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Opening Bank / CU Account from Abroad

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Opening Bank / CU Account from Abroad

Post by vantojo » Tue, 03 Feb 2015 3:13 am

Can anyone give me a reference?

I would like to open a Singapore Bank or Credit Union account without making a visit in person.

One that has a debit card, and allows international wire transfers via fax or secure email.

I've read where this is possible, but because of the time zone differences, I would have to make phone calls in the middle of the night to do the research.

I can provide all necessary documentation, passport, proof of residence, other bank accounts, et cetera.

Thank you.

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Strong Eagle
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Re: Opening Bank / CU Account from Abroad

Post by Strong Eagle » Tue, 03 Feb 2015 6:54 am

You must generally always be present to open an account as every bank I have run into in Singapore requires that you sign your signature cards in the presence of a bank officer.

The only possibility you _might_ have is to choose a bank where you already have an account in your home country and ask if you can sign the signature card in front of their officers instead. I believe you'll need to be a regular and trusted customer for them to consider this.

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Re: Opening Bank / CU Account from Abroad

Post by JR8 » Tue, 03 Feb 2015 11:10 am

I'm not sure if it's possible (other than how Strong Eagle suggests). In my experience you need to prove you have legal residency here.

Or put it another way:-
First time here my wife (a local) and I opened a joint account. At that point I was effectively on a tourist visa still. But as she is local she was considered the primary a/c holder, and me perhaps no more than a 2ndary joint name.

Second time, I had residency. When you go to open the account, they give you the cards there and then. They ID you, and require you to sign them in front of them, and IME they then escorted me to their ATM to use the cards in a machine for the first time, to set or validate the PINs.

So, my feeling is that even if you're a tourist here, it seems unlikely that a bank would open an account for you in a sole name. And if you aren't even here in the country, I think it's even less likely.

--- I've been looking at opening a financial account in a '3rd country'. The impression I get is that unless it's somewhere like Switzerland, and a BIG account, then it's extremely difficult to find any bank anywhere who will. The money laundering regs that have been ramping up over the past 30 years seem to have put and end to such an avenue.
'Do it or do not do it: You will regret both' - Kierkegaard

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