Singapore is one of the main financial centers in Asia. Over the past 30 years it has become an attractive destination not only for tourists, but also for massive financial flows. Investors are attracted by the stability, safety and security of Singapore, advanced technology, unique investment opportunities and highly qualified staff of its financial institutions. An account with a Singapore bank combined with external asset management will become an excellent option for preserving and multiplying your savings. In this regard, we would like to offer you the service of opening a bank account with external asset management in Singapore remotely.
Who Needs a Bank Account with External Asset Management and What For?
An account with external asset management will work well for you under the following circumstances:
- You are ready to make a minimum deposit of USD 500,000 or its equivalent in another currency and take a telephone interview with the bank’s representative and/or a licensed company for external asset management;
- You would like to ensure reliable protection and efficient use of your savings;
- You would like to receive independent advice not related your wish to sell certain financial products and services (the external asset manager is a completely independent person, not affiliated with any bank);
- You would like to get additional protection of your interests in the face of the bank;
- You would like to be able to open accounts with foreign banks easily, quickly and remotely, and promptly close those accounts under the unfavorable circumstances;
- You like being a special client to the bank, getting service of higher quality, the possibility of reducing commissions and fees, access to many extra products, services and privileges;
- You would like to have access to the widest possible choice of investment and financial opportunities, not limited to the proposals of one particular bank;
- You would like to enjoy all the benefits of dual service, including access to analytics from two different sources, receiving service outside the bank’s business hours, using dual control of each operation to avoid errors;
- You are ready to delegate communication with the bank to an external asset manager who will act exclusively in your interests.
Bank in Singapore
The bank we would like to recommend you is a large financial institution headquartered in Singapore. The bank was established in 1932 as a result of merger of three banks: China Commercial Bank Limited (incorporated in 1912), Ho Hong Bank Limited (incorporated in 1917) and Oversea-Chinese Bank Limited (incorporated in 1919).
In 2010, the bank made a deal to acquire ING Asia Private Bank, which was an important step in its strategy to develop its business in the field of management of capital. The acquired organization became a private subsidiary of the bank and was renamed Bank of Singapore Limited.
The bank is one of the key players in the Asian market. In 2016, the bank’s profit amounted to USD 8.55 billion.
Here are the bank’s main markets:
Main lines of business:
- banking services;
- estate management;
Asset Management in Singapore
A deposit or an investment of SGD 1 million (EUR 627,000) gives the client the accredited investor status and access to the premium level banking services that include the following:
- customized solutions for the HNWI investors;
- in-depth consulting and global information by the bank’s Wealth Panel.
Accredited investors have access to the solutions that are not available to ordinary retail investors, for example:
- the opportunity to invest in private companies that are not listed on the stock exchange in order to participate in their growth potential via subsequent initial public offering;
- structured products, when the strategy is developed depending on the priorities and needs of the client;
- hedge funds that are an opportunity to diversify and stabilize your portfolio, especially in times of high market volatility;
- bonds are an opportunity to diversify the investments and receive higher returns compared to the bank deposit.
Accredited investors also have access to a variety of financing options that allow them to borrow against the value of the investment portfolio, or use credit mechanisms for investing the deposits in the approved investment products.
The bank provides accredited investors with the opportunity to plan their inheritance transfer process to their loved ones without compromising their own lifestyle or business:
- Premier Life Generation II is an opportunity to receive a guaranteed monthly income, leaving an inheritance to down to three generations;
- Universal Life Plus is a universal life insurance plan with a continuity guarantee provided by Transamerica Life (Bermuda) Ltd.
VOYAGE Payment Card
Here are the advantages of this card:
- participation in the VOYAGE Miles system is an opportunity to earn special currency (miles) for each dollar spent, then exchange it for particularly valuable goods and services;
- VOYAGE Exchange assumes personal concierge service;
- extra privileges, including access to airport VIP lounges, travel insurance, limousine service and much more;
- unique offers from the program’s partners.
Customized Banking Services in Singapore
Accredited investors are supported by the most experienced team of professionals headed by the client’s chief advisor. The team includes specialists in various fields, namely insurance, treasury services and mortgage lending. The interests of the client always come first for the team.
Private Advice by the Bank’s Wealth Panel
Accredited investors can also attend private sessions with the participation of the bank’s leading experts in the field of wealth management, including those from the Bank of Singapore. In these private sessions, the experts will share their views on the market and also provide advice on how to manage your wealth.
The bank’s clients get direct and regular access to the following valuable information:
- Monthly advisory sessions in the private Premier Lounge at the bank’s business center;
- Seminars and webinars on investments;
- Weekly and monthly newsletters sent by e-mail;
- The latest news via the bank’s OneWealth application.
The bank’s Wealth Panel draws on the collective experience and expertise of the bank group’s experts in the field of management of capital, namely the bank itself, its Investment Research Department, Lion Global Investors and the Bank of Singapore. With over 200 years of investment experience, the group provides timely advice to develop, control and protect your wealth.
Remote Bank Account Management in Singapore
The bank in Singapore offers its clients many opportunities of remote banking services.
Mobile Banking Application
- money transfers via PayNow (by phone number and NRIC) or to an account in Singapore;
- money transfers abroad;
- viewing of the statement on account;
- payments of bills (with the possibility of scanning the bar code);
- reset of your PIN code to the bank account and other services.
