Singapore bank Accounts

[Naam]

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?

an unrestricted (any asset) trading account is only possible if you meet the requirements of the MAS - Monetary Authority of Singapore to be considered an "accredited investor". the treshold is quite high.

―accredited investor‖ means

(i) an individual —

(A) whose net personal assets exceed in value the minimum amount of $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, and in determining whether an individual’s net personal assets exceeds the minimum amount, the estimated fair market value of an individual’s primary residence less any outstanding amounts in respect of any credit facility granted to the individual or any other person that is secured by that residence, shall not account for more than $1 million (or its equivalent in a foreign currency) of the minimum amount; or

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;

http://www.mas.gov.sg/~/media/MAS/News%20and%20Publications/Consultation%20Papers/Annex%204%20%20Part%20III%20%20Nonretail%20investor%20legis%20amdmts.pdf

Edited November 16, 2015 by Naam

[fletchsmile]

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?

I use Standard Chartered Singapore for some country equity markets. They have a no-frills (read basic) on-line platform. Not suitable for day trading but would be OK for non-time sensitive investment.

Support isn't very good, but most of the time you don't need any support as it's all online trading. For US equities they no longer allow you to use a W8-BEN to take advantage of tax treaties on US dividends. So if you're Thai, UK, Australian etc you needlessly suffer 30% WHT instead of 15%. Hence I don't use much for US dividend paying investments

Covers about 13 countries. Main ones I use are ASX, SGX, LSE, main US markets, and a couple of European ones

https://www.sc.com/sg/ways-to-bank/online-trading.html

The most convenient factor is it's easily linked to your bank accounts. So if opening a Singapore bank account as per OP and interested in global equities trading you could hit two birds with one stone.

[wordchild]

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?

I have been using OCBC for a little while now and have been pretty happy with them, so much so , in fact, that I have stopped using the UK broker I had for non Asian stuff and have moved that to OCBC as well.

The published rates look high when compared to Stan Chart but they will discount these for premier customers and also even further if they get wind of a large portfolio or believe you are likely to be an active trader. I have also been quite impressed by the banking side. I have used HSBC and Stan chart in the past for offshore banking and I feel the service from OCBC is better.

You might also want to have a look at Saxo. I had a trial with them and was quite impressed but in the end I felt OCBC suited what I needed a little better.

Edited November 16, 2015 by wordchild

[Crisu]

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?

I have been using OCBC for a little while now and have been pretty happy with them, so much so , in fact, that I have stopped using the UK broker I had for non Asian stuff and have moved that to OCBC as well.

The published rates look high when compared to Stan Chart but they will discount these for premier customers and also even further if they get wind of a large portfolio or believe you are likely to be an active trader. I have also been quite impressed by the banking side. I have used HSBC and Stan chart in the past for offshore banking and I feel the service from OCBC is better.

You might also want to have a look at Saxo. I had a trial with them and was quite impressed but in the end I felt OCBC suited what I needed a little better.

Do you also trade bonds with ocbc?

[Crisu]

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?

Have a look at Saxo SG. Wide range of products and stock markets available and no need of a high value account.

But its a broker, not a bank.

[Gutenberg]

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?

Have a look at Saxo SG. Wide range of products and stock markets available and no need of a high value account.

But its a broker, not a bank.

For trading, http://www.swissquote.ch/ is really nice.

[Crisu]

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?

Have a look at Saxo SG. Wide range of products and stock markets

available and no need of a high value account.

But its a broker, not a bank.

For trading, http://www.swissquote.ch/ is really nice.

I suppose he asked for a trading account in SG and not in CH

[Gutenberg]

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?

Have a look at Saxo SG. Wide range of products and stock markets

available and no need of a high value account.

But its a broker, not a bank.

For trading, http://www.swissquote.ch/ is really nice.

I suppose he asked for a trading account in SG and not in CH

So? You know about Saxo right, so the HQ is in DK and they have an office in SG. In regard to that, I just posted an alternative to look at.

The internet makes all sites local, not sure if we need to talk about borders on a TH Forum hosted in SG

[Crisu]

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?

