PricewaterhouseCoopers revealed in July 2013 that in its Global Private Banking and Wealth Management Survey that Singapore may overtake Switzerland by 2015 as the world's top centre for managing international funds.
Whether you are going to be an expatriate in Singapore or someone who is keen to diversify your investments internationally, you should consider having a Singapore bank account. Opening an offshore bank account is no longer just for the rich and mighty.
Some local and foreign banks have simplified the process for foreigners to open accounts in Singapore for retail and investment banking.
To open a bank account, the Singapore banks may need you to provide information like:
1) Personal particulars - name, date-of-birth, address, contact details
2) Bank references - Your banking relationship with other banks, if any
3) Source of funds and objective of investment
4) US Tax Certification if you are a US citizen
5) Supporting documents like passport and proof of address
Some banks do not need the applicant to be physically in Singapore to open an account. Personally I think this is an attractive feature because I opened my account with Citibank few months before I arrive in Singapore. All forms and supporting documents were submitted either online or by mail.
Here are some banks that have made it easy for a non-residents to open a bank account in Singapore:
Citibank Singapore www.ipb.citibank.com.sg
DBS www.dbs.com.sg
HSBC Singapore www.hsbc.com.sg
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