Singapore is one of the most important international financial centers. The absence of corruption, business-friendly legislation and low taxation attract investors from around the world. Thanks to the thriving economy, Singapore’s banks are now among the most stable in the world. They can offer their customers world-class service and a variety of opportunities, including entering the promising Asian market. If you are interested in such an opportunity, we are pleased to offer you the service opening an external asset management bank account in Singapore remotely.
In order to open this account you will need to pass a telephone interview with the bank’s representatives, a personal visit is not required. Minimum deposit for opening an account is USD/EUR/CHF 500,000.
External Asset Management Account: Advantages and Peculiarities
An external asset management account is used as an efficient savings management instrument. It differs from a regular bank account in that all communication with the bank on behalf of the client is undertaken by an external asset manager. This includes absolutely all aspects of interacting with the bank, from opening an account to its closing. You will receive additional protection of your interests, and most importantly, fully independent investment and financial advice.
An external asset management account provides many benefits to the client, namely:
- simplified account opening procedure thanks to the fact that the external asset manager assumes part of the responsibility for the due diligence check and the client’s compliance with legal requirements, including those in the field of anti-money laundering;
- a much wider choice of products and services thanks to the external asset manager’s relations with other banks and other service providers which means an opportunity to choose the really best option;
- the opportunity to get comprehensive solutions for all of your family needs;
- full protection of interests when the external asset manager provides financial and legal protection when entering into transactions with banks, ensuring timely legal advice;
- unbiased consulting, i.e. the external asset manager is an independent person and acts solely in the interests of the client without attempting to sell them any particular products or services;
- the possibility to react as quickly as possible in the event of an adverse situation, for example, to close your account and/or transfer your funds to another bank/jurisdiction;
- higher client status with the bank and the highest level of service, that is additional products and services, benefits, incentives, the opportunity to reduce commission fees.
The external asset management account owners are served by both a private banker and an external asset manager. Thanks to this situation, the client receives the following additional privileges:
- services outside of bank business hours;
- double control of each operation to avoid any errors;
- an opportunity to compare the results of analytical studies prepared by different specialists, and make a more informed decision having compared those;
- protection from pressure on the bank’s part.
Thus, an external asset management account will allow the client to ensure maximum profitability and protection of their assets, minimizing the risks and costs.
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Bank in Singapore
The bank in Singapore we would like to offer you was founded as a result of acquisition of ING Asia Private Bank (IAPB) by the OCBC Bank in 2010. Private banking services of these bank were merged into a single bank in Singapore.
Today, this bank in Singapore is one of the fastest growing private banks in Asia. The bank is a 100% subsidiary of OCBC Bank, the second largest bank in Southeast Asia. All the bank’s clients have access to a full range of products and services of the parent bank, including private and commercial banking solutions such as financing, insurance and brokerage.
The bank has over 1,900 employees, including 430 private bankers from different countries. The bank serves clients all over the world, especially in its key markets that is Asia and the Middle East.
The bank is headquartered in Singapore which is the center of a strong and open economy. Clients of the bank in Singapore are confident in the unsurpassed stability and reliability of the bank.
The bank in Singapore serves its clients through an extensive network of offices, including its branches in Hong Kong and the Dubai International Financial Center (DIFC), as well as representative offices in Manila and Dubai. In London, the bank serves clients through its OCBC office.
Clients of the bank have access to the impartial opinion of a strong research team, the best financial products by various financial institutions around the world, as well as the bank’s own products.
The value of assets managed by the bank in Singapore has increased by 4 times since 2010, and by the end of 2017 amounted to USD 99 billion. Moody’s Rating Agency has assigned the bank an Aa1 rating, which is one of the highest indicators. The bank in Singapore is the only bank in Asia that has been assigned such a high rating.
Wealth Management Services with the Bank in Singapore
Specialists of the bank in Singapore will assist you in asset management, wealth multiplication and inheritance protection. Thanks to the unique position of the bank in Singapore, you will get access to the independent bank-boutique along with the additional resources and services from the parent bank.
Investment Portfolio Management with the Bank in Singapore
The process of portfolio set-up and management is based on a systematic approach that consists of the following stages:
- Understanding of priorities, needs and goals of the client;
- Based on the client’s preferences and risk tolerance, individually designed solutions are offered to the client for consideration;
- Before being implemented, all the solutions are once again carefully checked whether all the points have been thoroughly considered;
- In order to ensure that the investment strategy continues to meet the client’s goals in the future, the portfolio is regularly reviewed.
Expert Advice on Wealth Issues with the Bank in Singapore
Thanks to the experience and responsibility of the bank’s team, you can get assistance and support to make the right financial decisions.