Have a look at Saxo SG. Wide range of products and stock markets

available and no need of a high value account.

But its a broker, not a bank.

For trading, http://www.swissquote.ch/ is really nice.

I suppose he asked for a trading account in SG and not in CH

So? You know about Saxo right, so the HQ is in DK and they have an office in SG. In regard to that, I just posted an alternative to look at.

The internet makes all sites local, not sure if we need to talk about borders on a TH Forum hosted in SG

Saxo SG is an independet singapore broker under sg law and regulations and he asked for a trading account in sg and not dk or ch. As far as i understand he told he will go to sg and want some infos to open an account there. But swissquote is in ch and not in SG so your info about swissquote is not helpful at all.

You open your broker account with saxo sg and not saxo dk. Saxo sg is an independent unit under sg company law and your account is held in SG.

By the way, i hold an account with saxo sg so i know what i am talking about.

If someone ask for a bank account with hsbc in sg would you then also recommend hsbc in london because the HQ is there? I dont think you would.

Edited November 16, 2015 by Crisu

[Gutenberg]

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?

Have a look at Saxo SG. Wide range of products and stock markets

available and no need of a high value account.

But its a broker, not a bank.

For trading, http://www.swissquote.ch/ is really nice.

I suppose he asked for a trading account in SG and not in CH

So? You know about Saxo right, so the HQ is in DK and they have an office in SG. In regard to that, I just posted an alternative to look at.

The internet makes all sites local, not sure if we need to talk about borders on a TH Forum hosted in SG

Saxo SG is an independet singapore broker under sg law and regulations and he asked for a trading account in sg and not dk or ch. As far as i understand he told he will go to sg and want some infos to open an account there. But swissquote is in ch and not in SG so your info about swissquote is not helpful at all.

You open your broker account with saxo sg and not saxo dk. Saxo sg is an independent unit under sg company law and your account is held in SG.

By the way, i hold an account with saxo sg so i know what i am talking about.

If someone ask for a bank account with hsbc in sg would you then also recommend hsbc in london because the HQ is there? I dont think you would.

Your babbling does not make a difference. It is always good to have alternatives.

[jimmybkk]

I went through this a couple or months back. Called UOB first - they said "No, non-residents cannot open an account with them." How about if I open an account with UOB in Thailand first? Still "No". Then called DBS - they said "Yes" and told me what documents to bring. Flew down to Sing and every DBS branch I went to told me "No" cannot open without a work permit or residence permit. Called the DBS call centre again and asked to speak to a supervisor who told me it was possible but at the discretion of the branch manager. Tried a couple more branches and every time it was a "No".

Called round a few banks and eventually Standard Chartered told me "Yes - I could open an account despite being a non-resident". Asked for the nearest branch to my location and went there where the guy I spoke to told me "No"... By now I am thoroughly p!55ed off and so became belligerent about being lied to, either by the call centre or by the branch, and so I informed them that I would leave the chair I was sitting in until someone came and explained to me why I was being lied to. That seemed to do the trick and a guy was sent over from Head Office with all the forms I needed to open an account. It was a pretty sh!tty deal - no interest, no ATM card... only internet banking, but it was better than leaving Sing empty handed so I took it.

What I learned from the experience:

The banks are a sneaky bunch of slimebags - call a call centre and when you finally speak to someone they say something like: "Thank you for calling DBS Bank Call Centre, my name is Hmmmunnnaaa, how may I help you?" Thankful just to speak to someone it is easy to ignore the fact the representative you are speaking to has just told you his/her name in Klingon... Later you will find that whenever you mention to the bank that what they are telling you contradicts what you were previously told by their call centre representative you will be asked for the name of the person you spoke to. It's actually a very clever ploy - the fact that you can't recall the name casts a shadow of doubt over the conversation you had, and hints that the inaction that ensues is somehow caused by the fact that you can't tell them who it was you spoke to... This is of course total bullsh!t. The bank records every call that comes through their call centre and in this day and age, if you made the call via your mobile phone you can simply check your phone log and tell them exactly what date and what time you made the call - they could then check their records and tell you that in fact you spoke to someone called Harmony.... That is, if they wanted to... Which of course they don't...

