|
|
Post by realisedurgency on May 30, 2015 13:51:44 GMT 7
Was doing a little Googling this morning and found Citibank offers a global online account that can be opened without visiting Singapore. www.ipb.citibank.com.sg/english/static/digital_bank.htm?lid=IPBENCBGBAMITLGlobalOnlineAccountAll it seems is needed is an existing account with Citibank elsewhere and USD 10,000 to open. Has anyone opened one of these accounts with Citibank, or opened an account through other banks without having to visit Singapore? Also interested in Hong Kong. Thanks, RealisedUrgency |
|
|
|
Post by Fletchsmile on May 30, 2015 14:53:59 GMT 7
These days it's becoming more and more difficult to open a bank account without visiting in person because of all the regulatory conditions that keep increasing. FATCA, Know Your Customer (KYC), Anti-Money Laundering (AML) etc. So was interested in this. I couldn't see exactly where it said you wouldn't need to visit in person, and the $10k opening fee Do you have a link for that? I saw where it said about Digital Banking, below, fill in details and they'll contact you. www.ipb.citibank.com.sg/english/forms/english/digital_bank/contact_form.htm?icid=IPBCMAEDENBDCAANI find Singapore more convenient/easier than HK, BTW. Citi are usually pretty good at standardising things across countries compared to some of the other banks. On the downside (for me at least) sometimes I find them a bit US centric (obviously better for Americans), and I still have in my mind 2008 when Citi was in a real mess, although they seem to have recovered a lot. Citi in Thailand don't have many access points/branches. Useful to know though, as I'm looking to have a back up bank in Singapore. Used to have OCBC but closed it. Now use StanChart. |
|
|
|
Post by Fletchsmile on May 30, 2015 14:58:36 GMT 7
Would also add that while it's getting more and more difficult to open without visiting, and not that common these days, it can be a different story for Private Banking. If someone is a High Net Worth Individual (HNWI), which usually requires assets of USD 1mio upwards, then Singapore and HK versions of the bank will often find ways to work with you on this. Like get a local office in Thailand to complete the KYC and maybe a visit from your Private Banker when they come to Thailand to see clients.
This sort of service doesn't get offered much to mass retail clients as it simply isn't worth the hassle. But for HNWI is another route.
Nice if Citi is offering it across the board at $10k entry. They are generally efficient at standardising, processes and systems
|
|
|
|
Post by realisedurgency on May 30, 2015 15:32:53 GMT 7
From the FAQs: Via another application form with a more detailed FAQ: This is the website I initially came across: My impression is if you have already opened an account elsewhere with Citibank and met regulations you can simply use that account to open one in Singapore. I could email Citibank for clarification but I don't intend to try and open an account until next year. |
|
naam
Crazy Mango
Posts: 46 
Likes: 57
|
Post by naam on May 31, 2015 8:02:45 GMT 7
Would also add that while it's getting more and more difficult to open without visiting, and not that common these days, it can be a different story for Private Banking. If someone is a High Net Worth Individual (HNWI), which usually requires assets of USD 1mio upwards, then Singapore and HK versions of the bank will often find ways to work with you on this. Like get a local office in Thailand to complete the KYC and maybe a visit from your Private Banker when they come to Thailand to see clients. This sort of service doesn't get offered much to mass retail clients as it simply isn't worth the hassle. But for HNWI is another route. Nice if Citi is offering it across the board at $10k entry. They are generally efficient at standardising, processes and systems some years ago UOB, SG was willing to send a representative for USD 450k when i felt i had too much cash in one place and wanted to diversify. of course they couldn't have cared less if i had told them that my intention was to park cash temporarily. most multinational banks have representatives who travel regularly to Thailand to visit clients and they don't mind to travel out of BKK if the amount a new client wants to move is "right". the advantages of a personal visit are great for both client and bank as the representative can certify copies of all necessary documents and verify residence (something which seem important to banks but is beyond my grasp) thereby saving administrative hassles for both. |
|
|
|
Post by Fletchsmile on May 31, 2015 21:59:31 GMT 7
Yes Citi are a bit of an exception on the account opening. Looks like you can open an account in another country and then use that to help open in Singapore.
