Personal bank account Singapore

[Mike Forman]

Anyone has experience or recommendation if any bank allowing to open a personal bank account Singapore without an EP or ENTREPASS?

Most banks require this. Even with setting up a company in Singapore, obtaining an EP is not so easy (though achievable) and expensive, beside agent fees a minimum salary of 80000 sgd is required which is taxed as a non resident (if you stay less than 6 months in Singapore) at 22pct and in 2024 at 24pct.

Housing cost in Singapore is costly as well if one plans to stay there for over 6 months.

 

[wheelspin]

Personal bank account even without residency: Standard Chartered Singapore and DBS. Depends on how much money you will carry on.
Personal visit is required. I prefer SC SG and their Priority Banking option (not wealth management).

 

[fshore]

Citibank sg can open remotely.

 

[fortunespeculator]

wheelspin said:
Personal bank account even without residency: Standard Chartered Singapore and DBS. Depends on how much money you will carry on.
Personal visit is required. I prefer SC SG and their Priority Banking option (not wealth management).
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What is the minimum deposit required for these two to open an account.

 

[GeneralGogol]

wheelspin said:
Personal bank account even without residency: Standard Chartered Singapore and DBS. Depends on how much money you will carry on.
Personal visit is required. I prefer SC SG and their Priority Banking option (not wealth management).
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Have you actually opened accounts at these banks recently?

 

[wheelspin]

GeneralGogol said:
Have you actually opened accounts at these banks recently?
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SC SG Priority Banking yes. White money, proof of source, legit, western passport, no high risk client. Dropped them a mail and asked for assistance with XX $ of funds and asked for personal appointment to open the bank account and what else do they need. Was a pretty straight forward process bc personal account and not business one. Took the pill and flew to Singapore.

 

[Mike Forman]

What reason have you provided when they ask why you wanted to open an account in Singapore, since this is one of the standard KYC questions and you are not a resident in Singapore?

I will contact them to verify what all needs to be provided and will post an update in here after visiting them in Singapore.

SC their online exchange rates aren't really very competitive, at least not in Hong Kong, I assume Singapore will be identical.

wheelspin said:
SC SG Priority Banking yes. White money, proof of source, legit, western passport, no high risk client. Dropped them a mail and asked for assistance with XX $ of funds and asked for personal appointment to open the bank account and what else do they need. Was a pretty straight forward process bc personal account and not business one. Took the pill and flew to Singapore
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[benbao]

UOB was very easy to open recently without any prior appointment at a random branch. It depends highly on your citizenship and background.

Generally they will want to make money on you, doesn't have to be high net worth but a simple investment plan or linked insurance will suffice most of the times.

 

[wheelspin]

Mike Forman said:
What reason have you provided when they ask why you wanted to open an account in Singapore, since this is one of the standard KYC questions and you are not a resident in Singapore?
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Distribution of money, holding funds with them, securing my assets against inflation and asset protection and furthermore, investments in SEA. As the funds are legit and personal acc, no unusual questions have been asked.

Mike Forman said:
SC their online exchange rates aren't really very competitive, at least not in Hong Kong, I assume Singapore will be identical.
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are you sure? you can remit money without fees for decent exchange rates. EUR to USD is 0.98 atm.

Someone on the forum mentioned that transfers in FCY between SG SG and SG UAE are at no fee. Is this still valid. @Fred do you have any information about this?

On the SC SG fee schedule the outward transfer fee applies.

Last edited: Oct 15, 2022

 

[Fred]

wheelspin said:
Distribution of money, holding funds with them, securing my assets against inflation and asset protection and furthermore, investments in SEA. As the funds are legit and personal acc, no unusual questions have been asked.


are you sure? you can remit money without fees for decent exchange rates. EUR to USD is 0.98 atm.

Someone on the forum mentioned that transfers in FCY between SG SG and SG UAE are at no fee. Is this still valid. @Fred do you have any information about this?

On the SC SG fee schedule the outward transfer fee applies.
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Yes still the same usually all big banks like Cities, SG etc doesn't have really any transfer charges.

All SG UAE account holder can open through UAE Relationship Manager a SG account - same for Citi.

