It’s almost a year since I wrote the original article How to Open an Offshore Bank Account in Singapore, and it has consistently been the most popular article on the blog archives almost since day one. I have been thinking for a while, therefore, that it was time to revisit the subject of Singapore offshore bank accounts. Then finally I was stirred into action by my friend Simon Black, who is in Singapore at the moment. Simon wrote an article this week on Why Singapore is the ‘Easiest Place to be an Entrepreneur.’
UPDATE – 2015…. For the latest information on opening an Offshore Bank Account, Check Out This Guide….. It includes real contact names numbers and addresses where Offshore bank Accounts can be opened
Do you want to open a bank account in Singapore? How can you do so as a non-resident? Do you need to go there or can you open your multi-currency account by mail? These are some of the questions I’ll be answering in this article.
The city-state of Singapore has developed in recent years into one of the best private banking jurisdictions. But besides targeting their traditional but fast growing market of wealthy Asian business people, the best offshore banks in Singapore today are also developing products and services tailored specifically for North Americans, Europeans and Aussies. Despite the big time zone differences, Singapore’s business culture and use of the English language makes this easier.
While in most of the world opening a bank account seems to be getting harder and harder, in Singapore it is actually getting easier!
Ask anyone in Singapore what the easiest way is to open a bank account as a non-resident, and they will almost certainly point you in the direction of one of the foreign banks. Citibank, for example, is a major player in Singapore and you can contact them via their site. They will return calls to wherever you are in the world.
I’ve always liked Citibank. Citibank is culturally very different from most American banks, having a much more international outlook. Back in 1897 they were the first US bank to establish international banking operations. Whereas most US banks don’t even allow you to send an international wire transfer online, today nearly half of Citibank’s branches and offices are outside the USA. Wherever they go they settle into local banking culture and generally offer excellent internet banking, credit cards, 24 hour call centers and the like. They are completely comfortable doing business in multiple currencies – something essential in Singapore’s business and banking environment.
Citibank, like other international banks that are big in Singapore – HSBC, ANZ or the British emerging markets bank Standard Chartered for example – would be ideal for those who cannot travel to open an account. The process would be first to contact the Singapore offices, then ask about procedures for certifying documents in an overseas branch or affiliate that is located near to wherever you are. Big international banks can generally arrange this – even more so if your investment is substantial enough to qualify for a premium service like Citigold ($1 million minimum in Singapore) or HSBC Premier.
However, if you are looking at banking offshore for privacy reasons, you’ll probably want to avoid American banks. Citibank will, for example, require a social security number from US citizens or a National Insurance number from British citizens, and will likely make you sign a waiver of Singapore banking secrecy law, allowing them to make reports to your home country authorities, as a condition of opening the bank account.
Whilst I hope none of you would be unsophisticated enough, given all the how-to info on this site, to rely on banking secrecy to hide or fail to report a personal account… I still think it’s undesirable that you should have to waive legal rights that are there for your protection, if it’s not absolutely necessary.
One international player that might be less subject to pressure from foreign governments in Standard Bank, a South African bank that has established a significant presence in emerging markets from China to South America. Standard Bank should not be confused with Standard Chartered Bank by the way – they are different institutions.
Ultimately, however, the best confidentiality is to be found with local or Asian market banks. OCBC Bank for example (Overseas China Banking Corp) would be a good place to start. They also have an excellent online trading portal, iOCBC. Last time I asked, they did still accept offshore brokerage accounts for US citizens, though given the provisions of the HIRE Act, who knows how long this will last.
During the coming year I’ll be focusing more on Singapore banking. I’m looking forward first to Simon Black’s Sovereign Man workshop in Panama in February, which is a chance for those from the American continent to meet Singapore bankers in person without flying right around the world. Then, I’ll likely be attending the Shorex Singapore event for offshore professionals in April. If you are going to be in the area, let’s meet up.
If you are not yet a subscriber to our free weekly Q Bytes newsletter, be sure to sign up here right now, and I’ll inform you via the newsletter as soon as our updated Singapore report is available. In the meantime, paid up Q Wealth members are welcome to contact our offices for referrals to more discreet private offshore banks that wouldn’t want their names publicized here. We also now have a great provider for opening accounts in Hong Kong and we can make referrals on request.
OCBC has US branches, seems no more confidential than Citibank or others you have recommended.
I'm a British citizen, all Citibank needed from me was a scan of my passport. No national insurance number. No proof of address. No questions.
Hi,
I basically just need a corporate offshore bank account that can accept US checks from local US banks in USD currency. Does that mean I can just walk into any Singapore bank to open a corporate bank account under my company's name? I have a US corporation in Delaware.
