr card)

[nuuskamuikkunen]

No it hasn't. At least for EU passport holders. I don't know about other citicenships.

In 3-4 months i have opened HSBC + Citibank remotely while residing in Thailand without any difficulties at all. Just the standard documents + telephone interview and courier posts. Account opened within a month. I have not sense any tightened up rules so far.

Offshore account is good in many ways, but interest rates sucks...

I notice a number of posters talk of how easy it is to open an account in Singapore, but that would very much depend on how long ago they did the opening. Because it has certainly tightened up.

[Ks45672]

No it hasn't. At least for EU passport holders. I don't know about other citicenships.

In 3-4 months i have opened HSBC + Citibank remotely while residing in Thailand without any difficulties at all. Just the standard documents + telephone interview and courier posts. Account opened within a month. I have not sense any tightened up rules so far.

Offshore account is good in many ways, but interest rates sucks...

I notice a number of posters talk of how easy it is to open an account in Singapore, but that would very much depend on how long ago they did the opening. Because it has certainly tightened up.

What info can they get from a telephone interview BTW?

How does that help them to decide whether or not you can open a bank account?

If it's too do with aml laws why would they happy to open a $1+ million dollar account and not a regular savings or current account?

[NanLaew]

No it hasn't. At least for EU passport holders. I don't know about other citicenships.

In 3-4 months i have opened HSBC + Citibank remotely while residing in Thailand without any difficulties at all. Just the standard documents + telephone interview and courier posts. Account opened within a month. I have not sense any tightened up rules so far.

Offshore account is good in many ways, but interest rates sucks...

I notice a number of posters talk of how easy it is to open an account in Singapore, but that would very much depend on how long ago they did the opening. Because it has certainly tightened up.

What info can they get from a telephone interview BTW?

How does that help them to decide whether or not you can open a bank account?

If it's too do with aml laws why would they happy to open a $1+ million dollar account and not a regular savings or current account?

I opened a CitiBank SG account 4 months ago without going there.

I am not sure if it qualifies as a 'telephone interview' but after submitting a query online, a CitiBank SG Senior Business Development Manager called me to verbally to acknowledge my query and describe their products and then confirmed the requirements by email with 3 file attachments as follows;

"As an introduction, below is a summary of the InAccount.

1) Minimum balance to be maintained is USD $10k from the 2nd mth of account opening (i.e if account is set up in May, funding should reach that amount before 1st July).

2) This is a multicurrency account which allows you to save in various currencies such as USD, SGD, EUR, GBP & more. The USD $10k mentioned above refers to the total relationship balance.

3) Account closure penalty fee (USD $300) if account is closed in under 6 mths (i.e. if account is established in May, the account should not be closed till after November).

4) The account will come with an ATM card & the option of SGD or USD chequebooks. The ATM card may be used internationally & is purely for cash withdrawals. No charge if a Citibank ATM is used. There is no debit facility on this card.

5) There is full internet access & online banking for this account.

Please see below for the requested forms.

· AOA eng-bah pdf

Please fill in the details on page 1 & sign in the box as well. Sign on pg 11 of the forms & on section 11) SIGNATURE CARD (only ONCE per page). Kindly ensure your signatures on the forms match the signature on your passport.

· W8 – Please print 1 copy. Fill in your FULL PASSPORT name & sign on your form. Do note, there cannot be any cancellations/amendments on the form. If you need to make any changes, please print a brand new copy.

· LOI Thailand – Please fill in your preferred mailing address (per pg 1 of application forms) and sign ONCE.

Documents required -

1) CLEAR Passport photocopy (please sign on the copy).

2) CLEAR bank’s credit card that shows your name on the front. Must still be valid, of course.

3) Mailing Address proof – Please provide the latest copy of your utility bill/credit card statement/phone bill."

The SBDM recommended that I scan and email these forms for her approval before mailing them.

There's nothing onerous in their requirements beyond the W8 to satisfy the US's need to know and the passport photocopy doesn't even need to be certified. Simply the passport to confirm who you are, a current (other) bank credit card to show you have a banking (and credit) history somewhere and the utility bill, card statement to prove you live where you say your live.

This is definitely not an account for a 'high net worth' individual; those products are branded separately and come with relationship managers and the like.

[Epsacori]

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.

