A remote asset management account is an excellent solution for those who are looking to preserve and multiply their savings while using top-class services by the world’s leading financial institutions. Banks of one of the most important financial centers in the world, Singapore, have all the advantages required for wealth management. Stability, reliability, customer focus and pro-active implementation of the latest technologies are the hallmarks of the Singapore banking sector. We would like to offer you the service of opening an external asset management bank account in Singapore remotely.
Here are the main advantages of the external asset management account
An external asset management account is now becoming a beneficial alternative to an ordinary bank account for a number of objective reasons. This account is used for wealth management and is opened to individuals or holding companies. As a rule, the minimum deposit for opening an external asset management bank account starts from USD 1 million or its equivalent in another currency.
The External Asset Manager (EAM) carries out all communication with the bank on behalf of the client. Since the EAM is a banking sector professional, it is easier for them to find common ground with the bank representatives and provide all the necessary information. In addition, the external asset manager takes over some of the responsibility for the client’s comprehensive due diligence. It is an excellent opportunity for the banks to save their own resources getting a new client. In this regard, banks today are committed to pro-active cooperation with EAMs, and are much more willing to open the external asset management accounts than the ordinary private accounts.
For the client, it means the possibility of opening an account with a foreign bank as quickly and easily as possible without leaving their country. The procedure is carried out remotely. Despite the fact that EAMs communicate with the bank, the client remains the sole beneficiary of the account with full control over any and all transactions.
One of the main advantages is access to fully independent consulting. The external asset manager does not work for any bank, they are a completely independent person who act solely in the interests of their client. EAMs are not interested in selling any particular product or service to their client. EAMs are interested in ensuring that their client is satisfied with the managers’ work and recommends them to their friends.
At the same time, the external asset management account holder uses all the products and services offered by the bank. Thanks to the dual service, the client can get many benefits, in particular:
- dual control of each operation allows avoiding the risk of operational errors;
- the widest possible choice of financial and investment options that is offered by the bank and is available via your EAM’s connections with other banks and external service providers;
- service time is not limited by the bank’s business hours;
- access to analytics by two sources which allows comparison, drawing conclusions and making more informed decisions.
An external asset management account ensures other important advantages compared to a regular account, namely:
- full protection of the client’s interests before the bank, legal advice, financial and legal protection when entering into transactions with the bank;
- comprehensive solutions to meet the needs of the client and their family;
- the possibility to react as quickly as possible in the event of an adverse situation, i.e. to close your account and/or transfer your funds to another jurisdiction;
- privileged client status with the bank, with access to additional products and services, bonus programs and other benefits;
- an opportunity to reduce the maintenance costs.
Most of the largest international banks around the world pro-actively cooperate with the external asset managers, providing their clients with particularly attractive conditions that are unavailable to ordinary clients.
Bank in Singapore
The bank we would like to tell you about is a leading financial services group in Asia headquartered in Singapore. Since its establishing, the bank has been striving to continuously increase its presence in China, Southeast Asia and South Asia. Being originally an Asian bank, the bank can provide its clients with the most attractive opportunities in this region.
The bank was named Bank of the Year in Asia by The Tanker, a member of the Financial Times Group, and Best Bank in Asia Pacific by the Global Finance. The bank has also been receiving the title of the most reliable bank in Asia according to the Global Finance for seven consecutive years, from 2009 to 2015.
In turn, the Euromoney Magazine named the bank the Best Digital Bank in the world, highly appreciating its achievements in digital banking.
280 branches of the bank operate in 18 Asian markets (including: China, Hong Kong, Taiwan, India and Indonesia). The bank is a largest bank in Singapore with the largest market share in corporate and private banking that serves over 4.5 million retail clients.
Wealth Management in Singapore
The bank offers a full range of banking and wealth management services to its clients, both from Asia and around the world. Depending on the amount of the client’s assets, there are three levels of service programs available:
- Treasures: for clients who invested the amount of assets from SGD 350,000 (approximately EUR 220,000);
- Treasures Private Client: for clients who invested the amount of assets from SGD 1.5 million (approximately EUR 940,000);
- Private Bank: for clients who invested the amount of assets from SGD 5 million (approximately EUR 3.15 million);
The bank will ensure your complete control of the account in the 24/7 mode with a simple and powerful digital platform. It will give you access to the financial research results and investment instruments that you can use to control, multiply and preserve your wealth.
Investment Opportunities in Singapore
The bank offers many solutions to meet the various financial needs of its clients, including the following:
- Opportunities to enter the markets of China, India, the Middle East, North America and Europe;
- Wide range of treasury products;
- Mutual trusts for all asset classes and risk levels;
- Bonds by the largest bookrunner in SGD;
- Telephone trading service is available.
Preferential mortgage packages for purchasing residential property in the following locations:
- Singapore;
- London (zone 1 and 2);
- Perth;
- Syndey;
- Melbourne.
Inheritance planning and protection:
- a wide range of options for life, health, term and universal life insurance;
- individual wealth succession planning to ensure the right mix of conventional and modern approaches.
Planning of children’s education:
- meeting the financing requirements of your children’s education in Singapore with the bank’s comprehensive solutions.
Investment Portfolios
The bank’s model portfolios, developed together with the Morningstar Investment Management Asia Limited, have been diversified into many asset classes and investment styles in order to benefit from the best asset classes and reduce the impact of the lower-income classes:
- Protective portfolio option is aimed at preserving your capital with the minimum risk;
- Conservative portfolio option is focused on a low growth of capital with a low risk level;
- Balanced portfolio option ensures moderate growth of capital via a balanced approach to risk and return;
- The growth option is to increase the level of wealth by means of the risky assets active use;
- Aggressive option is to maximize the potential growth of capital by investing a significant part of it to risk assets.
