Remote Opening of a Personal account in a Singapore Bank
To open a personal account in a bank in Singapore, you need to choose a reliable and loyal banking institution and understand the terms of cooperation. We will provide full consulting support at any stage. With our help, you can easily fill out all the necessary forms and collect a package of documents.
- Singapore’s Banking System and Recommended Bank
- What Does a Singapore Bank Account Give to a Foreigner
- Who Can Open a Bank Account in Singapore Bank
- Personal Account in a United Overseas Bank for Non-Residents: Pricing
- Terms of Account Opening and Service Procedure
- How to Open a Personal Account in a Singapore Bank
Singapore’s Banking System and Recommended Bank
Singapore is famous for its developed and successful financial center, which is often compared to the Swiss one. The banking sector is represented here by more than 120 financial institutions that operate exclusively within the framework of issued licenses. Control over their activities is carried out by the national financial regulator MAS.
Non-residents, especially from third-world countries and the CIS, are more likely to open a bank account in Singapore than in Switzerland. At the same time, they receive high-quality services and access to many investment instruments. And the most important thing for business people is that the jurisdiction in which these highly efficient Asian banking institutions operate is not included in the offshore lists of countries around the world. So, you will not have to worry that your transfers of personal funds to Singapore will arouse suspicion of local tax services.
We offer to use the services of one of the most stable private commercial banks – United Overseas Bank. It has been operating in the financial market since 1935. Over many decades of successful work, it has expanded the territory of its presence to provide banking services. Its branches are open in 20 countries around the world, and the main ones are located in Malaysia, China, Thailand, Indonesia, as well as in the countries of the Asia-Pacific region, North America and Western Europe.
What Does a Singapore Bank Account Give to a Foreigner
By opening a personal account in a United Overseas Bank, a foreigner will receive not only a guarantee of the security of his assets but also consulting support, access to investment tools that will help increase his fortune.
Having a personal account in a United Overseas Bank will help foreign businessmen improve their investment status, this is important when concluding commercial agreements with business partners. For freelancers, a personal account in a United Overseas Bank will help them to receive rewarding from international customers.
When it comes to taxation, the jurisdiction of Singapore is the most favorable for both residents who receive income outside the country, and for non-residents. All financial receipts to the personal account in the bank of Singapore from non-residents are not subject to taxes. In addition, Singapore has signed double taxation treaties with many countries around the world.
A personal account opened by a non-resident in a United Overseas Bank, which we recommend, will give even more advantages, including:
- Possibility of remote management using convenient Internet and telephone banking
- No hidden fees and fair prices
- Easy access to assets from anywhere in the world thanks to debit cards
- Professional support in English
- The status of a privileged client in each of the bank’s territorial centers around the world
- Concierge service
- Convenient payment cards
United Overseas Bank is focused on helping clients with a high level of income in terms of effective management of their assets. Such services free up clients ‘ personal time, which they can use for themselves and their family, achieving their priorities and goals. The bank’s assistance consists in making decisions that will have a beneficial effect on improving the client’s financial condition. This is one of the main tasks of the bank, which it sets within the framework of contractual relations with individual clients.
There is a guarantee of the reliability of deposits. It is provided by the deposit insurance system. All deposits of clients of United Overseas Bank are insured, and since 2011, the amount of insurance compensation has been increased to 50.000 SGD (Singapore dollars). United Overseas Bank cooperates with the Singapore Deposit Insurance Corporation because the deposits of customers here are insured for up to 75,000 SGD (Singapore dollars).
Who Can Open a Bank Account in Singapore Bank
United Overseas Bank willingly cooperates with all reliable non-residents. Before starting joint work, the bank checks each applicant. After you pass all the procedures, you become a client of the bank. At the same time, the requirements of bankers to customers are not as strict as those of Swiss banks. Investment and asset management services are in no way inferior in quality to European ones. In addition, the bank has access to a greater number of investment instruments and practices, since it is narrowly specialized in the Asian financial market.
To understand which of the applicants is guaranteed to pass the verification at United Overseas Bank, it is necessary to understand the existing restrictions. Let us find out which of the foreigners will not be able to open an account.
Restrictions by country and customer status
United Overseas Bank accepts applications for opening an account from most nationalities. The exception is immigrants from countries that have fallen under sanctions, among them:
- Cuba
- Iran
- North Korea
- Sudan
- Syria
- Crimea
PEP (Politically exposed person) will not be able to open an account in a United Overseas Bank.
Personal Account in a United Overseas Bank for Non-Residents: Pricing
United Overseas Bank provides quite convenient and favorable conditions for foreign clients. Thus, among the many banking products, non-residents are given the opportunity to open a premium account and use all the privileges available in this package.
Currency for opening and conducting transfers
All current transactions on the account must be carried out in Singapore Dollars (SGD). However, customers can accept and send payments, as well as store savings and place investments in other currencies:
- US dollars (USD)
- Australian Dollars (AUD)
- New Zealand Dollars (NZD)
- Canadian Dollars (CAD)
- Euro (EUR)
- Pounds sterling (GBP)
- Japanese Yen (JPY)
- Chinese Yuan (CNH)
When carrying out foreign exchange transactions, clients should take into account that adverse exchange rate fluctuations can reduce interest income or the initial principal amount for deposits in foreign currency. In order to avoid such misunderstandings, it is necessary to ensure that all transactions are carried out in Singapore dollars, regardless of whether the account is denominated in Singapore dollars or not. With advance arrangements, the bank can go to the client for a meeting – special cases are solved individually.