Which leads me onto their 2nd act of slimyness...

Whilst waiting for a representative of the bank to answer your call to the call centre you will most likely hear a recorded message telling you that: "In the interests of security your call may be recorded..." So they only record random calls? And it's potluck whether your call is recorded or not? Again, complete bullsh!t. So when a bank robber calls to say that he has kidnapped the bank manager and these are his demands... This may not be recorded??? I think not. Every call is recorded, both for security purposes and also to allow them to evaluate the performance of the call centre staff. So when they say that your call "may be recorded..." what they are actually saying is that in the event your call to the bank resulted in misinformation being given that perhaps resulted in you making an unnecessary trip to Singapore or else resulted in an even worse scenario for you, don't bother trying to pursue the matter because when you refer the matter to the ombudsman or whoever, the bank will be able to say: "Ohhhh.... I'm so sorry, it appears that the call you made was one of the ones that we didn't record..." as an intern hits the delete button on that particular file and takes any related hard copy to the shredding machine...

The best solution may be to install a call recorder app on your phone and when Hmmmunnnaaa answers inform him/her that in the interests of security you may also be recording the call. Then install a translator app that can understand Klingon...

Considering that the vast majority of people use banks simply to hold their savings and provide loans on the bricks and mortar properties that they live in, the banking system sucks. But it will continue to suck so long as the banks know that any time their incompetence bubbles to the surface they can expect to be bailed out,,,

http://www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/

The first few paragraphs alone of the above article make for interesting reading.

[leytonorient]

I went through this a couple or months back. Called UOB first - they said "No, non-residents cannot open an account with them." How about if I open an account with UOB in Thailand first? Still "No". Then called DBS - they said "Yes" and told me what documents to bring. Flew down to Sing and every DBS branch I went to told me "No" cannot open without a work permit or residence permit. Called the DBS call centre again and asked to speak to a supervisor who told me it was possible but at the discretion of the branch manager. Tried a couple more branches and every time it was a "No".

Called round a few banks and eventually Standard Chartered told me "Yes - I could open an account despite being a non-resident". Asked for the nearest branch to my location and went there where the guy I spoke to told me "No"... By now I am thoroughly p!55ed off and so became belligerent about being lied to, either by the call centre or by the branch, and so I informed them that I would leave the chair I was sitting in until someone came and explained to me why I was being lied to. That seemed to do the trick and a guy was sent over from Head Office with all the forms I needed to open an account. It was a pretty sh!tty deal - no interest, no ATM card... only internet banking, but it was better than leaving Sing empty handed so I took it.

What I learned from the experience:

The banks are a sneaky bunch of slimebags - call a call centre and when you finally speak to someone they say something like: "Thank you for calling DBS Bank Call Centre, my name is Hmmmunnnaaa, how may I help you?" Thankful just to speak to someone it is easy to ignore the fact the representative you are speaking to has just told you his/her name in Klingon... Later you will find that whenever you mention to the bank that what they are telling you contradicts what you were previously told by their call centre representative you will be asked for the name of the person you spoke to. It's actually a very clever ploy - the fact that you can't recall the name casts a shadow of doubt over the conversation you had, and hints that the inaction that ensues is somehow caused by the fact that you can't tell them who it was you spoke to... This is of course total bullsh!t. The bank records every call that comes through their call centre and in this day and age, if you made the call via your mobile phone you can simply check your phone log and tell them exactly what date and what time you made the call - they could then check their records and tell you that in fact you spoke to someone called Harmony.... That is, if they wanted to... Which of course they don't...

Which leads me onto their 2nd act of slimyness...

