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  1. #1
    Member paranha's Avatar
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    Needing advice - banking Singapore

    I need som advice about choosing a bank in Singapore. Somebody here with good knowledge that want to give som advice?

    Need to find a reliable one with ok internet banking that I can apply for an account online.

    I'll mention a bit about my situation since it will better explain my needs.
    - Living in Sweden
    - Have a feeling the economy is sliding downhill.
    - Have som savings that I'm not comfy about having in sweden
    - Need access to the money from where i am living

    Thanks in advance

    Regards
    -Paranha-
    -: P A R A N H A :-

  2. #2
    Thailand Expat
    sabang's Avatar
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    Possibly HSBC, although i'm not sure if you can do this by internet- might need to go there.

  3. #3
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    All the foreign banks in Singapore make a similar offer, I.e.

    HSBC
    Standard Chartered
    UOB
    City Bank
    Etc..

    I use Standard Chartered - have done for years, internet banking with difference currency accounts, trading options, relationship banking contact, etc.

    As a Singaporean PR, living in China it's the way to go.

    I don't think you can open a bank account without going to Singapore, you might also need assistance there from a local, sorry not enough actual information, but 5 years ago it was not possible. The web site for SC is pretty comprehensive in explanation.

    Good luck...

  4. #4
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    I was gonna say same. If you need to do it from Sweden, maybe you need to look at an offshore account from Isle of Man etc.

  5. #5
    Member paranha's Avatar
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    Ok.

    Thanks guys

  6. #6
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    One of the disadvantages of banking in Singapore is that you will need to go there to open an account. Banking regulations do not permit the opening of accounts by mail, unless the client is already known to the bank. The only possible exception to this is opening an account at one of the many banks in Singapore that send officers to visit their wealthier clients in their overseas homes, or have associated offices in other countries. HSBC clients, for example, may be able to open accounts at HSBC in Singapore via their local offices. The above process, however, is not advisable if banking secrecy is important to you – since it leaves permanent records of your accounts accessible in other jurisdictions. In any case I always recommend visiting at least once so you can get to know your banker personally.
    I would post pictures but life's too short.

  7. #7
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    HSBC for sure, they accept any currency . Had an account in Manila and they even accepted Aussie dollars, surprised the fuk out of me

  8. #8
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    Quote Originally Posted by Kurgen View Post
    One of the disadvantages of banking in Singapore is that you will need to go there to open an account. Banking regulations do not permit the opening of accounts by mail, unless the client is already known to the bank. The only possible exception to this is opening an account at one of the many banks in Singapore that send officers to visit their wealthier clients in their overseas homes, or have associated offices in other countries. HSBC clients, for example, may be able to open accounts at HSBC in Singapore via their local offices. The above process, however, is not advisable if banking secrecy is important to you since it leaves permanent records of your accounts accessible in other jurisdictions. In any case I always recommend visiting at least once so you can get to know your banker personally.


    Hello, do you think that a persuasive tourist could open a bank account in Singapore ? Without work permit of course.

    Thanks.

  9. #9
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    It is legally allowed to open a bank account in Singapore as a foreigner, evem when not living there.
    However, many banks have their own, stricter, rules - and branch managers also have some freedom to decide on their own.
    So, when in Singapore (a visit is definitely needed!), just walk from branch to branch and ask until you find one that accommodates you.

  10. #10
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    This is a good idea. I need to do this, our banks in the western world are poorly capitalized and a disaster waiting to happen. That shit that happened in Cyprus is scary as hell, and I believe its coming our way the next time these Wall Street tards shit on us again

  11. #11
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    Quote Originally Posted by beppi View Post
    It is legally allowed to open a bank account in Singapore as a foreigner, evem when not living there.
    However, many banks have their own, stricter, rules - and branch managers also have some freedom to decide on their own.
    So, when in Singapore (a visit is definitely needed!), just walk from branch to branch and ask until you find one that accommodates you.


    Thank you so much, so it's just like Thailand. But what is the minimum deposit to open an account ? Thanks.

  12. #12
    Thailand Expat cyrille's Avatar
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    Quote Originally Posted by kingwilly
    I was gonna say same. If you need to do it from Sweden, maybe you need to look at an offshore account from Isle of Man etc.
    Difficult isn't it.

    I bank in IoM with lloyds...but given the septic nature of the UK banking system I wouldn't mind giving Sweden a go, personally.

    Had an HSBC account for four years...never again.

    What would be the most popular offshore options for Aussies, will?

    I'd say Singapore is a good option and might look into it myself.

  13. #13
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    I was looking and their insurance (called SDIC) appears to only cover up to 50,000 singapore dollars against institutional failure. That's a bit of a bummer. And its also based per institution, not per account. All accounts with one institution are aggregated. Pick the wrong bank that goes tits up and you're hosed.

    https://www.sdic.org.sg/

  14. #14
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    It don't matter unless you have huge money. In which case teakdoor should be your last option. Pay a little money consult the experts. Worth it in the long run.

  15. #15
    Fresh Seaman CaptainNemo's Avatar
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    ^
    ...but finding a good financial adviser is as much pot luck as finding a good lawyer... you need some punter reviews to add into the mix.

  16. #16
    Thailand Expat
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    Quote Originally Posted by Munted
    It don't matter unless you have huge money. In which case teakdoor should be your last option. Pay a little money consult the experts. Worth it in the long run.
    50,000 singapore dollars is somewhere like $37,000 US. Not exactly huge money

    That's a small amount to insure. And at an entire institution too, so no running multiple accounts like you can in other countries.

  17. #17
    Thailand Expat cyrille's Avatar
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    Yeah, I'd have thought that 'when you have huge money' is about the only time when it ceases to matter.

  18. #18
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    Just depends on how you define huge money I guess. I don't see how anyone outside of Africa is going to set that bar at $37,000 US.

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