Thanks. I had heard something about a Bank of Siam being American friendly. Are there any other small local banks or "credit unions" as they are called here? And does Singapore have an equivalent to the FDIC?PNGMK wrote:1. Not as far as I know.
2. I'm not sure what FATCA is but yes, US citizens are having a LOT of trouble opening up new accounts (esp if they don't have any previous banking in Singapore). Standard Chartered is about the only one I know of that is US friendly at the moment.
Bank of Siam may not actually be able to offer retail services in Singapore. Maybank is about the smallest local bank with full retail AFAIK.CitizenOfTheWorld wrote:Thanks. I had heard something about a Bank of Siam being American friendly. Are there any other small local banks or "credit unions" as they are called here? And does Singapore have an equivalent to the FDIC?PNGMK wrote:1. Not as far as I know.
2. I'm not sure what FATCA is but yes, US citizens are having a LOT of trouble opening up new accounts (esp if they don't have any previous banking in Singapore). Standard Chartered is about the only one I know of that is US friendly at the moment.
Bank of Siam, used to issue local checks, years ago, which you can deposit into any DBS/POSB account, and was issued on SGD, and cashed as such .. so I don't know your explanation of Full Retail BankPNGMK wrote:Bank of Siam may not actually be able to offer retail services in Singapore. Maybank is about the smallest local bank with full retail AFAIK.
Full Retail = where everything you want in banking is under one roof. ANZ for example claim they are full retail but to me not really... sometimes you still have to work around. Somewhere I found a list of full retail banks years ago and that was what I had in mind.ecureilx wrote:Bank of Siam, used to issue local checks, years ago, which you can deposit into any DBS/POSB account, and was issued on SGD, and cashed as such .. so I don't know your explanation of Full Retail BankPNGMK wrote:Bank of Siam may not actually be able to offer retail services in Singapore. Maybank is about the smallest local bank with full retail AFAIK.
And FYI, there are banks with much and much lesser presence than Maybank, having Full retail license, like UCO .. ICICI, and a few more .. issue SGD checks, cash SGD Checks, under the CTS network
well, for arguement sake, from MAS perspective, there are full retail banks which don't meet your yardstickPNGMK wrote:Full Retail = where everything you want in banking is under one roof. ANZ for example claim they are full retail but to me not really... sometimes you still have to work around. Somewhere I found a list of full retail banks years ago and that was what I had in mind.
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