Whilst waiting for a representative of the bank to answer your call to the call centre you will most likely hear a recorded message telling you that: "In the interests of security your call may be recorded..." So they only record random calls? And it's potluck whether your call is recorded or not? Again, complete bullsh!t. So when a bank robber calls to say that he has kidnapped the bank manager and these are his demands... This may not be recorded??? I think not. Every call is recorded, both for security purposes and also to allow them to evaluate the performance of the call centre staff. So when they say that your call "may be recorded..." what they are actually saying is that in the event your call to the bank resulted in misinformation being given that perhaps resulted in you making an unnecessary trip to Singapore or else resulted in an even worse scenario for you, don't bother trying to pursue the matter because when you refer the matter to the ombudsman or whoever, the bank will be able to say: "Ohhhh.... I'm so sorry, it appears that the call you made was one of the ones that we didn't record..." as an intern hits the delete button on that particular file and takes any related hard copy to the shredding machine...

The best solution may be to install a call recorder app on your phone and when Hmmmunnnaaa answers inform him/her that in the interests of security you may also be recording the call. Then install a translator app that can understand Klingon...

Considering that the vast majority of people use banks simply to hold their savings and provide loans on the bricks and mortar properties that they live in, the banking system sucks. But it will continue to suck so long as the banks know that any time their incompetence bubbles to the surface they can expect to be bailed out,,,

http://www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/

The first few paragraphs alone of the above article make for interesting reading.

It is indeed up to the branch manager to decide if they will open an account for you.

I have 3 bank accounts in Singapore and I advise anyone not to bother running around going to many branches. Just go straight to the financial district where all the banks head office skyscrapers are located. The main branches in those buildings akways allowed me to open a bank account.

[Ks45672]

I got this reply from a sg bank :

Dear Mr xxxxxxxxxx

Greetings from Citibank.Thank you for your interest in establishing an account with us. Apologies for the delay in reply.

Just a brief summary on what we offer:

* You will be accorded with Citigold status if your holdings with us is at least USD150,000 or Citi Private Client (CPC) status with USD1Million.Transfer of funds to a Citibank account in another country, instantly for free via Citibank Global Transfer (CGT) service. This is an online transfer and is free for all Citigold/CPC customers.

* Citibanking Account with a minimum balance of USD50,000 Citibank Global Transfer (CGT) service is SGD10 per transfer for Citibanking clients. It is waived till end 2015.

The minimum balance in this account is USD$150,000 or USD50, 000 or equivalent to be funded within 3 months. A monthly service charge of USD30 will apply if the total relationship balance (incl. all currencies, stocks, investments) is below the balance of USD50, 000.

In addition , we'll also be extending the following:

* fax banking facility

* internet banking facility

* phone banking facility

Please note

1. Accounts cannot be closed within 6 months otherwise there will be an early closure fee of USD300

2. ATM card is strictly for withdrawing cash and there is no debit facility.

3. For Citigold + Citibanking Online transfer-It is waived till 31st December 2015

For Citigold offline transfer + Citibanking Offline transfer- 0.25% of the amt + SGD30 cable cost

PS: Please let me know if you want me to send the forms over.

Thanks!

Warmest Regards,

Xxxxx xxxxxxxxx

Do they not pay anything in interest rates?

What would be the easiest way to transfer

Them $50,000 in thb without being raped by the Thai bank or the Singapore bank exchange rates etc ?

[Naam]

Do they not pay anything in interest rates?

of course they pay, but the yearly interest on a USD 50k deposit won't buy you much more than a burger and a coke.

[Ks45672]

Do they not pay anything in interest rates?

of course they pay, but the yearly interest on a USD 50k deposit won't buy you much more than a burger and a coke.

Im more interested in Singapore banking as a "safer" alternative to leaving cash lying around in Thai banks

(was just surprised that they didn't mention the interest rate if there is one)

[Naam]

Do they not pay anything in interest rates?

of course they pay, but the yearly interest on a USD 50k deposit won't buy you much more than a burger and a coke.

Im more interested in Singapore banking as a "safer" alternative to leaving cash lying around in Thai banks

(was just surprised that they didn't mention the interest rate if there is one)

even bankers are nowadays ashamed to quote interest rates. but to give you an idea... using "my" bank the yearly interest for $50k would be $5.22 = 0.0001044282932% (overnight money not fixed deposit!)

