Bank account in singapore?

[oilbaron]

I know there must be someone in the banking sector on this board, (i am hoping anyway), I must apologise to stogie and jai dee for posting here but i thought it would get a lot more exposure here than th vp, but i understand if you want to move it chaps.  Well I have come to the conclusion that I am goingto sell up and base myself in bkk with the funds from sale of my house and spend as long as possible doing s.e asia and may invest in a small business to keep me occupied not for gain, I dont really trust the thai banks as if anything happend to my money i dont think i would be covered. I will keep a small amount in thailand and the major in singapore, now what i need to know is can i open an account with a bkk address and what bank is a good 1 to use? i would like a good interest rate and internet banking along with atm card but no cheque book, I do not want to use HSBC as money was stolen from my account in uk once and they would not pay out and i had a ombudsman take it up. Also what about confidentiality in singapore? Is there any?          Any thing else you can suggest would be most helpful, Awaiting your help... Thanks all

[Khun Chilli]

I don't think that Thai banks are a problem. I have very good experience with the HSBC there. But I still recoomend an off-shore bank. Bangkok Bank has a branch in Singapore.

If you need soome help private message me and I can recommend and give you a contact of a brit which is since yeras specialized to give finacial advise to expats.

Cheers KC

[Guest]

Oilbaron
You might like to have a look at ANZ (Australia & New Zealand) bank in S'pore..Not sure of the Interest rates but would think in the range of 5.5%..and rock solid.

In Bali I have been banking with Permata Bank for years now and get over 7% which rolls over monthly.

like Khun Chilli says,,I would have a word with a financial consultant.

Accountants will advice not to put all your eggs in the one basket...

BK

[Guest]

don't you need a work permit? and visa long longer then a tourist requires a minimum balance in thai bank

[Interested]

I think you need about 80,000bht in an account at the time you apply for your visa.

[jtatis]

Thai banks have vastly improved since the dark days of 1997. While some of the reasons that led to thai banks' problems in 1997 continue to exist (in a greater degree for some banks than others), I believe that your concerns are somewhat irrationale.

As for banks I'd recommend, Bangkok Bank has an excellent record and is well managed. Siam Commercial Bank is also good. As mentioned above, you can also use any of the many international banks that have operations in Thailand, but the problem is that they won't be as accessible as the Thai banks.

It doesn't make any sense to set up a separate account in Singapore. (And, why Singapore?) there is no benefit to doing so and, in fact, depending on a number of factors, could be a bigger problem than you think. You might as well simply keep the money in your existing account in your home country and wire blocks from time to time to your Thai account.

Depending on your citizenship, consider the tax issues. Also, you'll need to figure out a way to reduce your exposure to foreign exchange fluctations. there are a number of ways to do it...talk to a financial advisor.

Good luck.

[gunslinger]

I agree with the above post, I had money invested via the UK and left it there.
Also I had to bring my work visa to open an account in Singapore.
And one more thing.......don't do anything too hasty.

[Guest]

Citbank Singapore is the way to go.

They're easy peasy, very helpful & extremely efficient. They offer good rates in varying currencies, full internet & phone banking, etc. I've used them for over 10yrs with absolutley no problem.

[oilbaron]

Thai banks have vastly improved since the dark days of 1997.  While some of the reasons that led to thai banks' problems in 1997 continue to exist (in a greater degree for some banks than others), I believe that your concerns are somewhat irrationale.

As for banks I'd recommend, Bangkok Bank has an excellent record and is well managed.  Siam Commercial Bank is also good.  As mentioned above, you can also use any of the many international banks that have operations in Thailand, but the problem is that they won't be as accessible as the Thai banks.

It doesn't make any sense to set up a separate account in Singapore. (And, why Singapore?)  there is no benefit to doing so and, in fact, depending on a number of factors, could be a bigger problem than you think.  You might as well simply keep the money in your existing account in your home country and wire blocks from time to time to your Thai account.

Depending on your citizenship, consider the tax issues.  Also, you'll need to figure out a way to reduce your exposure to foreign exchange fluctations.  there are a number of ways to do it...talk to a financial advisor.

Good luck.

Well the reason for Singapore is they are the hub of asia for cash! Also I would be crazy to leave money in a Thai bank with no interest! No thanks. I got a bkk bank account already and just use to put money in and out with passbook, but what if it was stolen? I cannot see them being to helpful with getting me any money back. Considering someone in the UK defrauded one of my bank accounts a while back with hsbc and they did not pay out I had to go through to the ombudsman. So if the UK bank wants to fight a claim imagine the thai banks!, Singapore have all kind of investment opps and can use any currency's with strength, Look at the £ to the baht and then look at the £ to the s$ and then look at the sing$ to the baht, what a great exchange rate! and a easily accessable country with strong leaders and many expat bankers so feels a lot safer,,, Just hope Nick leeson isnt the manager!!!
Thanks for the replys,, please could you add a little more to your post on citi bank snake, like will they allow me to open up an account with a bkk address.
Kind regards all
P.s I could do with a lb bank manager.

[oilbaron]

Oilbaron
You might like to have a look at ANZ (Australia & New Zealand) bank in S'pore..Not sure of the Interest rates but would think in the range of 5.5%..and rock solid.

In Bali I have been banking with Permata Bank for years now and get over 7% which rolls over monthly.

like Khun Chilli says,,I would have a word with a financial consultant.

Accountants will advice not to put all your eggs in the one basket...

BK

Some excellent rates there mate, I am sending emails to find out what is needed to open account, Thanks

[PigDogg]

What's the reasoning for falangs getting 0% interest in Thai banks?