Portfolio Discretionary Management in Singapore
Portfolio discretionary management is an opportunity to use the experience of a team of capital management professionals to free yourself from everyday and routine participation in the investment portfolio management.
Here are your advantages:
- Simplicity: the bank’s specialists will gather the best ideas in their class into a diversified investment portfolio, actively controlling and restructuring your investment savings;
- Direct access: portfolio managers are available to you so that you could get an understanding of your investment strategy;
- Full transparency: the information about all of your positions and transactions for greater clarity regarding your investment.
The range of services offered includes:
- Global tactical mandate;
- Mutual funds mandate;
- Classic portfolio;
- Asia-oriented portfolio;
- Customized portfolio.
Conventional Banking Services in Singapore
All the most popular types of banking services are available to the bank’s clients.
Account opening:
- cross-currency account;
- expat banking services;
- fixed-term deposit in foreign currency;
- fixed-term deposit in Singapore dollars (SGD);
- The Multiplier Account is an account that will allow you to receive interest for performing such operations as payroll, investment, insurance, use of credit card funds or a mortgage loan.
Payment cards:
- Treasures, Treasures Private Client or Private Bank debit cards (Visa) that are recognized around the world, cashback of 0.3% for each transaction;
- Insignia Visa Infinite Card is an affordable credit of 1 million SGD and preferential access to the special services and offers available only to the club members, as well as the first-class travel privileges;
- Treasures Black Elite Card (American Express) has an advantageous bonus system for those who travel a lot;
- A variety of debit and credit cards is available.
Payment opportunities:
- PayNow is an opportunity to send and receive payments using your cell phone;
- Scan and Pay is a mobile application that allows paying for goods and services via a QR code;
- Local payments are a quick and convenient way to transfer funds between your accounts using a smartphone, Internet banking and bank branches;
- Same day transfer at lower rates when transferring money online via the bank’s Remit (includes the following countries: Australia, China, Canada, European Union countries, Hong Kong, India, Indonesia, Malaysia, Philippines, Great Britain and the USA);
- Simple and convenient payment system for local payments;
- Samsung Pay;
- Apple Pay;
- Google Pay™.
Lending Opportunities
The bank offers its clients obtaining the following types of loans:
- housing loan;
- the Overseas Property Financing special program for real estate investments in London and Australia;
- car loan.
Opportunities for remote account management: iWealth
iWealth is an extended, comprehensive platform for banking and wealth management that allows 24/7 access to more than 150 banking services and exclusive offers.
iWealth is:
- online share trading on 7 major international markets: Australia, Japan, Great Britain, Singapore, Hong Kong, USA and Canada;
- an opportunity to invest in more than 200 unit trusts in 12 different currencies, and get quick access to information and expert analytics;
- foreign currency investments;
- transfer of funds abroad on favorable terms;
- regular news and market reviews;
- the possibility to set notifications for important events.
iWealth Mobile Application
iWealth mobile application is a convenient way to manage your funds from your smartphone.
Here are its main features:
- you can easily check your account balance with a single click, no login is required;
- your password is your fingerprint;
- the possibility of adding of up to 8 quick links for direct access to the most frequently used services;
- access to your customized research results will be in your hands.
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 account in Singapore, after which you are most 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 | BLUEORANGE | BANK OF CYPRUS | ||
| Corner Bank | Finland: | BANK M&M EUROPE | |||
| Bordier | EVLI BANK | ||||
| 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 a bank account in Singapore. Does it give many advantages?
Yes, it does. We offer our customers only those services that are really in demand and are useful and advantageous not only on paper, but also in real life. Speaking specifically about the bank mentioned is this article, it is worth paying attention to the following positive aspects: 1. An impeccable reputation for over 50 years, i.e. since its founding in 1968. 2. A wide range of modern services for all categories of clients, both individuals and legal entities. 3. Multicurrency accounts. 4. High speed of all payments. 5. An extensive network of branches and partner banks. 6. Quite moderate banking fees. We would like to note especially that the bank we are talking about is considered one of the most tolerant banks working with non-resident clients. It usually takes no more than two weeks to open an account.
What is a better place for opening accounts in 2020, Singapore or Hong Kong?
This question should be addressed comprehensively, based on all the available information. But still we will take the liberty to consider opening an account with a Singapore bank (for example, the one mentioned in the article). There are many reasons for this, so let’s discuss only the most significant ones: 1. The country’s banking sector operates in the environment of absolute stability both in politics and economy. 2. High status in the world ratings (the TOP 100 includes as many as 3 financial institutions from Singapore, according to FXSSI, the criteria are the amounts of assets and market capitalization). 3. SGD is not pegged to USD or EUR. 4. Full range of financial services. 5. Remote or (as in the article) external control is allowed. 6. Very high level of service. 7. Singapore is not an offshore jurisdiction under the laws of many countries.
Which banks in Singapore could you recommend in 2020?
We will only be able to say anything specific after reviewing your requirements. Therefore, we will give you a list of banks that are worth dealing with (the year of foundation of the bank or its parent company is given below). 1. DBS, 1968. Operates in 16 jurisdictions, has an extensive network of branch offices. 2. OCBC, 1932. Financial group of 7 banks. 3. UOB, 1935. The main branches are located in Singapore, Malaysia, China, Indonesia and Thailand. 4. ANZ, 1835. Focused on working in the Pacific region (Australia, New Zealand). 5. HSBC, 1865, situated in London. This bank enjoys the 52nd position on the list of the most expensive brands of the world. 6. Standard Chartered Bank, 1859. It belongs to the British Standard Chartered. 7. Citibank, 1812. Its head office is situated in New York. 8. SBI, 1806. It is the largest state-owned bank of India.
