If you wish to open a private bank account in Singapore, you should not only choose a reliable banking institution, but also understand the terms and conditions. We will provide comprehensive adviсe and support at any stage. With our help, you will be able to easily fill out all the necessary forms and prepare a set of documents.
Banking System of Singapore and the Recommended Bank
Singapore is famous for its well-developed and successful financial center that is often compared to Switzerland. Here, the banking sector is represented by more than 120 financial institutions that operate exclusively under the licenses issued. Their operations are supervised by the MAS national financial regulator.
Non-residents, especially those from the emerging countries and the former soviet republics are more likely to succeed in opening a bank account in Singapore rather than in Switzerland. At the same time, they receive quality services and access to many investment instruments. And what is of paramount importance to business people, is that the jurisdiction where these highly efficient Asian banking institutions operate is not included in the offshore lists of any countries in the world. Thus, the natives of many countries will not have to worry that their transfers of personal funds to Singapore will cause some suspicion with the fiscal services.
We would like to offer you the services of one of the most stable private commercial banks in Singapore. It has been operating in the financial market since 1935. During many decades of successful work it has extended its presence, providing banking services. This bank ‘s branches are situated in 20 countries of the world, and the main ones are Malaysia, China, Thailand, Indonesia, as well as in Asia Pacific, North America and Western Europe.
What Are the Benefits of Opening a Bank Account in Singapore for a Foreigner?
Having opened a private bank account in Singapore, the foreigner will receive not only a guarantee of their assets security, but also advise and support, access to the investment instruments that will help to multiply their fortune.
A private bank account in Singapore will help foreign businessmen to improve their investment status. It is important when signing commercial agreements with your business partners. As for freelancers, a private bank account in Singapore will help them get payments from their customers at the international level without any issues.
Speaking about taxation, it is worth mentioning that the jurisdiction of Singapore is the most favorable both for residents who receive income outside the country and for non-residents as well. All financial proceeds to a private bank account in Singapore from non-residents are tax exempt. In addition, Singapore has signed double taxation agreements with many countries of the world.
A private account opened by a non-resident with a bank in Singapore that we recommend will give you even more advantages, among which are the following:
- possibility of remotely managing your account via convenient Internet and telephone banking;
- no hidden fees, and fair rates;
- easy access to your assets from any country of the world thanks to debit cards;
- professional English-speaking support;
- privileged client status with each of the bank’s regional centers around the world;
- concierge service;
- convenient payment cards.
The Singapore bank is focused on satisfying its high-income clients managing their assets very efficiently. Such services free up the clients’ personal time which they can use for themselves and their family or for achieving their priorities and goals. The bank’s assistance consists of helping you make the justified sound decisions from which your financial standing can only benefit. This is one of the main objectives of the bank that it sets as part of its contractual relations with individual clients.
There is a guarantee of your deposits security. It is ensured by the deposit insurance system. All client deposits with the banks of Singapore are insured, and since 2011 the amount of insurance indemnity has been increased to SGD 50,000 (Singapore dollars). The bank we recommend works closely with the Singapore Deposit Insurance Corporation that insures client deposits for up to 75,000 dollars.
Who Can Open a Bank Account in Singapore?
The Singapore bank works willingly with any trustworthy non-residents. Prior to the beginning of your joint work the bank will conduct a verification of each applicant. Those who pass it, become the bank’s clients. However, the Singapore bankers’ requirements to clients are not as tough as those of Swiss banks. However, investment and asset management services are as good as those in Europe. In addition, the bank has access to a greater number of investment instruments and practices, as it is specialized in the Asian financial market.
In order to understand what applicants are guaranteed to pass the verification with the recommended bank in Singapore, you will need to deal with the existing restrictions. Let us find out what foreigners will not be able to open an account in Singapore.
Restrictions by Countries and Client Status
The bank in Singapore accepts applications for opening of the account from most foreigners. An exception is only made for the nationals of certain countries under sanctions, among them are:
- North Korea;
Persons, belonging to PEP, will not be able to open a bank account in Singapore.
Private Bank Account in Singapore for a Non-Resident. Rates
The Singapore bank provides fairly convenient and favorable conditions to its foreign clients. Thus, among the many banking products, non-residents have the opportunity to choose a premium account and use all the privileges that come with this package.
