Personal Bank Account in SE Asia as a Non-Resident

[financiallearner]

Hello all.

Are there are recommendations for opening a personal bank account in South East Asia that 1. Comes with a debit card for overseas spending and 2. Isn't in Thailand.

Can visit in person if needed to open.

Thank you in advance.

 

[Sols]

Singapore and Hong Kong if you can deposit at least 100,000 USD/equivalent (more may be‌ required depending on your profile). You might get a UnionPay card instead of Visa or‍ Mastercard with some banks so check closely.

Some Taiwanese banks accept non-residents, although they seem⁠ to prefer business accounts, which come with the usual requirements of connections to the country⁤ or region.

Malaysia: the major banks will sometimes open personal accounts for non-resident, usually for⁣ VIP banking (100,000+ USD) or if you have a company in Malaysia or Labuan.

Maldives: see https://www.mib.com.mv/personal-deposits/non-resident-foreign-account

Cambodia: several options, see for example https://www.offshorecorptalk.com/threads/cambodia-banks.40625/

Bangladesh: see https://www.offshorecorptalk.com/threads/bangladesh-offshore-banking-units.45419/

Philippines: reports vary⁢ but it has historically been easy to open a personal account, although you may now︀ need to register for a tax ID first which may or may not require some︁ sort of non-tourist visa. The situation seems unclear and reports vary between banks, people, and︂ locations. It's not the easiest option but it's not impossible.

 

[financiallearner]

Thank you for your reply. It would only be used for debit card transactions for︄ day to day spending, so only like $3-4k deposited/spent per month. No big lump sum.︅

 

[Piano]

Do you have an idea of the minimum required deposit for the MIB bank in︄ the Maldives ?

 

[Wellington]

Laos....

 

[Nacho]

ABA Bank in Cambodia. USD transaction account. Need to visit but easy to open, great‌ customer service, easy to use banking app, Visa debit card for overseas spending. I’ve had‍ an account with them for 6 years now, highly recommended!

 

[Clank]

How much they charge for international wires.

 

[daniels27]

It costs 0.15% (minimum of 15 USD) plus 15 USD cake chable for outgoing SWIFT‌ transfers:
https://www.ababank.com/en/swift-transfers/

Incoming ones are 0.1% for USD and free for other currencies, see their‍ website they have staggered minimums too.

 

[Clank]

Seems expensive. There are⁠ better options in HK or SG.

 

[financiallearner]

Thank you. I've looked at Cambodia the only issue is that many people say a⁤ minimum 6-month visa is required by the banks?

I understand anyone can get the business⁣ visa easily but my understanding is it can take several days, meaning I'd need to⁢ wait in Cambodia until the passport is returned?

 

[financiallearner]

What is the process please? I thought a suitable‌ visa/work permit was required when opening a personal bank account as a foreigner?

 

[TheCryptoAnt]

you can probably‍ just pay some 'agent' to get it sorted, same as in Thailand.

 

[toums]

Can you share some experiences / process with Laos‌ (as a TH resident) ?

 

[Nacho]

Yes I⁤ think that’s right, although that wasn’t the case when I opened the account 6 years⁣ ago. Suggest to double check with ABA bank what are their current a/c opening requirements.⁢

 

[41632584]

Acleda offers free‍ incoming Swift transfers until the end of 2025.

 

[41632584]

Many agents⁤ offer express service for an additional fee, which might reduce this waiting time to a⁣ minimum 24-48 hours. Best to avoid weekends and holidays.

 

[41632584]

Haven't done it myself yet but did inquire. The 'official' way‍ is to pay an agent for a Business Visa with work permit. With that you⁠ can open a bank account at every bank. The downside is you have to spend⁤ 10-14 days in Laos until you get your passport and permit back.

 

[Choosing7269]

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