Singapore Expats

Hi, Although not living in Singapore, we have been advised to have a US$ account here as the country we are in is not stable enough. Can anyone share their experiences of the best bank for a US$ account without needing a S$ account and with online banking? Thanks for your advice!

crosskeys wrote:Hi, Although not living in Singapore, we have been advised to have a US$ account here as the country we are in is not stable enough. Can anyone share their experiences of the best bank for a US$ account without needing a S$ account and with online banking? Thanks for your advice!

Is this for your drug cartel proceeds or your illegal capital outflow from real estate sales in China?

It's not easy (possible?) opening a bank account if you are not resident.

Unless of course you have large amounts to deposit

bgd wrote:It's not easy (possible?) opening a bank account if you are not resident.

Unless of course you have large amounts to deposit

Even then you need to provide statements and proof about the source of funds. 1MDB made sure of that.

PNGMK wrote:

crosskeys wrote:Hi, Although not living in Singapore, we have been advised to have a US$ account here as the country we are in is not stable enough. Can anyone share their experiences of the best bank for a US$ account without needing a S$ account and with online banking? Thanks for your advice!

Is this for your drug cartel proceeds or your illegal capital outflow from real estate sales in China?

Neither, just a couple of grafters that are finally retiring and don't want to keep all their money in Thailand

crosskeys wrote: Neither, just a couple of grafters that are finally retiring and don't want to keep all their money in Thailand

Shouldn't there be a deposit insurance in TG ?

in PH it is 500,000 PHP.

Singapore is 50,000 SGD

Oh, if you hold certain passports, (not Africa or South American .. ) Some banks will not even give you face - NO, NOT ALLOWED TO HOLD AN ACCOUNT.

PS, have you tried HSBC Vantage ?

Or CITI ? They allow opening of Off shore accounts in SG

See the earlier threads on HSBC and levels of service.

You may have more traction if you approach the Private Banking arms of the banks. That of course implies a certain level of funds.

I doubt you will succeed without any residency status in Singapore. Blame Najib and his cronies for that.

Open a brokerage account with Interactive brokers and keep your monies there, invest it in ETFs according to your risk profile. Who keeps money in bank accounts?

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Wd40 wrote:Open a brokerage account with Interactive brokers and keep your monies there, invest it in ETFs according to your risk profile. Who keeps money in bank accounts?

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The brokers I know won't do it without a corresponding bank account in OP's name. I guess thought the account doesn't need to be in Singapore. Good sol'n WD.

PNGMK wrote:

Wd40 wrote:Open a brokerage account with Interactive brokers and keep your monies there, invest it in ETFs according to your risk profile. Who keeps money in bank accounts?

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The brokers I know won't do it without a corresponding bank account in OP's name. I guess thought the account doesn't need to be in Singapore. Good sol'n WD.

Interactive brokers is US based. They have offices in UK, Canada and Hong Kong. You don't really need to link it to any bank account. You just need to fund it in one of the 16 funding currencies. You can do a wire transfer. You could also do a FAST if you are funding using SGD.

Singapore brokers are olgliopolic and charge outrageous fees, just like everything else in Singapore.

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Assuming you just want to park your money somwehere and possibly invest it then :
Internaxx (formerly TD DIrect International), based in Luxembourg. There are a few forms you need to send them. Process is very straightforward. You will get a multi-currency account, I believe approx 8 different currencies.