Since I'll be there anyway I was wondering if I can just open bank account as an EU citizen and if there are any benefits of having Singapore bank account?
I'll be in Singapore on vacation, can I just open bank acc there ?
- Thread starter Jessie
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For sure Singapore bank account can have some benefits but remember you need in Singapore high min. balances of accounts (around. 25kUSD+) as non resident.
They will be very sceptical/suspicious if you just walk into their branch and you say you want to open an account as tourist.
Therefore you should approach it either that you go to their Premium banking (which will be much more than $25k balance) or that you have some ties (with proof) to the country and you aren't just a random tourist.
Banks in places like Singapore and Hong Kong can be very picky, they don't need you and you can bring them more risk/compliance than benefit, so it's good to show that you can be a valuable client of the bank.
Therefore you should approach it either that you go to their Premium banking (which will be much more than $25k balance) or that you have some ties (with proof) to the country and you aren't just a random tourist.
Banks in places like Singapore and Hong Kong can be very picky, they don't need you and you can bring them more risk/compliance than benefit, so it's good to show that you can be a valuable client of the bank.
As already mentioned, you should open a company there at least before you walk into a bank. You may even speak to a few agency services that help to incorporate business in Singapore first and even ask them, if they want to take you by hand to one of the banks.
Anyway, the large min. deposit required will stop 99% of people considering banking in Singapore from the SM business segments.
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Anyway, the large min. deposit required will stop 99% of people considering banking in Singapore from the SM business segments.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Message to a RM in Singapore Bank through Linkedin. They will arrange meeting with you although I never liked them. F**k em.
Google linkedin relationship manager + "Bank Name"
The only reason to open a bank account in Singapore as a EU person would be for geographical diversification of your assets.
I tried quickly with DBS private bank on my way through to Cambodia and couldn't open as they wanted an Asia connection. Saying I liked Asian food and that Citibank already have an account opened for me was not good enough reason 🙁. Make a list and try a few banks while there. If you got 200k cash Citibank is best option for non-resident - but i'm biased I guess 😉.
International Personal Banking Singapore
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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