Thanks
My experience of trying to open an offshore account on a day trip to Singapore (April 2011). I had already established that my first choice, Commonwealth Bank, don't do retail banking in Singapore and that ANZ Bank require a min average balance of US$130,000 or they charge US$50 /month. Walked into DBS Bank at Raffles City and the staff said a non-resident couldn't open an account but they might be able to sell me some other products, they weren't sure. I walked out. Walked into Citibank, Orchard Road (opposite Dhoby Ghaut MRT). They ask for min average balance of only US$20,000 or they charge US$30 /month – they give you 3 months to build it up. Multicurrency account opened in less than an hour, with ATM card and internet banking. I'm British, they didn't ask for my NI number or ask me to sign a secrecy waiver as reported above. I only needed my passport and a credit card from another bank. EASY. Efficient. Extra Bonus – they have their own telephone banking centre in Singapore, unlike Citibank UK who make you use a call centre in India where the staff are expert at raising their customers' blood pressure to dangerously high levels.
Citibank's website for Singapore offshore bank accounts would be http://www.ipb.citibank.com.sg instead.
Excellent, timely and very practical.
Great job
What about J.C.Morgan privite in Singapore
Any member suggestions for best NON-US/UK/EU bank for non-resident corporate account in Singapore with NO footprint in US/UK/EU and NOT subject to US FINCEN or FATCA Foreign Account Tax Compliance Act private data mining for non-US citizens or residents?
Let me send you an email with a little more information. Thanks for your comment!
I would like the same info. that Remy requested.
Thanks,
C. Robb
I tracked down his comment and it seems he was interested in opening a bank account in Singapore with a few requirements. I will send you the same information that I sent him!
I would also be interested in the information in Remy’s request if possible.
No problem! Let me send you that information via email.
I am also interested in SG acct as Remy discussed ,,, please send me more information. I work in Malaysia us expat
Thanks so much for your comment!! We would be more than happy to send some info your way via email about getting a bank account in Singapore.
I’m seeking the information in Remy’s request as well. It owuld be much appreciated!
We would be glad to pass along the same information we send him! Thanks for your comment
I am interested in the information Remy requested if possible
Kind Regards,
Stefan
Mr. Schaffer, thank you for your comment on our blog. I am researching the current information we have regarding opening a bank account in Singapore. I will send you the information as soon as I have it. Thank you.
Same questions as Stefan and Remy from my side. Will have a layover in SG, and thought to utilize this opportunity. Would be grateful for help. Thanks in advance!
Thank you for your comment on our blog. I am sending some information to you via email.
likewise – could you send me the info that Remy requested?
Of course. I will send you that information right away.
I am interested in the information that Remy requested as well. Thank you for the assistance.
Of course. I will send you the same information I sent him shortly.
Are you able to supply a list of Non US banks in Singapore, who do not have a footprint in Australia? Thank you.
Thank you so much for your comment. I will send you an email right away with some options on how you can get an answer. I would like to mention that one benefit of becoming a subscriber to the Q Wealth Report is access to our many reports, one of which being the Offshore Banking Guide. There you will find several recommendation for banks all over the world, including Singapore.
Hate to add to your growing list of comments, but could I trouble you for an email as well, concerning Remy’s request? Thank you for the informative article!
It is not a bother at all. We really appreciate you taking the time to leave us a comment. I will send you that information via email right away.
If it is not too much trouble, I would also appreciate it if you could send me an email regarding Remy’s request. (March 12, 2015).
Thanks in advance.
It’s not too much trouble at all. I would be happy to oblige. I will send you an email right away. Thank you for leaving us a comment!
Aubrey, I am interested in the information that Remy requested as well. Thank you for your assistance.
Of course I would be happy to oblige. If I remember correctly he was interested in an offshore account in Hong Kong. I will send you the same information I sent him. Thank you for leaving us a comment!
This is very vital information. I have desired to have an offshore account in Singapore but without hint. Kindly email me that info Remy requested, I need it too. Thanks…
Of course Tim I would be more than happy to send you the same information. Thank you so much for leaving us a comment and thinking of us for your offshore needs.
email me that info Remy requested, I need it too. Thanks…
It would be my pleasure. Keep an eye on your email as I will be sending that info soon. Thanks for leaving us a comment!
Same info for me too please. Thanks in advance…
Of course. I will send that information right away to you Martin. Thanks for leaving us a comment!
