Singapore is a small country in South-East Asia, but it is a strong hub not only for settling your international business there. It is also one of the strongest international financial hubs in the world.
Around 150 banks from all over the world can be found in Singapore, from local Singaporean banks, like DBS, POSB, OCBC or UOB, to foreign banks, like Bank of China, Bank of India, CIMB Bank, HSBC, Bank of America, Citibank, JPMC, BNP Paribas – just to name few of them.
Furthermore, Singapore, being an international financial center with a strong and solid legal basis, attracts different companies specialized on investments into precious metals and other forms of asset protection.
It is important to keep in mind that the above-mentioned strong legal basis of Singapore helps also to protect this international financial hub from ruining its reputation. KYC (know your customer) and AML (anti-money laundering) procedures are intense and can repeatedly happen every now and then also for existing accounts. It helps to keep illegal financial transactions away from the island.
Surely, the easiest way to open an account in Singapore is being its resident or having a long-term visa. Even though requirements for getting appropriate residence permits or long-term visas have gotten more and more tough in the last couple of decades, it is still feasible, especially by having your own local company and providing the necessary qualifications.
Even if you cannot or do not want to settle yourself for a longer period of time in Singapore and to become a resident there, it is still possible to diversify your financial situation by opening a bank account in Singapore as a foreigner. It is not prohibited for foreigners to open a bank account there. It’s just that the verification criteria and rules of the banks operating in Singapore are very strict and the banks have the last word for your application. If they decline you, there is no way to claim their decision. But it’s possible to try another one. The acceptance rules vary from one bank to another.
Similar to bank accounts for foreigners without residency in Switzerland, banks in Singapore have also certain minimum thresholds if you would like to open a private bank account there not having a residence or work permit in Singapore. Usually, banks ask for a deposit of 200.000 – 350.000 SGD or equivalent in other accepted currencies (approximately 150-250 thousand euro), which needs to be permanently maintained. Not to forget, that interest rates on deposits in Singapore were never high during the last decades: even when bank customers in Europe enjoyed interests of 3-4% on their deposit accounts, the rates in Singapore were slightly above 0%.
Falling below the defined thresholds might cause you monthly account maintenance fees which can go up to 50 SGD and above. Apart from it, the banks can also keep the right to terminate the relationship with you if they notice something strange going on in your account or if your account remains below the minimum threshold for a longer period of time.
Still, it can be a good option to keep a part of your savings in a safe haven of Singapore, away from inflationary EU or the USA with its unpredictable politics, and in currencies other than EUR or USD. With the credit cards coming along with your new bank account you can get cash or make payments worldwide, which can facilitate your trips around the world. The bank account can be maintained in different currencies. In most cases, any major currency can be held in the account.
Singabiz has a strong partnership with some of the big international banks operating in Singapore. During our first conversation with you we can already pre-screen which bank would suit you best and in which bank your chances to succeed might look better. Depending on the bank, your citizenship, tax residency and other criteria it might be even possible to complete the KYC bank checks remotely, without the need to travel to Singapore. But we still would recommend to be prepared travelling to Singapore in case if a remote KYC would not be accepted. Singapore is anyway worth of visiting in any case. Singabiz® Network can help you to secure your wealth. If you would like to open a private bank account in Singapore, just contact us or book directly the first appointment with one of Singabiz representatives.