Edited November 17, 2015 by Naam

[Berty100]

Do they not pay anything in interest rates?

of course they pay, but the yearly interest on a USD 50k deposit won't buy you much more than a burger and a coke.

Im more interested in Singapore banking as a "safer" alternative to leaving cash lying around in Thai banks

(was just surprised that they didn't mention the interest rate if there is one)

even bankers are nowadays ashamed to quote interest rates. but to give you an idea... using "my" bank the yearly interest for $50k would be $5.22 = 0.0001044282932% (overnight money not fixed deposit!)

I don't think there are any banks in any country, outside of the US, that pay any considerable interest on an account in US$.

[Naam]

I don't think there are any banks in any country, outside of the US, that pay any considerable interest on an account in US$.

there are some half-àrsed banks (in the Baltics) who pay 1.5-2.0% for a 12months fixed deposit. but i wouldn't trust them with a higher amount than what i am willing to pay for a decent dinner for two and a medium quality bottle of wine.

[Ks45672]

I don't think there are any banks in any country, outside of the US, that pay any considerable interest on an account in US$.

there are some half-àrsed banks (in the Baltics) who pay 1.5-2.0% for a 12months fixed deposit. but i wouldn't trust them with a higher amount than what i am willing to pay for a decent dinner for two and a medium quality bottle of wine.

Is there no "safe..ish" banks in sg or hk that would pay 1.5-2% on let's say a 1+ mill usd deposit? ... even fixed for a term would be acceptable

Seems like thesedays the banks think they're doing you a favour by gaining control of your moneies to do whatever they wish with your funds....

[nuuskamuikkunen]

Thai banks are protected under 1 million baht per depositer per bank. They also pay interest rates around 2% easily. Much better than any SG overseas account ,they pay basically 0.something interest and only protected by government if funds are in SGD. They also have a very good bank secrecy. I feel totally safe with thai banks. Just keep it under 1 million thb per bank. They also offer Internet, ATM and debit card. Debit card is quite impossible to get from SG for EURO currency.

Do they not pay anything in interest rates?

of course they pay, but the yearly interest on a USD 50k deposit won't buy you much more than a burger and a coke.

Im more interested in Singapore banking as a "safer" alternative to leaving cash lying around in Thai banks

(was just surprised that they didn't mention the interest rate if there is one)

[Naam]

I don't think there are any banks in any country, outside of the US, that pay any considerable interest on an account in US$.

there are some half-àrsed banks (in the Baltics) who pay 1.5-2.0% for a 12months fixed deposit. but i wouldn't trust them with a higher amount than what i am willing to pay for a decent dinner for two and a medium quality bottle of wine.

Is there no "safe..ish" banks in sg or hk that would pay 1.5-2% on let's say a 1+ mill usd deposit? ... even fixed for a term would be acceptable

Seems like thesedays the banks think they're doing you a favour by gaining control of your moneies to do whatever they wish with your funds....

believe it or not! the problem is the amount you mentioned. in Europe you can find a bunch of safe...ish banks which are willing to pay 1 or 2% to new clients only and that even on overnight money to bait them to switch banks. but the deposit amounts accepted for these marketing schemes are limited, the range is 25 to max 50k.

[canuckoverseas]

They are giving 4% on USD accounts here in egypt. .

Yes, they are desperate.

[MobileContent]

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.

UOB turned me down when I tried to open a bank account with 1000 S$ just to get it started, so I told them I am happy to open an account with a 15000 S$ deposit and the account was open within minutes at the Private Banking booth.

My bank in Germany had to send them a SWIFT message that my account has been maintained for a a number of years and has been in good standing during those time.

I have now 3 accounts in Singapore, UOB, OCBC (Corporate and Private) and Citibank. The Citibank account I had maintained many years in HK and I requested them to move it to Singapore.

All in all banking in Singapore has always been a good experience for me.

[fireplay]

They are giving 4% on USD accounts here in egypt. .

Yes, they are desperate.

