This is the second part of Overview of Private Banking in Asia, for part 1 click here.
Singapore
Opening an account for non-residents is easy and straight forward. One of the biggest advantages in dealing with Singaporean banks is complete absence of the language barrier -- since English is one of the four official languages in Singapore, all the communication, both written and oral, is conducted exclusively in English. Upon opening an account you are issued an ATM card that is part of global PLUS system that allows cash withdrawals worldwide. Make sure to set the maximum withdrawal limit while you are still in the bank if you plan on using this facility outside of Singapore.
Credit card can be issued to residents only and if you cease to become one, the card will not be renewed. One way to avoid it (if you were once a Singaporean resident) is to maintain a local mailing address in bank records.
There is a minimum threshold requirement, normally SGD 200 above which the monthly administration is waived.
Web banking is very convenient and secure -- in order to log in, you need your user name/password combination along with a special electronic device that generates a code which must be entered every time you log in. Online banking can handle local and overseas fund transfers and various bills payment.
Hong Kong
By far, Hong Kong offers the best private banking system in Asia. Like in Singapore, all the communication is in English (in fact, every document is bilingual with English and Chinese side by side). Practically, every bank employee speaks fluent English and their efficiency is excellent.
Hong Kong bank issued ATM cards participate in PLUS system and can also be used for local purchases, just like a normal debit card. Credit card will not be normally issued to a non-resident, however if you are a resident at the time of applying for it, even when you leave Hong Kong, the cards will remain valid and can be renewed no matter where is your new address.
Internet banking is similar to Singaporean one in terms for convenience and security but has more features. The local and overseas fund transfers are easy but for large wires you need to make prior arrangements via written correspondence with the bank. If you want to facilitate easy transfers between Hong Kong account and your other accounts overseas, I recommend filling up the authorization form in the bank that sets the maximum allowed amount (you can set whatever you feel comfortable with).
One of the strongest advantages of dealing with Hong Kong banks is a possibility to invest in a large variety of mutual funds directly from your online account. You can monitor your investments, buy, sell or switch funds at a click of a mouse -- all easy and secure.
The bank will e-mail your regular statements along with mailing paper version to you anywhere in the world, they will courier your credit cards to you for free regardless of where you live. Practically, every issue can be handled online or by phone. You can live outside of Hong Kong for years and still being able to actively manage your account without ever setting your foot there.
In conclusion, Hong Kong bank account is a must for every expat living in Asia -- if you still don't have one, make sure you get it next time you are there.
I would love to write and say what a great job you did on this, as you have put a lot of work into it.
- Tianna CABALLERO
Posted by: LillianaMORLEY | Nov 03, 2010 at 10:56 PM