Might look into this more myself as I'm also looking for another bank in Singapore, preferably one I can trade securities with as well - like I do with Stan Chart, and I know Citi offer some basic stock broking services.
|
|
rubl
Crazy Mango Extraordinaire
The wondering type
Posts: 23,712
Likes: 9,058
|
Post by rubl on May 31, 2015 23:19:42 GMT 7
The problems some people have. It's enough to make the downtrodden masses rise to the occasion. Following which some who are more equal than the others will start the game again I guess  |
|
|
|
Post by Soutpeel on Jun 1, 2015 10:32:30 GMT 7
Had an account with citi international personal banking in Singapore for years and can't fault them on the service received
I believe you can open an account with them on line outside Singapore, provided your not a US citizen, some years ago I referred an American collegue and citi wouldn't touch him
|
|
|
|
Post by Soutpeel on Jun 1, 2015 10:38:17 GMT 7
Yes Citi are a bit of an exception on the account opening. Looks like you can open an account in another country and then use that to help open in Singapore. Might look into this more myself as I'm also looking for another bank in Singapore, preferably one I can trade securities with as well - like I do with Stan Chart, and I know Citi offer some basic stock broking services. Fletch look at the international personal banking arm of Citi, have brokerage think its US/HK and Sing markets only not sure |
|
|
|
Post by realisedurgency on Jun 1, 2015 15:22:19 GMT 7
The problems some people have. It's enough to make the downtrodden masses rise to the occasion. Following which some who are more equal than the others will start the game again I guess The issue I face is in making Thailand my long term home. I pay plenty of taxes here but will be entitled to no benefits, my long term financial security is completely my responsibility. Having an account in Singapore could be very helpful in that regard as it would provide diversification and more investment options. I don't see how the masses would be downtrodden by me opening an account there. |
|
rubl
Crazy Mango Extraordinaire
The wondering type
Posts: 23,712
Likes: 9,058
|
Post by rubl on Jun 1, 2015 15:42:23 GMT 7
The problems some people have. It's enough to make the downtrodden masses rise to the occasion. Following which some who are more equal than the others will start the game again I guess The issue I face is in making Thailand my long term home. I pay plenty of taxes here but will be entitled to no benefits, my long term financial security is completely my responsibility. Having an account in Singapore could be very helpful in that regard as it would provide diversification and more investment options. I don't see how the masses would be downtrodden by me opening an account there. My post was just a bit tongue-in-cheek. I understand that from a business perspective it does make sense to send a representative abroad to handle a multi-million 'nice units' customer. |
|
|
|
Post by realisedurgency on Jun 1, 2015 16:57:47 GMT 7
The issue I face is in making Thailand my long term home. I pay plenty of taxes here but will be entitled to no benefits, my long term financial security is completely my responsibility. Having an account in Singapore could be very helpful in that regard as it would provide diversification and more investment options. I don't see how the masses would be downtrodden by me opening an account there. My post was just a bit tongue-in-cheek. I understand that from a business perspective it does make sense to send a representative abroad to handle a multi-million 'nice units' customer. It would certainly be nice to be that customer. My means are more humble though. |
|
|
|
Post by Fletchsmile on Nov 13, 2015 11:29:07 GMT 7
Just out of interest realsedurgency, did you follow up on this and open an account in Singapore?
I was in Singapore recently, but didn't get round to doing anything as we were busy enjoying ourselves. I also still have my accounts with Stan Chart Singapore so it's not a priority. At some point I'll add a backup bank though.
|
|
|
|
Post by realisedurgency on Nov 13, 2015 19:31:37 GMT 7
I definitely intend to follow up on this and thought I would have by now. Some expensive trips and the other half wanting to keep money around to possibly buy some land have got in the way for now.
|
|
|
|
Post by realisedurgency on Nov 14, 2015 21:15:36 GMT 7
Seen this post on ThaiVisa today, seems straightforward, particularly if you are not a US citizen:
|
|