Other functions for your convenience:
- Pay Anyone™ is easy and fast payments confirmed by your fingerprint;
- OneTouch™ is the possibility to check your account balance, recent transactions, and credit card overview using your fingerprint;
- The OneLook helps manage your daily banking and payments with a single glance at your smartphone compatible with this feature;
- Apple Watch mobile application.
The Internet Banking system provides access to all major banking services online, such as:
- viewing of your account statements;
- QuickView is access to your account balance and data on the latest transactions without a one-time password;
- the possibility to send money abroad from your accounts in both Singapore dollars and foreign currency;
- investments in mutual trusts;
- control of the use of cards abroad;
- setting up of your savings targets and the use of the Money In$ights service to track your expenses by category.
Procedure for Opening a Bank Account with the External Asset Management in Singapore Remotely
The procedure for opening a bank account with the external asset management in Singapore remotely consists of several simple steps:
- The first step is your decision to open a bank account with the external asset management in Singapore, after which you should contact our experts with a corresponding request by email to firstname.lastname@example.org.
Please provide your answers to the following questions:
If you are human, do not enter anything into this field.
- The second step is to pay for the bank account opening services including the external asset management. This payment can be made using the most convenient service such as a bank transaction, card payment, and via PayPal, WebMoney, Western Union. The cost of this service is 1500 EUR.
- The third step is taking an interview with a private banker and/or a representative of a licensed asset management company. The interview is usually conducted by phone or messenger: Telegram, Skype, WhatsApp, Viber, etc.
- The fourth step is to fill out and sign all the bank forms for opening an account and prepare a package of the required documents (in which our experts will assist you).
Note: after you pay for the service, but before you fill out the bank forms for the account opening, you will still have the opportunity to change your mind and choose another bank that will better meet your needs and priorities. Here is the list from which you can choose:
|Switzerland:||Liechtenstein:||Principality of Monaco:||United States:||Singapore:||Dubai:|
|UBS||LGT*||ANDBANK||Morgan Stanley*||Bank of Singapore||Mirabaud|
|Credit Suisse||VP Bank||CMB*||JP Morgan||DBS||Mashreq|
|Julius Baer||BANK ALPINUM||Andorra:||Wells Fargo||J.SAFRA SARASIN||FAB|
|Vontobel*||BENDURA BANK AG||ANDBANK||Pershing/BNY||CITIBANK COMMERCIAL BANK SINGAPORE|
|Lombard Odier*||LIECHTENSTEINISCHE LANDESBANK||CREDIT ANDORRA||Interactive Brokers||Hong Kong:|
|J. Safra Sarasin||Luxembourg:||VALL BANC||J.SAFRA SARASIN|
|Edmond de Rothschild (Geneva)||BANQUE DE LUXEMBOURG||Latvia:||Cyprus:|
|Rothschild Bank (Zurich)||EAST WEST UNITED BANK||BLUEORANGE||BANK OF CYPRUS|
|Corner Bank||Finland:||BANK M&M EUROPE|
|Audi||VARENGOLD BANK AG|
|FALCON PRIVATE BANK|
Note: the asterisk marks those banks that seemed the most attractive to our experts.
Should you wish to learn more about this service, as well as start opening your bank account with the external asset management in Singapore remotely, please fee free to contact us by e-mail to email@example.com.
What are the most popular banking services in Singapore in 2020?
They are absolutely typical of a successful and well-respected jurisdiction. And at the same time, they are extremely diverse. These are some of the most popular ones: 1. Inheritance transfer. 2. Private investments. 3. External asset management. 4. International currency payments. 5. Business lending on favorable terms. 6. Operations with any securities. 7. Corporate Internet banking. 8. Investments that will generate profit in the long term only (for example, objects of art, real estate, precious metals, etc.). 9. Specialized solutions in the field of wealth management (trusts). 10. The field of customized banking services: budget planning, personal investments, etc. The bank described in the article may be considered one of the best.
Is Singapore Asia’s largest financial center in 2020?
It is not quite so, but nonetheless it is very close to the truth. If we take the GFCI (Global Financial Centres Index) study published in September 2019 as a basis, we will find the following. The jurisdiction takes the 4th position in both categories (GFCI-26 / CFCI-25) scoring 762 and 772 points. The first place goes to the New York City – 790 / 794, the second place belongs to London – 773 / 787, the third place is taken by the age-old competitor of Singapore, Hong Kong – 771 / 783. Shanghai closes the top five of the leaders with 761 / 770. By region, the situation is as follows: 1 – Asia and Oceania, 2 – North America, 3 – Western Europe, 4 – Africa and Middle East, 5 – Latin America and the Caribbean, 6 – Eastern Europe and Central Asia. But in this case it should be understood that Singapore is one of the most stable jurisdictions, and its 4th place weighs much more than the rating of 3 leading countries.
I would like to open a bank account with the external asset management in Singapore. Is it worth it 2020?
Yes, it is. Absolutely. Even more than that. Otherwise, we would not be offering you such a service. The article briefly outlines the advantages of it, but we would still like to say a few more words on the topic. 1. Simplified and fast-track procedures of bank verifications, including the historically “inconvenient” due diligence. 2. Remote opening of accounts with foreign banks. 3. An extended package of services, not available to “ordinary” clients. 4. Reduction of the account maintenance costs. But the greatest advantage of this format of work is the objective and unbiased analysis of the current situation in the client-bank relations. This means that if the changed service conditions no longer meet your requirements, or if there are better alternatives, you will find out about them.