Types of Accounts
Foreigners in United Overseas Bank can only open a personal account of a privileged type. This package is a Privilege Banking account. It is possible to provide shared access to the account. To do this, an appropriate application and the necessary documents are submitted. The client may appoint an authorized person to manage the account from among the registered owners of the joint account.
Transactions on the account will be carried out in Singapore dollars, while if it is still opened in a foreign currency, then for accounting purposes a conditional conversion will take place at the exchange rate. The Assets under Management (AUM) product is the market value of the main account and all related accounts. The AUM amount is calculated and expressed in Singapore dollars. The amount in a currency other than Singapore dollars is conditionally converted.
By opening a personal account in United Overseas Bank, a non-resident gets access to many banking and financial products. Among the main:
- receipts
- overdraft
- payment cards
- deposit
- credit
Types of bank cards
The set of functions and services of the United Overseas Bank allows you to make your personal account more flexible, and the funds on it are available to a certain circle of people. This is achieved by issuing debit cards. At the same time, a high level of confidentiality will be maintained. If desired, the client can apply for the issuance of a payment card of the United Overseas Bank associated with your personal account. In addition, it is possible to issue a credit card.
When applying for the issue of payment cards in the United Overseas Bank, you will need to pay the entrance membership fee. Its size is 1,926 SGD, while for the first year you will be exempt from membership fees and will be able to order the first two free additional cards. Together with the cards, you will get the services of a 24-hour concierge service, privileges for visiting various resorts, for example, free admission to the golf club on weekdays, and others.
To order a privileged bank card linked to a personal account, a foreigner must fulfill the condition of the minimum amount of assets under management and have an annual income of SGD 60,000 or more. If you are unable to fulfill the condition on the amount of annual income or will not be able to confirm it, then you can place a deposit in the amount of 150 000 Singapore dollars to access the card products.
After the first year of using the privileged payment cards of the United Overseas Bank, you will need to pay for the renewal of membership. Payment of the entrance / annual membership fee for the card provides access to an exclusive package in the amount of 30 000 Singapore dollars (credit limit). After paying the annual membership renewal fee, SGD 30,000 will be credited to the credit card within 60 days. It should be noted that the bank does not make advance loans.
Terms of Account Opening and Service Procedure
To open a personal account with a bank in Singapore, a foreigner must provide the bank with a minimum AUM (asset under management) in the amount of at least SGD 300,000 or the equivalent in other currencies. The bank account must be replenished within one month after its opening. The minimum placement period is 3 months after the bank accounts are replenished with the necessary AUM.
Pricing plans
United Overseas Bank has different packages for servicing personal accounts. At the same time, no fee is charged for servicing premium accounts. Clients of Bank Singapore earn interest up to 1.7% per annum, when they make a minimum investment in the amount of 350,000 SGD at the very beginning and then additionally deposit an amount of 200,000 SGB. The amount of interest that will be earned varies depending on the balance of additional new funds on the personal account and the number of calendar days in the month.
When performing a transaction from a personal account, there is no fee for internal payments, a commission of ⅛ % of the amount is provided for an external payment (a minimum of 10 SGD and a maximum of 100 SGD). If payments are made in a currency other than the Singapore dollar, the conversion will be made at the exchange rate. The Client must ensure that the minimum balance on the account is met.
How to Open a Personal Account in a Singapore Bank
Use our help to open a personal account in a United Overseas Bank. To start cooperation, provide all the necessary information and documents. We will help you prepare for an interview via Skype and fill out bank forms.
Important: Please note that in the future, the compliance department may, at its discretion, request other documents from the client at any time. We will stay in touch until the bank makes a decision.
Procedure for Opening a Personal Account:
Step 1
To open a personal account with a United Overseas Bank, send an application to: banking@onlinebusinessincorporate.com. (example change it!)
Step 2
Pay the issued electronic invoice. You can pay by credit card or bank transfer. We also accept payment via any of the services: WebMoney, PayPal, Western Union, MoneyGram.
Step 3
Immediately after receiving the payment, we will contact you and start working.
To open a personal account in a United Overseas Bank, a foreigner does not need to plan a visit to the branch. Communication with bankers will be conducted remotely.
In this case, you will need to perform the following actions:
- Provide a scanned copy of a valid passport.
- Make a description (for example, the field of activity, type of employment, source of income).
- Fill out the bank forms in detail and sign them.
- Scan the address confirmation.
- Send the original documents and a certified copy of the passport with confirmation of the address to the bank’s address using the DHL or any other courier service.
- Wait for the bank employee to contact you after receiving the documents.
- Answer the questions of the bank employee. As soon as the callback with the client and the back office is completed successfully, the Bank of Singapore will start opening a bank account.
A Package of Documents for Opening a Personal Account in a Singapore Bank
To open a personal account in a United Overseas Bank, you will need to prepare the following documents:
- a valid foreign passport;
- another form of permanent identity card, for example, ID;
- confirmation of the address,
- TIN (taxpayer identification number).
Important: All documents must be in English. Sometimes bank employees also require other documents, for example, a certificate from the place of work, a bank letter of recommendation or recommendations from another account holder opened in the same bank in Singapore.
Terms of Opening a Personal Account in a Singapore Bank
To open a personal account for a non-resident in a bank in Singapore, you must fill out all the forms in English. We will help you fill out the questionnaire if you have any difficulties with this. Also, send us scans of the documents for verification in advance.
On average, the processing time for opening an account with a bank in Singapore takes from 3 to 5 working days.
Contact us by email banking@onlinebusinessincorporate.com if you want to open a personal account in a Singapore bank.