Hey canuck can an american open a bank in egypt...a basic current account with debit card without any sort of work permit?

[Naam]

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.

UOB turned me down when I tried to open a bank account with 1000 S$ just to get it started, so I told them I am happy to open an account with a 15000 S$ deposit and the account was open within minutes at the Private Banking booth.

My bank in Germany had to send them a SWIFT message that my account has been maintained for a a number of years and has been in good standing during those time.

I have now 3 accounts in Singapore, UOB, OCBC (Corporate and Private) and Citibank. The Citibank account I had maintained many years in HK and I requested them to move it to Singapore.

All in all banking in Singapore has always been a good experience for me.

but one mustn't forget that "there is banking and there is banking". one man's banking means keeping cash and handle that cash by e-banking. another man's banking is investing and trading a variety of assets and assets classes. both accounts are light years apart from each other.

banking in Singapore has advantages as well as disadvantages. the assessment depends on the individual and his her needs.

[fletchsmile]

I went through this a couple or months back. Called UOB first - they said "No, non-residents cannot open an account with them." How about if I open an account with UOB in Thailand first? Still "No". Then called DBS - they said "Yes" and told me what documents to bring. Flew down to Sing and every DBS branch I went to told me "No" cannot open without a work permit or residence permit. Called the DBS call centre again and asked to speak to a supervisor who told me it was possible but at the discretion of the branch manager. Tried a couple more branches and every time it was a "No".

Called round a few banks and eventually Standard Chartered told me "Yes - I could open an account despite being a non-resident". Asked for the nearest branch to my location and went there where the guy I spoke to told me "No"... By now I am thoroughly p!55ed off and so became belligerent about being lied to, either by the call centre or by the branch, and so I informed them that I would leave the chair I was sitting in until someone came and explained to me why I was being lied to. That seemed to do the trick and a guy was sent over from Head Office with all the forms I needed to open an account. It was a pretty sh!tty deal - no interest, no ATM card... only internet banking, but it was better than leaving Sing empty handed so I took it.

What I learned from the experience:

The banks are a sneaky bunch of slimebags - call a call centre and when you finally speak to someone they say something like: "Thank you for calling DBS Bank Call Centre, my name is Hmmmunnnaaa, how may I help you?" Thankful just to speak to someone it is easy to ignore the fact the representative you are speaking to has just told you his/her name in Klingon... Later you will find that whenever you mention to the bank that what they are telling you contradicts what you were previously told by their call centre representative you will be asked for the name of the person you spoke to. It's actually a very clever ploy - the fact that you can't recall the name casts a shadow of doubt over the conversation you had, and hints that the inaction that ensues is somehow caused by the fact that you can't tell them who it was you spoke to... This is of course total bullsh!t. The bank records every call that comes through their call centre and in this day and age, if you made the call via your mobile phone you can simply check your phone log and tell them exactly what date and what time you made the call - they could then check their records and tell you that in fact you spoke to someone called Harmony.... That is, if they wanted to... Which of course they don't...

Which leads me onto their 2nd act of slimyness...

Whilst waiting for a representative of the bank to answer your call to the call centre you will most likely hear a recorded message telling you that: "In the interests of security your call may be recorded..." So they only record random calls? And it's potluck whether your call is recorded or not? Again, complete bullsh!t. So when a bank robber calls to say that he has kidnapped the bank manager and these are his demands... This may not be recorded??? I think not. Every call is recorded, both for security purposes and also to allow them to evaluate the performance of the call centre staff. So when they say that your call "may be recorded..." what they are actually saying is that in the event your call to the bank resulted in misinformation being given that perhaps resulted in you making an unnecessary trip to Singapore or else resulted in an even worse scenario for you, don't bother trying to pursue the matter because when you refer the matter to the ombudsman or whoever, the bank will be able to say: "Ohhhh.... I'm so sorry, it appears that the call you made was one of the ones that we didn't record..." as an intern hits the delete button on that particular file and takes any related hard copy to the shredding machine...

The best solution may be to install a call recorder app on your phone and when Hmmmunnnaaa answers inform him/her that in the interests of security you may also be recording the call. Then install a translator app that can understand Klingon...