Currency for Account Opening and Transfers
All current account transactions must be made in Singapore dollars (SGD). However, clients can accept and send payments, as well as store their savings and place investments in other currencies, such as:
- US dollars (USD);
- Australian dollars (AUD);
- New Zealand dollars (NZD);
- Canadian dollars (CAD);
- Euro (EUR);
- pound sterling (GBP);
- Japanese yen (JPY);
- Chinese yuan (CNH).
When carrying out foreign exchange transactions, all clients should bear in mind that adverse exchange rate fluctuations can reduce interest income or the initial principal amount of their foreign currency deposits. In order to avoid such misunderstandings, it is necessary to ensure that all of your transactions are in Singapore dollars, regardless of whether the account is denominated in Singapore dollars or not. Should you have an advance agreement with the bank, the latter may meet your request. Special cases are resolved individually.
Types of Accounts
Foreigners can only open private accounts of a privileged type with the Singapore bank. It is a Privilege Banking account. It is possible to provide joint access to the account. For this purpose, an appropriate application and the necessary documents shall be submitted. The client may appoint an authorized person to control the account from among the registered holders of the joint account.
All the account operations will be carried out in Singapore dollars, and if the account was opened in a foreign currency, it will be converted into Singapore dollars at the exchange rate for accounting purposes. A product called Assets under Management (AUM) is the market value of the master account and all if its related accounts. The amount of AUM is calculated and expressed in Singapore dollars. The amount in a currency other than Singapore dollars is conventionally convertible.
Having opened a private account with a bank in Singapore, a non-resident will get access to many banking and financial products. Among the main of them are the following:
- payment cards;
Types of Bank Cards
The set of functions and services offered by the bank in Singapore allows making your private account more flexible, and the funds in this account can be available to a certain scope of persons. This is achieved by issuing debit cards. At the same time, a high level of confidentiality will be preserved. If they so wish, the clients can apply for a payment card of the bank in Singapore linked to their private account. In addition, it is possible to get a credit card issued.
You will need to pay an entrance fee when applying for the issuing of payment cards by the bank in Singapore. The membership fee is SGD 1,926, but you will be exempt from membership fees for the first year and thus you will be able to order the first two free extra cards. Along with the cards you will acquire the 24/7 concierge service and privileges for visiting different places of entertainment. For example, free entrance to the golf club on weekdays and other special offers.
To order a privileged bank payment card linked to their private account, a foreigner must meet the minimum asset under management condition and have an annual income of at least SGD 60,000. If you are unable to meet the annual income condition, or you are unable to confirm it, you can place a deposit of at least USD 150,000 to access the card products.
After the first year of using the Singapore bank’s privileged payment cards, you will be required to pay for the membership renewal. Payment of the entrance/annual membership fee for the card provides access to an exclusive package in the amount of SGD 30,000 (credit limit). After you pay the annual renewal fee, SGD 30,000 will be credited to your credit card within 60 days. Please note that the bank does not allow advance credits.
Account Opening Terms and Service Arrangements
In order to open a private account with a bank in Singapore, a foreigner must provide the bank with a minimum AUM (asset under management) of at least SGD 300,000 or the equivalent in other currencies. The bank account shall be replenished within one month upon its opening. The minimum deposit term is 3 months after the bank accounts get replenished with the necessary AUM.
The bank in Singapore has different private account packages to offer. However, no fee is charged for the premium accounts maintenance. Clients of the bank in Singapore earn interest of up to 1.7% per annum when they deposit a minimum amount of SGD 350,000 at the beginning and then make an additional contribution of SGD 200,000. The amount of interest to be earned varies depending on the balance of the new extra funds in the private account and the number of calendar days in the month.
When the client is making a transaction from their private account, no fee is charged for internal payments. External payments assume a commission of 1/8% of the amount (the minimum of SGD 10 and the maximum of SGD 100). If payments are made in a currency other than Singapore dollar, the conversion will be made at the exchange rate. The client must ensure that the minimum account balance is maintained.
How Do I Open a Private Bank Account in Singapore?
Take advantage of our assistance to ensure that you do open your private bank account in Singapore. Please provide all necessary information and your documents to start our cooperation. We will help you get prepared for a Skype interview and fill out all the bank forms.
