Anyone have experience with Citibank IPB , HSBC Expat account.

[zoom20092]

Hello,

I would like to open offshore bank account.

- As far as I know Citibank and HSBC is stable , safe bank to store money.
- But Citibank IPB account need minimum deposit 200,000$ , that too much for me.
- So I'm making the decision to open HSBC Expat account because need lower minimum ,deposit just £50,000

What do you think , Could you please give me some advice.

Thank you.

 

[Martin Everson]

Forget Citibank IPB. They closed my Dubai account with 7 figures on it. Citibank UAE said they no longer serve non-residents...and goodbye with little notice 😡. So I terminated my Singapore and London booking center accounts. The deposit is the least of your worries it is the constant uncertainty they put you under from day one. I would never trust any US bank again and especially today. They could close your account for buying a Huawei phone ns2.

HSBC is the master of account closures also. That's all they do all day long..its a sport to them. From day one they will give you issues and will look for a reason to close your accounts. However some people have had good experiences with them. My experience with HSBC has been exactly as described in this video. They are the worst bank ever. Look on trust pilot also.


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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[zoom20092]

Martin Everson said:
Forget Citibank IPB. They closed my Dubai account with 7 figures on it. Citibank UAE said they no longer serve non-residents...and goodbye with little notice 😡. So I terminated my Singapore and London booking center accounts. The deposit is the least of your worries it is the constant uncertainty they put you under from day one. I would never trust any US bank again and especially today. They could close your account for buying a Huawei phone ns2.

HSBC is the master of account closures also. That's all they do all day long..its a sport to them. From day one they will give you issues and will look for a reason to close your accounts. However some people have had good experiences with them. My experience with HSBC has been exactly as described in this video. They are the worst bank ever. Look on trust pilot also.

Click to expand...

Thank you very much for your review , you save my life.

Please advice me , Which bank should l fly to open account?

Thank you.

 

[zoom20092]

zoom20092 said:
Thank you very much for your review , you save my life.

Could you advice me please , Which bank should l fly to open account?

Thank you.
Click to expand...

 

[Martin Everson]

zoom20092 said:
Thank you very much for your review , you save my life.

Please advice me , Which bank should l fly to open account?

Thank you.
Click to expand...

You need to look at your citizenship, residence and a host of other factors. i.e if your Russian I wouldn't advise you to go near any US bank anywhere in the world for example right now ns2.

I would personally pick a non-European and non-US controlled bank. If you are not from those regions.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[zoom20092]

Martin Everson said:
You need to look at your citizenship, residence and a host of other factors. i.e if your Russian I wouldn't advise you to go near any US bank anywhere in the world for example right now ns2.

I would personally pick a non-European and non-US controlled bank. If you are not from those regions.
Click to expand...

I'm Thai citizenship and residence.

 

[zoom20092]

I have

Martin Everson said:
You need to look at your citizenship, residence and a host of other factors. i.e if your Russian I wouldn't advise you to go near any US bank anywhere in the world for example right now ns2.

I would personally pick a non-European and non-US controlled bank. If you are not from those regions.
Click to expand...

I have read many article about Georgia

They said Georgia is the most easy country to open offshore bank account.

What do you think , it safe to store money in Georgia ?

 

[Martin Everson]

zoom20092 said:
What do you think , it safe to store money in Georgia ?
Click to expand...

Safe is a very relative word. I would say Georgia is stable at present and is doing well. Just remember a little over 10 years this country was at war with Russia and got flattened.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[zoom20092]

Martin Everson said:
Safe is a very relative word. I would say Georgia is stable at present and is doing well. Just remember a little over 10 years this country was at war with Russia and got flattened.
Click to expand...

OK , thank you very much , I'm planing fly to Georgia next week to open account with TBC bank.

- I have income from affiliate marketing and l'm Thai citizen,residence

- I can avoid tax in Thailand by legal, if l not withdraw money on same tax year.

