Offshore Banking

[mijan24]

Considering placing a modest amount into a bank in Singapore.

Any suggestions which bank offers best security?

Can the money be held in Aust $ or is it better to hold in some other currency?

Do I have to go to Singapore to open account or can this be done from Thailand/Australia?

Interest is important but in my mind security rates way above the amount of return!!!

All suggestions welcomed - thanks..

Mijan24

[Old Man River]

Considering placing a modest amount into a bank in Singapore.

Any suggestions which bank offers best security?

Can the money be held in Aust $ or is it better to hold in some other currency?

Do I have to go to Singapore to open account or can this be done from Thailand/Australia?

Interest is important but in my mind security rates way above the amount of return!!!

All suggestions welcomed - thanks..

Mijan24

There was a thread on opening accounts in Singapore a week or so ago, although that related to opening accounts from Thailand, not Australia.

On which bank, if you are currently banking at an international bank in Australia, find out whether they have a branch in Singapore. I am the same on security as you are. I don't bank in Singapore, but in general you should be aware that often the international bank in a foreign country is not a branch of the large bank, but rather a separate corporate entity in that country. Hence, you might think you will get your money from the main bank if the bank in another country runs into problems, but the main bank will not necessarily be liable, although they would probably pay anyway to avoid bad press. Singapore shouldn't be a problem as it is a well managed, stable country, but you should be aware of this anyway.

I don't know about AUD accounts, that would depend on the bank you choose. There is a lot of info on the internet as to whether you can open up foreign currency accounts at different banks in Singapore.

[Chang_paarp]

As a result of the anti money laundering laws imposed on the world since 911 most banks world wide require a warm body in a branch to open an account. The amount of ID, paperwork and $ needed to open the account depends on the country, bank and branch.

As to Au$ accounts many Singapore banks will offer these or most other currencies you need, depending on the amount you want to deposit, money talks. You will get internet banking and most other mod-cons. However best to be there in person to set it up initially.

[naka]

Considering placing a modest amount into a bank in Singapore.

Any suggestions which bank offers best security?

Can the money be held in Aust $ or is it better to hold in some other currency?

Do I have to go to Singapore to open account or can this be done from Thailand/Australia?

Interest is important but in my mind security rates way above the amount of return!!!

All suggestions welcomed - thanks..

Mijan24

Your best bet would be HSBC Singapore.

Here is the link to their International Banking Centre for Non-Resident Accounts.

HSBC Singapore

You can open account in a number of currencies including AU$.

Naka.

Edited November 2, 2006 by naka

[mijan24]

Thank you one and all for the info muchly appreciated.