It is important: Please note that in the future, the compliance department can request other documents from the client at any time. We will be staying in touch until the bank makes the decision.
Procedure for Opening a Private Bank Account:
- To open a private bank account in Singapore, please submit you application to: email@example.com.
- After that we will send you the e-invoice to be paid. The service cost is from 2999 EUR. You can pay with a payment card or a bank transfer. We also accept payments made via one of the following systems: WebMoney, PayPal, Western Union, MoneyGram.
- As soon as we receive your payment, we will contact you and find out all the details.
In order to open a private bank account in Singapore, a foreigner does not need to plan a visit to the bank’s office. Any communication with the bankers will be conducted remotely.
In this case, the following steps will be required:
- Provide a scanned copy of your valid ID.
- Make a description (for example, your field of activity, type of employment, source of income).
- Fill out the bank forms in detail and sign them.
- Scan your proof of residence.
- Send the original documents and a notarized copy of your ID together with your proof of residence to the bank using the DHL courier service.
- Wait for a bank employee to contact you upon receiving your documents.
- Answer the bank employee’s questions. As soon as the callback with the client and the back office is successful, the bank in Singapore will start opening your bank account.
Documents Required for Opening a Private Bank Account in Singapore
If you wish to open a private bank account in Singapore, you will need to prepare the following documents:
- your valid travel document;
- other form of your permanent ID;
- your proof of residence;
- your tax payer identification number.
It is important: All documents must be made in English. Sometimes bank officers also require other documents, such as a certificate of employment, a bank reference letter, or references from other account holders with the same bank in Singapore.
Deadlines for Opening a Private Bank Account in Singapore
In order to open a private non-resident bank account in Singapore, you must fill out all the bank forms in English. We will help you fill out the questionnaire should you have any issues with it. Please also send us the scanned documents for preliminary assessment.
On average, the time required for processing the documents for opening of a private bank account in Singapore takes from 3 to 5 business days.
Please feel free to contact us by email to firstname.lastname@example.org if you wish to open a private account in Singapore.
Is it true that high-risk companies in Singapore are out of law?
This statement is wrong. Companies doing high-risk business may come across certain difficulties in opening an account, but it is not possible to say for sure that they are out of law. If your business is related to the following industries, please do discuss any possible pitfalls with our experts. 1. Casino, gambling, online gaming. 2. Business related to CBD. In fact, drugs are severely punished in Singapore. Capital punishment included. 3. Escort services. 4. Services based on the telemarketing technology. 5. Hardware and software for personal computers. 6. Services of collection agencies. 7. Nutraceuticals. 8. Tourist agencies, booking services. 9. Any adult services. 10. FOREX. 11. Bitcoin trading. 12. Vaping (e-cigarettes).
Is it very difficult to open an account with a bank in Singapore in 2020 for a non-resident?
The procedure is not that simple. You will not be able to do the job yourself, so please be looking for someone to help. If you choose us, the probability of success will be quite high, but not a 100%. We cannot say anything about other intermediaries. Please pay attention to the following factors: 1. If it is about a corporate account, running a business related to China will be a large advantage. 2. The easiest way to open an account is do it for a Singapore, Chinese or Hong Kong company. As for other jurisdictions, it is a big question mark. 3. Banks kind of like pro-active clients with the continuous flow of funds, not 2 or 3 transactions per month. 4. Do not be surprised by the bank’s intense interest to your real beneficiaries and the requirement to disclose your business mechanisms. 5. You may be rejected without any explanation. But if your case is handled by our experts, the probability of failure will be much lower.
What is a better place for opening accounts in 2020, Singapore or Hong Kong?
This question is similar to the one about what is better, a Mercedes or a BMW. There is no unambiguously correct answer to that. When making your final decision, please take into account the following information on Singapore and Hong Kong: 1. Personal visit. If it is mandatory or not, and if there is an intermediary or the bank’s branch in your country. 2. Audit. Not required (for small-sized companies) or mandatory. 3. Confidentiality. Bank secrecy is guaranteed in both jurisdictions (but not if there is an official request). 4. Term of the application consideration. Up to 2 months, sometimes more, in both jurisdictions. But practice shows that the probability of success in Singapore is still higher, and in the long term it looks somewhat preferable.