I have had an account with HSBC branch in Panama and would not do this again. I had to contact several times the banking supevision in Panama to get the bank replying to my inquiries and finally closing my account. In contrast, I have not had any difficulties with my account at the HSBC branch in Amman/Jordan..

[Naam]

hello, i've opened both personal and business accounts with OCBC, not a problem at all. For personal accounts you need to only show your utilities, credit card or similar statement showing your current address, mine being in Thailand. No issues at all, internet banking included, But i did this in person rather than remote.

I am guessing these are accounts held in foreign currency. That may well be possible.

A S$ account is only for people with valid employment in singapore and documents supporting this. (an ep, work permit or pr card)

nonsense!

[gandalf12]

In a word, no.

The banks are tightening up more and more, in line with ever more stringent money laundering laws. And residence in Thailand doesn't help. I spent an age trying to open an account in Singapore for a client, even working through a local consultancy. One possibility might - and I emphasise might - be to try a Thai bank with a presence in Singapore; BBL, possibly.

Very few are resdient in Thailand. we live in Thailand but are not resident. Makes a big difference

[leytonorient]

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...

I have just walked out of OCBC head office branch in Singapore. I was successful opening a SGD savings account. I only gave them my passport and proof of address in Thailand. I am Canadian British dual national. Gave them Canadian passport.

They will give me multi currency account when I transfer more funds. Now I open the account with 10,000 SGD.

[Stocky]

A S$ account is only for people with valid employment in singapore and documents supporting this. (an ep, work permit or pr card)

Nope, I have S$ account with ATM/debit card plus Visa and Mastercard credit cards, I don't have a Singapore work permit or PR.

[Gutenberg]

If you are looking at Switzerland, consider CIM - they open account easily via webcam meeting.

[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...

I have just walked out of OCBC head office branch in Singapore. I was successful opening a SGD savings account. I only gave them my passport and proof of address in Thailand. I am Canadian British dual national. Gave them Canadian passport.

They will give me multi currency account when I transfer more funds. Now I open the account with 10,000 SGD.

Excellent man!!! Great news...do you mind sharing the branch location? Every manager is different.

[fireplay]

Sorry i see now head office...thats really great to hear....

[Crisu]

I have opened an account with UOB bank in sg in sg dollar, visa debit card and internet banking 3 months ago. For documentation you need: passport, reference letter from another bank and proof of residence (e.g. bank statement). I am resident in th and not sg and also not have sg citizenship.

For first deposit they only ask 1000 or 2000 sgd. Cant remember anymore. This kind of account can be only in sgd. Another currency is possible but there is no debit card available.

Cash money and paying online with visa card works fine as long as you have money on the account. Secured credit card is also available.

[JHolmesJr]

A S$ account is only for people with valid employment in singapore and documents supporting this. (an ep, work permit or pr card)

Nope, I have S$ account with ATM/debit card plus Visa and Mastercard credit cards, I don't have a Singapore work permit or PR.

Amazing....clearly ther is no fixed system....very odd in streamlined sngapore....i'll ask them about it when i visit my bank next.

[nuuskamuikkunen]

Might be a stupid question, but does your offshore banks in Singapore pay you decent interest rates? Or do you prefers bonds, funds, trusts etc?

[Crisu]

Sure, i do only this kind of budiness

[soomak]

Might be a stupid question, but does your offshore banks in Singapore pay you decent interest rates? Or do you prefers bonds, funds, trusts etc?

Singapore fixed deposit rates are very low, same as Europe, US, basically all developed countries.

You can check here:

https://secure.mas.gov.sg/msb/InterestRatesOfBanksAndFinanceCompanies.aspx

If you want to get a descent return on your money, you can't rely on banks.

[Ks45672]

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...

I have just walked out of OCBC head office branch in Singapore. I was successful opening a SGD savings account. I only gave them my passport and proof of address in Thailand. I am Canadian British dual national. Gave them Canadian passport.

They will give me multi currency account when I transfer more funds. Now I open the account with 10,000 SGD.

How long did it take?, and what kind of proof of address did they accept?

All I have is utility bills mainly unless I go to the Embassy or something and ask/pay them to make me a " proof of adress"....

[LiorW]

Sorry to hijack this thread, but what are your thoughts when it comes to openning a trading account?

I will soon visit Singapore and I wish to open a trading account which will cover Southeast Asian capital markets.

What bank will you suggest in terms of commissions, quality of customer service, online trading experience/ portfolio management?