Considering that the vast majority of people use banks simply to hold their savings and provide loans on the bricks and mortar properties that they live in, the banking system sucks. But it will continue to suck so long as the banks know that any time their incompetence bubbles to the surface they can expect to be bailed out,,,

http://www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/

The first few paragraphs alone of the above article make for interesting reading.

You're right call centres are a nightmare the world over for any busines - not exclusive to banks -, and enough to wind anyone up. I'm sure they're responsible for at least some of the "accidental falls" from balconies in Thailand after talking to them

Definitely some strong views in that article. I didn't see any reference to Singaporean banks in it though and the issues discussed were largely around the US, US government, Fed, US/UK western banks etc. Singaporean banks also didn't require a bail out.

Perhaps no bad thing that Singaporean banks are a bit more discerning in who they give accounts and extend credit to etc when you look at the inexcusable antics of some of the US, UK and western banks. Your average Singaporean has no issue opening a simple bank account in Singapore.

BTW If you need any help on Klingon I hear Naam is pretty good

Edited November 18, 2015 by fletchsmile

[Naam]

it took quite some time till i got used to Singaporean banker Klingonese and even now, after 14 years, i have to interrupt and ask "please repeat in High Klingonese!" their biggest problem is the pronunciation of an asset which has to be spoken out in full during a log call, e.g. a bond who's debtor is a German, Spanish or French corporate. i usually have to cover the mouthpiece of my phone that my counterpart doesn't hear my laughing. but i am lucky dealing with only two specific ladies and not a call center.

[jimmybkk]

You're right call centres are a nightmare the world over for any busines - not exclusive to banks -, and enough to wind anyone up. I'm sure they're responsible for at least some of the "accidental falls" from balconies in Thailand after talking to them

Definitely some strong views in that article. I didn't see any reference to Singaporean banks in it though and the issues discussed were largely around the US, US government, Fed, US/UK western banks etc. Singaporean banks also didn't require a bail out.

Perhaps no bad thing that Singaporean banks are a bit more discerning in who they give accounts and extend credit to etc when you look at the inexcusable antics of some of the US, UK and western banks. Your average Singaporean has no issue opening a simple bank account in Singapore.

BTW If you need any help on Klingon I hear Naam is pretty good

Absolutely correct - and sorry for not making myself clear in my rant. The call centre issue is not exclusive to banks, it was just that it suddenly became apparent from calling so many bank call centres in such a short space of time that it appears the staff are instructed to tell you their name in such a way that you can't understand it, and then later I found that anytime I mentioned a conversation i had had with a call centre the kneejerk reaction of staff at the bank was to ask: "Do you remember the name of the person you spoke to...?" which is effective because it momentarily stops you in your tracks. For some bizarre reason when I think about it I am reminded of a UK comedy show called Little Britain and can imagine Matt Lucas in drag as the bank employee turning to David Walliams in drag as another bank employee saying: "He doesn't remember the name..." with a sigh, then turning back to me and saying in a loud voice as if I am some old codger who doesn't quite get it: "You need to remember the name luv.... There's not much we can do if you can't remember the name...". Lol.

Also correct regarding the Forbes article on bailouts, it didn't refer to Singapore Banks which was one of the reasons that i was trying to open an account with one of them. When all attempts to do so failed, desperation kicked in and so I ended up with a Standard Chartered account. I'm not sure if they received bailout funds or not. I should have made it clear that I posted the link just because I wanted to have a dig at the banking world in general, and in any event I suspect that all banks are bonded by the use of Klingon in their call centres.

https://www.youtube.com/watch?v=SGZV6fsotYo#t=68

I would ask Naam for some Klingon lessons, but no doubt by the time I have mastered the basics the banks will have switched to speaking Vulcan...