I am interested in the information that Remy requested as well. Thank you very much
Of course. We have received a lot of inquiries about this subject. I will send you an email right away with the same information I sent him.
Hi, I would like the same info that you gratuitously provided the above people. I am British but am living in Aus, working in Asia and wanting an offshore account, advice much appreciated. Cheers
Thank you so much Jonathan for leaving us a comment. It would be my pleasure to send you the same information.
I would like the information that Remy requested as well. Thank you very much.
Of course. I will send that information right away. Thank you Janessa for leaving us a comment!
Would you please provide me the information on how to open a savings account in Singapore in Swiss Franc currency, not USD. I will continue to obey USA banking laws, but wish to save near where I live in Thailand. Thank you.
Thank you so much Jim for leaving us a comment. Living in Thailand must be amazing! I will send you the requested information right away about how to get in contact with our experts to figure out how to open a bank account in Singapore but with Swiss Franc currency. Thank you again and have a wonderful weekend.
This is extraordinarily helpful blog which addresses questions that many are considering. I wonder if you wouldn’t mind one more request to forward a reply to Remy’s question and possibly considering a note for readers about reliable third-party providers of corporate accounts. Some are outstanding, some very questionable. Many thanks!
Thank you so much Susan for your kind words. Always nice to get feedback on our information. I will send you the same information I sent the other commenters interesting in the same information. It will help you to see your options for getting in touch with our experts and gaining access to reports that will definitely make the process easier. Thank you again for your comment and have a great week!
Aubrey, can you send me that information as well?
Of course. I will send you a message right away.
Hi Aubrey, excellent article. Expat, living in Asia about to sign contract with HK company, need a Non HK bank account for salary. Would appreciate information as well as mentioned above. Thanks
Thank you so much Mark for leaving us a comment and I’m so sorry for the slight delay in getting back to you. I will send you more information right away. I hope everything goes well with you and your Hong Kong company!
Hello Aubrey, I’m seeking the information in Remy’s request as well. Could you please share this info? Thanks in advance. BR
Of course. I will send that information right away. Thank you so much for leaving us a comment!
I would like the same info. that Remy requested.
Ok! I will send that information over right away. Thank you Scott for leaving us a comment and for your interest in the Q Wealth Report!
I am interested in the information too. Thanks in advance.
I’ll send it over right away. Thank you Dejan for leaving us a comment!
I would also be interested in receiving info regarding opening an offshore bank account in Singapore or Hong Kong as a US Citizen.
Of course. I will send you that information right away. Thank you Ryan for leaving us a comment!
I am also interested in SG acct as Remy discussed ,,, please send me more information.
Thank you Jim for your comment and your interest in the Q Wealth Report. I will send you the same information on how to get in touch with our experts to get reliable answers to your questions.
Dear Aubrey D, from the Comment: “Remy Dec 16,2014″…Please forward your reply – Singapore w/few requirements to me.
Thank you: gj5317022@yahoo.com
i.e. Comment: Remy Dec 16, 2014
Any member suggestions for best NON-US/UK/EU bank for non-resident corporate account in Singapore with NO footprint in US/UK/EU and NOT subject to US FINCEN or FATCA Foreign Account Tax Compliance Act private data mining for non-US citizens or residents?
Of course. Thank you Gerald for your comment. I will send you a message right away.
Good Morning Qwealth. Signed up but still received no intro course so I’ll see if this gets me further on.
I’m looking for a safe bank to hold Euros outside the failing Eurozone.
I’m in the UK so postal/online options would be more than useful.
Thanks.
I will send you an email right away M to see what we can do to fix the technical issue of not receiving the course. Thank you for leaving us a comment!
Dear Aubrey
Would be very interested in receiving the information regarding offshore company bank account in Singapore and Hong-Kong.
Which jurisdiction is more open to offshore company bank accounts ?
Thanks for your help
Roger
Thank you so much Roger for your message! I will send you information right away with how you can get an answer to that question.
I would appreciate suggestions for the best NON-US/UK/EU bank for a non-resident PRIVATE account in Singapore with NO footprint in US/UK/EU and NOT subject to US FINCEN or FATCA data mining for non-US citizens / residents, and accepting account opening online/by post.
I will send you that information right away Jean. Thank you for your comment!
I am interested in the information that Remy requested as well. Thank you for the assistance.
Of course. I will send that information right away. Thank you Feroze for your comment!
I am interested in the information that Remy requested as well. Thank you for your help.
Thank you so much Ivan for your comment as well as your patience in waiting for a response. I will send you that information right away.
Dear Aubrey
I’m also interested in receiving information about offshore corporate bank account creation.
