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Singapore is set to overtake Switzerland for offshore banking. If you have at least USD 200,000, here’s why you should open an international bank account in Singapore.
As one of the financial hubs of Asia, Singapore is a popular destination—not just for tourists, but for money. From the United States to China, people have rushed to invest in Singapore since the 1990s, and we are set to overtake Switzerland* for offshore banking by as early as 2020. Here’s why Singapore is a great place to open an international bank account in:
1. Singapore is a Stable and Safe Country to Keep Your Cash In
Over 100 different banks and financial institutions operate in Singapore, and we had S$2.36 trillion in Assets Under Management (AUM) in 2014**. The reason so many people rush to park their wealth here is safety. If your home country is experiencing political turmoil, or there is a worry of instability in the banking system, Singapore is a safe place to store your assets. Singapore’s banking sector is subject to strict regulation, which is especially important if you are investing a substantial amount of your wealth.
2. Highly Advanced Financial Platforms
Singapore’s banks and financial institutions employ cutting edge technology, as befits a financial hub. Citibank International Personal Bank (IPB) in Singapore is a great example. With a minimum deposit of USD 200,000, you can open a Citibank IPB account and have a dedicated Relationship Manager to help you grow your wealth. Through your Citibank IPB account, you can access your cash (which sits safely in Singapore) from 1.4 million Citibank and shared ATMs worldwide, with 24-hour access, 7 days a week. While there are equally safe countries in which to invest your money, few can provide the ease of access that comes with Singapore banks. In many other countries, overseas transactions may take days to process, and require a complex series of phone calls and exchanges between the bank and you.
3. Unique Investment Opportunities
Singapore’s unique position, as a bridge between East and West, offers investment opportunities you will not find in your own country. First, you can find numerous wealth management services, funds, brokerage houses, etc. to manage your money, if you want to save time through discretionary wealth management. Second, you will be positioned to take advantage of markets in Singapore (itself a robust economy), the United States, Hong Kong / China and Europe, through a range of advanced trading platforms. The aforementioned Citibank IPB account in Singapore comes with access to a user-friendly platform, and the bank has qualified experts on hand if you need financial advice, or prefer a more hands-off approach.
4. Forex is Not a Major Problem
When opening a bank account overseas, a major hassle is often the foreign exchange (forex) rates. Banks may not give you the best exchange rates when you transfer money to and from home, and some bank will require you to open a mess of accounts to handle each different currency. This makes it important to compare between banks if you intend to change money frequently. You would be spoiled for choice in Singapore, where major retail banks are in constant competition for customers. A Citibank IPB account lets you open a savings account in your choice of 10 different currencies. As an international bank, their forex rates may also be better than some local Singapore banks (rates are subject to fluctuations).
5. Highly-Skilled Wealth Management Teams
If you have substantial wealth in bank and investment assets, you can take advantage of the specialised wealth management services offered by banks in Singapore. After all, you don’t just want a place to store your wealth in—you want a partner that will help you devise financial strategies that address your unique needs. With highly experienced teams handling your account, these services ensure you receive all the expertise you require to make informed decisions and achieve your goals effectively. We find that one of the banks here in Singapore offers superior services in assisting clients with financial and wealth management. Citibank IPB is a rewarding experience for clients with USD200,000 and more investments. It comes with the commitment of superior banking, investments options and services, supported by extensive global financial expertise. With these resources, you get a holistic view of your wealth so you can meet your goals in a strategic, well-structured manner. And with Citibank’s global presence, you have full control over your finances wherever you are in the world.
Singsaver.com.sg, Singapore's go-to personal finance comparison platform, guides consumers on the best money habits with its credit card comparison tool and allows real-time personal loans product comparison.
* Source: CNBC
** Source: Business Times