[fireplay]

I went through this a couple or months back. Called UOB first - they said "No, non-residents cannot open an account with them." How about if I open an account with UOB in Thailand first? Still "No". Then called DBS - they said "Yes" and told me what documents to bring. Flew down to Sing and every DBS branch I went to told me "No" cannot open without a work permit or residence permit. Called the DBS call centre again and asked to speak to a supervisor who told me it was possible but at the discretion of the branch manager. Tried a couple more branches and every time it was a "No".

Called round a few banks and eventually Standard Chartered told me "Yes - I could open an account despite being a non-resident". Asked for the nearest branch to my location and went there where the guy I spoke to told me "No"... By now I am thoroughly p!55ed off and so became belligerent about being lied to, either by the call centre or by the branch, and so I informed them that I would leave the chair I was sitting in until someone came and explained to me why I was being lied to. That seemed to do the trick and a guy was sent over from Head Office with all the forms I needed to open an account. It was a pretty sh!tty deal - no interest, no ATM card... only internet banking, but it was better than leaving Sing empty handed so I took it.

What I learned from the experience:

The banks are a sneaky bunch of slimebags - call a call centre and when you finally speak to someone they say something like: "Thank you for calling DBS Bank Call Centre, my name is Hmmmunnnaaa, how may I help you?" Thankful just to speak to someone it is easy to ignore the fact the representative you are speaking to has just told you his/her name in Klingon... Later you will find that whenever you mention to the bank that what they are telling you contradicts what you were previously told by their call centre representative you will be asked for the name of the person you spoke to. It's actually a very clever ploy - the fact that you can't recall the name casts a shadow of doubt over the conversation you had, and hints that the inaction that ensues is somehow caused by the fact that you can't tell them who it was you spoke to... This is of course total bullsh!t. The bank records every call that comes through their call centre and in this day and age, if you made the call via your mobile phone you can simply check your phone log and tell them exactly what date and what time you made the call - they could then check their records and tell you that in fact you spoke to someone called Harmony.... That is, if they wanted to... Which of course they don't...

Which leads me onto their 2nd act of slimyness...

Whilst waiting for a representative of the bank to answer your call to the call centre you will most likely hear a recorded message telling you that: "In the interests of security your call may be recorded..." So they only record random calls? And it's potluck whether your call is recorded or not? Again, complete bullsh!t. So when a bank robber calls to say that he has kidnapped the bank manager and these are his demands... This may not be recorded??? I think not. Every call is recorded, both for security purposes and also to allow them to evaluate the performance of the call centre staff. So when they say that your call "may be recorded..." what they are actually saying is that in the event your call to the bank resulted in misinformation being given that perhaps resulted in you making an unnecessary trip to Singapore or else resulted in an even worse scenario for you, don't bother trying to pursue the matter because when you refer the matter to the ombudsman or whoever, the bank will be able to say: "Ohhhh.... I'm so sorry, it appears that the call you made was one of the ones that we didn't record..." as an intern hits the delete button on that particular file and takes any related hard copy to the shredding machine...

The best solution may be to install a call recorder app on your phone and when Hmmmunnnaaa answers inform him/her that in the interests of security you may also be recording the call. Then install a translator app that can understand Klingon...

Considering that the vast majority of people use banks simply to hold their savings and provide loans on the bricks and mortar properties that they live in, the banking system sucks. But it will continue to suck so long as the banks know that any time their incompetence bubbles to the surface they can expect to be bailed out,,,

http://www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/

The first few paragraphs alone of the above article make for interesting reading.

This is amazing and almost exactly the same experience I had...but i gave up and did leave empty handed. As my plan is to set up a direct deposit for my salary and then use internet banking to transfer my monthly spending amounts to a current account....i am trying to keep the monthly costs down or at 0....I guess i should ask....what would you guys do with 2000 usd a month? How to save it? Where to grow it? What banks or countries or options for like say a 10 to 20 year plan?

[dinga]

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.

Just spoke with Citibank Singapore (Senior Business Development Manager).

As soon as she started talking about 'revised platform being offered from 1 January 2016" and "bringing into line with other banks" - I knew sad news was acoming. The minimum balance is now $200,000 (didn't bother asking which currency....)

So - Citi is not an option for me. Any other suggestions?