- so l just need offshore stable bank to store my money about 200k per year then l just wait until next year then l can withdraw to Thailand without any tax.

 

[BlueMist]

Martin Everson said:
Forget Citibank IPB. They closed my Dubai account with 7 figures on it. Citibank UAE said they no longer serve non-residents...and goodbye with little notice 😡. So I terminated my Singapore and London booking center accounts. The deposit is the least of your worries it is the constant uncertainty they put you under from day one. I would never trust any US bank again and especially today. They could close your account for buying a Huawei phone ns2.
[...]
Click to expand...

Hi, good write up on the forum generally speaking. Some points are questionable but this is the purpose of the forum to discuss 🙂 Have some questions here:

1. Judging from your rather negative comments about the UAE, why did you decide to keep your funds with Citibank UAE, instead of Singapore or London?

2. It's not my business but even after Citibank UAE termination, why did you decide closing down SG and UK accounts?

3. AFAIK, the only IPB divisions they have are London and Singapore. Do you know if there is any difference between non IPB and IPB divisions in this country? E.g. Someone having Citibank SG account, is there anything he could get advantage of by having IPB or it is exactly the same end product, operated by the same company?

4. Truth is anyone can close the bank account for anything these days. I saw financial institutions (not even banks) closing accounts for sending few euros here and there (hundreds, not thousands)... e.g. Skrill.

5. About Citibank UAE, did you know that their e-brokerage securities custodian is UBS Switzerland? Apparently the UK as well. Not sure about SG, but the brokerage offer of Citi SG is somewhat very limited (3 markets only).

 

[Martin Everson]

BlueMist said:
1. Judging from your rather negative comments about the UAE, why did you decide to keep your funds with Citibank UAE, instead of Singapore or London?
Click to expand...

I had funds at Citi london and UAE and Singapore as indicated below.

Martin Everson said:
So I terminated my Singapore and London booking center accounts.
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The whole package I was sold was geographical and political diversification. I was able to use the various branches of Citibank as booking centres to book assets around the world via working with my private banker. As I mentioned once Citi UAE changed rules I closed Singapore and London relationships in protest.

BlueMist said:
2. It's not my business but even after Citibank UAE termination, why did you decide closing down SG and UK accounts?
Click to expand...

Protest

BlueMist said:
3. AFAIK, the only IPB divisions they have are London and Singapore. Do you know if there is any difference between non IPB and IPB divisions in this country? E.g. Someone having Citibank SG account, is there anything he could get advantage of by having IPB or it is exactly the same end product, operated by the same company?
Click to expand...

Some products I believe cannot be sold in UK.

BlueMist said:
4. Truth is anyone can close the bank account for anything these days. I saw financial institutions (not even banks) closing accounts for sending few euros here and there (hundreds, not thousands)... e.g. Skrill.
Click to expand...

Ok

BlueMist said:
5. About Citibank UAE, did you know that their e-brokerage securities custodian is UBS Switzerland? Apparently the UK as well. Not sure about SG, but the brokerage offer of Citi SG is somewhat very limited (3 markets only).
Click to expand...

Perhaps because UBS is a better prime broker? I don't know, I don't invest in stocks at all. I primarily invest in Eurobonds so its ClearStream or EuroClear for me.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[liroyb]

Martin Everson said:
Forget Citibank IPB. They closed my Dubai account with 7 figures on it. Citibank UAE said they no longer serve non-residents...and goodbye with little notice 😡. So I terminated my Singapore and London booking center accounts. The deposit is the least of your worries it is the constant uncertainty they put you under from day one. I would never trust any US bank again and especially today. They could close your account for buying a Huawei phone ns2.

HSBC is the master of account closures also. That's all they do all day long..its a sport to them. From day one they will give you issues and will look for a reason to close your accounts. However some people have had good experiences with them. My experience with HSBC has been exactly as described in this video. They are the worst bank ever. Look on trust pilot also.

Click to expand...

Last month I've opened Citibank UAE account as non-resident.