Each private banker is supported by a team of portfolio managers and trade specialists. You will be able to keep abreast of all global movements in the market thanks to the powerful research team of the bank in Singapore.
Using its exceptional resources in the field of intellectual leadership, including research by world-renowned thinkers, industry leaders, Nobel Prize winners and experts in a particular subject, the bank in Singapore is proud to present its clients with the best global ideas and perspectives that matter.
Wealth Management
Creating consistent growth and ensuring sustainable profitability of your portfolio is at the heart of what the bank of Singapore offers you. The bank’s specialists will help you achieve your long-term goals was well as ensure the required flexibility.
You will be able to make informed decisions based on state-of-the-art research and unbiased consulting. You will get assess to the best products available in the market. You will be offered only those products that you need or that are best suited for your situation.
Flexible Portfolio Management
You can choose the most suitable option for your portfolio management:
- manage your own investments with the help of a team of bank consultants;
- assign a discretionary portfolio management team to manage your investments within certain parameters.
No matter what option you choose, you can be confident that your portfolio will be in safe hands, even during the periods of instability.
Comprehensive Succession Planning
The bank in Singapore and its specialists will help you protect your inheritance using a variety of strategies, from estate planning to philanthropic management. The bank’s wealth planning and trust professionals will work with you and your family to ensure a smooth transfer of wealth from one generation to another.
Procedure for Opening an External Asset Management Bank Account in Singapore Remotely
The procedure for opening an external asset management bank account in Singapore remotely consists of several simple steps:
- The first step is your decision to open an external asset management bank account in Singapore, after which you are welcome to contact our experts with a corresponding request by email to info@offshore-pro.info.
Please provide your answers to the following questions:
- The second step is to make a payment for the account opening service. 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.
- Thirdly, you will have to take 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 in Singapore | Mirabaud |
| Credit Suisse | VP Bank | CMB* | JP Morgan | DBS | Mashreq |
| Pictet* | Volksbank* | CFM | Citibank* | OCBC | Noor |
| 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 | BANK OF CYPRUS | |||
| Corner Bank | Finland: | BLUEORANGE | |||
| Bordier | EVLI BANK | BANK M&M EUROPE | |||
| CIM Bank | Germany: | ||||
| Audi | VARENGOLD BANK AG | ||||
| COUTTS BANK | |||||
| FALCON PRIVATE BANK | |||||
| VP BANK |
Note: the * sign marks those banks that our experts have found particularly attractive.
Should you wish to learn more about this service, as well as start opening your external asset management bank account in Singapore remotely, please feel free to contact us by e-mail to info@offshore-pro.info.
I would like to open an account with a bank in Singapore, but I have been waiting for the answer for a long time. What should I do?
The main thing is not to panic or start calling the employees of the financial institution in order to speed up the procedure. If the case is handled by our experts, every necessary action will be taken without your participation. If we talk about the reasons for the delay, they may be as follows: 1. You have a delay in providing the necessary information (remember, the bank may ask for any additional documents). 2. Delayed payment of the initial activation amount. 3. Internal or external inspection or audit. 4. Vacation season. 5. Public holidays. 6. Sudden and significant changes to the legislation. 7. Excessive workload of bank employees. These are the most common causes of delay, but there may be others. Anyway, it makes no sense to panic just because of 2 or 3 days or even a week of delay.
I have an account with a bank in Singapore. I did not receive a payment from my contractor. What could possibly go wrong?
The advice is the same as in the previous case, please be patient. The main reasons for delays are often related to failures in the bank’s operations and do not depend on you in any way, but there are certain opposite situations. The most common reasons for delays are as follows: 1. Wrongly specified payment purpose or even banal errors in data. 2) The recipient’s bank detail (i.e. your bank details) were not specified in full or contained errors). 3) There was a clear mismatch between the contractor’s specified field of activity and their business profile (e.g., the contractor has “medicines” in his documents and you paid for office equipment). 4) The payment has been returned to the sender. There may be many possible reasons for this, including illegal transaction. 5) The sender himself withdrew the payment. 6) Your contractor is an offshore company.
I have an account with the bank in Singapore. The bank wrote off a commission that was too high
Your question is not quite clear. Let us assume that you are interested in the reasons for this. There can be several of them: 1. Bank’s rate have been changed but the bank has not informed the clients about it. 2. Non-standard payment. This category includes transactions to/from high-risk jurisdictions (e.g., offshore) or to/from those companies that operate in high-risk businesses. 3. Certain translation details (OUR, BEN or SHA). 4. The second party bank found the payment suspicious or non-standard, so the manager contacted the sender/recipient for clarification. This service has to be paid at many banks. If you encounter such a situation, please check the current rates and payment details, and if this will not be a clarification enough, please contact your bank manager.