T.Y.
Thank you so much Mr. Portuga for your comment and for your interest in the Q Wealth Report. I will send you that information right away!
I am also interested in SG acct as Remy discussed ,,, please send me more information.
Thank you so much for your comment and I apologize for the delay in getting back to you. I will send you some new information on this subject right away!
Please, send me offshore bank in Singapore.Thanks
Right away Huy. Thank you for your patience for a response. I do apologize for the delay!
Interested in any information you may have on off-shore accounts in Singapore for US citizens residing outside of the US – account should have ability to invest in multiple currencies. Thank you.
I will send you an email right away. Thank you so much Mr. Terry for thinking of us and leaving a comment!
Hello, May I also trouble you for the info everyone is so excited about.I also am looking for a account in Singapore. I’m not a U.S. citizen so perhaps that helps.
Thank you in advance
It is not trouble at all. I will send you some information right away. Thank you for your comment and interest in the Q Wealth Report!
Hello. I unfortunately have a business bank account at BPA which has been frozen for three months now. As soon as I will be able to use those funds (it will be any day now as they are telling me) I want to move some money elsewhere, preferably to Singapore. I am an EU citizen. Can you offer me any suggestions?
Thank you so much for your comment Dr. Klau. We are sorry to hear about your account being frozen. I will send you some information right away about our options for Singapore. Enjoy the rest of your weekend!
Hi aubrey,
Please send me information regarding setup of offshore company & bank account in Singapore and Hong-Kong, with online banking, debit/credit card access.
Which jurisdiction is more open to offshore company bank accounts under USD 30k min deposit?
Thanks for your help
Good question! And one best answered by our experts. I will send you an email right away with options on how to get in touch with them. Have a wonderful weekend!
Aubrey, I would love to receive the same information as Remy requested. I am a US citizen, US non-resident, and Singapore non-resident, currently based in Laos. Looking for best bank account for small business (location independent solo entrepreneur)
Not a problem at all Wendy. I will send you some options on how to get in touch with our experts to find the perfect choice for you. Thank you for your comment and have a great weekend!
Is there any information someone can send me on opening a Singapore Bank account? I’m trading in Myanmar and it seems the only option for being paid from there. Thanks!
Thank you so much for taking the time to leave us a comment Matt. I apologize for the delay in getting back to you. Let me send you an email with some more information and options for you on how you can get in touch with our experts.
May I ask you for the same information Remy asked ?
I am a non-US & non-EURO ZONE citizen.
Is there A reliable low charge on-line banking account
1. With good access to China A shares, Vietnam, Malaysia & Tailand markets
2. Without the private banking “advice” fanfare and the high toll.
3. for approx. ~$1M
Regards, Matt
Thank you so much for your comment Matt! I will send you some information right away and some options on how to get reliable answers to those questions. Thank you again for taking the time to drop us a line!
Still possible to get the informations about opning a bank account for EU citizen?
Of course! I will send you an email right away!
Dual UK/South African national. Want to open an account in Singapore.
Will the funds be fully protected and which bank is the best for me.
I will send you an email right away with more information and options on how to proceed. I do apologize for my delay in getting back to you!
Multi Currency Account Pref.
Hi,
i am Myanmar citizen and would like to find out the option for me to open offshore banking account.
Thanks
i am from Italy hello. Can you help me translate? /rardor
hi guys :). I am looking for help for me and my girl. i am from France
Hello! Thank you so much for your comment and interest in the Q Wealth report. What kind of help are you and your girl looking for exactly so I know where best to direct you?
Great post. I was checking continuously this blog and I’m impressed!
Extremely helpful information specifically the last part đŸ™‚ I care for such information much.
I was seeking this particular info for a long time. Thank you and good luck.
I am Malaysian , don’t work in sg, Can you provide me info to for opening an offshore account ?
Hi, I am a PR in Singapore and want to open an Hong Kong bank account. Is there anyway to do that? Thanks!
Aubrey, your article is excellent! I’m interested in the same information as Remy requested, please email me a copy. I am a Hongkongnese and Singapore non-resident, in view of the current HK situation, looking for best off-shore bank account for personal and small business in Singapore. Thank you for your time!
Thank you so much for your comment! I have sent you an email with information on how you can get in personal contact with our Senior Associate and expert on all things offshore. Thank you again for taking the time to leave us a comment and I hope you and your family stay safe!
Aubrey,
Would appreciate a copy of the “Remy” info at your earliest convenience.
Thank you so much for your comment Tim! I will send you an email right away with more information. Have a wonderful week!
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