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[jkl197]

does anyone have recent experience with OCBC? I once read their premier account (min 200k) can be open remotely?

 

[Hmmm]

I don't know if anyone here really tried to open, but my experience which was 4? years ago, in face to face in a branch - they told me it's far away days when you can open easily accounts.
Only option is to make 2 years incremental deposit, for example every month 5k euro, then after 2 years you can get an account.
I think it was UOB branch.

All these was only for wealth accounts, need to maintain minimum balances (for citi looks like 200k minimum balance)

 

[Forester]

Hmmm said:
I don't know if anyone here really tried to open, but my experience which was 4? years ago, in face to face in a branch - they told me it's far away days when you can open easily accounts.
Only option is to make 2 years incremental deposit, for example every month 5k euro, then after 2 years you can get an account.
I think it was UOB branch.

All these was only for wealth accounts, need to maintain minimum balances (for citi looks like 200k minimum balance)
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It heavily depends on your passport, current residence and a ton of other things in your profile...
Generally it is of course true that days when you can open easily accounts are far away; but accounts in SG for individuals with sufficient wealth and profile are still relatively accessible. AFAIK.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[wheelspin]

Forester said:
Generally it is of course true that days when you can open easily accounts are far away; but accounts in SG for individuals with sufficient wealth and profile are still relatively accessible. AFAIK.
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Indeed, it is relatively accessible. If you don't have a shady history, proof of funds, red passport and low risk residency, there's no red flag.

 

[Frank in Bangkok]

.
How to find an introducer to open bank account in Singapore?

Personal savings account -- no business.
My passport is USA.
Source of funds: personal savings from work, 15-20 years ago.

I have funds waiting in Singapore today, ready to make initial deposit.
But I won't travel to Singapore.

Does this forum have a directory of members who are introducers along with the jurisdictions they cover?
I searched but did not find anything like that.
If there is, please tell me and I will start there.

Thank you.

 

[benbao]

Frank in Bangkok said:
.
How to find an introducer to open bank account in Singapore?

Personal savings account -- no business.
My passport is USA.
Source of funds: personal savings from work, 15-20 years ago.

I have funds waiting in Singapore today, ready to make initial deposit.
But I won't travel to Singapore.

Does this forum have a directory of members who are introducers along with the jurisdictions they cover?
I searched but did not find anything like that.
If there is, please tell me and I will start there.

Thank you.
Click to expand...

US citizen who has mystical money ready and doesn't want to come in person. That's the evil nightmare of every banker

 

[Frank in Bangkok]

I sold my sailboat in Phuket. (34' fiberglass sloop -- not fancy).
Sale closed already.
Funds waiting on deposit with the boat broker.
Broker also has branch in Singapore and I can
retrieve funds there -- I checked already.

Paperwork for the boat sale available, but NOT funding paperwork for the original purchase 15 years ago.

 

[JackAlabama]

Frank in Bangkok said:
.
How to find an introducer to open bank account in Singapore?

Personal savings account -- no business.
My passport is USA.
Source of funds: personal savings from work, 15-20 years ago.

I have funds waiting in Singapore today, ready to make initial deposit.
But I won't travel to Singapore.

Does this forum have a directory of members who are introducers along with the jurisdictions they cover?
I searched but did not find anything like that.
If there is, please tell me and I will start there.

Thank you.
Click to expand...

You could try and open Citigold Singapore. Afaik it is an offshore opening process. Min 250k sings

 

[fshore]

Frank in Bangkok said:
I sold my sailboat in Phuket. (34' fiberglass sloop -- not fancy).
Sale closed already.
Funds waiting on deposit with the boat broker.
Broker also has branch in Singapore and I can
retrieve funds there -- I checked already.

Paperwork for the boat sale available, but NOT funding paperwork for the original purchase 15 years ago.
Click to expand...

why can't you receive it in the US?

 

[express]

JackAlabama said:
You could try and open Citigold Singapore. Afaik it is an offshore opening process. Min 250k sings
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"The products and services mentioned in this document are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey , Jersey, Monaco, San Marino, Vatican, The Isle of Man or the UK"
Interested but eu citizen...
Would like a eur/usd account to safe my assets outside of EU, better if no information exchanged...